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

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-08134

Eaton Vance Municipals Trust II

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

January 31

Date of Fiscal Year End

July 31, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

High Yield Municipal Income Fund

Semiannual Report

July 31, 2020

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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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

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

Semiannual Report July 31, 2020

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	29
Liquidity Risk Management Program	32
Officers and Trustees	33
Important Notices	34

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

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		–1.04	%		2.75	%		4.87	%		5.88	%
Class A with 4.75% Maximum Sales Charge		—		—		–5.76			–2.14			3.87			5.37
Class C at NAV		06/18/1997		08/07/1995		–1.52			1.93			4.08			5.08
Class C with 1% Maximum Sales Charge		—		—		–2.50			0.94			4.08			5.08
Class I at NAV		05/09/2007		08/07/1995		–0.92			3.11			5.13			6.14
Bloomberg Barclays Municipal Bond Index		—		—		1.96	%		5.36	%		4.12	%		4.26	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.89	%		1.64	%		0.64	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									3.49	%		2.73	%		3.74	%
Taxable-Equivalent Distribution Rate									5.90			4.61			6.32
SEC 30-day Yield									1.98			1.34			2.32
Taxable-Equivalent SEC 30-day Yield									3.34			2.26			3.91
% Total Leverage5
Residual Interest Bond (RIB) Financing															6.13	%

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Endnotes and Additional Disclosures

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

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

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

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

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

⁶  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, 2020

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, 2020 – July 31, 2020).

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 (2/1/20)		Ending Account Value (7/31/20)		Expenses Paid During Period* (2/1/20 – 7/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	989.60	$	4.20		0.85	%
Class C	$	1,000.00	$	984.80	$	7.90		1.60	%
Class I	$	1,000.00	$	990.80	$	2.97		0.60	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.60	$	4.27		0.85	%
Class C	$	1,000.00	$	1,016.90	$	8.02		1.60	%
Class I	$	1,000.00	$	1,021.90	$	3.02		0.60	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2020.

4

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 91.8%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(1)
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(2)	$	567	$	141,797
			$	141,797
Education — 3.4%
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/39(3)	$	1,270	$	1,359,865
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50(3)		925		869,657
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 5.375%, 6/15/38(3)		545		581,090
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 5.375%, 6/15/48(3)		1,020		1,070,918
District of Columbia, (District of Columbia International School), 5.00%, 7/1/39		710		810,593
District of Columbia, (District of Columbia International School), 5.00%, 7/1/49		700		782,026
District of Columbia, (KIPP DC), 4.00%, 7/1/39		280		302,599
District of Columbia, (KIPP DC), 4.00%, 7/1/44		270		288,317
District of Columbia, (KIPP DC), 4.00%, 7/1/49		385		409,013
District of Columbia, (Rocketship DC Obligated Group), 5.00%, 6/1/49(3)		2,100		2,180,997
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48(3)		750		739,958
Forest Grove, OR, (Pacific University), 5.00%, 5/1/40		1,070		1,113,603
Indiana Finance Authority, (KIPP Indianapolis, Inc.), 5.00%, 7/1/40		170		184,785
Indiana Finance Authority, (KIPP Indianapolis, Inc.), 5.00%, 7/1/55		460		491,873
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 4.00%, 9/1/35		300		336,390
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 4.00%, 9/1/40		1,200		1,323,240
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/46		4,000		4,451,400
Michigan State University, 5.00%, 2/15/44		1,000		1,262,150
Oregon Facilities Authority, (University of Portland), 5.00%, 4/1/35		1,000		1,130,440
Public Finance Authority, WI, (North Carolina Leadership Academy), 4.00%, 6/15/29(3)		330		336,560
Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/39(3)		205		211,820
Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/49(3)		260		265,411
Public Finance Authority, WI, (Roseman University of Health Sciences), 5.00%, 4/1/40(3)		840		908,804

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Public Finance Authority, WI, (Roseman University of Health Sciences), 5.00%, 4/1/50(3)	$	2,510	$	2,674,104
Public Finance Authority, WI, (Roseman University of Health Sciences), 5.50%, 4/1/32		170		175,923
Public Finance Authority, WI, (Roseman University of Health Sciences), 5.75%, 4/1/42		2,045		2,108,722
Romeoville, IL, (Lewis University), 5.00%, 10/1/27		1,000		1,092,310
Romeoville, IL, (Lewis University), 5.00%, 10/1/29		1,000		1,086,260
Romeoville, IL, (Lewis University), 5.00%, 10/1/30		1,000		1,081,070
Romeoville, IL, (Lewis University), 5.00%, 10/1/35		2,000		2,124,620
University of California, 5.00%, 5/15/38(4)		10,000		11,217,000
Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.), 4.00%, 3/15/40		750		819,705
Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.), 5.00%, 3/15/50		2,345		2,777,488
			$	46,568,711
Electric Utilities — 3.1%
Arkansas River Power Authority, CO, 5.00%, 10/1/31	$	1,500	$	1,716,255
Arkansas River Power Authority, CO, 5.00%, 10/1/32		1,500		1,705,725
Arkansas River Power Authority, CO, 5.00%, 10/1/38		9,325		10,389,729
Arkansas River Power Authority, CO, 5.00%, 10/1/43		2,250		2,461,995
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45		15,890		17,810,624
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (AMT), 4.00%, 3/1/37		7,500		8,209,050
			$	42,293,378
Escrowed / Prerefunded — 4.5%
Dawson Ridge Metropolitan District No. 1, CO, Escrowed to Maturity, 0.00%, 10/1/22	$	3,500	$	3,475,920
Detroit, MI, Sewage Disposal System, Prerefunded to 7/1/22, 5.00%, 7/1/32		3,185		3,479,899
Detroit, MI, Sewage Disposal System, Prerefunded to 7/1/22, 5.25%, 7/1/39		3,355		3,681,609
Detroit, MI, Water Supply System, Prerefunded to 7/1/21, 5.25%, 7/1/41		13,100		13,709,936
Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), Prerefunded to 11/15/24, 4.25%, 11/15/41		3,940		4,612,440
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		1,205		1,237,451
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		800		821,544

5 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Michigan Finance Authority, (Detroit Water and Sewerage Department), Prerefunded to 7/1/22, 5.00%, 7/1/44	$	1,905	$	2,079,460
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), Prerefunded to 4/1/25, 5.00%, 4/1/30		800		947,288
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), Prerefunded to 4/1/25, 5.00%, 4/1/35		1,000		1,184,110
Oregon Facilities Authority, (Lewis & Clark College), Prerefunded to 10/1/21, 5.625%, 10/1/36		1,325		1,408,435
Palm Beach County Health Facilities Authority, FL, (BRRH Corp. Obligated Group), Prerefunded to 12/1/24, 5.00%, 12/1/31		6,250		7,514,312
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		195		198,299
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		150		152,538
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.45%, 12/1/35		1,125		1,144,406
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		1,455		1,776,730
Washington, Prerefunded to 2/1/21, 5.25%, 2/1/36(4)		10,000		10,253,100
Will County Community Unit School District No. 365-U, IL, (Valley View), Prerefunded to 11/1/21, 5.75%, 11/1/32		3,855		4,123,694
			$	61,801,171
General Obligations — 5.0%
California, 4.00%, 3/1/40	$	5,000	$	6,158,850
Centennial Independent School District No. 12, Circle Pines, MN, 0.00%, 2/1/31		1,225		923,221
Centennial Independent School District No. 12, Circle Pines, MN, 0.00%, 2/1/33		1,500		1,024,080
Chicago Board of Education, IL, 5.00%, 12/1/21		790		813,424
Chicago Board of Education, IL, 5.00%, 12/1/26		1,595		1,779,031
Chicago Board of Education, IL, 5.00%, 12/1/42		1,820		1,855,053
Chicago Board of Education, IL, 5.00%, 12/1/46		55		56,286
Chicago, IL, 5.00%, 1/1/40		2,000		2,199,340
Detroit, MI, 5.00%, 4/1/30		1,400		1,491,658
Detroit, MI, 5.00%, 4/1/31		865		917,211
Illinois, 4.00%, 6/1/33		4,000		4,149,280
Illinois, 4.00%, 11/1/40		4,000		4,118,040
Illinois, 5.00%, 11/1/30		7,200		8,110,872
Illinois, 5.00%, 5/1/33		9,480		10,784,543
Illinois, 5.00%, 5/1/35		3,500		3,742,340
Illinois, 5.00%, 12/1/42		8,125		8,928,075
Illinois, 5.25%, 7/1/30		2,800		3,011,988
Illinois, 5.50%, 5/1/39		1,085		1,294,492

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Illinois, 5.75%, 5/1/45	$	1,115	$	1,338,223
Sherwood School District No. 88J, OR, 0.00%, 6/15/37		3,630		2,025,722
Will and Cook Counties Community High School District No. 210, IL, 0.00%, 1/1/27		60		50,012
Will and Cook Counties Community High School District No. 210, IL, 3.375%, 1/1/33		450		454,779
Will and Cook Counties Community High School District No. 210, IL, 5.00%, 1/1/28		3,500		3,745,560
			$	68,972,080
Hospital — 11.5%
Arkansas Development Finance Authority, (Washington Regional Medical Center), 5.00%, 2/1/33	$	2,200	$	2,478,058
Arlington County Industrial Development Authority, VA, (Virginia Hospital Center), 4.00%, 7/1/40		2,125		2,523,034
Arlington County Industrial Development Authority, VA, (Virginia Hospital Center), 4.00%, 7/1/45		3,000		3,504,750
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/35		250		272,880
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/40		550		594,655
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/44		500		536,820
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37		1,000		1,126,150
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/48		2,400		2,790,432
Camden County Improvement Authority, NJ, (Cooper Health System), 5.00%, 2/15/29		1,000		1,104,220
Camden County Improvement Authority, NJ, (Cooper Health System), 5.00%, 2/15/32		2,000		2,189,240
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44		1,655		1,853,153
Colorado Health Facilities Authority, (Parkview Medical Center, Inc.), (PSF Guaranteed), 4.00%, 9/1/45		1,000		1,114,650
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/46		3,175		3,492,278
Cuyahoga County, OH, (The MetroHealth System), 5.00%, 2/15/31		1,500		1,732,035
Cuyahoga County, OH, (The MetroHealth System), 5.00%, 2/15/32		1,500		1,723,710
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.00%, 9/1/34		1,625		1,785,599
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.25%, 9/1/29		1,675		1,886,653
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.25%, 9/1/44		8,880		9,631,337

6 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Douglas County Hospital Authority No. 2, NE, (Children’s Hospital Obligated Group), 4.00%, 11/15/50	$	1,300	$	1,499,303
Doylestown Hospital Authority, PA, (Doylestown Health), 4.00%, 7/1/45		315		336,678
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/50		2,595		2,850,945
Hamilton County, OH, (UC Health), 4.00%, 9/15/50		4,000		4,422,040
Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34		2,965		3,326,078
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 5.50%, 6/1/29		710		756,931
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 6.00%, 6/1/39		3,805		4,074,508
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/37		4,385		5,173,204
Maryland Health and Higher Educational Facilities Authority, (Frederick Health System), 4.00%, 7/1/40		300		341,661
Massachusetts Development Finance Agency, (Atrius Health), 5.00%, 6/1/39		925		1,111,193
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/44		4,000		4,657,920
Minneapolis and St. Paul Housing and Redevelopment Authority, MN, (Allina Health System), (LOC: JPMorgan Chase Bank, N.A.), 0.14%, 11/15/35(5)		9,975		9,975,000
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/40		1,120		1,245,384
Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33		2,775		2,904,814
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/39		110		123,437
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 4.00%, 7/1/48		6,265		6,563,966
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 5.00%, 7/1/41		1,750		1,965,792
New York Dormitory Authority, (Montefiore Obligated Group), 4.00%, 9/1/50		10,000		10,972,200
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/32(3)		1,000		1,183,620
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/33(3)		2,000		2,358,540
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/34(3)		3,900		4,585,503
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35(3)		1,000		1,172,000
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/40(3)		2,300		2,571,745

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38	$	1,025	$	1,206,199
Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43		14,865		17,622,160
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/40		875		1,081,202
Palm Beach County Health Facilities Authority, FL, (Baptist Health South Florida Obligated Group), 3.00%, 8/15/44		1,170		1,213,594
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/35		3,100		3,201,246
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.75%, 12/1/32		4,050		4,281,498
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(4)		7,000		7,817,670
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/38		2,500		2,821,450
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38		2,580		2,835,601
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33		2,500		2,769,425
			$	159,362,161
Housing — 0.9%
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), 5.00%, 7/1/34	$	750	$	761,393
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), 5.00%, 7/1/39		1,250		1,259,637
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Galveston I, LLC - Texas A&M University), 5.00%, 4/1/34		3,885		3,937,020
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		3,516,555
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(6)		860		860,000
Texas Student Housing Corp., (University of North Texas), 11.00%, 7/1/31(6)		2,000		2,000,000
			$	12,334,605
Industrial Development Revenue — 8.4%
Arkansas Development Finance Authority, (Big River Steel LLC), (AMT), 4.50%, 9/1/49(3)	$	4,000	$	4,062,480
Clayton County Development Authority, GA, (Delta Air Lines, Inc.), 8.75%, 6/1/29		1,101		1,105,605
Denver City and County, CO, (United Airlines), (AMT), 5.00%, 10/1/32		1,890		1,909,769
Essex County Improvement Authority, NJ, (Covanta), (AMT), 5.25%, 7/1/45(3)		7,175		7,194,444

7 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00%, 5/1/29(3)	$	795	$	851,079
Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 8/1/29(3)		2,250		2,310,458
Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/15/27		1,750		1,833,563
Illinois Finance Authority, (Navistar International Corp.), 4.75% to 8/1/30 (Put Date), 10/15/40(3)(8)		2,460		2,523,001
Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38		7,550		7,932,256
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(3)		1,880		2,070,331
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42		6,500		6,778,265
Maryland Economic Development Corp., (AFCO Cargo), (AMT), 3.50%, 7/1/24(3)		1,330		1,372,946
Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-1, 4.00%, 6/1/30		1,000		1,052,750
Mississippi Business Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 2/1/36(3)		1,500		1,537,395
National Finance Authority, NH, (Covanta), 4.625%, 11/1/42(3)		6,335		6,430,278
National Finance Authority, NH, (Covanta), (AMT), 4.875%, 11/1/42(3)		6,965		7,117,046
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 2.95%, 4/1/29(3)		480		468,485
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29		8,285		8,488,728
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33		4,375		4,487,919
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.625%, 11/15/30		2,045		2,128,252
New Jersey Economic Development Authority, (Middlesex Water Co.), (AMT), 4.00%, 8/1/59		1,520		1,724,531
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 2.20% to 12/3/29 (Put Date), 10/1/39		5,100		5,400,237
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		5,527,555
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38(3)		1,000		1,065,660
Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35		13,570		13,954,981
Public Finance Authority, WI, (Celanese Corp.), (AMT), 4.30%, 11/1/30		5,000		5,433,800
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(3)		6,290		6,598,210
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 4.50%, 5/1/32(3)		1,440		1,584,014

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 5.25%, 5/1/44(3)	$	1,280	$	1,428,979
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(3)		475		520,325
Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48(3)		1,440		1,483,099
			$	116,376,441
Insured – General Obligations — 1.4%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42	$	480	$	538,037
Atlantic City, NJ, (BAM), 5.00%, 3/1/42		1,250		1,494,712
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/26		500		582,405
Irvington Township, NJ, (AGM), 5.00%, 7/15/32		1,000		1,156,640
McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 1/1/31		3,175		3,618,706
McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 1/1/32		1,215		1,383,472
McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 1/1/33		1,405		1,597,780
McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 7/1/34		2,810		3,191,514
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38		5,000		5,696,750
			$	19,260,016
Insured – Other Revenue — 1.9%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	12,700	$	7,507,986
Harris County-Houston Sports Authority, TX, (NPFG), 0.00%, 11/15/26		9,395		7,869,534
Harris County-Houston Sports Authority, TX, (NPFG), 0.00%, 11/15/28		9,600		7,467,456
Harris County-Houston Sports Authority, TX, (NPFG), Escrowed to Maturity, 0.00%, 11/15/26		1,115		1,070,467
Harris County-Houston Sports Authority, TX, (NPFG), Escrowed to Maturity, 0.00%, 11/15/28		400		375,028
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGC), 0.00%, 3/1/34		3,500		2,566,410
			$	26,856,881
Insured – Special Tax Revenue — 2.2%
Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/25	$	750	$	659,760
Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/26		2,380		2,015,765
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, 10/1/39		14,500		21,518,145

8 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue (continued)
Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/39	$	2,515	$	2,874,444
Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/40		3,005		3,426,631
			$	30,494,745
Insured – Transportation — 3.6%
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32	$	1,500	$	1,636,755
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/33		650		707,804
Chicago, IL, (O’Hare International Airport), (AGM), 5.50%, 1/1/43		1,355		1,469,037
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/33		15,000		7,204,500
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/34		20,000		9,079,400
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37		6,665		3,491,327
Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, (0.00% until 1/15/24), 1/15/32		1,955		2,352,569
New York Thruway Authority, (AGM), 3.00%, 1/1/46		905		952,947
North Texas Tollway Authority, (AGC), 6.20%, 1/1/42		10,000		12,038,000
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/27		1,150		1,365,625
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/28		1,600		1,894,944
Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30		9,440		7,937,152
			$	50,130,060
Insured – Water and Sewer — 0.6%
Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/27	$	2,155	$	1,716,694
Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/28		3,965		2,950,000
Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/29		3,035		2,103,832
Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/30		2,580		1,664,874
			$	8,435,400
Lease Revenue / Certificates of Participation — 2.3%
Charleston Educational Excellence Financing Corp., SC, (Charleston County School District), 5.00%, 12/1/29(4)	$	10,875	$	12,365,419
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44		4,295		4,794,036
Hudson Yards Infrastructure Corp., NY, 5.75%, 2/15/47		945		970,685
Hudson Yards Infrastructure Corp., NY, Prerefunded to 2/15/21, 5.75%, 2/15/47		1,535		1,580,743

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/43	$	1,530	$	1,764,503
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/44		8,290		9,666,554
			$	31,141,940
Nursing Home — 0.0%(1)
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	490	$	493,920
			$	493,920
Other Revenue — 2.8%
Build NYC Resource Corp., NY, (YMCA of Greater New York), 4.00%, 8/1/31	$	650	$	706,335
Build NYC Resource Corp., NY, (YMCA of Greater New York), 4.00%, 8/1/36		875		931,105
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(7)		6,250		1,125,000
DuPage County, IL, (The Morton Arboretum), Green Bonds, 3.00%, 5/15/47		5,085		5,199,006
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(3)		1,260		1,417,626
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(3)		2,040		2,247,835
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/37(4)		10,000		11,646,500
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37		5,105		7,119,739
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30		1,860		1,997,938
White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26(3)		5,210		5,212,449
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 4.00%, 6/1/30		700		780,780
			$	38,384,313
Senior Living / Life Care — 10.5%
Albemarle County Economic Development Authority, VA, (Westminster-Canterbury of the Blue Ridge), 5.00%, 1/1/42	$	1,350	$	1,362,730
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/37		7,945		8,196,380
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/38		1,000		1,069,840
Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/37		3,250		3,390,822
Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/47		3,190		3,268,857
Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 5.00%, 5/15/48		425		441,295
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.25%, 11/15/50		250		263,418

9 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.375%, 11/15/55	$	300	$	317,457
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 5.00%, 1/1/38		1,210		1,228,198
Colorado Health Facilities Authority, (Covenant Retirement Communities, Inc.), 5.00%, 12/1/33		5,000		5,211,300
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/37		750		858,248
Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46(3)		1,000		1,024,150
District of Columbia, (Ingleside at Rock Creek), 3.875%, 7/1/24		1,690		1,654,848
District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32		600		598,374
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/38		1,000		1,024,560
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/38		125		128,074
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.75%, 1/1/28		415		437,551
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 6.375%, 1/1/33		655		696,389
Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.125%, 11/15/32		525		569,048
Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.25%, 11/15/37		480		518,587
Howard County, MD, (Vantage House), 5.00%, 4/1/36		1,725		1,741,422
Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/37		1,000		1,022,950
Indiana Finance Authority, (Marquette), 5.00%, 3/1/39		1,000		1,014,320
Iowa Finance Authority, (Lifespace Communities, Inc.), 4.125%, 5/15/38		1,500		1,500,360
Iowa Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/43		3,250		3,409,640
Iowa Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/55		2,095		2,204,485
Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37		2,500		2,699,175
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/33(3)		1,550		1,540,963
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/38(3)		1,010		977,286
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/37(3)		1,000		1,075,510
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/47(3)		1,280		1,368,243
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57(3)		2,410		2,561,685

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Massachusetts Development Finance Agency, (Orchard Cove, Inc.), 5.00%, 10/1/39	$	370	$	400,318
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.00%, 2/15/36		400		345,028
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/30		25		23,087
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40		1,300		1,343,160
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/48		9,045		9,137,621
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.125%, 10/1/34		2,500		2,558,500
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.40%, 10/1/44		1,770		1,818,215
National Finance Authority, NH, (The Vista), 5.25%, 7/1/39(3)		585		593,664
National Finance Authority, NH, (The Vista), 5.625%, 7/1/46(3)		555		569,380
National Finance Authority, NH, (The Vista), 5.75%, 7/1/54(3)		1,745		1,795,099
New Hampshire Health and Education Facilities Authority, (Kendal at Hanover), 5.00%, 10/1/40		565		602,211
New Hampshire Health and Education Facilities Authority, (Kendal at Hanover), 5.00%, 10/1/46		1,000		1,056,850
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/37		6,320		6,830,909
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29		1,285		1,331,491
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 4.00%, 1/1/25		1,600		1,600,032
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 4.375%, 1/1/39		1,250		1,249,175
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 5.00%, 1/1/49		2,500		2,563,650
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37		1,675		1,895,882
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/53		2,485		2,618,743
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/34		75		80,225
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39		1,190		1,269,433
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49		6,855		7,313,462

10 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/30(3)	$	770	$	804,558
Savannah Economic Development Authority, GA, (Marshes Skidaway Island Project), 7.00%, 1/1/34		3,000		3,233,400
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/30		1,945		2,109,741
St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/38		1,250		1,323,987
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 10.00%, 3/15/23(3)		1,325		1,605,728
Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/34		2,130		2,249,173
Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/44		5,410		5,634,028
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32		450		458,321
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42		1,380		1,401,735
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.125%, 10/1/52(3)		2,850		2,930,227
Tompkins County Development Corp., NY, (Kendal at Ithaca, Inc.), 4.25%, 7/1/32		1,270		1,289,520
Tompkins County Development Corp., NY, (Kendal at Ithaca, Inc.), 4.50%, 7/1/42		1,270		1,284,542
Warren County, OH, (Otterbein Homes Obligated Group), 5.00%, 7/1/39		1,975		2,140,090
Warren County, OH, (Otterbein Homes Obligated Group), 5.50%, 7/1/39		500		538,455
Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/36(3)		1,500		1,520,595
Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/46(3)		1,250		1,237,400
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/43(3)		4,000		4,279,480
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/48(3)		4,815		5,130,431
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/44(3)		1,385		1,401,828
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/49(3)		695		699,441
Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/38		175		175,093
Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/39		125		125,066
Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/44		815		808,782

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Westchester County Local Development Corp., NY, (Kendal on Hudson), 5.00%, 1/1/34	$	2,630	$	2,699,458
			$	145,453,379
Special Tax Revenue — 5.4%
Aliso Viejo Community Facilities District No. 2005-01, CA, (Glenwood at Aliso Viejo), 5.00%, 9/1/38	$	7,000	$	7,935,340
Bridgeville, DE, (Heritage Shores Special Development District), 5.45%, 7/1/35		4,441		4,332,418
Irvine Community Facilities District No. 2013-3, CA, (Great Park), 5.00%, 9/1/39		2,000		2,212,320
Jurupa Public Financing Authority, CA, 5.00%, 9/1/33		600		687,516
Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South), 5.00%, 5/1/36		4,515		4,845,453
Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development Project), 5.125%, 6/1/36(3)		900		944,064
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29		4,460		4,717,610
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), 5.75%, 5/1/38		1,190		1,192,820
New York City Transitional Finance Authority, NY, Future Tax Revenue, (SPA: JPMorgan Chase Bank, N.A.), 0.18%, 11/1/36(5)		6,500		6,500,000
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/31/21		2,400		2,476,872
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/37(4)		10,000		11,726,100
New York State Urban Development Corp., Personal Income Tax Revenue, 3.00%, 3/15/48		11,000		11,725,890
Reno, NV, Sales Tax Revenue, 4.00%, 6/1/43		1,250		1,293,625
River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36		2,415		2,427,969
South Orange County Public Financing Authority, CA, (Ladera Ranch), 5.00%, 8/15/31		1,500		1,593,915
South Orange County Public Financing Authority, CA, (Ladera Ranch), 5.00%, 8/15/33		1,000		1,060,260
South Orange County Public Financing Authority, CA, (Ladera Ranch), 5.00%, 8/15/34		450		476,667
South Village Community Development District, FL, 3.50%, 5/1/32		805		856,262
South Village Community Development District, FL, 3.625%, 5/1/35		500		530,900
South Village Community Development District, FL, 3.75%, 5/1/38		1,020		1,082,128
South Village Community Development District, FL, 4.875%, 5/1/35		500		534,840

11 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
South Village Community Development District, FL, 5.00%, 5/1/38	$	100	$	107,439
Southern Hills Plantation I Community Development District, FL, Series A1, 5.80%, 5/1/35		1,088		900,058
Southern Hills Plantation I Community Development District, FL, Series A2, 5.80%, 5/1/35		795		608,429
Winter Garden Village at Fowler Groves Community Development District, FL, 4.125%, 5/1/37		3,405		3,484,405
			$	74,253,310
Student Loan — 0.5%
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/30	$	3,990	$	4,249,230
New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43		2,765		2,903,969
			$	7,153,199
Transportation — 22.3%
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/41	$	2,000	$	2,341,120
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/36		1,740		2,061,465
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/37		760		897,431
Central Texas Regional Mobility Authority, 5.00%, 1/1/35		1,100		1,262,668
Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31		565		578,029
Central Texas Regional Mobility Authority, Series 2016, 5.00%, 1/1/40		2,375		2,725,479
Chesapeake Bay Bridge and Tunnel Commission, VA, 5.00%, 7/1/46		4,000		4,451,480
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/35		2,500		2,926,600
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/38		5,000		5,813,150
Chicago, IL, (O’Hare International Airport), (AMT), 4.375%, 1/1/40		2,500		2,722,925
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25		2,555		2,796,473
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/26		2,170		2,370,182
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 7/1/33		500		593,795
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 7/1/38		1,500		1,749,180
Colorado High Performance Transportation Enterprise, (U.S. 36 and I-25 Managed Lanes), (AMT), 5.75%, 1/1/44		2,500		2,669,350
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 4.00%, 11/1/35(8)		2,500		3,040,725

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/29	$	7,000	$	7,909,370
Eagle County Air Terminal Corp., CO, (AMT), 5.00%, 5/1/37		1,000		1,144,720
Eagle County Air Terminal Corp., CO, (AMT), 5.00%, 5/1/41		4,940		5,606,851
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		3,025		3,159,280
Illinois Toll Highway Authority, 4.00%, 1/1/44(4)		13,050		14,971,743
Illinois Toll Highway Authority, 5.00%, 1/1/40(4)		15,000		17,580,300
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/28		2,690		1,797,028
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/29		1,135		815,123
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/30		500		333,885
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/31		1,150		712,747
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35		450		500,121
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/43		7,500		8,959,650
Metropolitan Transportation Authority, NY, Green Bonds, 0.00%, 11/15/32		570		372,478
Metropolitan Transportation Authority, NY, Green Bonds, 0.00%, 11/15/33		4,400		2,750,572
Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55		11,500		13,122,765
Mid-Bay Bridge Authority, FL, 5.00%, 10/1/30		2,050		2,343,908
Mid-Bay Bridge Authority, FL, 5.00%, 10/1/35		5,000		5,627,950
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34		5,000		5,533,150
New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.00%, 6/15/44		3,200		3,681,312
New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.25%, 6/15/43		1,460		1,714,390
New Jersey Turnpike Authority, 5.00%, 1/1/48(4)		5,000		6,084,800
New Orleans Aviation Board, LA, (North Terminal Project), (AMT), 5.00%, 1/1/35		2,000		2,269,620
New Orleans Aviation Board, LA, (North Terminal Project), (AMT), 5.00%, 1/1/43		1,500		1,739,955
New York Thruway Authority, 4.00%, 1/1/50		8,170		9,349,176
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/41		1,705		1,863,019
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46		7,730		8,404,056
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50		7,520		8,230,640

12 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/28	$	470	$	532,214
North East Texas Regional Mobility Authority, 5.00%, 1/1/41		5,250		5,711,580
North Texas Tollway Authority, Prerefunded to 9/1/21, 5.50%, 9/1/41(4)		10,000		10,571,100
Osceola County, FL, (Osceola Parkway), 5.00%, 10/1/44		2,000		2,432,520
Osceola County, FL, (Osceola Parkway), 5.00%, 10/1/49		2,500		3,026,900
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41		5,495		5,935,589
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		215		218,638
Port Authority of New York and New Jersey, 4.00%, 7/15/37		3,250		3,908,255
Port Authority of New York and New Jersey, 4.00%, 7/15/38		3,500		4,191,915
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/33(4)		12,080		13,450,718
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/15/43		3,640		4,069,411
Port Authority of New York and New Jersey, (AMT), 4.50%, 4/1/37(4)		10,000		10,506,500
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35		4,050		4,873,041
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/44		10,000		11,128,700
San Jose, CA, Airport Revenue, (AMT), 5.00%, 3/1/24		2,135		2,187,073
South Jersey Port Corp., NJ, (AMT), 5.00%, 1/1/48		5,500		5,966,345
South Jersey Transportation Authority, 5.00%, 11/1/32		2,250		2,485,327
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		3,685		3,702,799
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/37		315		354,170
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/38		585		655,826
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/39		305		340,996
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/35		375		462,716
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58		11,865		13,889,169
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42		16,430		17,989,043
Texas Transportation Commission, (State Highway System), 0.00%, 8/1/36		550		297,643
Texas Transportation Commission, (State Highway System), 0.00%, 8/1/46		2,500		779,500

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/52	$	2,500	$	2,804,725
			$	308,051,074
Water and Sewer — 1.5%
Great Lakes Water Authority, MI, 5.00%, 7/1/49	$	1,000	$	1,275,660
Los Angeles Department of Water and Power, CA, Water System Revenue, (SPA: Citibank, N.A.), 0.13%, 7/1/35(5)		14,000		14,000,000
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33		1,905		2,162,156
Salt Lake City, UT, Public Utilities Revenue, 4.00%, 2/1/43(8)		1,500		1,786,320
Salt Lake City, UT, Public Utilities Revenue, 4.00%, 2/1/44(8)		1,500		1,783,320
			$	21,007,456
Total Tax-Exempt Municipal Securities — 91.8% (identified cost $1,187,388,230)			$	1,268,966,037
Taxable Municipal Securities — 6.0%
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)	$	173	$	43,198
			$	43,198
Escrowed / Prerefunded — 1.0%
Chicago, IL, Prerefunded to 1/1/25, 7.75%, 1/1/42	$	10,316	$	13,518,705
			$	13,518,705
General Obligations — 1.1%
Atlantic City, NJ, 7.50%, 3/1/40	$	5,440	$	8,201,779
Chicago Board of Education, IL, 5.182%, 12/1/21(9)		325		328,757
Chicago, IL, 7.75%, 1/1/42		4,356		4,761,413
Redondo Beach Unified School District, CA, 2.211%, 8/1/36(8)		2,200		2,222,924
			$	15,514,873
Hospital — 1.4%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	12,750	$	13,486,950

13 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Middleburg Heights, OH, (Southwest General Health Center), 4.074%, 8/1/47(8)	$	6,000	$	6,045,480
			$	19,532,430
Insured – General Obligations — 0.6%
Detroit, MI, (AMBAC), 5.15%, 4/1/25	$	7,679	$	7,649,332
			$	7,649,332
Senior Living / Life Care — 0.6%
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), 5.50% to 8/1/24 (Put Date), 8/1/44	$	7,495	$	7,677,503
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 12.50%, 3/15/23(3)		235		309,991
			$	7,987,494
Special Tax Revenue — 0.3%
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 4.80%, 3/1/36	$	1,150	$	1,098,077
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 5.25%, 3/1/31		2,570		2,588,787
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 5.00%, 10/1/35		600		533,208
			$	4,220,072
Transportation — 0.6%
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(9)	$	7,375	$	8,096,128
			$	8,096,128
Water and Sewer — 0.4%
Cleveland, OH, Water Revenue, 2.28%, 1/1/37(8)	$	3,250	$	3,298,588
Dallas, TX, Waterworks and Sewer System Revenue, 2.822%, 10/1/42		1,750		1,843,555
Great Lakes Water Authority, MI, 3.473%, 7/1/41		1,000		1,107,580
			$	6,249,723
Total Taxable Municipal Securities — 6.0% (identified cost $75,271,721)			$	82,811,955

Corporate Bonds & Notes — 2.4%
Security	Principal Amount (000’s omitted)		Value
Hospital — 1.7%
Boston Medical Center Corp., 4.581%, 7/1/47	$	4,165	$	4,614,248
CommonSpirit Health, 3.347%, 10/1/29		2,955		3,121,574
Harnett Health System, Inc., 4.25% to 4/1/25 (Put Date), 4/1/32		4,040		3,980,248
Montefiore Obligated Group, 4.287%, 9/1/50		11,260		11,967,702
			$	23,683,772
Other — 0.7%
Morongo Band of Mission Indians, 7.00%, 10/1/39(3)	$	7,980	$	9,442,175
			$	9,442,175
Total Corporate Bonds & Notes — 2.4% (identified cost $30,400,000)			$	33,125,947
Total Investments — 100.2% (identified cost $1,293,059,951)			$	1,384,903,939
Other Assets, Less Liabilities — (0.2)%			$	(3,029,695	)
Net Assets — 100.0%			$	1,381,874,244

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

At July 31, 2020, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

New York	14.0%
Texas	12.9%
Illinois	12.5%
Others, representing less than 10% individually	60.8%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2020, 10.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 3.6% of total investments.

⁽¹⁾ Amount is less than 0.05%.

⁽²⁾ Represents a payment-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, 2020, the aggregate value of these securities is $127,906,185 or 9.3% of the Fund’s net assets.

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

14 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

⁽⁵⁾ Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at July 31, 2020.

⁽⁶⁾ The issuer is in default on the payment of principal and/or making only partial interest payments.

⁽⁷⁾ Defaulted security. Issuer has defaulted on the payment of interest.

⁽⁸⁾ When-issued security.

⁽⁹⁾ Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

Futures Contracts
Description	Number of Contracts			Position	Expiration Date	Notional Amount			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
U.S. 10-Year Treasury Note		(175	)	Short	9/21/20	$	(24,513,672	)	$	(251,891	)
U.S. Long Treasury Bond		(112	)	Short	9/21/20		(20,415,500	)		(527,195	)
									$	(779,086	)

Abbreviations:

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

15 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2020
Unaffiliated investments, at value (identified cost, $1,293,059,951)	$	1,384,903,939
Cash		85,159,337
Deposits for derivatives collateral — financial futures contracts		797,683
Interest receivable		13,184,249
Receivable for investments sold		5,914,108
Receivable for Fund shares sold		12,462,898
Total assets	$	1,502,422,214
Liabilities
Payable for floating rate notes issued	$	90,516,087
Payable for when-issued securities		25,686,020
Payable for variation margin on open financial futures contracts		7,438
Payable for Fund shares redeemed		2,551,094
Distributions payable		561,344
Payable to affiliates:
Investment adviser fee		462,326
Distribution and service fees		182,284
Interest expense and fees payable		272,063
Accrued expenses		309,314
Total liabilities	$	120,547,970
Net Assets	$	1,381,874,244
Sources of Net Assets
Paid-in capital	$	1,342,712,564
Distributable earnings		39,161,680
Net Assets	$	1,381,874,244
Class A Shares
Net Assets	$	399,156,915
Shares Outstanding		43,784,331
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.12
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.57
Class C Shares
Net Assets	$	109,269,448
Shares Outstanding		12,959,669
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	8.43
Class I Shares
Net Assets	$	873,447,881
Shares Outstanding		95,714,746
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.13

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, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2020
Interest	$	28,061,388
Total investment income	$	28,061,388
Expenses
Investment adviser fee	$	2,689,908
Distribution and service fees
Class A		475,089
Class C		621,695
Trustees’ fees and expenses		35,093
Custodian fee		178,665
Transfer and dividend disbursing agent fees		213,055
Legal and accounting services		57,455
Printing and postage		24,300
Registration fees		46,440
Interest expense and fees		574,900
Miscellaneous		57,596
Total expenses	$	4,974,196
Net investment income	$	23,087,192
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	454,485
Financial futures contracts		(4,031,831	)
Net realized loss	$	(3,577,346	)
Change in unrealized appreciation (depreciation) —
Investments	$	(34,972,685	)
Financial futures contracts		102,734
Net change in unrealized appreciation (depreciation)	$	(34,869,951	)
Net realized and unrealized loss	$	(38,447,297	)
Net decrease in net assets from operations	$	(15,360,105	)

17 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
From operations —
Net investment income	$	23,087,192		$	46,680,528
Net realized loss		(3,577,346	)		(5,266,521	)
Net change in unrealized appreciation (depreciation)		(34,869,951	)		86,825,134
Net increase (decrease) in net assets from operations	$	(15,360,105	)	$	128,239,141
Distributions to shareholders —
Class A	$	(6,752,884	)	$	(15,283,027	)
Class B		—			(3,783	)
Class C		(1,739,356	)		(4,445,612	)
Class I		(14,959,990	)		(32,430,422	)
Total distributions to shareholders	$	(23,452,230	)	$	(52,162,844	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	69,601,090		$	103,363,505
Class B		—			20
Class C		8,875,697			33,713,035
Class I		315,928,629			321,908,835
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		5,523,419			12,835,339
Class B		—			2,289
Class C		1,412,199			3,560,012
Class I		13,034,357			27,425,261
Cost of shares redeemed
Class A		(96,102,247	)		(72,809,687	)
Class B		—			(10,727	)
Class C		(31,712,407	)		(21,468,129	)
Class I		(310,878,710	)		(173,654,812	)
Net asset value of shares converted(1)
Class A		4,225,219			10,402,561
Class B		—			(262,764	)
Class C		(4,225,219	)		(10,139,797	)
Net increase (decrease) in net assets from Fund share transactions	$	(24,317,973	)	$	234,864,941
Net increase (decrease) in net assets	$	(63,130,308	)	$	310,941,238
Net Assets
At beginning of period	$	1,445,004,552		$	1,134,063,314
At end of period	$	1,381,874,244		$	1,445,004,552

⁽¹⁾  Includes the conversion of Class B to Class A shares at the close of business on August 15, 2019 upon the termination of Class B.

18 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Financial Highlights

	Class A
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.380		$	8.830		$	8.880		$	8.650		$	8.970		$	9.020
Income (Loss) From Operations
Net investment income(1)	$	0.156		$	0.327		$	0.345		$	0.337		$	0.345		$	0.367
Net realized and unrealized gain (loss)		(0.258	)		0.590			(0.059	)		0.229			(0.315	)		(0.053	)
Total income (loss) from operations	$	(0.102	)	$	0.917		$	0.286		$	0.566		$	0.030		$	0.314
Less Distributions
From net investment income	$	(0.158	)	$	(0.367	)	$	(0.336	)	$	(0.336	)	$	(0.350	)	$	(0.364	)
Total distributions	$	(0.158	)	$	(0.367	)	$	(0.336	)	$	(0.336	)	$	(0.350	)	$	(0.364	)
Net asset value — End of period	$	9.120		$	9.380		$	8.830		$	8.880		$	8.650		$	8.970
Total Return(2)		(1.04	)%(3)		10.55	%		3.29	%		6.63	%		0.25	%		3.64	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	399,157		$	427,334		$	350,923		$	344,822		$	374,661		$	431,777
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.76	%(5)		0.76	%		0.79	%		0.78	%		0.79	%		0.81	%
Interest and fee expense(6)		0.09	%(5)		0.13	%		0.17	%		0.14	%		0.10	%		0.05	%
Total expenses(4)		0.85	%(5)		0.89	%		0.96	%		0.92	%		0.89	%		0.86	%
Net investment income		3.50	%(5)		3.57	%		3.92	%		3.81	%		3.83	%		4.18	%
Portfolio Turnover		26	%(3)		23	%		32	%		21	%		35	%		27	%

⁽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, 2020

Financial Highlights — continued

	Class C
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	8.680		$	8.170		$	8.210		$	8.010		$	8.300		$	8.340
Income (Loss) From Operations
Net investment income(1)	$	0.113		$	0.239		$	0.252		$	0.251		$	0.256		$	0.279
Net realized and unrealized gain (loss)		(0.248	)		0.551			(0.042	)		0.199			(0.285	)		(0.043	)
Total income (loss) from operations	$	(0.135	)	$	0.790		$	0.210		$	0.450		$	(0.029	)	$	0.236
Less Distributions
From net investment income	$	(0.115	)	$	(0.280	)	$	(0.250	)	$	(0.250	)	$	(0.261	)	$	(0.276	)
Total distributions	$	(0.115	)	$	(0.280	)	$	(0.250	)	$	(0.250	)	$	(0.261	)	$	(0.276	)
Net asset value — End of period	$	8.430		$	8.680		$	8.170		$	8.210		$	8.010		$	8.300
Total Return(2)		(1.52	)%(3)		9.80	%		2.60	%		5.67	%		(0.42	)%		2.95	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	109,269		$	139,608		$	126,049		$	173,844		$	191,619		$	205,556
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.51	%(5)		1.51	%		1.54	%		1.53	%		1.54	%		1.56	%
Interest and fee expense(6)		0.09	%(5)		0.13	%		0.17	%		0.14	%		0.10	%		0.05	%
Total expenses(4)		1.60	%(5)		1.64	%		1.71	%		1.67	%		1.64	%		1.61	%
Net investment income		2.75	%(5)		2.82	%		3.10	%		3.06	%		3.07	%		3.43	%
Portfolio Turnover		26	%(3)		23	%		32	%		21	%		35	%		27	%

⁽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, 2020

Financial Highlights — continued

	Class I
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.390		$	8.840		$	8.880		$	8.660		$	8.980		$	9.020
Income (Loss) From Operations
Net investment income(1)	$	0.167		$	0.349		$	0.364		$	0.359		$	0.367		$	0.388
Net realized and unrealized gain (loss)		(0.258	)		0.590			(0.046	)		0.220			(0.314	)		(0.041	)
Total income (loss) from operations	$	(0.091	)	$	0.939		$	0.318		$	0.579		$	0.053		$	0.347
Less Distributions
From net investment income	$	(0.169	)	$	(0.389	)	$	(0.358	)	$	(0.359	)	$	(0.373	)	$	(0.387	)
Total distributions	$	(0.169	)	$	(0.389	)	$	(0.358	)	$	(0.359	)	$	(0.373	)	$	(0.387	)
Net asset value — End of period	$	9.130		$	9.390		$	8.840		$	8.880		$	8.660		$	8.980
Total Return(2)		(0.92	)%(3)		10.81	%		3.67	%		6.77	%		0.51	%		4.02	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	873,448		$	878,062		$	656,830		$	682,157		$	542,623		$	466,822
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.51	%(5)		0.51	%		0.54	%		0.53	%		0.54	%		0.56	%
Interest and fee expense(6)		0.09	%(5)		0.13	%		0.17	%		0.14	%		0.10	%		0.05	%
Total expenses(4)		0.60	%(5)		0.64	%		0.71	%		0.67	%		0.64	%		0.61	%
Net investment income		3.74	%(5)		3.81	%		4.13	%		4.04	%		4.06	%		4.42	%
Portfolio Turnover		26	%(3)		23	%		32	%		21	%		35	%		27	%

⁽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).

21 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

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 an open-end management investment company. The Fund seeks to provide high current income exempt from regular federal income tax. The Fund primarily invests in high yield municipal obligations with maturities of ten years or more. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, will automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of July 31, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

22

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

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

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Fund may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by the Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Fund accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. 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, 2020. 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, 2020, the amount of the Fund’s Floating Rate Notes outstanding and the related collateral were $90,516,087 and $138,190,950, respectively. The range of interest rates on the Floating Rate Notes outstanding at July 31, 2020 was 0.19% to 0.36%. For the six months ended July 31, 2020, the Fund’s average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were $90,250,000 and 1.28%, 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, 2020.

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.

23

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

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 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.

K Interim Financial Statements — The interim financial statements relating to July 31, 2020 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 to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At January 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $51,689,146 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, 2020, $12,104,031 are short-term and $39,585,115 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at July 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,201,842,642
Gross unrealized appreciation	$	101,427,462
Gross unrealized depreciation		(9,661,338	)
Net unrealized appreciation	$	91,766,124

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, 2020, the investment adviser fee amounted to $2,689,908 or 0.42% (annualized) of the Fund’s average daily net assets. EVM serves as the administrator of the Fund, but receives no compensation. EVM provides

24

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

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, 2020, EVM earned $11,342 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 $22,143 as its portion of the sales charge on sales of Class A shares for the six months ended July 31, 2020. 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. 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, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended July 31, 2020 amounted to $475,089 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, 2020, the Fund paid or accrued to EVD $466,271 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of 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, 2020 amounted to $155,424 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended July 31, 2020, the Fund was informed that EVD received approximately $23,000 and $13,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $357,519,017 and $460,552,285, respectively, for the six months ended July 31, 2020.

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, 2020 (Unaudited)			Year Ended January 31, 2020
Sales		7,816,483			11,242,820
Issued to shareholders electing to receive payments of distributions in Fund shares		616,389			1,398,710
Redemptions		(10,673,189	)		(7,963,249	)
Converted from Class B shares		—			29,652
Converted from Class C shares		476,421			1,108,666
Net increase (decrease)		(1,763,896	)		5,816,599

25

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

Class B				Year Ended January 31, 2020(1)
Sales					2
Issued to shareholders electing to receive payments of distributions in Fund shares					254
Redemptions					(1,161	)
Converted to Class A shares					(28,747	)
Net decrease					(29,652	)
Class C	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
Sales		1,060,235			3,982,352
Issued to shareholders electing to receive payments of distributions in Fund shares		170,545			419,548
Redemptions		(3,844,972	)		(2,537,824	)
Converted to Class A shares		(515,081	)		(1,198,351	)
Net increase (decrease)		(3,129,273	)		665,725
Class I	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
Sales		35,492,729			35,183,871
Issued to shareholders electing to receive payments of distributions in Fund shares		1,453,369			2,985,028
Redemptions		(34,735,901	)		(18,970,764	)
Net increase		2,210,197			19,198,135

⁽¹⁾  At the close of business on August 15, 2019, Class B shares were converted into Class A and Class B was terminated.

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the 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, 2020.

9  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at July 31, 2020 is included in the Portfolio of Investments. At July 31, 2020, 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.

26

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at July 31, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative(1)
Futures Contracts	$	—	$	(779,086	)

⁽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, 2020 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	$	(4,031,831	)	$	102,734

⁽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, 2020, which is indicative of the volume of this derivative type, was approximately $42,630,000.

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.

At July 31, 2020, 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	$	—		$	1,268,966,037	$	—	$	1,268,966,037
Taxable Municipal Securities		—			82,811,955		—		82,811,955
Corporate Bonds & Notes		—			33,125,947		—		33,125,947
Total Investments	$	—		$	1,384,903,939	$	—	$	1,384,903,939
Liability Description
Futures Contracts	$	(779,086	)	$	—	$	—	$	(779,086	)
Total	$	(779,086	)	$	—	$	—	$	(779,086	)

27

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

11  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies, as may other epidemics and pandemics that may arise in the future, and can affect the market in general in significant and unforeseen ways. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

28

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

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 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority 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 agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. 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 to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. 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 agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (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 other 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, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative 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 to each fund in managing other accounts (which may include other mutual funds, 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 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 (in the context of a sub-adviser, only those 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 (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, 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 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, as applicable;

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

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

29

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Board of Trustees’ Contract Approval — continued

• 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 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 of each fund, if any;

• 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 oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers 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 fund sub-advisers, 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 agreements 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 agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement 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 agreement and sub-advisory agreement. In evaluating each investment advisory agreement 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 to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information 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

30

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Board of Trustees’ Contract Approval — continued

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 other administrative services provided or overseen 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 agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index, 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 the one-, three-, five- and ten-year periods ended September 30, 2019. 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 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 the one-year period ended September 30, 2019, 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 or other 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 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.

31

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

32

Eaton Vance

High Yield Municipal Income Fund

July 31, 2020

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

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

33

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

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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 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.

7706    7.31.20

Parametric

TABS Municipal Bond Funds

Semiannual Report

July 31, 2020

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/ppafunddocuments), 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 1-800-260-0761. 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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of each Fund. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, the Funds’ adviser and Parametric, sub-adviser to the Funds, are registered with the CFTC as commodity pool operators. The adviser and Parametric are also registered as commodity trading advisors.

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 1-800-260-0761.

Semiannual Report July 31, 2020

Parametric

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	34
Liquidity Risk Management Program	38
Officers and Trustees	39
Important Notices	40

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2020

Performance^1,2

Portfolio Managers James H. Evans, CFA, Brian C. Barney, CFA and Devin J. Cooch, CFA, each of Parametric Portfolio Associates LLC

% 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		3.77	%		5.71	%		2.35	%		2.04	%
Class A with 2.25% Maximum Sales Charge		—		—		1.39			3.36			1.90			1.81
Class C at NAV		03/27/2009		12/31/1998		3.31			4.85			1.60			1.27
Class C with 1% Maximum Sales Charge		—		—		2.31			3.85			1.60			1.27
Class I at NAV		03/27/2009		12/31/1998		3.89			5.97			2.61			2.29
Bloomberg Barclays Municipal Managed Money 1–7 Year Bond Index		—		—		2.41	%		4.13	%		2.55	%		2.41	%
Bloomberg Barclays 5 Year Municipal Bond Index		—		—		2.13			4.14			2.89			2.88

% 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		3.35	%		1.80	%		1.67	%
Class A After Taxes on Distributions and Sale of Fund Shares		—		—		2.46			1.72			1.62
Class C After Taxes on Distributions		03/27/2009		12/31/1998		3.85			1.51			1.14
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		2.46			1.36			1.06
Class I After Taxes on Distributions		03/27/2009		12/31/1998		5.96			2.50			2.15
Class I After Taxes on Distributions and Sale of Fund Shares		—		—		4.12			2.34			2.06
% Total Annual Operating Expense Ratios3					Class A			Class C			Class I
						0.82	%		1.57	%		0.57	%
% Distribution Rates/Yields4					Class A			Class C			Class I
Distribution Rate						0.55	%		0.00	%		0.80	%
SEC 30-day Yield						–0.21			–0.94			0.02

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2020

Performance^1,2

Portfolio Managers James H. Evans, CFA, Brian C. Barney, CFA and Christopher J. Harshman, CFA, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		02/01/2010		02/01/2010		3.14	%		5.98	%		3.64	%		4.06	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.77			0.94			2.64			3.55
Class C at NAV		02/01/2010		02/01/2010		2.76			5.19			2.87			3.29
Class C with 1% Maximum Sales Charge		—		—		1.76			4.19			2.87			3.29
Class I at NAV		02/01/2010		02/01/2010		3.26			6.24			3.90			4.33
Bloomberg Barclays Municipal Managed Money Intermediate 1–17 Year Bond Index		—		—		2.98	%		6.08	%		4.05	%		3.89	%
Bloomberg Barclays 7 Year Municipal Bond Index		—		—		2.17			4.95			3.70			3.79

% 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		02/01/2010		02/01/2010		0.87	%		2.61	%		3.45	%
Class A After Taxes on Distributions and Sale of Fund Shares		—		—		1.25			2.45			3.15
Class C After Taxes on Distributions		02/01/2010		02/01/2010		4.12			2.84			3.20
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		2.90			2.50			2.81
Class I After Taxes on Distributions		02/01/2010		02/01/2010		6.17			3.87			4.23
Class I After Taxes on Distributions and Sale of Fund Shares		—		—		4.53			3.53			3.86
% 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						1.39	%		0.61	%		1.63	%
SEC 30-day Yield – Subsidized						0.26			–0.48			0.52
SEC 30-day Yield – Unsubsidized						0.18			–0.53			0.44

Fund Profile

Credit Quality (% of total investments)⁵

See Endnotes and Additional Disclosures in this report.

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

3

Parametric

TABS Municipal Bond Funds

July 31, 2020

Endnotes and Additional Disclosures

¹  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 5 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 4-6 years. 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 from 6-8 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. 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 in tax-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.

Effective February 17, 2015, the Parametric TABS Short-Term Municipal Bond Fund changed its name and investment strategy to invest at least 80% of its net assets in a diversified portfolio of municipal obligations, the interest on which is exempt from regular federal income tax. Performance prior to February 17, 2015 reflects the Fund’s performance under its former investment strategy to invest at least 80% of its net assets in a diversified portfolio of municipal obligations that are exempt from regular federal income tax, municipal obligations that are not exempt from regular federal income tax, direct obligations of the U.S. Treasury and/or obligations of U.S. Government agencies, instrumentalities and government-sponsored enterprises.

Effective February 17, 2015, the Parametric TABS Intermediate- Term Municipal Bond Fund changed its name and investment strategy to invest at least 80% of its net assets in a diversified portfolio of municipal obligations, the interest on which is exempt from regular federal income tax. Performance prior to February 17, 2015 reflects the Fund’s performance under its former investment strategy to invest at least 80% of its net assets in a diversified portfolio of municipal obligations that are exempt from regular federal income tax, municipal obligations that are not exempt from regular federal income tax, direct obligations of the U.S. Treasury and/or obligations of U.S. Government agencies, instrumentalities and government-sponsored enterprises.

Effective September 30, 2019, the Parametric TABS Short-Term Municipal Bond Fund changed its primary benchmark from Bloomberg Barclays 5 Year Municipal Bond Index to Bloomberg Barclays Municipal Managed Money 1–7 Year Bond Index because the investment adviser believes that the Bloomberg Barclays Municipal Managed Money 1–7 Year Bond Index better reflects the duration and maturity profile of the investments held by the Fund.

³  Source: Fund prospectus. Net expense ratios for Parametric TABS Intermediate-Term Municipal Bond Fund reflect a contractual expense reimbursement that continues through 5/31/21. 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 as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. 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

Parametric

TABS Municipal Bond Funds

July 31, 2020

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, 2020 – July 31, 2020).

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.

Parametric TABS Short-Term Municipal Bond Fund

	Beginning Account Value (2/1/20)		Ending Account Value (7/31/20)		Expenses Paid During Period* (2/1/20 – 7/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,037.70	$	4.21		0.83	%
Class C	$	1,000.00	$	1,033.10	$	7.99		1.58	%
Class I	$	1,000.00	$	1,038.90	$	2.94		0.58	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.70	$	4.17		0.83	%
Class C	$	1,000.00	$	1,017.00	$	7.92		1.58	%
Class I	$	1,000.00	$	1,022.00	$	2.92		0.58	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2020.

5

Parametric

TABS Municipal Bond Funds

July 31, 2020

Fund Expenses — continued

Parametric TABS Intermediate-Term Municipal Bond Fund

	Beginning Account Value (2/1/20)		Ending Account Value (7/31/20)		Expenses Paid During Period* (2/1/20 – 7/31/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,031.40	$	4.55	**		0.90	%
Class C	$	1,000.00	$	1,027.60	$	8.32	**		1.65	%
Class I	$	1,000.00	$	1,032.60	$	3.28	**		0.65	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.40	$	4.52	**		0.90	%
Class C	$	1,000.00	$	1,016.70	$	8.27	**		1.65	%
Class I	$	1,000.00	$	1,021.60	$	3.27	**		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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2020.

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

6

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 89.9%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.9%
Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 6/1/25	$	2,550	$	3,125,101
			$	3,125,101
Education — 9.3%
California State University, 5.00%, 11/1/24	$	2,500	$	3,013,600
Missouri Health and Educational Facilities Authority, (Washington University), (SPA: JPMorgan Chase Bank, N.A.), 0.14%, 9/1/30(1)		9,500		9,500,000
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/22		3,495		3,820,000
Southwest Higher Education Authority, Inc., TX, (Southern Methodist University), 5.00%, 10/1/23		225		256,221
University of Michigan, 4.00% to 4/1/24 (Put Date), 4/1/49		3,000		3,331,500
University of New Mexico, (SPA: U.S. Bank N.A.), 0.14%, 6/1/30(2)		8,000		8,000,000
University of Texas, 5.00%, 8/15/24		1,000		1,194,690
University of Texas, Prerefunded to 8/15/22, 5.00%, 8/15/29		2,000		2,194,440
Wisconsin Health and Educational Facilities Authority, (Medical College of Wisconsin, Inc.), (LOC: U.S. Bank, N.A.), 0.14%, 12/1/33(1)		3,000		3,000,000
			$	34,310,451
Electric Utilities — 0.4%
American Municipal Power, Inc., OH, (AMP Fremont Energy Center), Prerefunded to 2/15/22, 5.25%, 2/15/27	$	115	$	123,815
Denton, TX, Utility System Revenue, 5.00%, 12/1/26		1,000		1,273,070
			$	1,396,885
Escrowed / Prerefunded — 5.1%
Illinois Development Finance Authority, (Regency Park), Escrowed to Maturity, 0.00%, 7/15/23	$	5,000	$	4,942,900
Illinois Development Finance Authority, (Regency Park), Escrowed to Maturity, 0.00%, 7/15/25		5,750		5,584,860
Maryland, Escrowed to Maturity, 5.00%, 3/1/22		50		53,854
Mississippi, (Capital Improvements Projects), Prerefunded to 10/1/21, 5.00%, 10/1/36		400		422,300
Orange County School Board, FL, Prerefunded to 8/1/22, 5.00%, 8/1/26		5,000		5,482,100
Utah Transit Authority, Sales Tax Revenue, Prerefunded to 6/15/22, 5.00%, 6/15/25		1,220		1,330,569
Virginia College Building Authority, (21st Century College and Equipment Programs), Prerefunded to 2/1/22, 4.00%, 2/1/25		1,000		1,057,650
			$	18,874,233

Security	Principal Amount (000’s omitted)		Value
General Obligations — 38.5%
Alexandria, VA, 5.00%, 7/1/27	$	200	$	261,942
Alief Independent School District, TX, (PSF Guaranteed), 2.00%, 2/15/31(3)		1,000		1,077,790
Arlington County, VA, Prerefunded to 8/1/21, 4.00%, 8/1/28		390		404,953
Arlington Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/22		1,260		1,353,794
Birmingham, AL, 5.00%, 12/1/28		760		999,666
Bothell, WA, Limited Tax General Obligation Bonds, 4.00%, 12/1/25		490		550,608
Brookline, MA, 5.00%, 3/15/25		4,605		5,619,205
Brown County, WI, 4.00%, 11/1/21		620		625,840
Carteret County, NC, 5.00%, 4/1/25		500		562,745
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/22		155		153,886
Clark County, NV, 4.00%, 6/1/36		30		36,007
Cleveland Heights-University Heights City School District, OH, 0.00%, 12/1/23		150		146,804
College Station, TX, 5.00%, 2/15/24		230		235,775
Columbus, OH, 5.00%, 4/1/22		1,050		1,135,040
Comal Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/35		3,000		3,491,910
Coppell Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/25		265		255,868
Coppell Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/26		425		404,286
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/22		1,355		1,455,866
Delaware, 5.00%, 7/1/21		1,125		1,175,243
Delaware, 5.00%, 1/1/24		1,360		1,584,536
Denton Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/24		3,000		2,961,240
Edina, MN, 5.00%, 2/1/30		125		164,421
El Dorado Union High School District, CA, 0.00%, 8/1/21		45		44,889
Ennis Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/30		270		246,345
Etiwanda School District, CA, (Election of 2016), 0.00%, 8/1/33		1,000		725,790
Florida Board of Education, 5.00%, 6/1/22		8,415		9,168,227
Georgia, 5.00%, 2/1/23		550		617,078
Gilbert, AZ, 4.00%, 7/1/23		10,000		11,125,400
Glasscock County Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/23		300		301,119
Glendale Community College District, CA, (Election of 2016), 0.00%, 8/1/31		400		322,956
Henrico County, VA, 5.00%, 8/1/27		200		261,926
Hingham, MA, 3.00%, 2/15/34		635		719,792
Hingham, MA, 3.00%, 2/15/36		290		325,206

7 See Notes to Financial Statements.

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Hingham, MA, 3.00%, 2/15/38	$	1,000	$	1,110,470
Houston Independent School District, TX, (PSF Guaranteed), 4.00% to 6/1/23 (Put Date), 6/1/29		1,000		1,098,600
Hutto Independent School District, TX, (PSF Guaranteed), 0.00%, 8/1/22		525		520,910
Jacksonville Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/26(3)		2,350		2,875,013
Jacksonville Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/30(3)		1,710		2,308,312
Joliet Community College District No. 525, IL, 4.00%, 6/1/26		2,080		2,243,114
Kent County, MI, 4.00%, 12/1/24		485		563,245
Kilgore Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34(3)		2,205		2,714,884
Kilgore Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/36(3)		2,385		2,916,807
Lake County Community College District No. 532, IL, 4.00%, 6/1/21		4,230		4,364,218
Lake Washington School District No. 414, WA, 4.00%, 12/1/21		1,420		1,493,116
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/22		700		695,422
Marblehead, MA, 3.00%, 7/15/31		1,150		1,355,447
Marblehead, MA, 3.00%, 7/15/33		855		986,277
Massachusetts, 5.00%, 12/1/24		5,000		6,033,600
Massachusetts, 5.00%, 7/1/26		50		63,458
Miami-Dade County, FL, 5.00%, 7/1/26		1,000		1,263,150
Montgomery, AL, 3.00%, 2/1/22		1,685		1,752,653
Mountain View Whisman School District, CA, (Election of 2020), 4.00%, 9/1/32		125		161,845
Mountain View Whisman School District, CA, (Election of 2020), 4.00%, 9/1/33		230		294,904
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/23		945		936,183
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/24		900		885,420
New York, NY, 5.00%, 8/1/24		1,250		1,483,512
New York, NY, 5.00%, 8/1/26		1,000		1,263,490
Newport-Mesa Unified School District, CA, (Election of 2005), Prerefunded to 8/1/21, 0.00%, 8/1/46		2,100		348,222
Oak Grove School District, CA, (Election 2008), 0.00%, 8/1/33		1,215		909,112
Ohio, 5.00%, 12/15/23		1,000		1,163,020
Oregon, 1.90%, 6/1/30		1,110		1,158,674
Oregon, 1.95%, 12/1/30		555		579,858
Orinda Union School District, CA, (Election of 2018), 3.00%, 8/1/40		500		548,495
Paradise Valley Unified School District No. 69, AZ, 5.00%, 7/1/22		2,080		2,275,104
Phoenix, AZ, 5.00%, 7/1/27		1,950		2,450,214

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Ridgefield, CT, 5.00%, 7/15/22	$	2,425	$	2,656,587
Rose Tree Media School District, PA, 5.00%, 4/1/27		1,000		1,246,360
Salem-Keizer School District No. 24J, OR, 5.00%, (0.00% to 6/15/21), 6/15/33		2,200		2,864,356
Salem-Keizer School District No. 24J, OR, 5.00%, (0.00% to 6/15/21), 6/15/34		1,500		1,946,685
Salem-Keizer School District No. 24J, OR, 5.00%, (0.00% to 6/15/21), 6/15/35		1,425		1,841,214
San Francisco City and County, CA, 5.00%, 6/15/29		1,000		1,350,130
South Orange-Maplewood School District, NJ, 2.00%, 8/15/27		950		1,006,506
Springfield School District No. 19, OR, 5.00%, 6/15/30		855		1,036,756
St. Louis County, MO, 3.00%, 12/1/31		1,000		1,138,790
Sugar Land, TX, 5.00%, 2/15/23		1,105		1,237,666
Sumner County, TN, 3.00%, 12/1/32		500		582,145
Sunnyvale School District, CA, 5.00%, 9/1/27		1,000		1,236,930
Tennessee, 3.00%, 10/1/26		275		276,213
Texas Public Finance Authority, 5.00%, 10/1/22		100		110,528
Travis County, TX, Certificates of Obligation, 2.00%, 3/1/24		125		132,871
Upper Merion Area School District, PA, 2.30%, 2/15/24		725		726,051
Utah, 5.00%, 7/1/22		3,915		4,279,839
Utah, 5.00%, 7/1/23		2,500		2,853,900
Vistancia Community Facilities District, AZ, 5.00%, 7/15/21		610		612,214
Vistancia Community Facilities District, AZ, 5.00%, 7/15/25		1,350		1,354,725
Wake County, NC, 5.00%, 4/1/22		1,000		1,081,340
Waltham, MA, 5.00%, 5/1/29		130		178,061
Wauwatosa School District, WI, 5.00%, 9/1/22		105		115,607
West Valley-Mission Community College District, CA, 5.00%, 8/1/25		300		372,438
Williamson County, TN, 5.00%, 4/1/25		3,475		4,239,778
Wilton, CT, 2.00%, 5/1/27		160		167,674
Wisconsin, 5.00%, 11/1/25		630		785,289
Wisconsin, 5.00%, 5/1/27(3)		1,000		1,258,260
Wisconsin, 5.00%, 5/1/30(3)		1,000		1,355,130
Wylie Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/23		1,355		1,343,753
Wylie Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/24		1,005		992,015
Wylie Independent School District, TX, (PSF Guaranteed), 2.25% to 8/15/23, 8/15/41(4)		4,525		4,653,646
			$	142,366,359
Hospital — 8.3%
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/33(3)	$	525	$	608,685
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/36(3)		555		632,972

8 See Notes to Financial Statements.

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/39(3)	$	450	$	508,410
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/41(3)		500		561,290
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 5.00%, 4/1/25(3)		1,100		1,281,489
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 5.00%, 4/1/27(3)		275		335,211
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 5.00%, 4/1/30(3)		400		528,812
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 5.00%, 4/1/30(3)		325		417,375
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 5.00%, 4/1/40(3)		400		490,668
Geisinger Authority, PA, (Geisinger Health System), 4.00%, 4/1/39		1,000		1,175,470
Geisinger Authority, PA, (Geisinger Health System), 5.00% to 2/15/27 (Put Date), 4/1/43		2,000		2,468,340
Geisinger Authority, PA, (Geisinger Health System), 5.00% to 4/1/30 (Put Date), 4/1/43		2,500		3,288,375
Indiana Finance Authority, (Community Foundation of Northwest Indiana Obligated Group), 5.00%, 9/1/25		650		783,594
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 6/1/26		2,500		3,050,500
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 6/1/27		3,500		4,370,030
New York State Dormitory Authority, (Maimonides Medical Center), 3.00%, 8/1/38(3)		610		646,313
New York State Dormitory Authority, (Maimonides Medical Center), 3.00%, 8/1/40(3)		200		210,996
New York State Dormitory Authority, (Maimonides Medical Center), 4.00%, 8/1/31(3)		350		412,682
New York State Dormitory Authority, (Maimonides Medical Center), 5.00%, 2/1/26(3)		250		307,450
New York State Dormitory Authority, (Maimonides Medical Center), 5.00%, 8/1/26(3)		300		373,962
New York State Dormitory Authority, (Maimonides Medical Center), 5.00%, 2/1/27(3)		180		226,676
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 1/31/24 (Put Date), 8/15/54		6,000		6,920,700
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/20		1,130		1,130,000
			$	30,730,000
Housing — 1.6%
Connecticut Housing Finance Authority, 1.85%, 11/15/31(3)	$	615	$	617,281
New York Dormitory Authority, (State University Dormitory Facilities), Prerefunded to 7/1/22, 5.00%, 7/1/26		135		147,554

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
New York Housing Finance Agency, Green Bonds, 2.75%, 11/1/22	$	4,000	$	4,016,320
New York Housing Finance Agency, Sustainability Bonds, 1.10%, 5/1/26		1,000		1,002,210
			$	5,783,365
Insured – General Obligations — 0.2%
Washington, (NPFG), 0.00%, 6/1/21	$	620	$	619,132
			$	619,132
Insured – Housing — 0.0%(5)
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.35%, 7/1/21	$	130	$	132,093
			$	132,093
Insured – Lease Revenue / Certificates of Participation — 0.1%
Conotton Valley Union Local School District, OH, (MAC), 5.00%, 12/1/26	$	300	$	368,166
			$	368,166
Insured – Water and Sewer — 0.1%
Harris County Municipal Utility District No. 374, TX, (BAM), 3.00%, 9/1/26	$	310	$	344,060
			$	344,060
Lease Revenue / Certificates of Participation — 5.5%
Arizona, Certificates of Participation, 5.00%, 10/1/24	$	2,000	$	2,375,960
Colorado, (Rural Colorado), 5.00%, 12/15/25		6,000		7,446,600
Colorado, Certificates of Participation, 4.00%, 12/15/34		2,500		3,129,650
Malibu, CA, 5.00%, 11/1/38		275		275,916
Malibu, CA, 5.00%, 11/1/43		225		225,720
Malibu, CA, 5.00%, 11/1/48		375		376,174
Palm Beach County School Board, FL, 5.00%, 8/1/31		5,000		6,030,050
Volusia County School Board, FL, 5.00%, 8/1/21		325		340,512
Wisconsin, Certificates of Participation, 4.00%, 3/1/21		230		235,140
			$	20,435,722
Other Revenue — 2.6%
California Public Works Board, 5.00%, 9/1/39	$	5,000	$	5,764,600
Johnson County Public Building Commission, KS, (Courthouse and Medical Examiner’s Facility), 5.00%, 9/1/25		3,025		3,685,388
			$	9,449,988

9 See Notes to Financial Statements.

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 8.7%
District of Columbia, Income Tax Revenue, 5.00%, 10/1/22	$	1,500	$	1,657,230
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/23		1,000		1,154,140
New York City Transitional Finance Authority, NY, Future Tax Revenue, (SPA: State Street Bank and Trust Company), 0.15%, 8/1/39(1)		8,000		8,000,000
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/24		1,500		1,751,070
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/25		170		205,743
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/28		5,770		7,014,877
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/34		3,000		3,698,190
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/37		500		606,095
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/22		2,750		2,961,640
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/33		1,000		1,356,310
North Houston Development Corp., TX, Tax Increment Contract Revenue, 5.00%, 9/1/25		1,725		2,080,488
Sales Tax Asset Receivable Corp., 5.00%, 10/15/27		1,500		1,776,090
			$	32,261,873
Transportation — 4.8%
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 4.00%, 11/1/34(3)	$	2,000	$	2,441,980
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/30(3)		2,000		2,743,720
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/32(3)		2,000		2,702,520
Port Authority of New York and New Jersey, 4.00%, 7/15/37		1,000		1,202,540
Rhode Island Commerce Corp., (Rhode Island Department of Transportation), 5.00%, 5/15/29		5,000		6,436,400
Wisconsin, Transportation Revenue, 5.00%, 7/1/24		2,000		2,377,380
			$	17,904,540
Water and Sewer — 3.8%
Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/25	$	500	$	601,020
Metropolitan Water District of Southern California, 5.00%, 7/1/23		1,000		1,144,710
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: TD Bank, N.A.), 0.14%, 6/15/43(1)		8,000		8,000,000
North Texas Municipal Water District, 5.00%, 9/1/24		1,120		1,309,650

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Raleigh, NC, Combined Enterprise System Revenue, 5.00%, 3/1/26	$	360	$	453,024
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		2,591,650
			$	14,100,054
Total Tax-Exempt Municipal Securities — 89.9% (identified cost $319,379,489)			$	332,202,022
U.S. Treasury Obligations — 5.4%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Note, 0.125%, 5/31/22	$	5,000	$	5,000,293
U.S. Treasury Note, 0.125%, 5/15/23		15,000		15,003,222
Total U.S. Treasury Obligations — 5.4% (identified cost $19,959,040)			$	20,003,515
Total Investments — 95.3% (identified cost $339,338,529)			$	352,205,537
Other Assets, Less Liabilities — 4.7%			$	17,508,777
Net Assets — 100.0%			$	369,714,314

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

At July 31, 2020, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Texas	13.5%
New York	13.0%
Others, representing less than 10% individually	68.8%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2020, 0.4% 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 0.1% to 0.2% 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, 2020.

⁽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, 2020.

10 See Notes to Financial Statements.

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

⁽³⁾  When-issued security.

⁽⁴⁾  Multi-step coupon security. Interest rate represents the rate in effect at July 31, 2020.

⁽⁵⁾  Amount is less than 0.05%.

Abbreviations:

BAM	–	Build America Mutual Assurance Co.
FHLMC	–	Federal Home Loan Mortgage Corp.
FNMA	–	Federal National Mortgage Association
GNMA	–	Government National Mortgage Association
LOC	–	Letter of Credit
MAC	–	Municipal Assurance Corp.
NPFG	–	National Public Finance Guarantee Corp.
PSF	–	Permanent School Fund
SPA	–	Standby Bond Purchase Agreement

11 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 96.8%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.3%
Alaska Municipal Bond Bank Authority, 5.00%, 3/1/30	$	1,145	$	1,333,753
			$	1,333,753
Education — 5.9%
Arizona State University, 4.00%, 7/1/40	$	1,500	$	1,824,735
Arizona State University, 4.00%, 7/1/42		1,500		1,813,935
Connecticut Health and Educational Facilities Authority, (Westminster School), 4.00%, 7/1/38		2,050		2,366,848
District of Columbia, (Georgetown University), 5.00%, 4/1/31		2,455		2,936,671
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 4.00%, 9/1/40		1,200		1,323,240
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 10/15/26		5,000		6,433,250
Massachusetts Health and Educational Facilities Authority, (Tufts University), (SPA: Wells Fargo Bank, N.A.), 0.16%, 2/15/26(1)		5,000		5,000,000
Nevada System of Higher Education, 5.00%, 7/1/23		500		565,620
New Jersey Educational Facilities Authority, (Princeton University), 4.00%, 7/1/27		590		671,721
South Dakota Health and Educational Facilities Authority, (Vocation Education Program), 5.00%, 8/1/27		1,200		1,462,332
University of Michigan, 4.00%, 4/1/38		1,000		1,240,490
University of Michigan, 4.00%, 4/1/40		750		925,027
University of Michigan, 4.00%, 4/1/45		2,200		2,674,562
Virginia Commonwealth University, 4.00%, 11/1/32		1,285		1,550,687
Zionsville Community Schools Building Corp., IN, 5.00%, 7/15/25		350		412,083
			$	31,201,201
Electric Utilities — 4.0%
Garland, TX, Electric Utility System Revenue, 4.00%, 3/1/32	$	1,015	$	1,266,832
Garland, TX, Electric Utility System Revenue, 4.00%, 3/1/33		1,055		1,307,746
Garland, TX, Electric Utility System Revenue, 4.00%, 3/1/34		375		462,893
Garland, TX, Electric Utility System Revenue, 4.00%, 3/1/35		375		461,156
Garland, TX, Electric Utility System Revenue, 4.00%, 3/1/36		400		489,724
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 4.00%, 5/15/43		1,360		1,414,604
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/33		1,070		1,289,735
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/37		500		594,990
North Carolina Municipal Power Agency Number 1, (Catawba), 5.00%, 1/1/23		1,485		1,638,460
Omaha Public Power District, NE, Prerefunded to 2/1/22, 5.00%, 2/1/29		810		868,134
Springfield Electric System Revenue, IL, 5.00%, 3/1/27		3,000		3,575,550

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Springfield Electric System Revenue, IL, 5.00%, 3/1/28	$	3,475	$	4,131,323
Springfield Electric System Revenue, IL, 5.00%, 3/1/29		3,325		3,944,747
			$	21,445,894
Escrowed / Prerefunded — 1.0%
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, Prerefunded to 5/15/23, 5.00%, 5/15/33	$	2,000	$	2,269,040
Wisconsin Health and Educational Facilities Authority, (Ministry Health Care), Prerefunded to 8/15/22, 5.00%, 8/15/32		2,885		3,159,277
			$	5,428,317
General Obligations — 31.7%
Adams 12 Five Star Schools, CO, 5.00%, 12/15/28	$	5,000	$	6,379,550
Adams 12 Five Star Schools, CO, 5.00%, 12/15/30		5,000		6,304,700
Anchorage, AK, 5.00%, 9/1/28		1,835		2,236,626
Batavia, IL, 4.00%, 11/1/24		755		812,939
Bergen County, NJ, 3.00%, 12/1/32		4,700		5,288,722
Brookline, MA, 5.00%, 3/15/30		2,500		3,408,300
California, 4.00%, 8/1/36		2,025		2,361,920
California, 0.59%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(2)		23,160		22,936,043
Cape May County, NJ, 3.00%, 10/1/29		3,095		3,465,564
Cape May County, NJ, 3.00%, 10/1/30		2,250		2,501,617
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/36		1,035		710,155
Cleveland Municipal School District, OH, 5.00%, 12/1/32		4,900		5,499,809
Collin County Community College District, TX, 4.00%, 8/15/35		775		957,234
Crystal Lake, IL, 4.00%, 12/15/23		455		494,166
Dallas County, TX, 5.00%, 8/15/29		5,200		6,584,760
Decatur, IL, 5.00%, 3/1/23		1,030		1,140,334
Denton County, TX, 4.00%, 7/15/30		1,000		1,237,250
Gladstone School District No. 115, Clackamas County, OR, 0.00%, 6/15/26		1,000		955,220
Glendale Unified School District, CA, 0.00%, 9/1/30		5,280		4,059,106
Greensboro, NC, 5.00%, 2/1/28		1,790		2,267,948
Hawaii County, HI, 5.00%, 9/1/24		1,000		1,191,270
Homewood, AL, 5.00%, 9/1/32		1,070		1,324,607
Katy Independent School District, TX, (PSF Guaranteed), 0.397%, (67% of 1 mo. USD LIBOR + 0.28%), 8/16/21 (Put Date), 8/15/36(2)		480		478,219
La Grange Park District, IL, 5.00%, 12/1/22		440		484,990
Lakeland, FL, 5.00%, 10/1/31		1,860		2,225,397
Lincoln, MA, 4.00%, 3/1/33		2,285		2,765,833
Long Beach Unified School District, CA, (Election of 2008), 0.00%, 8/1/31		1,675		1,215,481

12 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Long Beach Unified School District, CA, (Election of 2008), 0.00%, 8/1/32	$	1,500	$	1,040,475
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34		5,000		5,882,200
Los Angeles Unified School District, CA, 4.00%, 7/1/38		6,750		8,231,017
Macomb County, MI, 4.00%, 5/1/24		1,000		1,138,050
Madison County, TN, 5.00%, 5/1/23		1,115		1,261,232
Morris Township, NJ, 3.00%, 11/1/29		185		208,203
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/25		2,115		2,059,481
Neshaminy School District, PA, 4.00%, 11/1/26		660		735,365
New Hampshire, 4.00%, 12/1/32		2,085		2,531,836
Pennsylvania, 4.00%, 6/1/30		1,500		1,592,400
Plano Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/30		2,225		2,475,379
Port of Seattle, WA, Limited Tax General Obligation Bonds, 5.00%, 6/1/28		4,045		4,770,552
Rowland Unified School District, CA, (Election of 2012), 0.00%, 8/1/33		2,735		1,733,087
San Diego Community College District, CA, 4.00%, 8/1/32		5,000		5,940,000
San Dieguito Union High School District, CA, (Election of 2012), 4.00%, 8/1/42		8,075		9,530,922
San Francisco Bay Area Rapid Transit District, CA, 4.00%, 8/1/33		1,350		1,555,295
San Juan Unified School District, CA, (Election of 2012), 4.00%, 8/1/31		3,250		3,888,982
South Suburban Park and Recreation District, CO, 5.00%, 12/15/29		1,255		1,738,288
St. Mary’s County, MD, 5.00%, 5/1/27		1,290		1,671,466
Township High School District No. 204, IL, 4.25%, 12/15/22		1,230		1,337,736
Utah, 5.00%, 7/1/25		5,000		6,172,600
Washington, 5.00%, 8/1/35		10,000		11,617,000
Wickliffe School District, OH, 4.00%, 12/1/33		300		363,987
Wylie Independent School District, TX, (PSF Guaranteed), 6.50%, 8/15/26		700		872,375
Zeeland Public Schools, MI, 5.00%, 5/1/24		1,000		1,168,300
			$	168,803,988
Hospital — 6.7%
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/33	$	1,000	$	1,218,430
Carroll City-County Hospital Authority, GA, (Tanner Medical Center, Inc.), 5.00%, 7/1/34		2,560		3,030,426
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/35		1,150		1,346,144
Geisinger Authority, PA, (Geisinger Health System), 4.00%, 4/1/39		5,000		5,877,350

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Illinois Finance Authority, (Northwestern Memorial HealthCare), 4.00%, 8/15/42	$	1,000	$	1,046,330
Kansas Development Finance Authority, (Adventist Health System), 5.00%, 11/15/28		5,090		5,448,641
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/24		800		900,944
Michigan Finance Authority, (McLaren Health Care), 0.66%, (SIFMA + 0.50%), 8/9/21 (Put Date), 10/15/38(2)		2,000		2,000,320
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/24		215		239,424
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/34		1,360		1,615,245
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36		1,100		1,222,661
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/24		520		599,872
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30		600		700,650
Tampa, FL, (H. Lee Moffitt Cancer Center), 4.00%, 7/1/38		250		290,180
Tampa, FL, (H. Lee Moffitt Cancer Center), 4.00%, 7/1/39		400		461,384
Tampa, FL, (H. Lee Moffitt Cancer Center), 4.00%, 7/1/45		3,680		4,172,384
Tampa, FL, (H. Lee Moffitt Cancer Center), 5.00%, 7/1/35		200		254,450
Tampa, FL, (H. Lee Moffitt Cancer Center), 5.00%, 7/1/36		450		570,020
Tampa, FL, (H. Lee Moffitt Cancer Center), 5.00%, 7/1/40		1,000		1,257,630
University of North Carolina Hospitals at Chapel Hill, 5.00%, 2/1/33		1,540		1,979,454
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/22		1,000		1,082,200
			$	35,314,139
Housing — 1.6%
Massachusetts Housing Finance Agency, 1.45% to 12/1/22 (Put Date), 12/1/49	$	1,800	$	1,826,532
New York Mortgage Agency, 2.05%, 4/1/28		1,000		1,063,290
New York Mortgage Agency, 2.15%, 4/1/29		1,390		1,487,967
New York Mortgage Agency, 2.25%, 4/1/30		1,000		1,068,640
New York Mortgage Agency, 2.35%, 4/1/31		1,835		1,964,001
New York Mortgage Agency, 2.40%, 10/1/31		1,130		1,210,094
			$	8,620,524
Insured – Education — 0.1%
Northern Arizona University, (BAM), 5.00%, 6/1/32	$	500	$	662,705
			$	662,705

13 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations — 2.1%
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/33	$	3,535	$	2,227,191
San Mateo County Community College District, CA, (Election of 2005), (NPFG), 0.00%, 9/1/29		5,000		4,540,650
Yonkers, NY, (BAM), 4.00%, 5/1/34		1,855		2,247,704
Yonkers, NY, (BAM), 4.00%, 5/1/34		795		961,783
Yonkers, NY, (BAM), 4.00%, 5/1/35		750		902,355
			$	10,879,683
Insured – Water and Sewer — 0.1%
Santa Fe, NM, Wastewater Utility System Revenue, Green Bonds, (BAM), 4.00%, 6/1/32	$	275	$	330,371
Santa Fe, NM, Wastewater Utility System Revenue, Green Bonds, (BAM), 4.00%, 6/1/34		225		268,085
Santa Fe, NM, Wastewater Utility System Revenue, Green Bonds, (BAM), 4.00%, 6/1/35		60		71,238
			$	669,694
Lease Revenue / Certificates of Participation — 2.8%
Aspen Fire Protection District, CO, 4.00%, 12/1/24	$	130	$	149,457
Aspen Fire Protection District, CO, 4.00%, 12/1/27		235		287,153
Aspen Fire Protection District, CO, 4.00%, 12/1/28		225		279,409
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26		1,410		1,726,235
Orange County School Board, FL, 5.00%, 8/1/26		4,300		5,335,483
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/36		1,295		1,666,976
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/37		260		333,744
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/38		420		536,966
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/39		425		542,045
South Dakota Building Authority, 5.00%, 6/1/26		1,000		1,181,050
South Dakota Building Authority, 5.00%, 6/1/32		1,500		1,750,320
Virginia Public Building Authority, 4.00%, 8/1/35		1,000		1,232,480
			$	15,021,318
Other Revenue — 12.9%
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/36	$	1,000	$	1,161,960
California Public Works Board, 5.00%, 9/1/39		2,660		3,066,767
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/30		1,055		1,289,146
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/31		965		1,177,474

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/35	$	380	$	459,473
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/36		450		542,556
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 6/1/25 (Put Date), 12/1/49		5,000		5,703,200
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 2/1/28 (Put Date), 2/1/50		16,500		19,555,965
Lancaster Port Authority, OH, Gas Supply Revenue, (Liq: Royal Bank of Canada), 5.00% to 2/1/25 (Put Date), 8/1/49		5,000		5,887,950
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 12/1/33		2,425		3,204,662
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 0.73%, (SIFMA + 0.57%), 12/1/23 (Put Date), 8/1/48(2)		8,000		7,900,720
Orange County, FL, Tourist Development Tax Revenue, 4.00%, 10/1/32		5,000		5,578,150
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 4.00% to 2/1/24 (Put Date), 10/1/48		11,000		12,173,260
San Diego Association of Governments, CA, (Mid-Coast Corridor Transit), Green Bonds, 1.80%, 11/15/27		1,000		1,029,080
			$	68,730,363
Senior Living / Life Care — 0.2%
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31	$	1,000	$	1,159,270
			$	1,159,270
Special Tax Revenue — 3.9%
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/37	$	3,760	$	4,596,638
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/38		2,500		3,040,825
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/31		3,220		3,535,302
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/31/21		1,500		1,548,045
Queen Creek, AZ, Excise Tax and State Shared Revenue, 4.00%, 8/1/37		1,300		1,598,896
Queen Creek, AZ, Excise Tax and State Shared Revenue, 4.00%, 8/1/38		1,915		2,347,733
Queen Creek, AZ, Excise Tax and State Shared Revenue, 4.00%, 8/1/39		1,560		1,906,835
Queen Creek, AZ, Excise Tax and State Shared Revenue, 4.00%, 8/1/40		1,710		2,084,370
			$	20,658,644

14 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation — 12.9%
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/33	$	1,000	$	1,147,160
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/34		1,000		1,144,400
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/33		3,750		4,564,050
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/34		3,750		4,549,125
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/37		1,500		1,805,010
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/32		4,000		4,518,280
El Paso, TX, (El Paso International Airport), 5.00%, 8/15/22		655		712,941
El Paso, TX, (El Paso International Airport), 5.00%, 8/15/33		955		1,232,208
Florida Department of Transportation, 5.00%, 7/1/28		2,455		3,115,788
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		1,000		1,200,630
Illinois Toll Highway Authority, 5.00%, 1/1/33		100		118,969
Louisiana Transportation Authority, 5.00%, 8/15/30		1,885		2,138,268
Louisiana Transportation Authority, 5.00%, 8/15/31		1,230		1,395,263
Louisiana Transportation Authority, 5.00%, 8/15/32		1,090		1,235,395
Massachusetts Department of Transportation, 5.00%, 1/1/31		1,965		2,572,460
Metropolitan Transportation Authority, NY, 5.00%, 11/15/27		3,500		3,944,815
Port Authority of New York and New Jersey, 4.00%, 7/15/38		3,000		3,593,070
Port Authority of New York and New Jersey, 4.00%, 7/15/39		2,000		2,384,280
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/35		1,835		2,299,347
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/36		1,615		2,016,360
Tri-County Metropolitan Transportation District, OR, 4.00%, 9/1/40		5,895		6,667,540
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/30		10,000		12,589,500
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34		3,000		3,775,830
			$	68,720,689
Water and Sewer — 10.6%
Beverly Hills Public Financing Authority, CA, Water Revenue, 4.00%, 6/1/37(3)	$	270	$	341,847
Beverly Hills Public Financing Authority, CA, Water Revenue, 4.00%, 6/1/38(3)		1,000		1,255,720
Beverly Hills Public Financing Authority, CA, Water Revenue, 4.00%, 6/1/39(3)		715		893,671
Beverly Hills Public Financing Authority, CA, Water Revenue, 4.00%, 6/1/40(3)		580		721,717
Cherokee County Water and Sewerage Authority, GA, 5.00%, 8/1/26		1,650		2,091,441
Cherokee County Water and Sewerage Authority, GA, 5.00%, 8/1/27		1,200		1,565,796
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/30		3,870		4,711,648

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Eastern Municipal Water District Financing Authority, CA, 4.00%, 7/1/37	$	1,050	$	1,327,379
Garland, TX, Water and Sewer System Revenue, 4.00%, 3/1/31		1,370		1,703,444
Hamilton County, OH, Sewer System, 5.00%, 12/1/24		1,000		1,157,590
Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/30		600		780,426
Miami-Dade County, FL, Water and Sewer System Revenue, 4.00%, 10/1/44		5,000		5,761,350
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 4.00%, 6/15/36		6,000		7,310,340
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), Series EE, 5.00%, 6/15/35		1,155		1,296,903
Portland, OR, Water System Revenue, 4.00%, 5/1/38		2,890		3,513,922
Rancho California Water District Financing Authority, 4.00%, 8/1/37		2,275		2,842,067
Rancho California Water District Financing Authority, 4.00%, 8/1/38		4,500		5,604,345
Richmond, VA, Public Utility Revenue, 4.00%, 1/15/38		5,745		7,120,123
San Diego Public Facilities Authority, CA, Water Revenue, 4.00%, 8/1/38		1,000		1,249,040
San Diego Public Facilities Authority, CA, Water Revenue, 4.00%, 8/1/39		1,000		1,245,310
San Diego Public Facilities Authority, CA, Water Revenue, 4.00%, 8/1/40		250		310,460
Upper Santa Clara Valley Joint Powers Authority, CA, 4.00%, 8/1/45		1,500		1,694,235
Westmoreland County Municipal Authority, PA, Water and Sewer Revenue, Prerefunded to 8/15/23, 5.00%, 8/15/31		1,735		1,985,361
			$	56,484,135
Total Tax-Exempt Municipal Securities — 96.8% (identified cost $476,243,848)			$	515,134,317
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	$	568,220
Successor Agency to San Diego Redevelopment Agency, CA, 3.75%, 9/1/26		625		711,900
Total Taxable Municipal Securities — 0.2% (identified cost $1,122,155)			$	1,280,120

15 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

	Value
Total Investments — 97.0% (identified cost $477,366,003)	$	516,414,437
Other Assets, Less Liabilities — 3.0%	$	15,790,924
Net Assets — 100.0%	$	532,205,361

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

At July 31, 2020, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

California	20.6%
New York	10.3%
Others, representing less than 10% individually	66.1%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2020, 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 0.4% to 1.1% 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, 2020.

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at July 31, 2020.

⁽³⁾  When-issued security.

Abbreviations:

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

16 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2020

Statements of Assets and Liabilities (Unaudited)

	July 31, 2020
Assets	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Investments —
Identified cost	$	339,338,529	$	477,366,003
Unrealized appreciation		12,867,008		39,048,434
Investments, at value	$	352,205,537	$	516,414,437
Cash	$	45,371,945	$	15,490,177
Interest receivable		2,380,555		4,995,330
Receivable for investments sold		9,383,186		20,000
Receivable for Fund shares sold		864,859		1,213,331
Receivable from affiliates		—		39,652
Total assets	$	410,206,082	$	538,172,927
Liabilities
Payable for investments purchased	$	7,807,564	$	—
Payable for when-issued securities		31,502,297		3,191,307
Payable for Fund shares redeemed		875,653		1,976,256
Distributions payable		45,814		355,526
Payable to affiliates:
Investment adviser and administration fee		136,543		266,484
Distribution and service fees		41,914		28,149
Accrued expenses		81,983		149,844
Total liabilities	$	40,491,768	$	5,967,566
Net Assets	$	369,714,314	$	532,205,361
Sources of Net Assets
Paid-in capital	$	348,347,383	$	488,360,271
Distributable earnings		21,366,931		43,845,090
Net Assets	$	369,714,314	$	532,205,361
Class A Shares
Net Assets	$	115,942,064	$	59,932,997
Shares Outstanding		10,532,774		4,571,149
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.01	$	13.11
Maximum Offering Price Per Share
(100 ÷ 97.75 and 95.25, respectively, of net asset value per share)	$	11.26	$	13.76
Class C Shares
Net Assets	$	18,048,928	$	13,047,634
Shares Outstanding		1,643,731		995,601
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.98	$	13.11
Class I Shares
Net Assets	$	235,723,322	$	459,224,730
Shares Outstanding		21,406,846		34,992,195
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.01	$	13.12

On sales of $100,000 or more ($50,000 or more for Intermediate-Term Municipal Bond Fund), the offering price of Class A shares is reduced.

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

17 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2020

Statements of Operations (Unaudited)

	Six Months Ended July 31, 2020
Investment Income	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Interest	$	2,702,375	$	5,998,999
Total investment income	$	2,702,375	$	5,998,999
Expenses
Investment adviser and administration fee	$	724,587	$	1,457,278
Distribution and service fees
Class A		132,053		62,538
Class C		116,207		105,028
Trustees’ fees and expenses		9,642		14,162
Custodian fee		32,396		58,512
Transfer and dividend disbursing agent fees		49,106		172,422
Legal and accounting services		27,309		28,985
Printing and postage		11,222		25,602
Registration fees		28,006		28,593
Miscellaneous		7,420		9,607
Total expenses	$	1,137,948	$	1,962,727
Deduct —
Allocation of expenses to affiliates	$	—	$	216,442
Total expense reductions	$	—	$	216,442
Net expenses	$	1,137,948	$	1,746,285
Net investment income	$	1,564,427	$	4,252,714
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	7,583,796	$	2,611,315
Net realized gain	$	7,583,796	$	2,611,315
Change in unrealized appreciation (depreciation) —
Investments	$	1,840,707	$	9,207,649
Net change in unrealized appreciation (depreciation)	$	1,840,707	$	9,207,649
Net realized and unrealized gain	$	9,424,503	$	11,818,964
Net increase in net assets from operations	$	10,988,930	$	16,071,678

18 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2020

Statements of Changes in Net Assets

	Six Months Ended July 31, 2020 (Unaudited)
Increase (Decrease) in Net Assets	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
From operations —
Net investment income	$	1,564,427		$	4,252,714
Net realized gain		7,583,796			2,611,315
Net change in unrealized appreciation (depreciation)		1,840,707			9,207,649
Net increase in net assets from operations	$	10,988,930		$	16,071,678
Distributions to shareholders —
Class A	$	(498,208	)	$	(393,202	)
Class C		(27,529	)		(85,996	)
Class I		(1,025,589	)		(3,762,422	)
Total distributions to shareholders	$	(1,551,326	)	$	(4,241,620	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	16,720,956		$	15,820,183
Class C		1,573,300			1,648,587
Class I		128,033,710			154,626,287
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		432,456			226,596
Class C		23,213			30,138
Class I		727,976			1,751,705
Cost of shares redeemed
Class A		(17,239,818	)		(8,901,025	)
Class C		(5,110,615	)		(10,721,509	)
Class I		(55,892,260	)		(111,573,051	)
Net asset value of shares converted
Class A		3,767,496			877,211
Class C		(3,767,496	)		(877,211	)
Net increase in net assets from Fund share transactions	$	69,268,918		$	42,907,911
Net increase in net assets	$	78,706,522		$	54,737,969
Net Assets
At beginning of period	$	291,007,792		$	477,467,392
At end of period	$	369,714,314		$	532,205,361

19 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2020

Statements of Changes in Net Assets — continued

	Year Ended January 31, 2020
Increase (Decrease) in Net Assets	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
From operations —
Net investment income	$	4,750,551		$	8,980,079
Net realized gain		2,944,133			7,656,471
Net change in unrealized appreciation (depreciation)		6,096,681			15,203,388
Net increase in net assets from operations	$	13,791,365		$	31,839,938
Distributions to shareholders —
Class A	$	(1,642,693	)	$	(1,007,681	)
Class C		(235,208	)		(315,206	)
Class I		(2,831,326	)		(9,026,528	)
Total distributions to shareholders	$	(4,709,227	)	$	(10,349,415	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	10,061,715		$	16,210,550
Class C		1,078,726			2,537,868
Class I		35,147,630			113,305,274
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,434,638			610,422
Class C		196,336			118,635
Class I		1,799,529			3,971,143
Cost of shares redeemed
Class A		(22,850,228	)		(11,264,572	)
Class C		(9,801,351	)		(5,489,935	)
Class I		(49,306,462	)		(127,839,848	)
Net asset value of shares converted
Class A		3,597,242			198,281
Class C		(3,597,242	)		(198,281	)
Net decrease in net assets from Fund share transactions	$	(32,239,467	)	$	(7,840,463	)
Net increase (decrease) in net assets	$	(23,157,329	)	$	13,650,060
Net Assets
At beginning of year	$	314,165,121		$	463,817,332
At end of year	$	291,007,792		$	477,467,392

20 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2020

Financial Highlights

	Short-Term Municipal Bond Fund — Class A
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.660		$	10.350		$	10.300		$	10.370		$	10.690		$	10.740
Income (Loss) From Operations
Net investment income	$	0.051		$	0.160	(1)	$	0.154	(1)	$	0.149		$	0.130		$	0.134
Net realized and unrealized gain (loss)		0.350			0.308			0.049			(0.074	)		(0.254	)		0.011	(2)
Total income (loss) from operations	$	0.401		$	0.468		$	0.203		$	0.075		$	(0.124	)	$	0.145
Less Distributions
From net investment income	$	(0.051	)	$	(0.158	)	$	(0.153	)	$	(0.145	)	$	(0.128	)	$	(0.133	)
From net realized gain		—			—			—			—			(0.068	)		(0.062	)
Total distributions	$	(0.051	)	$	(0.158	)	$	(0.153	)	$	(0.145	)	$	(0.196	)	$	(0.195	)
Net asset value — End of period	$	11.010		$	10.660		$	10.350		$	10.300		$	10.370		$	10.690
Total Return(3)		3.77	%(4)		4.56	%		2.00	%		0.71	%		(1.18	)%		1.38	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	115,942		$	109,210		$	113,654		$	149,651		$	199,916		$	227,242
Ratios (as a percentage of average daily net assets):
Expenses		0.83	%(5)		0.88	%		0.91	%		0.90	%		0.90	%		0.89	%(6)
Net investment income		0.95	%(5)		1.52	%		1.50	%		1.39	%		1.21	%		1.26	%
Portfolio Turnover		113	%(4)		51	%		67	%		54	%		63	%		47	%

⁽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.

Parametric

TABS Municipal Bond Funds

July 31, 2020

Financial Highlights — continued

	Short-Term Municipal Bond Fund — Class C
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.640		$	10.320		$	10.270		$	10.340		$	10.660		$	10.720
Income (Loss) From Operations
Net investment income(1)	$	0.012		$	0.082		$	0.077		$	0.067		$	0.049		$	0.054
Net realized and unrealized gain (loss)		0.340			0.317			0.049			(0.071	)		(0.253	)		0.001	(2)
Total income (loss) from operations	$	0.352		$	0.399		$	0.126		$	(0.004	)	$	(0.204	)	$	0.055
Less Distributions
From net investment income	$	(0.012	)	$	(0.079	)	$	(0.076	)	$	(0.066	)	$	(0.048	)	$	(0.053	)
From net realized gain		—			—			—			—			(0.068	)		(0.062	)
Total distributions	$	(0.012	)	$	(0.079	)	$	(0.076	)	$	(0.066	)	$	(0.116	)	$	(0.115	)
Net asset value — End of period	$	10.980		$	10.640		$	10.320		$	10.270		$	10.340		$	10.660
Total Return(3)		3.31	%(4)		3.88	%		1.24	%		(0.04	)%		(1.92	)%		0.53	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	18,049		$	24,622		$	35,832		$	52,079		$	69,622		$	85,043
Ratios (as a percentage of average daily net assets):
Expenses		1.58	%(5)		1.63	%		1.66	%		1.65	%		1.65	%		1.65	%(6)
Net investment income		0.22	%(5)		0.78	%		0.75	%		0.64	%		0.46	%		0.51	%
Portfolio Turnover		113	%(4)		51	%		67	%		54	%		63	%		47	%

⁽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.

22 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2020

Financial Highlights — continued

	Short-Term Municipal Bond Fund — Class I
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.660		$	10.350		$	10.300		$	10.370		$	10.690		$	10.750
Income (Loss) From Operations
Net investment income	$	0.064		$	0.186		$	0.181		$	0.172		$	0.156		$	0.161
Net realized and unrealized gain (loss)		0.350			0.308			0.048			(0.071	)		(0.253	)		0.001	(1)
Total income (loss) from operations	$	0.414	��	$	0.494		$	0.229		$	0.101		$	(0.097	)	$	0.162
Less Distributions
From net investment income	$	(0.064	)	$	(0.184	)	$	(0.179	)	$	(0.171	)	$	(0.155	)	$	(0.160	)
From net realized gain		—			—			—			—			(0.068	)		(0.062	)
Total distributions	$	(0.064	)	$	(0.184	)	$	(0.179	)	$	(0.171	)	$	(0.223	)	$	(0.222	)
Net asset value — End of period	$	11.010		$	10.660		$	10.350		$	10.300		$	10.370		$	10.690
Total Return(2)		3.89	%(3)		4.82	%		2.25	%		0.96	%		(0.93	)%		1.54	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	235,723		$	157,176		$	164,679		$	179,156		$	204,247		$	217,956
Ratios (as a percentage of average daily net assets):
Expenses		0.58	%(4)		0.63	%		0.66	%		0.65	%		0.65	%		0.64	%(5)
Net investment income		1.16	%(4)		1.77	%		1.75	%		1.64	%		1.46	%		1.51	%
Portfolio Turnover		113	%(3)		51	%		67	%		54	%		63	%		47	%

⁽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.

23 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2020

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class A
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	12.810		$	12.210		$	12.160		$	12.070		$	12.430		$	12.320
Income (Loss) From Operations
Net investment income	$	0.100		$	0.228		$	0.235		$	0.227		$	0.197		$	0.199
Net realized and unrealized gain (loss)		0.300			0.637			0.050			0.090			(0.353	)		0.110
Total income (loss) from operations	$	0.400		$	0.865		$	0.285		$	0.317		$	(0.156	)	$	0.309
Less Distributions
From net investment income	$	(0.100	)	$	(0.228	)	$	(0.235	)	$	(0.227	)	$	(0.196	)	$	(0.199	)
From net realized gain		—			(0.037	)		—			—			(0.008	)		—
Total distributions	$	(0.100	)	$	(0.265	)	$	(0.235	)	$	(0.227	)	$	(0.204	)	$	(0.199	)
Net asset value — End of period	$	13.110		$	12.810		$	12.210		$	12.160		$	12.070		$	12.430
Total Return(1)(2)		3.14	%(3)		7.15	%		2.38	%		2.62	%		(1.29	)%		2.57	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	59,933		$	50,697		$	42,715		$	48,494		$	57,262		$	61,227
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.90	%(4)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%(5)
Net investment income		1.57	%(4)		1.81	%		1.95	%		1.85	%		1.57	%		1.65	%
Portfolio Turnover		79	%(3)		74	%		86	%		62	%		68	%		62	%

⁽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 and/or sub-adviser reimbursed certain operating expenses (equal to 0.09%, 0.08%, 0.08%, 0.07%, 0.07% and 0.09% of average daily net assets for the six months ended July 31, 2020 and the years ended January 31, 2020, 2019, 2018, 2017 and 2016, 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.

Parametric

TABS Municipal Bond Funds

July 31, 2020

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class C
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	12.810		$	12.210		$	12.160		$	12.060		$	12.430		$	12.310
Income (Loss) From Operations
Net investment income	$	0.052	(1)	$	0.133		$	0.143		$	0.134		$	0.101		$	0.109
Net realized and unrealized gain (loss)		0.300			0.638			0.051			0.101			(0.361	)		0.120
Total income (loss) from operations	$	0.352		$	0.771		$	0.194		$	0.235		$	(0.260	)	$	0.229
Less Distributions
From net investment income	$	(0.052	)	$	(0.134	)	$	(0.144	)	$	(0.135	)	$	(0.102	)	$	(0.109	)
From net realized gain		—			(0.037	)		—			—			(0.008	)		—
Total distributions	$	(0.052	)	$	(0.171	)	$	(0.144	)	$	(0.135	)	$	(0.110	)	$	(0.109	)
Net asset value — End of period	$	13.110		$	12.810		$	12.210		$	12.160		$	12.060		$	12.430
Total Return(2)(3)		2.76	%(4)		6.35	%		1.61	%		1.94	%		(2.11	)%		1.88	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	13,048		$	22,557		$	24,456		$	29,221		$	34,920		$	38,737
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.65	%(5)		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%(6)
Net investment income		0.83	%(5)		1.08	%		1.20	%		1.10	%		0.82	%		0.90	%
Portfolio Turnover		79	%(4)		74	%		86	%		62	%		68	%		62	%

⁽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⁾  The investment adviser and administrator and/or sub-adviser reimbursed certain operating expenses (equal to 0.09%, 0.08%, 0.08%, 0.07%, 0.07% and 0.09% of average daily net assets for the six months ended July 31, 2020 and the years ended January 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽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.

25 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2020

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class I
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	12.820		$	12.220		$	12.180		$	12.080		$	12.440		$	12.330
Income (Loss) From Operations
Net investment income	$	0.116		$	0.260		$	0.265		$	0.258		$	0.227		$	0.230
Net realized and unrealized gain (loss)		0.299			0.636			0.040			0.100			(0.352	)		0.110
Total income (loss) from operations	$	0.415		$	0.896		$	0.305		$	0.358		$	(0.125	)	$	0.340
Less Distributions
From net investment income	$	(0.115	)	$	(0.259	)	$	(0.265	)	$	(0.258	)	$	(0.227	)	$	(0.230	)
From net realized gain		—			(0.037	)		—			—			(0.008	)		—
Total distributions	$	(0.115	)	$	(0.296	)	$	(0.265	)	$	(0.258	)	$	(0.235	)	$	(0.230	)
Net asset value — End of period	$	13.120		$	12.820		$	12.220		$	12.180		$	12.080		$	12.440
Total Return(1)(2)		3.26	%(3)		7.41	%		2.63	%		2.87	%		(1.04	)%		2.82	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	459,225		$	404,214		$	396,647		$	413,436		$	434,942		$	347,631
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.65	%(4)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%(5)
Net investment income		1.82	%(4)		2.07	%		2.19	%		2.10	%		1.82	%		1.90	%
Portfolio Turnover		79	%(3)		74	%		86	%		62	%		68	%		62	%

⁽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 and/or sub-adviser reimbursed certain operating expenses (equal to 0.09%, 0.08%, 0.08%, 0.07%, 0.07% and 0.09% of average daily net assets for the six months ended July 31, 2020 and the years ended January 31, 2020, 2019, 2018, 2017 and 2016, 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.

26 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2020

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 an open-end management investment company. The Trust presently consists of six funds, two of which, each diversified, are included in these financial statements. They include Parametric TABS Short-Term Municipal Bond Fund (Short-Term Municipal Bond Fund) and Parametric TABS Intermediate-Term Municipal Bond Fund (Intermediate-Term Municipal Bond Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds’ investment objective is to seek after-tax total return. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, will automatically convert to Class A shares eight years after their purchase as described in the Funds’ prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

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

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

As of July 31, 2020, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

27

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TABS Municipal Bond Funds

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

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

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

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

I Interim Financial Statements — The interim financial statements relating to July 31, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

The cost and unrealized appreciation (depreciation) of investments of each Fund at July 31, 2020, as determined on a federal income tax basis, were as follows:

	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Aggregate cost	$	339,267,129		$	477,340,243
Gross unrealized appreciation	$	12,940,414		$	39,182,042
Gross unrealized depreciation		(2,006	)		(107,848	)
Net unrealized appreciation	$	12,938,408		$	39,074,194

28

Parametric

TABS Municipal Bond Funds

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

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 Rate
Daily Net Assets	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Up to $500 million		0.45	%*		0.60	%
$500 million but less than $1 billion		0.44	%*		0.60	%

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

* Pursuant to a subsequent fee reduction agreement effective May 1, 2020 between the Trust on behalf of Short-Term Municipal Bond Fund and EVM. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of Short-Term Municipal Bond Fund who are not interested persons of EVM or Short-Term Municipal Bond Fund and by the vote of a majority of shareholders. Prior to May 1, 2020, the annual investment adviser and administration fee rate was 0.50% on Daily Net Assets up to $500 million and 0.49% on Daily Net Assets from $500 million up to $1 billion.

For the six months ended July 31, 2020, 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	$	724,587		$	1,457,278
Effective Annual Rate		0.47	%		0.60	%

Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Funds to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Funds.

For Intermediate-Term Municipal Bond Fund, EVM and Parametric have 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, 2021. Pursuant to this agreement, EVM and Parametric were allocated $216,442 in total of Intermediate-Term Municipal Bond Fund’s operating expenses for the six months ended July 31, 2020.

EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the six months ended July 31, 2020 were as follows:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
EVM’s Sub-Transfer Agent Fees	$	2,625	$	1,918
EVD’s Class A Sales Charges	$	234	$	4,100

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, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

29

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TABS Municipal Bond Funds

July 31, 2020

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 Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended July 31, 2020 for Class A shares amounted to the following:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Class A Distribution and Service Fees	$	132,053	$	62,538

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Funds. For the six months ended July 31, 2020, 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	$	87,155	$	78,771

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, 2020 amounted to the following:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Class C Service Fees	$	29,052	$	26,257

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended July 31, 2020, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A and Class C shareholders:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Class A	$	7,000	$	2,000
Class C	$	100	$	1,000

30

Parametric

TABS Municipal Bond Funds

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended July 31, 2020 were as follows:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Purchases:
Investments (non-U.S. Government)	$	370,084,738	$	379,804,849
U.S. Government and Agency Securities	$	19,956,641	$	33,040,285
Sales:
Investments (non-U.S. Government)	$	293,002,247	$	282,582,371
U.S. Government and Agency Securities	$	40,780,771	$	90,994,859

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, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		1,534,508			146,907			11,838,278
Issued to shareholders electing to receive payments of distributions in Fund shares		40,090			2,170			67,274
Redemptions		(1,634,192	)		(470,025	)		(5,236,587	)
Converted from Class C shares		349,249			—			—
Converted to Class A shares		—			(350,095	)		—
Net increase (decrease)		289,655			(671,043	)		6,668,965
	Year Ended January 31, 2020
	Class A			Class C			Class I
Sales		957,090			103,234			3,354,024
Issued to shareholders electing to receive payments of distributions in Fund shares		136,655			18,764			171,321
Redemptions		(2,178,569	)		(936,091	)		(4,701,315	)
Converted from Class C shares		341,986			—			—
Converted to Class A shares		—			(342,697	)		—
Net decrease		(742,838	)		(1,156,790	)		(1,175,970	)

31

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TABS Municipal Bond Funds

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

Intermediate-Term Municipal Bond Fund
	Six Months Ended July 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		1,224,044			128,519			12,147,452
Issued to shareholders electing to receive payments of distributions in Fund shares		17,692			2,357			136,545
Redemptions		(697,664	)		(827,226	)		(8,816,241	)
Converted from Class C shares		69,397			—			—
Converted to Class A shares		—			(69,419	)		—
Net increase (decrease)		613,469			(765,769	)		3,467,756
	Year Ended January 31, 2020
	Class A			Class C			Class I
Sales		1,292,468			202,725			9,036,868
Issued to shareholders electing to receive payments of distributions in Fund shares		48,595			9,466			315,935
Redemptions		(897,453	)		(438,549	)		(10,283,185	)
Converted from Class C shares		15,763			—			—
Converted to Class A shares		—			(15,764	)		—
Net increase (decrease)		459,373			(242,122	)		(930,382	)

8  Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Funds solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to each Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended July 31, 2020.

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.

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TABS Municipal Bond Funds

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

At July 31, 2020, 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	$	—	$	332,202,022	$	—	$	332,202,022
U.S. Treasury Obligations				20,003,515				20,003,515
Total Investments	$	—	$	352,205,537	$	—	$	352,205,537

Intermediate-Term Municipal Bond Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	515,134,317	$	—	$	515,134,317
Taxable Municipal Securities		—		1,280,120		—		1,280,120
Total Investments	$	—	$	516,414,437	$	—	$	516,414,437

10  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies, as may other epidemics and pandemics that may arise in the future, and can affect the market in general in significant and unforeseen ways. Any such impact could adversely affect the Funds’ performance, or the performance of the securities in which the Funds invest.

33

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TABS Municipal Bond Funds

July 31, 2020

Board of Trustees’ Contract Approval

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 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority 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 agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. 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 to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. 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 agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (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 other 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, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative 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 to each fund in managing other accounts (which may include other mutual funds, 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 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 (in the context of a sub-adviser, only those 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 (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, 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 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, as applicable;

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

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

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TABS Municipal Bond Funds

July 31, 2020

Board of Trustees’ Contract Approval — continued

• 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 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 of each fund, if any;

• 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 oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers 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 fund sub-advisers, 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 agreements 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 agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement 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 agreement and sub-advisory agreement. In evaluating each investment advisory agreement 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 to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information 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 Parametric TABS Intermediate-Term Municipal Bond Fund (formerly Eaton Vance TABS Intermediate-Term Municipal Bond Fund) and Parametric TABS Short-Term Municipal Bond Fund (formerly Eaton Vance TABS Short-Term Municipal Bond Fund) (together, the “Funds”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreements between the Adviser and Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser, with respect to each Fund, 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 and the sub-advisory agreement for each Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s and the Sub-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. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight

35

Parametric

TABS Municipal Bond Funds

July 31, 2020

Board of Trustees’ Contract Approval — continued

of the Sub-adviser. With respect to the Sub-adviser, the Board considered the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreements and the abilities and experience of the Sub-adviser’s investment professionals in implementing the investment strategies of each Fund. In particular, the Board considered the abilities and experience of the Sub-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 also considered the Sub-adviser’s tax-advantaged bond strategies group and the Adviser’s and Sub-adviser’s municipal research groups involved in managing the Funds and other funds and accounts that invest primarily in municipal bonds and employ a tax-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, including the Sub-adviser. 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 other administrative services provided or overseen 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 and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreements and the sub-advisory agreements.

Fund Performance

The Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Parametric TABS Intermediate-Term Municipal Bond Fund for the one-, three- and five-year periods ended September 30, 2019. 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. The Board’s review also included comparative performance data with respect to the Parametric TABS Short-Term Municipal Bond Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. 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. On the basis of the foregoing, the performance of each 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 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 the one-year period ended September 30, 2019, 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.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-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, including the Sub-adviser, 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 or other 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, including the Sub-adviser, are deemed not to be excessive.

36

Parametric

TABS Municipal Bond Funds

July 31, 2020

Board of Trustees’ Contract Approval — continued

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Adviser or the Sub-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.

37

Parametric

TABS Municipal Bond Funds

July 31, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

38

Parametric

TABS Municipal Bond Funds

July 31, 2020

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

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

39

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 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 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

40

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

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) 260-0761

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.

7786    7.31.20

Parametric

TABS Laddered Municipal Bond Funds

Semiannual Report

July 31, 2020

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/ppafunddocuments), 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 1-800-260-0761. 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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of each Fund. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, the Funds’ adviser and Parametric, sub-adviser to the Funds, are registered with the CFTC as commodity pool operators. The adviser and Parametric are also registered as commodity trading advisors.

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 1-800-260-0761.

Semiannual Report July 31, 2020

Parametric

TABS Laddered Municipal Bond Funds

Table of Contents

Performance and Fund Profile
TABS 1-to-10 Year Laddered Municipal Bond Fund	2
TABS 10-to-20 Year Laddered Municipal Bond Fund	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	7
Board of Trustees’ Contract Approval	31
Liquidity Risk Management Program	35
Officers and Trustees	36
Important Notices	37

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2020

Performance^1,2

Portfolio Managers James H. Evans, CFA, Brian C. Barney, CFA and Christopher J. Harshman, CFA, each of Parametric Portfolio Associates LLC

% 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		2.22	%		4.09	%		2.68	%		2.77	%
Class A with 2.25% Maximum Sales Charge		—		—		–0.05			1.76			2.22			2.32
Class C at NAV		05/04/2015		05/04/2015		1.93			3.31			1.92			2.00
Class C with 1% Maximum Sales Charge		—		—		0.93			2.31			1.92			2.00
Class I at NAV		05/04/2015		05/04/2015		2.34			4.34			2.96			3.04
Bloomberg Barclays Short-Intermediate 1–10 Year Municipal Bond Index		—		—		1.96	%		4.02	%		2.85	%		2.78	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									0.83	%		1.58	%		0.58	%
Net									0.65			1.40			0.40
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.19	%		0.44	%		1.43	%
SEC 30-day Yield – Subsidized									0.45			–0.28			0.70
SEC 30-day Yield – Unsubsidized									0.30			–0.42			0.55

Fund Profile

Credit Quality (% of total investments)⁵

See Endnotes and Additional Disclosures in this report.

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

2

Parametric

TABS 10-to-20 Year Laddered Municipal Bond Fund

July 31, 2020

Performance^1,2

Portfolio Managers James H. Evans, CFA, Brian C. Barney, CFA and Christopher J. Harshman, CFA, each of Parametric Portfolio Associates LLC

% 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		2.99	%		7.12	%		5.54	%		5.60	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.91			2.07			4.53			4.62
Class C at NAV		05/04/2015		05/04/2015		2.70			6.31			4.77			4.82
Class C with 1% Maximum Sales Charge		—		—		1.70			5.31			4.77			4.82
Class I at NAV		05/04/2015		05/04/2015		3.20			7.48			5.83			5.88
Bloomberg Barclays 15 Year Municipal Bond Index		—		—		2.14	%		6.37	%		5.04	%		4.94	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									1.59	%		2.34	%		1.34	%
Net									0.65			1.40			0.40
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.86	%		1.14	%		2.13	%
SEC 30-day Yield – Subsidized									1.12			0.48			1.45
SEC 30-day Yield – Unsubsidized									0.60			–0.07			0.86

Fund Profile

Credit Quality (% of total investments)⁵

See Endnotes and Additional Disclosures in this report.

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

3

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

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 charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/21. 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 as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year- end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. 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

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

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, 2020 – July 31, 2020).

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.

Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund

	Beginning Account Value (2/1/20)		Ending Account Value (7/31/20)		Expenses Paid During Period* (2/1/20 – 7/31/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,022.20	$	3.27	**		0.65	%
Class C	$	1,000.00	$	1,019.30	$	7.03	**		1.40	%
Class I	$	1,000.00	$	1,023.40	$	2.01	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.60	$	3.27	**		0.65	%
Class C	$	1,000.00	$	1,017.90	$	7.02	**		1.40	%
Class I	$	1,000.00	$	1,022.90	$	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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2020.

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

5

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Fund Expenses — continued

Parametric TABS 10-to-20 Year Laddered Municipal Bond Fund

	Beginning Account Value (2/1/20)		Ending Account Value (7/31/20)		Expenses Paid During Period* (2/1/20 – 7/31/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,029.90	$	3.28	**		0.65	%
Class C	$	1,000.00	$	1,027.00	$	7.06	**		1.40	%
Class I	$	1,000.00	$	1,032.00	$	2.02	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.60	$	3.27	**		0.65	%
Class C	$	1,000.00	$	1,017.90	$	7.02	**		1.40	%
Class I	$	1,000.00	$	1,022.90	$	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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2020.

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

6

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 92.9%
Security	Principal Amount (000’s omitted)		Value
Education — 5.1%
Michigan State University, (SPA: Royal Bank of Canada), 0.23%, 8/15/30(1)	$	1,000	$	1,000,000
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/31		750		1,058,828
Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/24		250		289,838
UCF Stadium Corp., FL, 5.00%, 3/1/23		250		273,220
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 5.00%, 9/1/26		150		178,704
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 5.00%, 9/1/27		100		120,769
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 5.00%, 9/1/29		415		515,330
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 5.00%, 9/1/30		225		283,052
West Clark 2000 School Building Corp., IN, 5.00%, 1/15/23		100		111,509
			$	3,831,250
Electric Utilities — 1.3%
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23	$	175	$	194,399
San Antonio, TX, Electric and Gas Systems, 3.00% to 12/1/20 (Put Date), 12/1/45		250		252,125
Springfield, IL, Electric System Revenue, 5.00%, 3/1/21		200		205,278
Springfield, IL, Electric System Revenue, 5.00%, 3/1/25		250		299,335
			$	951,137
Escrowed / Prerefunded — 1.8%
Lake County Community Consolidated School District No. 50, IL, Escrowed to Maturity, 5.00%, 1/1/21	$	165	$	168,231
Michigan Finance Authority, (Trinity Health Credit Group), Prerefunded to 6/1/22, 5.00%, 12/1/27		500		543,890
Revere Local School District, OH, Prerefunded to 6/1/22, 5.00%, 12/1/27		200		217,748
Scotts Bluff County School District 0016, NE, (Gering Public Schools), Prerefunded to 5/30/22, 5.00%, 12/1/25		120		130,518
Scotts Bluff County School District 0016, NE, (Gering Public Schools), Prerefunded to 5/30/22, 5.00%, 12/1/26		115		125,080
Scotts Bluff County School District 0016, NE, (Gering Public Schools), Prerefunded to 5/30/22, 5.00%, 12/1/27		170		184,900
			$	1,370,367
General Obligations — 18.7%
Boulder Valley School District No. Re-2, CO, 4.00%, 12/1/23	$	125	$	140,784
Brookline, MA, 5.00%, 3/15/30		500		681,660

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Campton Township, IL, 5.00%, 12/15/22	$	200	$	221,288
Campton Township, IL, 5.00%, 12/15/23		105		120,701
Channahon, IL, 4.00%, 12/1/20		220		222,715
Connecticut, 4.00%, 6/1/30		500		623,050
Decatur City Board of Education, AL, 5.00%, 2/1/25		50		59,707
Grand Blanc Community Schools, MI, 4.00%, 5/1/27		455		480,789
Illinois, 5.00%, 9/1/27		2,500		2,888,750
Illinois, 5.50%, 5/1/30		1,500		1,861,920
Katy Independent School District, TX, (PSF Guaranteed), 0.397%, (67% of 1 mo. USD LIBOR + 0.28%), 8/16/21 (Put Date), 8/15/36(2)		960		956,438
La Grange Park District, IL, 5.00%, 12/1/20		395		401,170
Lakeland, FL, 5.00%, 10/1/21		50		52,805
Lakeland, FL, 5.00%, 10/1/22		100		110,322
Lakeland, FL, 5.00%, 10/1/24		50		59,741
McLean County Public Building Commission, IL, 5.00%, 12/1/22		250		277,472
New York, NY, (LOC: TD Bank, N.A.), 0.15%, 9/1/27(1)		500		500,000
St. Mary’s County, MD, 5.00%, 5/1/31		1,570		2,188,549
West Virginia, 5.00%, 12/1/30		820		1,118,013
Wickliffe School District, OH, 5.00%, 12/1/27		840		1,072,218
			$	14,038,092
Hospital — 10.4%
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/31	$	1,000	$	1,237,320
Arizona Health Facilities Authority, (Phoenix Children’s Hospital), 2.01%, (SIFMA + 1.85%), 2/1/23 (Put Date), 2/1/48(2)		500		509,260
Colorado Health Facilities Authority, (Vail Valley Medical Center), 4.00%, 1/15/25		25		28,374
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/23		25		27,535
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/28		1,000		1,246,100
Kentucky Economic Development Finance Authority, (Catholic Health Initiatives), 1.56%, (SIFMA + 1.40%), 2/1/25 (Put Date), 2/1/46(2)		2,000		1,959,480
Maricopa County Industrial Development Authority, AZ, (Banner Health), 0.73%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(2)		975		965,825
Michigan Finance Authority, (McLaren Health Care), 0.66%, (SIFMA + 0.50%), 8/9/21 (Put Date), 10/15/38(2)		1,000		1,000,160
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 5.00%, 8/15/25		30		35,391

7 See Notes to Financial Statements.

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 5.00%, 8/15/26	$	85	$	102,472
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/23		35		39,688
San Diego County, CA, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25		35		43,236
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/20		235		238,163
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/21		150		158,182
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/22		200		219,132
			$	7,810,318
Housing — 8.6%
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 0.15%, 7/1/49(1)	$	1,500	$	1,500,000
Massachusetts Housing Finance Agency, 1.45% to 12/1/22 (Put Date), 12/1/49		700		710,318
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.30%, 7/1/21		355		361,110
New York City Housing Development Corp., NY, 1.70%, 11/1/20		200		200,626
New York City Housing Development Corp., NY, 1.80%, 11/1/21		165		167,747
New York Mortgage Agency, 1.85%, 4/1/26		1,000		1,050,640
New York Mortgage Agency, 1.95%, 4/1/27		1,000		1,056,260
New York Mortgage Agency, 2.05%, 4/1/28		255		271,139
New York Mortgage Agency, 2.10%, 10/1/28		350		374,139
New York Mortgage Agency, 2.25%, 4/1/30		325		347,308
New York Mortgage Agency, 2.30%, 10/1/30		395		422,449
			$	6,461,736
Insured – Education — 1.0%
Northern Arizona University, (BAM), 5.00%, 6/1/30	$	550	$	743,105
			$	743,105
Insured – General Obligations — 1.4%
Albertville, AL, (BAM), 4.00%, 6/1/28	$	250	$	263,567
Montgomery County Municipal Utility District No. 9, TX, (BAM), 3.00%, 4/1/26		250		265,600
Montgomery County Municipal Utility District No. 9, TX, (BAM), 3.00%, 4/1/27		225		238,468
New Britain, CT, (BAM), 5.00%, 3/1/25		50		59,917
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/23		105		117,793

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25	$	5	$	6,067
Sienna Plantation Levee Improvement District of Fort Bend County, TX, (AGM), 3.00%, 9/1/20		50		50,100
Sienna Plantation Levee Improvement District of Fort Bend County, TX, (AGM), 3.00%, 9/1/21		50		51,421
			$	1,052,933
Insured – Lease Revenue/Certificates of Participation — 0.3%
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26	$	180	$	215,071
			$	215,071
Insured – Special Tax Revenue — 0.0%(3)
Successor Agency to Riverside County Redevelopment Agency, CA, (AGM), 5.00%, 10/1/24	$	10	$	11,803
			$	11,803
Insured – Transportation — 4.3%
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/28	$	1,000	$	1,270,160
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/29		1,510		1,906,496
			$	3,176,656
Insured – Water and Sewer — 0.0%(3)
Beaumont, TX, Waterworks and Sewer System Revenue, (BAM), 3.00%, 9/1/22	$	25	$	26,409
			$	26,409
Lease Revenue / Certificates of Participation — 3.9%
Aspen Fire Protection District, CO, 4.00%, 12/1/23	$	120	$	134,302
Aspen Fire Protection District, CO, 4.00%, 12/1/25		255		299,763
Aspen Fire Protection District, CO, 4.00%, 12/1/26		225		270,171
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/23		225		260,050
Miami-Dade County School Board, FL, 5.00%, 2/1/24		300		348,297
Palm Beach County School Board, FL, 5.00%, 8/1/21		125		130,966
Palm Beach County School Board, FL, 5.00%, 8/1/31		1,000		1,206,010
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25		250		264,240
			$	2,913,799
Other Revenue — 14.4%
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 0.45%, (70% of 1 mo. USD LIBOR + 0.33%), 4/1/22 (Put Date), 10/1/47(2)	$	2,000	$	1,993,180

8 See Notes to Financial Statements.

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Citizens Property Insurance Corp., FL, 5.00%, 6/1/22	$	100	$	106,086
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/27		330		406,148
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/28		545		669,156
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/29		600		734,214
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 2/1/28 (Put Date), 2/1/50		1,500		1,777,815
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 0.73%, (SIFMA + 0.57%), 12/1/23 (Put Date), 8/1/48(2)		2,000		1,975,180
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/26		275		327,841
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 4.00% to 2/1/24 (Put Date), 10/1/48		2,000		2,213,320
Tennessee Energy Acquisition Corp., Gas Project Revenue, 5.00%, 11/1/22		300		328,317
West Virginia School Building Authority, Lottery Revenue, 5.00%, 7/1/24		100		118,267
West Virginia School Building Authority, Lottery Revenue, 5.00%, 7/1/25		100		122,354
			$	10,771,878
Senior Living / Life Care — 3.7%
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/31	$	1,225	$	1,399,991
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/24		60		64,435
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/25		60		65,206
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/29		830		889,511
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/21		50		51,934
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/23		100		109,948
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/22		150		156,538
Orange County, FL, Health Facilities Authority, (Presbyterian Retirement Communities), 4.00%, 8/1/24		50		54,683
			$	2,792,246
Special Tax Revenue — 3.0%
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/31/21	$	1,000	$	1,032,030

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/26	$	100	$	112,006
Thornton Development Authority, CO, 4.00%, 12/1/20		100		101,221
Troup County Public Facilities Authority, GA, 3.00%, 5/1/21		1,000		1,021,190
			$	2,266,447
Transportation — 10.3%
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 1.06%, (SIFMA + 0.90%), 5/1/23 (Put Date), 4/1/47(2)	$	500	$	501,530
El Paso, TX, (El Paso International Airport), 5.00%, 8/15/21		625		653,206
El Paso, TX, (El Paso International Airport), 5.00%, 8/15/25		760		906,384
Hawaii, Highway Revenue, 5.00%, 1/1/28		500		654,085
Hawaii, Highway Revenue, 5.00%, 1/1/30		250		334,267
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		250		300,158
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/29		1,000		1,136,910
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/22		100		107,478
Portland, ME, Airport Revenue, Green Bonds, 5.00%, 1/1/30		270		347,987
South Carolina Transportation Infrastructure Bank, 0.565%, (67% of 1 mo. USD LIBOR + 0.45%), 10/1/22 (Put Date), 10/1/31(2)		1,490		1,479,525
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/29		1,000		1,266,060
			$	7,687,590
Water and Sewer — 4.7%
Arizona Water Infrastructure Finance Authority, 5.00%, 10/1/25	$	55	$	65,691
Brushy Creek Regional Utility Authority, Inc., TX, 5.00%, 8/1/24		500		590,345
DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/24		335		399,501
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28		500		606,610
North Penn Water Authority, PA, 0.32%, (SIFMA + 0.16%), 11/1/20(2)		920		919,199
North Penn Water Authority, PA, 0.42%, (SIFMA + 0.26%), 11/1/21(2)		500		497,935
North Penn Water Authority, PA, 0.62%, (SIFMA + 0.46%), 11/1/23(2)		400		396,124
			$	3,475,405
Total Tax-Exempt Investments — 92.9% (identified cost $66,120,054)			$	69,596,242

9 See Notes to Financial Statements.

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Short-Term Investments — 6.3%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.22%(4)		4,735,369	$	4,734,896
Total Short-Term Investments (identified cost $4,735,311)			$	4,734,896
Total Investments — 99.2% (identified cost $70,855,365)			$	74,331,138
Other Assets, Less Liabilities — 0.8%			$	605,910
Net Assets — 100.0%			$	74,937,048

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

At July 31, 2020, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

New York	13.8%
Others, representing less than 10% individually	79.1%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2020, 7.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.6% to 4.4% of total investments.

⁽¹⁾ Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2020.

⁽²⁾ Floating rate security. The stated interest rate represents the rate in effect at July 31, 2020.

⁽³⁾ Amount is less than 0.05%.

⁽⁴⁾ Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2020.

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
SFMR	–	Single Family Mortgage Revenue
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.

Parametric

TABS 10-to-20 Year Laddered Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 96.3%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 2.7%
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/36	$	460	$	509,363
			$	509,363
Education — 11.5%
Arizona State University, 4.00%, 7/1/40	$	500	$	608,245
Colorado Educational and Cultural Facilities Authority, (University of Denver), 4.00%, 3/1/35		100		113,288
Colorado School of Mines, 4.00%, 12/1/34		300		344,415
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 4.00%, 9/1/34		375		422,434
University of Michigan, 4.00%, 4/1/38		310		384,552
University of Michigan, 4.00%, 4/1/40		250		308,342
			$	2,181,276
Electric Utilities — 0.3%
Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 4.00%, 12/1/35	$	50	$	55,835
			$	55,835
General Obligations — 23.3%
Brookline, MA, 5.00%, 3/15/30	$	250	$	340,830
California, 4.00%, 9/1/32		225		267,926
Colonial School District, PA, 5.00%, 2/15/36		100		121,504
Connecticut, 4.00%, 6/1/31		250		309,562
Connecticut, 4.00%, 6/1/33		350		427,269
Del Valle Independent School District, TX, (PSF Guaranteed), 3.00%, 6/15/38		150		166,043
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/39		200		242,812
Illinois, 5.50%, 5/1/39		700		835,156
La Canada Unified School District, CA, (Election of 2017), 4.00%, 8/1/40		140		166,869
Lakeland, FL, 5.00%, 10/1/29		100		120,001
Lakeland, FL, 5.00%, 10/1/31		100		119,645
Lewis and Thurston Counties Centralia School District No. 401, WA, 5.00%, 12/1/37		145		179,114
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/33		125		147,719
Mississippi Development Bank, (Rankin County School District), 4.00%, 6/1/38		160		184,467
Monterey Peninsula Community College District, CA, 4.00%, 8/1/33		100		116,344

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Rowland Unified School District, CA, (Election of 2012), 0.00%, 8/1/34	$	400	$	240,392
Wickliffe School District, OH, 4.00%, 12/1/33		250		303,322
Williamson County, TX, 4.00%, 2/15/30		100		114,713
			$	4,403,688
Hospital — 16.0%
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/31	$	250	$	309,330
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34(1)		250		294,857
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/39(1)		500		579,595
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35		500		578,510
Lexington County Health Services District, Inc., SC, 4.00%, 11/1/33		150		171,350
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/31		50		56,872
New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/39		250		272,632
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36		150		166,727
Tampa, FL, (H. Lee Moffitt Cancer Center), 4.00%, 7/1/38		150		174,108
Tampa, FL, (H. Lee Moffitt Cancer Center), 5.00%, 7/1/35		100		127,225
University of North Carolina Hospitals at Chapel Hill, 4.00%, 2/1/36		150		178,159
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 4.00%, 6/1/29		100		113,661
			$	3,023,026
Housing — 2.3%
California Housing Finance Agency, 4.00%, 3/20/33	$	248	$	272,017
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33		136		155,965
			$	427,982
Insured – Education — 3.5%
Northern Arizona University, (BAM), 5.00%, 6/1/30	$	100	$	135,110
Northern Arizona University, (BAM), 5.00%, 6/1/31		100		133,734
Northern Arizona University, (BAM), 5.00%, 6/1/32		110		145,795
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/29		200		249,220
			$	663,859

11 See Notes to Financial Statements.

Parametric

TABS 10-to-20 Year Laddered Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations — 2.5%
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/33	$	100	$	63,004
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/35		100		56,803
Vauxmont Metropolitan District, CO, (AGM), 5.00%, 12/15/31		135		158,004
Yonkers, NY, (BAM), 5.00%, 5/1/31		150		193,053
			$	470,864
Insured – Transportation — 2.3%
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/32	$	100	$	123,679
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/33		100		122,610
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/34		150		183,229
			$	429,518
Lease Revenue / Certificates of Participation — 2.3%
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/33	$	150	$	163,983
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/37		100		128,363
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/38		115		147,026
			$	439,372
Other Revenue — 3.2%
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/30	$	100	$	122,194
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/36		250		301,420
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/34		50		60,501
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/35		100		120,843
			$	604,958
Senior Living / Life Care — 7.8%
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/30	$	250	$	274,347
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/32		350		398,174
Maryland Health and Higher Educational Facilities Authority, (Broadmead), 5.00%, 7/1/31		150		167,774
Maryland Health and Higher Educational Facilities Authority, (Broadmead), 5.00%, 7/1/32		220		245,307
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/31		100		110,004

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Orange County Health Facilities Authority, FL, (Presbyterian Retirement Communities), 5.00%, 8/1/35	$	150	$	167,868
Westchester County Local Development Corp., NY, (Kendal on Hudson), 5.00%, 1/1/34		100		102,641
			$	1,466,115
Special Tax Revenue — 3.4%
Baltimore, MD, Special Tax Obligation, 5.00%, 6/15/29	$	50	$	56,724
Queen Creek, AZ, Excise Tax and State Shared Revenue, 4.00%, 8/1/37		480		590,362
			$	647,086
Transportation — 11.2%
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 1.06%, (SIFMA + 0.90%), 5/1/23 (Put Date), 4/1/47(2)	$	150	$	150,459
Central Florida Expressway Authority, 4.00%, 7/1/35		150		169,197
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/37		250		297,077
Oklahoma Turnpike Authority, 4.00%, 1/1/38		100		115,830
Port Authority of New York and New Jersey, 4.00%, 7/15/38		500		598,845
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/36		200		249,704
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/35		300		170,997
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/38		500		242,345
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/39		250		114,823
			$	2,109,277
Water and Sewer — 4.0%
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/30	$	50	$	60,097
San Diego Public Facilities Financing Authority, CA, Water Revenue, 4.00%, 8/1/40		500		620,920
Tucson, AZ, Water System Revenue, 5.00%, 7/1/32		60		72,245
			$	753,262
Total Tax-Exempt Investments — 96.3% (identified cost $16,969,284)			$	18,185,481

12 See Notes to Financial Statements.

Parametric

TABS 10-to-20 Year Laddered Municipal Bond Fund

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Short-Term Investments— 7.8%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.22%(3)		1,461,995	$	1,461,849
Total Short-Term Investments (identified cost $1,461,966)			$	1,461,849
Total Investments — 104.1% (identified cost $18,431,250)			$	19,647,330
Other Assets, Less Liabilities — (4.1)%			$	(767,961	)
Net Assets — 100.0%			$	18,879,369

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

At July 31, 2020, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

California	13.9%
Others, representing less than 10% individually	82.4%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2020, 8.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 3.6% to 4.4% of total investments.

⁽¹⁾ When-issued security.

⁽²⁾ Floating rate security. The stated interest rate represents the rate in effect at July 31, 2020.

⁽³⁾ Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2020.

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.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Statements of Assets and Liabilities (Unaudited)

	July 31, 2020
Assets	1-to-10 Year Laddered Fund		10-to-20 Year Laddered  Fund
Unaffiliated investments, at value (identified cost, $66,120,054 and $16,969,284, respectively)	$	69,596,242	$	18,185,481
Affiliated investment, at value (identified cost, $4,735,311 and $1,461,966, respectively)		4,734,896		1,461,849
Interest receivable		496,021		134,986
Dividends receivable from affiliated investment		1,051		268
Receivable for investments sold		40,000		—
Receivable for Fund shares sold		151,435		5,701
Receivable from affiliates		20,409		8,295
Total assets	$	75,040,054	$	19,796,580
Liabilities
Payable for when-issued securities	$	—	$	873,223
Payable for Fund shares redeemed		25,038		8,981
Distributions payable		2,156		—
Payable to affiliates:
Investment adviser and administration fee		19,793		4,796
Distribution and service fees		8,164		1,090
Accrued expenses		47,855		29,121
Total liabilities	$	103,006	$	917,211
Net Assets	$	74,937,048	$	18,879,369
Sources of Net Assets
Paid-in capital	$	71,960,704	$	17,431,411
Distributable earnings		2,976,344		1,447,958
Net Assets	$	74,937,048	$	18,879,369
Class A Shares
Net Assets	$	22,093,179	$	3,234,417
Shares Outstanding		2,053,970		278,024
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.76	$	11.63
Maximum Offering Price Per Share
(100 ÷ 97.75 and 95.25, respectively, of net asset value per share)	$	11.01	$	12.21
Class C Shares
Net Assets	$	4,180,269	$	496,904
Shares Outstanding		388,676		42,698
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.76	$	11.64
Class I Shares
Net Assets	$	48,663,600	$	15,148,048
Shares Outstanding		4,519,653		1,301,804
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.77	$	11.64

On sales of $50,000 ($100,000 for 1-to-10 Year Laddered Fund) 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.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Statements of Operations (Unaudited)

	Six Months Ended July 31, 2020
Investment Income	1-to-10 Year Laddered  Fund			10-to-20 Year Laddered  Fund
Interest	$	709,996		$	202,192
Dividends from affiliated investment		15,828			5,535
Total investment income	$	725,824		$	207,727
Expenses
Investment adviser and administration fee	$	113,088		$	24,249
Distribution and service fees
Class A		25,942			2,777
Class C		19,829			2,406
Trustees’ fees and expenses		2,168			709
Custodian fee		14,430			9,736
Transfer and dividend disbursing agent fees		8,489			2,754
Legal and accounting services		23,158			17,489
Printing and postage		5,791			3,430
Registration fees		28,161			20,930
Miscellaneous		11,006			7,938
Total expenses	$	252,062		$	92,418
Deduct —
Allocation of expenses to affiliates	$	64,870		$	56,924
Total expense reductions	$	64,870		$	56,924
Net expenses	$	187,192		$	35,494
Net investment income	$	538,632		$	172,233
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(307,855	)	$	144,594
Investment transactions — affiliated investment		(903	)		(37	)
Net realized gain (loss)	$	(308,758	)	$	144,557
Change in unrealized appreciation (depreciation) —
Investments	$	1,249,782		$	235,645
Investments — affiliated investment		(419	)		(312	)
Net change in unrealized appreciation (depreciation)	$	1,249,363		$	235,333
Net realized and unrealized gain	$	940,605		$	379,890
Net increase in net assets from operations	$	1,479,237		$	552,123

15 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Statements of Changes in Net Assets

	Six Months Ended July 31, 2020 (Unaudited)
Increase (Decrease) in Net Assets	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
From operations —
Net investment income	$	538,632		$	172,233
Net realized gain (loss)		(308,758	)		144,557
Net change in unrealized appreciation (depreciation)		1,249,363			235,333
Net increase in net assets from operations	$	1,479,237		$	552,123
Distributions to shareholders —
Class A	$	(144,843	)	$	(22,716	)
Class C		(12,810	)		(3,242	)
Class I		(379,760	)		(145,747	)
Total distributions to shareholders	$	(537,413	)	$	(171,705	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	2,305,985		$	2,170,339
Class C		547,656			54,000
Class I		12,756,696			6,048,134
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		138,393			22,716
Class C		12,587			3,242
Class I		379,401			145,747
Cost of shares redeemed
Class A		(621,923	)		(56,240	)
Class C		(314,628	)		(88,595	)
Class I		(12,776,608	)		(3,999,742	)
Net asset value of shares converted
Class A		7,047			—
Class C		(7,047	)		—
Net increase in net assets from Fund share transactions	$	2,427,559		$	4,299,601
Net increase in net assets	$	3,369,383	��	$	4,680,019
Net Assets
At beginning of period	$	71,567,665		$	14,199,350
At end of period	$	74,937,048		$	18,879,369

16 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Statements of Changes in Net Assets — continued

	Year Ended January 31, 2020
Increase (Decrease) in Net Assets	1-to-10 Year Laddered  Fund			10-to-20 Year Laddered  Fund
From operations —
Net investment income	$	1,055,098		$	298,597
Net realized gain		491,840			182,957
Net change in unrealized appreciation (depreciation)		1,540,103			702,264
Net increase in net assets from operations	$	3,087,041		$	1,183,818
Distributions to shareholders —
Class A	$	(297,816	)	$	(17,654	)
Class C		(34,964	)		(7,227	)
Class I		(721,928	)		(293,087	)
Total distributions to shareholders	$	(1,054,708	)	$	(317,968	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	2,473,331		$	724,382
Class C		582,821			239,474
Class I		26,755,526			4,283,687
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		291,056			17,654
Class C		34,906			7,227
Class I		721,524			292,938
Cost of shares redeemed
Class A		(1,458,743	)		(114,491	)
Class C		(823,550	)		(86,605	)
Class I		(12,906,499	)		(1,074,101	)
Net increase in net assets from Fund share transactions	$	15,670,372		$	4,290,165
Net increase in net assets	$	17,702,705		$	5,156,015
Net Assets
At beginning of year	$	53,864,960		$	9,043,335
At end of year	$	71,567,665		$	14,199,350

17 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Financial Highlights

	1-to-10 Year Laddered Fund — Class A
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,												Period Ended January 31, 2016(1)
				2020			2019			2018			2017
Net asset value — Beginning of period	$	10.600		$	10.240		$	10.170		$	10.120		$	10.340		$	10.000
Income (Loss) From Operations
Net investment income	$	0.073		$	0.172		$	0.157		$	0.129		$	0.120		$	0.070
Net realized and unrealized gain (loss)		0.160			0.360			0.070			0.050			(0.220	)		0.340
Total income (loss) from operations	$	0.233		$	0.532		$	0.227		$	0.179		$	(0.100	)	$	0.410
Less Distributions
From net investment income	$	(0.073	)	$	(0.172	)	$	(0.157	)	$	(0.129	)	$	(0.120	)	$	(0.070	)
Total distributions	$	(0.073	)	$	(0.172	)	$	(0.157	)	$	(0.129	)	$	(0.120	)	$	(0.070	)
Net asset value — End of period	$	10.760		$	10.600		$	10.240		$	10.170		$	10.120		$	10.340
Total Return(2)(3)		2.22	%(4)		5.23	%		2.26	%		1.76	%		(0.99	)%		4.12	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	22,093		$	19,901		$	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	%		0.65	%(5)
Net investment income		1.40	%(5)		1.64	%		1.56	%		1.25	%		1.14	%		0.89	%(5)
Portfolio Turnover		45	%(4)		41	%		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 and the sub-adviser reimbursed certain operating expenses (equal to 0.18%, 0.18%, 0.20%, 0.24%, 0.31% and 1.45% of average daily net assets for the six months ended July 31, 2020, the years ended January 31, 2020, 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.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Financial Highlights — continued

	1-to-10 Year Laddered Fund — Class C
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,												Period Ended January 31, 2016(1)
				2020			2019			2018			2017
Net asset value — Beginning of period	$	10.590		$	10.240		$	10.170		$	10.120		$	10.340		$	10.000
Income (Loss) From Operations
Net investment income	$	0.034		$	0.093		$	0.081		$	0.052		$	0.041		$	0.015
Net realized and unrealized gain (loss)		0.170			0.350			0.070			0.050			(0.220	)		0.340
Total income (loss) from operations	$	0.204		$	0.443		$	0.151		$	0.102		$	(0.179	)	$	0.355
Less Distributions
From net investment income	$	(0.034	)	$	(0.093	)	$	(0.081	)	$	(0.052	)	$	(0.041	)	$	(0.015	)
Total distributions	$	(0.034	)	$	(0.093	)	$	(0.081	)	$	(0.052	)	$	(0.041	)	$	(0.015	)
Net asset value — End of period	$	10.760		$	10.590		$	10.240		$	10.170		$	10.120		$	10.340
Total Return(2)(3)		1.93	%(4)		4.35	%		1.50	%		1.00	%		(1.73	)%		3.55	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,180		$	3,875		$	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	%		1.40	%(5)
Net investment income		0.65	%(5)		0.90	%		0.80	%		0.50	%		0.34	%		0.19	%(5)
Portfolio Turnover		45	%(4)		41	%		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 and the sub-adviser reimbursed certain operating expenses (equal to 0.18%, 0.18%, 0.20%, 0.24%, 0.31% and 1.45% of average daily net assets for the six months ended July 31, 2020, the years ended January 31, 2020, 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.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Financial Highlights — continued

	1-to-10 Year Laddered Fund — Class I
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,												Period Ended January 31, 2016(1)
				2020			2019			2018			2017
Net asset value — Beginning of period	$	10.610		$	10.250		$	10.180		$	10.130		$	10.350		$	10.000
Income (Loss) From Operations
Net investment income	$	0.086		$	0.198		$	0.182		$	0.156		$	0.146		$	0.090
Net realized and unrealized gain (loss)		0.160			0.360			0.070			0.050			(0.220	)		0.350
Total income (loss) from operations	$	0.246		$	0.558		$	0.252		$	0.206		$	(0.074	)	$	0.440
Less Distributions
From net investment income	$	(0.086	)	$	(0.198	)	$	(0.182	)	$	(0.156	)	$	(0.146	)	$	(0.090	)
Total distributions	$	(0.086	)	$	(0.198	)	$	(0.182	)	$	(0.156	)	$	(0.146	)	$	(0.090	)
Net asset value — End of period	$	10.770		$	10.610		$	10.250		$	10.180		$	10.130		$	10.350
Total Return(2)(3)		2.34	%(4)		5.49	%		2.51	%		2.03	%		(0.74	)%		4.42	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	48,664		$	47,792		$	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	%		0.40	%(5)
Net investment income		1.66	%(5)		1.88	%		1.79	%		1.51	%		1.40	%		1.14	%(5)
Portfolio Turnover		45	%(4)		41	%		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 and the sub-adviser reimbursed certain operating expenses (equal to 0.18%, 0.18%, 0.20%, 0.24%, 0.31% and 1.45% of average daily net assets for the six months ended July 31, 2020, the years ended January 31, 2020, 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.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class A
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,												Period Ended January 31, 2016(1)
				2020			2019			2018			2017
Net asset value — Beginning of period	$	11.410		$	10.560		$	10.530		$	10.260		$	10.610		$	10.000
Income (Loss) From Operations
Net investment income	$	0.117		$	0.275		$	0.272		$	0.255		$	0.255		$	0.192
Net realized and unrealized gain (loss)		0.220			0.870			0.068			0.270			(0.336	)		0.610
Total income (loss) from operations	$	0.337		$	1.145		$	0.340		$	0.525		$	(0.081	)	$	0.802
Less Distributions
From net investment income	$	(0.117	)	$	(0.277	)	$	(0.271	)	$	(0.255	)	$	(0.254	)	$	(0.192	)
From net realized gain		—			(0.018	)		(0.039	)		—			(0.015	)		—
Total distributions	$	(0.117	)	$	(0.295	)	$	(0.310	)	$	(0.255	)	$	(0.269	)	$	(0.192	)
Net asset value — End of period	$	11.630		$	11.410		$	10.560		$	10.530		$	10.260		$	10.610
Total Return(2)(3)		2.99	%(4)		10.97	%		3.30	%		5.14	%		(0.82	)%		8.11	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,234		$	970		$	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	%		0.65	%(5)
Net investment income		2.03	%(5)		2.45	%		2.59	%		2.44	%		2.35	%		2.28	%(5)
Portfolio Turnover		25	%(4)		33	%		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 and the sub-adviser reimbursed certain operating expenses (equal to 0.75%, 0.94%, 1.25%, 1.42%, 1.50% and 3.35% of average daily net assets for the six months ended July 31, 2020, the years ended January 31, 2020, 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.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class C
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,												Period Ended January 31, 2016(1)
				2020			2019			2018			2017
Net asset value — Beginning of period	$	11.410		$	10.570		$	10.540		$	10.270		$	10.620		$	10.000
Income (Loss) From Operations
Net investment income	$	0.075		$	0.193		$	0.194		$	0.176		$	0.174		$	0.134
Net realized and unrealized gain (loss)		0.230			0.859			0.068			0.270			(0.335	)		0.619
Total income (loss) from operations	$	0.305		$	1.052		$	0.262		$	0.446		$	(0.161	)	$	0.753
Less Distributions
From net investment income	$	(0.075	)	$	(0.194	)	$	(0.193	)	$	(0.176	)	$	(0.174	)	$	(0.133	)
From net realized gain		—			(0.018	)		(0.039	)		—			(0.015	)		—
Total distributions	$	(0.075	)	$	(0.212	)	$	(0.232	)	$	(0.176	)	$	(0.189	)	$	(0.133	)
Net asset value — End of period	$	11.640		$	11.410		$	10.570		$	10.540		$	10.270		$	10.620
Total Return(2)(3)		2.70	%(4)		10.04	%		2.53	%		4.35	%		(1.56	)%		7.58	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	497		$	521		$	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	%		1.40	%(5)
Net investment income		1.36	%(5)		1.73	%		1.85	%		1.66	%		1.59	%		1.59	%(5)
Portfolio Turnover		25	%(4)		33	%		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 and the sub-adviser reimbursed certain operating expenses (equal to 0.75%, 0.94%, 1.25%, 1.42%, 1.50% and 3.35% of average daily net assets for the six months ended July 31, 2020, the years ended January 31, 2020, 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.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class I
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,												Period Ended January 31, 2016(1)
				2020			2019			2018			2017
Net asset value — Beginning of period	$	11.410		$	10.560		$	10.530		$	10.270		$	10.610		$	10.000
Income (Loss) From Operations
Net investment income	$	0.131		$	0.304		$	0.298		$	0.281		$	0.281		$	0.217
Net realized and unrealized gain (loss)		0.230			0.869			0.069			0.261			(0.325	)		0.607
Total income (loss) from operations	$	0.361		$	1.173		$	0.367		$	0.542		$	(0.044	)	$	0.824
Less Distributions
From net investment income	$	(0.131	)	$	(0.305	)	$	(0.298	)	$	(0.282	)	$	(0.281	)	$	(0.214	)
From net realized gain		—			(0.018	)		(0.039	)		—			(0.015	)		—
Total distributions	$	(0.131	)	$	(0.323	)	$	(0.337	)	$	(0.282	)	$	(0.296	)	$	(0.214	)
Net asset value — End of period	$	11.640		$	11.410		$	10.560		$	10.530		$	10.270		$	10.610
Total Return(2)(3)		3.20	%(4)		11.25	%		3.56	%		5.30	%		(0.47	)%		8.33	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	15,148		$	12,708		$	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	%		0.40	%(5)
Net investment income		2.35	%(5)		2.73	%		2.85	%		2.65	%		2.61	%		2.81	%(5)
Portfolio Turnover		25	%(4)		33	%		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 and the sub-adviser reimbursed certain operating expenses (equal to 0.75%, 0.94%, 1.25%, 1.42%, 1.50% and 3.35% of average daily net assets for the six months ended July 31, 2020, the years ended January 31, 2020, 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.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

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 an open-end management investment company. The Trust presently consists of six funds, two of which, each diversified, are included in these financial statements. They include Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (1-to-10 Year Laddered Fund) and Parametric TABS 10-to-20 Year Laddered Municipal Bond Fund (10-to-20 Year Laddered Fund) (each individually referred to as the Fund, and collectively, the Funds). The Funds’ investment objective is to provide current income exempt from regular federal income tax. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, will automatically convert to Class A shares eight years after their purchase as described in the Funds’ prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Fund in a manner that 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 the ex-dividend date for dividends received in cash and/or securities.

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

As of July 31, 2020, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

24

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

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

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

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

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

I  Interim Financial Statements — The interim financial statements relating to July 31, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At January 31, 2020, the 1-to-10 Year Laddered Fund, for federal income tax purposes, had deferred capital losses of $211,613 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, 2020, $145,082 are short-term and $66,531 are long-term.

The cost and unrealized appreciation (depreciation) of investments of each Fund at July 31, 2020, 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	$	70,834,377		$	18,423,174
Gross unrealized appreciation	$	3,573,876		$	1,235,972
Gross unrealized depreciation		(77,115	)		(11,816	)
Net unrealized appreciation	$	3,496,761		$	1,224,156

25

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

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 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, 2020, 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	$	113,088		$	24,249
Effective Annual Rate		0.32	%		0.32	%

Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Funds to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Funds. EVM and Parametric have 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, 2021. Pursuant to these agreements, EVM and Parametric were allocated $64,870 and $56,924 in total of operating expenses of 1-to-10 Year Laddered Fund and 10-to-20 Year Laddered Fund, respectively, for the six months ended July 31, 2020.

EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A and Class C shares (see Note 4). 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, 2020 were as follows:

	1-to-10 Year Laddered  Fund		10-to-20 Year Laddered  Fund
EVM’s Sub-Transfer Agent Fees	$	987	$	538
EVD’s Class A Sales Charges	$	143	$	1,020

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, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

26

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

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 Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended July 31, 2020 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	$	25,942	$	2,777

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the respective Fund. For the six months ended July 31, 2020, 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	$	14,872	$	1,805

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, 2020 amounted to the following:

	1-to-10 Year Laddered  Fund		10-to-20 Year Laddered  Fund
Class C Service Fees	$	4,957	$	601

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended July 31, 2020, 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, 2020 were as follows:

	1-to-10 Year Laddered  Fund		10-to-20 Year Laddered  Fund
Purchases	$	30,212,488	$	8,422,082
Sales	$	31,129,766	$	3,618,383

27

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

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, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		220,355			52,673			1,207,933
Issued to shareholders electing to receive payments of distributions in Fund shares		13,146			1,197			35,993
Redemptions		(58,524	)		(30,221	)		(1,230,618	)
Converted from Class C shares		715			—			—
Converted to Class A shares		—			(715	)		—
Net increase		175,692			22,934			13,308
	Year Ended January 31, 2020
	Class A			Class C			Class I
Sales		235,649			55,648			2,559,462
Issued to shareholders electing to receive payments of distributions in Fund shares		27,850			3,343			68,931
Redemptions		(140,091	)		(78,945	)		(1,236,423	)
Net increase (decrease)		123,408			(19,954	)		1,391,970
10-to-20 Year Laddered Fund
	Six Months Ended July 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		196,050			4,748			536,613
Issued to shareholders electing to receive payments of distributions in Fund shares		2,009			287			12,887
Redemptions		(5,032	)		(7,990	)		(361,287	)
Net increase (decrease)		193,027			(2,955	)		188,213
	Year Ended January 31, 2020
	Class A			Class C			Class I
Sales		65,465			21,459			388,382
Issued to shareholders electing to receive payments of distributions in Fund shares		1,584			652			26,400
Redemptions		(10,205	)		(7,776	)		(98,129	)
Net increase		56,844			14,335			316,653

At July 31, 2020, EVM owned 35.7% of the value of the outstanding shares of 10-to-20 Year Laddered Fund.

8  Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Funds solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to each Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate.

28

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended July 31, 2020.

9  Investments in Affiliated Funds

At July 31, 2020, the value of investments in affiliated funds was $4,734,896 for 1-to-10 Year Laddered Fund, representing 6.3% of its net assets and $1,461,849 for 10-to-20 Year Laddered Fund, representing 7.8% of its net assets. Transactions in affiliated funds by the Funds for the six months ended July 31, 2020 were as follows:

1-to-10 Year Laddered Fund
Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	1,591,685	$	33,986,789	$	(30,842,256	)	$	(903	)	$	(419	)	$	4,734,896	$	15,828		4,735,369

10-to-20 Year Laddered Fund
Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	2,277,103	$	9,503,014	$	(10,317,919	)	$	(37	)	$	(312	)	$	1,461,849	$	5,535		1,461,995

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.

At July 31, 2020, 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	$	—	$	69,596,242	$	—	$	69,596,242
Short-Term Investments		—		4,734,896		—		4,734,896
Total Investments	$	—	$	74,331,138	$	—	$	74,331,138

29

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

10-to-20 Year Laddered Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	18,185,481	$	—	$	18,185,481
Short-Term Investments		—		1,461,849		—		1,461,849
Total Investments	$	—	$	19,647,330	$	—	$	19,647,330

11  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies, as may other epidemics and pandemics that may arise in the future, and can affect the market in general in significant and unforeseen ways. Any such impact could adversely affect the Funds’ performance, or the performance of the securities in which the Funds invest.

30

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

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 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority 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 agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. 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 to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. 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 agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (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 other 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, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative 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 to each fund in managing other accounts (which may include other mutual funds, 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 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 (in the context of a sub-adviser, only those 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 (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, 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 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, as applicable;

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

31

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser 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 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 of each fund, if any;

• 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 oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers 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 fund sub-advisers, 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 agreements 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 agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement 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 agreement and sub-advisory agreement. In evaluating each investment advisory agreement 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 to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information 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 Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (formerly Eaton Vance TABS 1-to-10 Year Laddered Municipal Bond Fund) and Parametric TABS 10-to-20 Year Laddered Municipal Bond Fund (formerly Eaton Vance TABS 10-to-20 Year Laddered Municipal Bond Fund) (together, the “Funds”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreements between the Adviser and Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser, with respect to each Fund, 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 and the sub-advisory agreement for each Fund.

Nature, Extent and Quality of Services

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

32

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Board of Trustees’ Contract Approval — continued

The Board considered the Adviser’s and the Sub-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. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser. With respect to the Sub-adviser, the Board considered the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreements and the abilities and experience of the Sub-adviser’s investment professionals in implementing the investment strategies of each Fund. In particular, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in the Sub-adviser’s tax-advantaged bond strategies group and the investment professionals in the Adviser’s and Sub-adviser’s municipal research groups in managing the Funds 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 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, including the Sub-adviser. 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 other administrative services provided or overseen 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 and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreements and the sub-advisory agreements.

Fund Performance

The Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to each Fund for the one- and three- year periods ended September 30, 2019. 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 each Fund was lower than such Fund’s 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 the one-year period ended September 30, 2019, 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 and the Sub-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, including the Sub-adviser, 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 or other 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, including the Sub-adviser, are deemed not to be excessive.

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

33

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Board of Trustees’ Contract Approval — continued

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.

34

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

35

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2020

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

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

36

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 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 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

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) 260-0761

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.

19417    7.31.20

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

Semiannual Report

July 31, 2020

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/ppafunddocuments), 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 1-800-260-0761. 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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser and Parametric, sub-adviser to the Fund, are registered with the CFTC as commodity pool operators. The adviser and Parametric are also registered as commodity trading advisors.

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 1-800-260-0761.

Semiannual Report July 31, 2020

Parametric

TABS 5-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
Liquidity Risk Management Program	35
Officers and Trustees	36
Important Notices	37

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

Performance^1,2

Portfolio Managers James H. Evans, CFA, Brian C. Barney, CFA and Christopher J. Harshman, CFA, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		02/01/2010		02/01/2010		2.21	%		5.00	%		4.01	%		5.65	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.62			0.02			3.01			5.13
Class C at NAV		02/01/2010		02/01/2010		1.83			4.22			3.23			4.86
Class C with 1% Maximum Sales Charge		—		—		0.83			3.22			3.23			4.86
Class I at NAV		02/01/2010		02/01/2010		2.34			5.27			4.27			5.90
Bloomberg Barclays 10 Year Municipal Bond Index		—		—		2.32	%		5.70	%		4.37	%		4.48	%
Bloomberg Barclays 15 Year Municipal Bond Index		—		—		2.14			6.37			5.04			5.18
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									0.67	%		1.42	%		0.42	%
Net									0.65			1.40			0.40
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.61	%		0.87	%		1.86	%
SEC 30-day Yield – Subsidized									0.59			–0.11			0.86
SEC 30-day Yield – Unsubsidized									0.58			–0.13			0.85

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

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 from 8-12 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.

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 5/31/21. 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 as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. Subsidized yield reflects the effect of fee waivers and expense reimbursements.

⁵  The Fund primarily invests in an affiliated investment company (Portfolio) with substantially 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

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

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, 2020 – July 31, 2020).

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 (2/1/20)		Ending Account Value (7/31/20)		Expenses Paid During Period* (2/1/20 – 7/31/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,022.10	$	3.27	**		0.65	%
Class C	$	1,000.00	$	1,018.30	$	7.03	**		1.40	%
Class I	$	1,000.00	$	1,023.40	$	2.01	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.60	$	3.27	**		0.65	%
Class C	$	1,000.00	$	1,017.90	$	7.02	**		1.40	%
Class I	$	1,000.00	$	1,022.90	$	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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2020. 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

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2020
Investment in 5-to-15 Year Laddered Municipal Bond Portfolio, at value (identified cost, $734,288,267)	$	787,227,287
Receivable for Fund shares sold		1,677,653
Receivable from affiliates		5,194
Total assets	$	788,910,134
Liabilities
Payable for Fund shares redeemed	$	616,479
Distributions payable		258,856
Payable to affiliates:
Distribution and service fees		50,047
Accrued expenses		85,637
Total liabilities	$	1,011,019
Net Assets	$	787,899,115
Sources of Net Assets
Paid-in capital	$	747,916,580
Distributable earnings		39,982,535
Total	$	787,899,115
Class A Shares
Net Assets	$	82,389,377
Shares Outstanding		6,303,948
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.07
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	13.72
Class C Shares
Net Assets	$	38,698,274
Shares Outstanding		2,962,165
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	13.06
Class I Shares
Net Assets	$	666,811,464
Shares Outstanding		51,058,159
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.06

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.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2020
Interest allocated from Portfolio	$	8,643,412
Expenses allocated from Portfolio		(1,251,138	)
Total investment income from Portfolio	$	7,392,274
Expenses
Distribution and service fees
Class A	$	101,496
Class C		193,777
Trustees’ fees and expenses		250
Custodian fee		22,854
Transfer and dividend disbursing agent fees		128,114
Legal and accounting services		15,418
Printing and postage		17,946
Registration fees		33,777
Miscellaneous		10,952
Total expenses	$	524,584
Deduct —
Allocation of expenses to affiliates	$	50,898
Total expense reductions	$	50,898
Net expenses	$	473,686
Net investment income	$	6,918,588
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(748,000	)
Net realized loss	$	(748,000	)
Change in unrealized appreciation (depreciation) —
Investments	$	10,294,725
Net change in unrealized appreciation (depreciation)	$	10,294,725
Net realized and unrealized gain	$	9,546,725
Net increase in net assets from operations	$	16,465,313

6 See Notes to Financial Statements.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
From operations —
Net investment income	$	6,918,588		$	13,352,375
Net realized gain (loss)		(748,000	)		3,629,939
Net change in unrealized appreciation (depreciation)		10,294,725			31,441,339
Net increase in net assets from operations	$	16,465,313		$	48,423,653
Distributions to shareholders —
Class A	$	(719,133	)	$	(1,602,941	)
Class C		(197,932	)		(489,123	)
Class I		(5,996,667	)		(11,259,743	)
Total distributions to shareholders	$	(6,913,732	)	$	(13,351,807	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	4,852,745		$	13,723,494
Class C		3,270,079			4,060,270
Class I		153,607,626			202,214,275
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		606,652			1,402,518
Class C		144,962			364,233
Class I		4,684,039			8,940,271
Cost of shares redeemed
Class A		(10,009,859	)		(21,640,930	)
Class C		(6,455,957	)		(10,115,553	)
Class I		(95,746,936	)		(115,874,192	)
Net asset value of shares converted
Class A		347,905			254,761
Class C		(347,905	)		(254,761	)
Net increase in net assets from Fund share transactions	$	54,953,351		$	83,074,386
Other capital —
Portfolio transaction fee contributed to Portfolio	$	(190,000	)	$	(202,118	)
Portfolio transaction fee allocated from Portfolio		188,373			200,083
Net decrease in net assets from other capital	$	(1,627	)	$	(2,035	)
Net increase in net assets	$	64,503,305		$	118,144,197
Net Assets
At beginning of period	$	723,395,810		$	605,251,613
At end of period	$	787,899,115		$	723,395,810

7 See Notes to Financial Statements.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

Financial Highlights

	Class A
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	12.900		$	12.220		$	12.110		$	11.900		$	12.220		$	12.080
Income (Loss) From Operations
Net investment income	$	0.112		$	0.237		$	0.225		$	0.210		$	0.175		$	0.240
Net realized and unrealized gain (loss)		0.170			0.680			0.110			0.210			(0.320	)		0.140
Total income (loss) from operations	$	0.282		$	0.917		$	0.335		$	0.420		$	(0.145	)	$	0.380
Less Distributions
From net investment income	$	(0.112	)	$	(0.237	)	$	(0.225	)	$	(0.210	)	$	(0.175	)	$	(0.240	)
Total distributions	$	(0.112	)	$	(0.237	)	$	(0.225	)	$	(0.210	)	$	(0.175	)	$	(0.240	)
Net asset value — End of period	$	13.070		$	12.900		$	12.220		$	12.110		$	11.900		$	12.220
Total Return(1)(2)		2.21	%(3)		7.56	%		2.80	%		3.53	%		(1.21	)%		3.23	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	82,389		$	85,608		$	87,287		$	104,397		$	144,984		$	51,806
Ratios (as a percentage of average daily net assets):(4)
Expenses(2)		0.65	%(5)		0.65	%		0.65	%		0.65	%		0.65	%		0.67	%(6)
Net investment income		1.77	%(5)		1.88	%		1.87	%		1.72	%		1.41	%		1.93	%
Portfolio Turnover of the Portfolio(7)		32	%(3)		28	%		78	%		35	%		30	%(3)		—
Portfolio Turnover of the Fund		—			—			—			—			6	%(3)(8)		41	%

⁽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 and the sub-adviser of the Fund and the investment adviser and the sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.03%, 0.02%, 0.04%, 0.05%, 0.07% and 0.18% of average daily net assets for the six months ended July 31, 2020 and the years ended January 31, 2020, 2019, 2018, 2017 and 2016, 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.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

Financial Highlights — continued

	Class C
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	12.890		$	12.220		$	12.100		$	11.890		$	12.210		$	12.070
Income (Loss) From Operations
Net investment income	$	0.065		$	0.142		$	0.134		$	0.118		$	0.082		$	0.152
Net realized and unrealized gain (loss)		0.170			0.670			0.120			0.210			(0.320	)		0.138
Total income (loss) from operations	$	0.235		$	0.812		$	0.254		$	0.328		$	(0.238	)	$	0.290
Less Distributions
From net investment income	$	(0.065	)	$	(0.142	)	$	(0.134	)	$	(0.118	)	$	(0.082	)	$	(0.150	)
Total distributions	$	(0.065	)	$	(0.142	)	$	(0.134	)	$	(0.118	)	$	(0.082	)	$	(0.150	)
Net asset value — End of period	$	13.060		$	12.890		$	12.220		$	12.100		$	11.890		$	12.210
Total Return(1)(2)		1.83	%(3)		6.68	%		2.12	%		2.75	%		(1.96	)%		2.45	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	38,698		$	41,689		$	45,309		$	55,476		$	53,321		$	18,594
Ratios (as a percentage of average daily net assets):(4)
Expenses(2)		1.40	%(5)		1.40	%		1.40	%		1.40	%		1.40	%		1.42	%(6)
Net investment income		1.02	%(5)		1.13	%		1.11	%		0.96	%		0.66	%		1.17	%
Portfolio Turnover of the Portfolio(7)		32	%(3)		28	%		78	%		35	%		30	%(3)		—
Portfolio Turnover of the Fund		—			—			—			—			6	%(3)(8)		41	%

⁽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 and the sub-adviser of the Fund and the investment adviser and the sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.03%, 0.02%, 0.04%, 0.05%, 0.07% and 0.18% of average daily net assets for the six months ended July 31, 2020 and the years ended January 31, 2020, 2019, 2018, 2017 and 2016, 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.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

Financial Highlights — continued

	Class I
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	12.890		$	12.210		$	12.100		$	11.890		$	12.210		$	12.070
Income (Loss) From Operations
Net investment income	$	0.128		$	0.268		$	0.255		$	0.240		$	0.206		$	0.270
Net realized and unrealized gain (loss)		0.170			0.680			0.110			0.210			(0.320	)		0.140
Total income (loss) from operations	$	0.298		$	0.948		$	0.365		$	0.450		$	(0.114	)	$	0.410
Less Distributions
From net investment income	$	(0.128	)	$	(0.268	)	$	(0.255	)	$	(0.240	)	$	(0.206	)	$	(0.270	)
Total distributions	$	(0.128	)	$	(0.268	)	$	(0.255	)	$	(0.240	)	$	(0.206	)	$	(0.270	)
Net asset value — End of period	$	13.060		$	12.890		$	12.210		$	12.100		$	11.890		$	12.210
Total Return(1)(2)		2.34	%(3)		7.83	%		3.06	%		3.79	%		(0.97	)%		3.49	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	666,811		$	596,099		$	472,656		$	510,220		$	284,003		$	94,748
Ratios (as a percentage of average daily net assets):(4)
Expenses(2)		0.40	%(5)		0.40	%		0.40	%		0.40	%		0.40	%		0.42	%(6)
Net investment income		2.02	%(5)		2.12	%		2.11	%		1.94	%		1.66	%		2.21	%
Portfolio Turnover of the Portfolio(7)		32	%(3)		28	%		78	%		35	%		30	%(3)		—
Portfolio Turnover of the Fund		—			—			—			—			6	%(3)(8)		41	%

⁽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 and the sub-adviser of the Fund and the investment adviser and the sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.03%, 0.02%, 0.04%, 0.05%, 0.07% and 0.18% of average daily net assets for the six months ended July 31, 2020 and the years ended January 31, 2020, 2019, 2018, 2017 and 2016, 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.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Parametric 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 and, effective November 5, 2020, will automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses 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 (99.0% at July 31, 2020). 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, 2020, 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, 2020 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

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

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, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $12,357,506 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, 2020, $10,861,551 are short-term and $1,495,955 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, 2020, 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.

Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund.

EVM and Parametric have 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, 2021. Pursuant to this agreement, EVM and Parametric were allocated $50,898 in total of the Fund’s operating expenses for the six months ended July 31, 2020.

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, 2020, EVM earned $4,095 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $2,660 as its portion of the sales charge on sales of Class A shares for the six months ended July 31, 2020. 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, 2020 amounted to $101,496 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, 2020, the Fund paid or accrued to EVD $145,333 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, 2020 amounted to $48,444 for Class C shares.

12

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

Notes to Financial Statements (Unaudited) — continued

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended July 31, 2020, the Fund was informed that EVD received approximately $10,000 and $1,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Investment Transactions

For the six months ended July 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $87,687,825 and $39,205,011, 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 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, 2020 (Unaudited)			Year Ended January 31, 2020
Sales		380,632			1,086,749
Issued to shareholders electing to receive payments of distributions in Fund shares		47,471			111,314
Redemptions		(788,330	)		(1,722,523	)
Converted from Class C shares		26,962			20,066
Net decrease		(333,265	)		(504,394	)
Class C	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
Sales		257,767			324,004
Issued to shareholders electing to receive payments of distributions in Fund shares		11,349			28,948
Redemptions		(513,408	)		(808,021	)
Converted to Class A shares		(26,965	)		(20,073	)
Net decrease		(271,257	)		(475,142	)
Class I	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
Sales		12,066,188			16,101,873
Issued to shareholders electing to receive payments of distributions in Fund shares		366,617			709,234
Redemptions		(7,623,549	)		(9,259,871	)
Net increase		4,809,256			7,551,236

13

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 96.3%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.3%
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35	$	500	$	556,860
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35		1,325		1,612,856
			$	2,169,716
Education — 2.9%
Arizona State University, 5.00%, 7/1/35	$	1,500	$	2,023,845
Arizona State University, 5.00%, 7/1/36		1,000		1,343,290
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/25		200		240,688
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/26		565		700,679
Colorado School of Mines, 4.00%, 12/1/34		890		1,021,764
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/25		875		1,041,924
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/26		1,000		1,218,180
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 4.00%, 9/1/33		500		564,895
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 4.00%, 9/1/35		200		224,260
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 5.00%, 9/1/31		275		343,764
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 5.00%, 9/1/32		350		434,242
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27		505		630,003
Massachusetts Health and Educational Facilities Authority, (Tufts University), (SPA: Wells Fargo Bank, N.A.), 0.16%, 2/15/26(1)		5,000		5,000,000
Nevada System of Higher Education, 5.00%, 7/1/24		1,000		1,130,310
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/31		1,000		1,411,770
North Carolina Capital Facilities Finance Agency, (Davidson College), 5.00%, 3/1/29		200		214,734
Saginaw Valley State University, MI, 5.00%, 7/1/26		750		933,997
Saginaw Valley State University, MI, 5.00%, 7/1/27		500		620,050
Saginaw Valley State University, MI, 5.00%, 7/1/28		1,000		1,237,500
University of North Carolina at Greensboro, 5.00%, 4/1/33		1,010		1,149,531
Virginia Commonwealth University, 4.00%, 11/1/34		1,145		1,371,401
Western Michigan University, 5.00%, 11/15/24		300		351,753
			$	23,208,580
Electric Utilities — 3.5%
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29	$	1,000	$	1,207,190
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/25		365		439,683

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/26	$	1,000	$	1,204,610
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32		250		304,852
Marquette Board of Light and Power, MI, 5.00%, 7/1/27		735		919,882
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/34		770		925,786
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/35		500		598,945
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/36		650		775,736
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29		500		610,470
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/25		500		598,835
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/24		300		355,956
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/26		250		311,852
Seattle, WA, Municipal Light and Power Revenue, Green Bonds, 4.00%, 7/1/34(2)		10,035		12,694,977
Springfield Electric System Revenue, IL, 5.00%, 3/1/27		250		297,962
Springfield Electric System Revenue, IL, 5.00%, 3/1/28		250		297,218
Springfield Electric System Revenue, IL, 5.00%, 3/1/29		250		296,598
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/27		300		356,394
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/28		400		474,284
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/29		1,120		1,325,453
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/30		1,500		1,771,080
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/31		1,000		1,179,360
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/33		300		352,998
Walnut Energy Center Authority, CA, 5.00%, 1/1/33		250		294,278
			$	27,594,399
General Obligations — 29.5%
Abilene Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32	$	700	$	856,534
Addison, TX, 5.00%, 2/15/26		270		302,489
Anchorage, AK, 5.00%, 9/1/24		250		296,698
Anchorage, AK, 5.00%, 9/1/25		100		122,730
Anchorage, AK, 5.00%, 9/1/27		780		951,155
Belding Area Schools, MI, 5.00%, 5/1/28		250		311,850
Belding Area Schools, MI, 5.00%, 5/1/30		250		310,733
Birmingham, AL, 5.00%, 12/1/25		1,050		1,295,395
Birmingham, AL, 5.00%, 12/1/27		2,460		3,198,418
Bonneville and Bingham Counties Joint School District No. 93, ID, 5.00%, 9/15/32		1,500		1,830,015
Brookline, MA, 5.00%, 3/15/30		2,695		3,674,147
Brookline, MA, 5.00%, 3/15/31		4,075		5,524,926
Burlington, VT, 5.00%, 11/1/27		305		395,393
Burlington, VT, 5.00%, 11/1/29		235		320,324

14 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Burlington, VT, 5.00%, 11/1/30	$	300	$	406,554
Burlington, VT, Series 2016A, 5.00%, 11/1/25		300		369,195
Burlington, VT, Series 2016A, 5.00%, 11/1/26		150		189,453
Burlington, VT, Series 2019A, 5.00%, 11/1/25		150		184,598
Burlington, VT, Series 2019A, 5.00%, 11/1/26		210		265,234
California, 4.00%, 9/1/26		320		390,496
California, 4.00%, 8/1/36		5,000		5,831,900
California, 5.00%, 8/1/24		1,390		1,659,451
California, 5.00%, 8/1/26		2,010		2,473,928
California, 5.00%, 8/1/32		1,590		1,986,037
Cape May County, NJ, 3.00%, 10/1/31		1,000		1,106,250
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/33		1,000		767,220
Clark County, NV, 4.00%, 11/1/34		2,375		2,671,685
Collin County, TX, 5.00%, 2/15/25		1,605		1,944,570
Colonial School District, PA, 5.00%, 2/15/32		100		122,226
Colonial School District, PA, 5.00%, 2/15/33		200		244,006
Connecticut, 4.00%, 6/1/30		1,000		1,246,100
Connecticut, 4.00%, 6/1/31		1,500		1,857,375
Connecticut, 4.00%, 6/1/32		1,000		1,228,950
Connecticut, 4.00%, 6/1/33		600		732,462
Connecticut, 4.00%, 6/1/35		850		1,029,758
Connecticut, 4.00%, 6/1/36		1,000		1,206,060
Contra Costa Community College District, CA, (Election of 2014), 4.00%, 8/1/32		650		828,035
Contra Costa Community College District, CA, (Election of 2014), 4.00%, 8/1/33		100		125,840
Cook County School District No. 25, (Arlington Heights), IL, 5.00%, 12/15/32		630		802,015
Dallas, TX, 5.00%, 2/15/29		2,775		3,193,720
Dallas, TX, 5.00%, 2/15/31		3,615		4,016,916
Delaware, 5.00%, 1/1/27		2,020		2,607,093
Delaware, 5.00%, 2/1/29		1,000		1,326,240
Denton County, TX, 4.00%, 7/15/31		1,500		1,834,530
District of Columbia, 5.00%, 6/1/33		6,690		7,784,350
Dowagiac Union School District, MI, 4.00%, 5/1/26		350		418,401
Dublin City School District, OH, 5.00%, 12/1/29		500		676,775
Easton Area School District, PA, 5.00%, 2/1/31		1,650		2,143,053
Fayette County School District, GA, 5.25%, 9/1/24		1,175		1,414,289
Flower Mound, TX, 5.00%, 3/1/27		510		637,306
Franklin County, OH, 4.25%, 12/1/35		1,100		1,194,655
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		400		459,624
Georgia, 5.00%, 2/1/32		1,000		1,269,840
Granville Exempted Village School District, OH, 5.00%, 12/1/26		500		618,040

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Harlandale Independent School District, TX, 5.00%, 8/1/29	$	845	$	1,070,835
Hawaii, 5.00%, 1/1/30		4,000		5,367,480
Hennepin County, MN, 5.00%, 12/1/33		1,000		1,256,800
Homewood, AL, 5.00%, 9/1/28		2,000		2,516,760
Homewood, AL, 5.00%, 9/1/29		2,000		2,508,620
Honolulu City and County, HI, 3.00%, 9/1/31		1,510		1,692,000
Illinois, 5.00%, 9/1/27		12,035		13,906,442
Illinois, 5.00%, 3/1/28		2,000		2,077,160
Illinois, 5.00%, 4/1/29		1,190		1,289,222
Illinois, 5.00%, 3/1/34		6,000		6,192,240
Illinois, 5.00%, 3/1/35		1,000		1,031,330
Illinois, 5.50%, 5/1/30		5,500		6,827,040
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		1,000		1,148,860
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28		2,370		3,068,937
Lakeland, FL, 5.00%, 10/1/25		635		765,251
Lakeland, FL, 5.00%, 10/1/28		1,500		1,802,310
Lakeland, FL, 5.00%, 10/1/30		1,000		1,197,460
Lane Community College, OR, 4.00%, 6/15/36(2)		4,900		6,080,067
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31		600		423,924
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		1,600		1,878,000
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34		1,690		1,988,184
Maine, 5.00%, 6/1/30		3,000		4,198,320
McLean County Public Building Commission, IL, 5.00%, 12/1/28		200		238,766
Miami-Dade County School District, FL, 5.00%, 3/15/28		300		360,402
Miami-Dade County, FL, 5.00%, 7/1/29		1,000		1,224,640
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32		560		633,282
Morris Township, NJ, 3.00%, 11/1/27		440		501,345
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27		175		164,927
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/28		195		234,987
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/29		340		409,210
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/30		725		871,493
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/31		885		1,061,628
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/32		720		862,265
New Hampshire, 4.00%, 12/1/33		2,285		2,762,177

15 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Oregon, 2.25%, 12/1/24	$	1,000	$	1,077,120
Oregon, 2.35%, 6/1/25		165		179,208
Oregon, 2.40%, 12/1/25		1,050		1,146,505
Oregon, 2.50%, 6/1/26		1,070		1,179,868
Pasadena, TX, 4.00%, 2/15/28		500		576,950
Pasadena, TX, 4.00%, 2/15/29		150		172,868
Pasadena, TX, 4.00%, 2/15/30		500		574,530
Pasadena, TX, 4.00%, 2/15/31		650		743,762
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27		1,060		998,032
Pennsylvania, 4.00%, 6/1/30		5,000		5,308,000
Pennsylvania, 4.00%, 6/15/31		235		262,417
Philadelphia, PA, 5.00%, 2/1/24		1,050		1,208,749
Philadelphia, PA, 5.00%, 2/1/26		1,150		1,409,670
Philadelphia, PA, 5.00%, 2/1/31		2,250		2,958,525
Pittsburg Unified School District, CA, 5.00%, 8/1/28		920		1,211,520
Plano Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/30		2,225		2,475,379
Port of Seattle, WA, Limited Tax General Obligation Bonds, 5.00%, 6/1/28		2,000		2,358,740
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/24		465		556,373
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/25		485		601,837
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/26		505		646,981
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/27		530		675,750
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/28		555		700,488
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/29		575		728,444
Romeo Community Schools, MI, 5.00%, 5/1/30		700		866,936
Romulus, MI, 4.00%, 11/1/31		250		287,208
Romulus, MI, 4.00%, 11/1/32		200		227,584
Romulus, MI, 4.00%, 11/1/33		250		283,175
SCAGO Educational Facilities Corp. for Pickens School District, SC, 5.00%, 12/1/26		1,650		1,960,579
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30		450		520,884
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		300		347,751
Seward County Unified School District No. 480, KS, 5.00%, 9/1/29		2,000		2,431,980
South Texas College District, Prerefunded to 8/15/23, 5.00%, 8/15/30		1,295		1,471,314
Southfield Public Schools, MI, 5.00%, 5/1/25		1,100		1,331,506

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Southfield Public Schools, MI, 5.00%, 5/1/27	$	1,000	$	1,282,730
St. Mary’s County, MD, 5.00%, 5/1/28		1,255		1,673,517
St. Mary’s County, MD, 5.00%, 5/1/30		1,245		1,746,212
St. Vrain Valley School District RE-1J, CO, 5.00%, 12/15/28		1,700		2,169,047
St. Vrain Valley School District RE-1J, CO, 5.00%, 12/15/29		1,000		1,270,890
Stamford, CT, 4.00%, 8/1/27		650		764,835
Sun Valley, ID, 5.00%, 9/15/25		755		935,475
Sun Valley, ID, 5.00%, 9/15/26		695		887,550
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/30		515		649,307
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/31		450		564,341
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		510		594,747
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/28		530		615,786
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		545		631,748
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		570		658,897
Utah, 5.00%, 7/1/26		6,000		7,667,400
Virginia Resources Authority, (Pooled Financing Program), 5.00%, 11/1/25		600		748,248
Washington, 5.00%, 8/1/28		1,485		1,876,283
Washington, 5.00%, 8/1/29		1,400		1,765,106
Washington, 5.00%, 8/1/35		6,910		8,027,347
Weatherford Independent School District, TX, (PSF Guaranteed), 0.00%, 2/15/25		265		258,542
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27		2,825		3,351,439
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30		360		415,699
Williamson County, TX, 5.00%, 2/15/28		300		349,500
York County, PA, 5.00%, 6/1/27		1,225		1,469,436
			$	234,122,116
Hospital — 13.9%
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/31	$	1,750	$	2,165,310
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/33		3,000		3,670,920
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/25		250		290,398
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27		100		107,408

16 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29	$	750	$	937,087
Charlotte-Mecklenburg Hospital Authority, NC, 5.125%, 1/15/37		40		40,662
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30		335		406,821
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34(2)		100		117,943
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 8/1/34		2,000		2,515,440
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 8/1/35		3,000		3,757,620
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00% to 8/1/26 (Put Date), 8/1/49		5,000		5,959,450
Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25		150		182,639
Colorado Health Facilities Authority, (Sanford Health), 5.00%, 11/1/32		3,000		3,878,490
Geisinger Authority, PA, (Geisinger Health System), 5.00%, 4/1/35		6,000		7,819,320
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35		1,000		1,157,020
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/32		1,815		1,979,675
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33		4,000		4,353,560
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27		500		609,720
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/31		1,000		1,158,040
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/32		1,000		1,153,630
Kentucky Economic Development Finance Authority, (Catholic Health Initiatives), 1.56%, (SIFMA + 1.40%), 2/1/25 (Put Date), 2/1/46(3)		12,715		12,457,394
Knox County Health, Educational and Housing Facility Board, TN, (University Health System, Inc.), 5.00%, 9/1/30		1,000		1,164,610
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/25		250		297,130
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/26		250		295,752
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/27		250		293,338
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/30		2,000		2,414,740
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/31		1,500		1,803,345
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/32		2,000		2,392,700

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Maricopa County Industrial Development Authority, AZ, (Banner Health), 0.73%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(3)	$	4,865	$	4,819,220
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31		1,000		1,152,610
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25		595		665,049
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/24		550		633,759
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/26		500		604,640
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/28		245		292,763
Medford Hospital Facilities Authority, OR, (Asante Health System), 5.00%, 8/15/34		1,000		1,309,100
Medford Hospital Facilities Authority, OR, (Asante Health System), 5.00%, 8/15/35		700		910,721
Medford Hospital Facilities Authority, OR, (Asante Health System), 5.00%, 8/15/36		1,000		1,295,360
Michigan Finance Authority, (Beaumont Health Credit Group), 5.00%, 8/1/28		1,315		1,522,007
Michigan Finance Authority, (Sparrow Obligated Group), 5.00%, 11/15/24		500		584,415
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31		490		573,859
Missouri Health and Educational Facilities Authority, (Saint Luke’s Health System), 5.00%, 11/15/31		1,000		1,189,040
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/23		500		544,055
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/24		500		556,800
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/28		1,340		1,489,517
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/29		775		859,281
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/25		400		476,132
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/28		500		620,775
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/29		500		618,435
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/25		1,000		1,204,610
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/27		700		861,014
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/28		700		859,089
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/30		520		633,802

17 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/31	$	700	$	847,595
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), 5.00%, 8/1/24		100		116,384
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25		1,000		1,175,050
North Carolina Medical Care Commission, (Wake Forest Baptist Obligated Group), 5.00%, 12/1/33		2,930		3,159,185
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/33		2,250		2,890,710
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28		1,000		1,210,350
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/29		250		284,703
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30		150		168,072
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/24		300		350,700
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/25		500		594,480
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30		625		729,844
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27		1,655		1,998,743
Utah County, UT, (IHC Health Services, Inc.), 5.00% to 8/1/26 (Put Date), 5/15/60		3,500		4,392,710
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/25		335		403,514
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/26		300		365,559
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/27		205		248,872
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/28		500		605,345
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/30		400		480,808
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/31		300		359,091
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27		1,575		1,944,416
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26		400		488,804
			$	110,471,150
Housing — 2.7%
California Housing Finance Agency, 4.00%, 3/20/33	$	4,709	$	5,168,328
Connecticut Housing Finance Authority, 3.60%, 11/15/30		145		157,229
Georgia Housing & Finance Authority, 3.65%, 12/1/32		1,000		1,106,060

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.30%, 7/1/21	$	900	$	915,489
Minnesota Housing Finance Agency, 2019 Series A, 4.00%, 8/1/34		295		356,478
Minnesota Housing Finance Agency, 2019 Series A, 4.00%, 8/1/35		440		529,439
Minnesota Housing Finance Agency, 2019 Series C, 4.00%, 8/1/33		525		636,032
Minnesota Housing Finance Agency, 2019 Series C, 4.00%, 8/1/34		240		290,016
Minnesota Housing Finance Agency, 2019 Series C, 4.00%, 8/1/35		285		342,932
New York City Housing Development Corp., NY, 2.65%, 11/1/27		870		940,235
New York City Housing Development Corp., NY, 2.80%, 5/1/29		655		708,297
New York City Housing Development Corp., NY, 2.85%, 11/1/29		300		324,639
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.20%, 5/1/25		190		202,145
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.25%, 11/1/25		225		240,851
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.40%, 11/1/26		225		244,901
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.50%, 11/1/27		140		152,922
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.60%, 5/1/28		110		120,015
New York Mortgage Agency, 2.30%, 10/1/30		1,000		1,069,490
New York Mortgage Agency, 3.65%, 4/1/32		1,000		1,121,560
Seattle Housing Authority, WA, 2.625%, 12/1/23		110		117,214
Seattle Housing Authority, WA, 2.75%, 12/1/24		480		521,040
Seattle Housing Authority, WA, 2.875%, 12/1/25		900		995,103
Seattle Housing Authority, WA, 3.00%, 12/1/26		920		1,032,829
Tennessee Housing Development Agency, 2.80%, 7/1/26		250		277,155
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33		1,745		2,001,166
Virginia Housing Development Authority, 2.55%, 5/1/27		630		674,226
Virginia Housing Development Authority, 3.80%, 12/1/35		785		893,126
Washington Housing Finance Commission, 2.25%, 6/1/25		105		111,988
Washington Housing Finance Commission, 2.30%, 12/1/25		130		139,502
Washington Housing Finance Commission, 2.40%, 6/1/26		105		113,295
			$	21,503,702
Insured – Education — 0.6%
Northern Arizona University, (BAM), 5.00%, 6/1/31	$	1,100	$	1,471,074
Northern Arizona University, (BAM), 5.00%, 6/1/32		500		662,705

18 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Education (continued)
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/28	$	1,065	$	1,329,929
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/29		1,000		1,246,100
			$	4,709,808
Insured – Escrowed / Prerefunded — 0.0%(4)
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25	$	100	$	121,849
			$	121,849
Insured – General Obligations — 1.0%
Albertville, AL, (BAM), 4.00%, 6/1/28	$	1,130	$	1,191,325
Albertville, AL, (BAM), Series A, 4.00%, 6/1/30		1,505		1,583,049
Albertville, AL, (BAM), Series C, 4.00%, 6/1/30		610		641,635
New Britain, CT, (BAM), 5.00%, 3/1/25		135		161,776
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25		5		6,067
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 4.00%, 12/1/25		470		537,008
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 5.00%, 12/1/24		325		382,187
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27		690		820,948
Yonkers, NY, (BAM), Series 2019A, 5.00%, 5/1/31		1,000		1,287,020
Yonkers, NY, (BAM), Series 2019B, 5.00%, 5/1/31		1,200		1,565,976
			$	8,176,991
Insured – Lease Revenue / Certificates of Participation — 0.8%
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/25	$	1,350	$	1,613,830
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/29		1,235		1,503,131
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/26		250		304,463
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29		100		121,203
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26		400		477,936
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27		200		238,370
Pasco County School Board, FL, (BAM), 5.00%, 8/1/24		410		482,480
Pasco County School Board, FL, (BAM), 5.00%, 8/1/25		305		370,166
Pasco County School Board, FL, (BAM), 5.00%, 8/1/26		355		442,838
Pasco County School Board, FL, (BAM), 5.00%, 8/1/27		605		752,293
Pasco County School Board, FL, (BAM), 5.00%, 8/1/29		310		382,816
			$	6,689,526
Insured – Other Revenue — 0.6%
New York Dormitory Authority, School Districts Revenue Bond Financing Program, (AGM), 5.00%, 10/1/33	$	1,250	$	1,591,912
New York Dormitory Authority, School Districts Revenue Bond Financing Program, (AGM), 5.00%, 10/1/34		1,250		1,585,675

Security	Principal Amount (000’s omitted)		Value
Insured – Other Revenue (continued)
New York Dormitory Authority, School Districts Revenue Bond Financing Program, (AGM), 5.00%, 10/1/35	$	1,000	$	1,262,850
			$	4,440,437
Insured – Special Tax Revenue — 0.1%
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/25	$	420	$	514,282
			$	514,282
Insured – Transportation — 1.6%
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/25	$	500	$	598,365
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/26		320		380,858
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27		375		444,893
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/30		1,000		1,253,320
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/31		1,250		1,556,175
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/32		1,650		2,040,703
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/33		2,450		3,003,945
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/34		2,485		3,035,502
			$	12,313,761
Insured – Water and Sewer — 0.0%(4)
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30	$	250	$	303,907
			$	303,907
Lease Revenue / Certificates of Participation — 5.8%
Adams County, CO, Certificates of Participation, 4.00%, 12/1/28	$	1,000	$	1,159,160
Aspen Fire Protection District, CO, 4.00%, 12/1/29		150		188,702
Aspen Fire Protection District, CO, 4.00%, 12/1/30		235		292,685
Aspen Fire Protection District, CO, 4.00%, 12/1/31		250		308,105
Aspen Fire Protection District, CO, 4.00%, 12/1/32		205		249,881
Broward County School Board, FL, 5.00%, 7/1/25		500		600,970
Broward County School Board, FL, 5.00%, 7/1/27		500		614,220
Broward County School Board, FL, 5.00%, 7/1/29		500		610,045
Broward County School Board, FL, Series A, 5.00%, 7/1/24		1,250		1,456,037
California Public Works Board, 5.00%, 11/1/29		1,000		1,265,140
Canadian County Educational Facilities Authority, OK, (Mustang Public Schools), 5.00%, 9/1/26		500		628,200
Colorado Department of Transportation, 5.00%, 6/15/30		350		432,845
Colorado Department of Transportation, 5.00%, 6/15/31		310		381,781
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/25		500		598,680
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/29		3,000		3,846,720

19 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

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	$	3,823,080
Eagle County, CO, Certificates of Participation, 5.00%, 12/1/26		200		246,624
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/23		135		151,872
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/24		550		638,468
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/25		570		680,187
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/26		595		716,927
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/27		620		741,415
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28		645		769,208
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28		410		536,715
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32		1,495		1,839,313
Medina City School District, OH, 5.00%, 12/1/24		300		356,871
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/25		1,405		1,728,712
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26		2,000		2,448,560
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/24		850		1,007,854
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/25		1,000		1,224,720
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/26		1,000		1,260,060
Orange County School Board, FL, 5.00%, 8/1/32		1,935		2,335,738
Palm Beach County School Board, FL, 5.00%, 8/1/31		4,000		4,824,040
Pennington County, SD, Certificates of Participation, 5.00%, 6/1/27		1,300		1,572,337
Plymouth Intermediate District No. 287, MN, Certificates of Participation, 5.00%, 2/1/30		385		484,711
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29		500		600,245
Riverside County Public Financing Authority, CA, 5.00%, 11/1/27		850		1,049,027
Riverside County Public Financing Authority, CA, 5.00%, 11/1/28		950		1,169,117
South Dakota Building Authority, 5.00%, 6/1/26		500		628,745
South Dakota Building Authority, 5.00%, 6/1/27		635		747,840
South Dakota Building Authority, 5.00%, 6/1/28		210		254,440

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
South Dakota Building Authority, Series 2015B, 5.00%, 6/1/30	$	200	$	241,052
Virginia Public Building Authority, 4.00%, 8/1/35		1,140		1,405,027
			$	46,116,076
Other Revenue — 10.4%
Bexar County, TX, Combination Tax and Revenue Certificates of Obligation, 4.00%, 6/15/34	$	905	$	1,080,805
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/33		690		809,743
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/34		810		948,324
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/35		760		886,373
District of Columbia, (National Public Radio, Inc.), Prerefunded to 4/1/26, 5.00%, 4/1/28		1,000		1,261,570
District of Columbia, (National Public Radio, Inc.), Prerefunded to 4/1/26, 5.00%, 4/1/29		1,000		1,261,570
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/32		825		1,004,248
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/33		640		776,813
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/34		510		617,839
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/26		150		191,709
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00%, 7/1/24		5,000		5,560,150
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 6/1/25 (Put Date), 12/1/49		5,000		5,703,200
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 2/1/28 (Put Date), 2/1/50		19,000		22,518,990
Lancaster Port Authority, OH, Gas Supply Revenue, (Liq: Royal Bank of Canada), 5.00% to 2/1/25 (Put Date), 8/1/49		5,000		5,887,950
Louisiana Local Government Environmental Facilities and Community Development Authority, (Bossier City), 5.00%, 12/1/32		2,355		3,130,431
Louisiana Local Government Environmental Facilities and Community Development Authority, (Bossier City), 5.00%, 12/1/34		2,425		3,195,495
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/27		500		626,570
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/29		275		343,277
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 4.00% to 12/2/24 (Put Date), 8/1/49		2,500		2,841,100
Mississippi Development Bank, Special Obligation Bond, (East Mississippi Correctional Facility), 5.00%, 8/1/25		1,000		1,189,800
Mississippi Development Bank, Special Obligation Bond, (Jackson Public School District), 5.00%, 4/1/25		1,270		1,521,422

20 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/27	$	200	$	242,564
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/28		250		308,340
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/29		325		406,198
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/31		250		310,620
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/32		550		678,766
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/33		300		368,463
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/34		300		367,320
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/35		700		853,496
Orange County, FL, Tourist Development Tax Revenue, 4.00%, 10/1/32		1,735		1,935,618
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 4.00% to 2/1/24 (Put Date), 10/1/48		3,000		3,319,980
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28		1,060		1,364,612
San Diego Association of Governments, CA, (Mid-Coast Corridor Transit), Green Bonds, 1.80%, 11/15/27		1,000		1,029,080
Tennessee Energy Acquisition Corp., Gas Project Revenue, 4.00% to 11/1/25 (Put Date), 11/1/49		5,000		5,735,450
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/31		2,500		3,038,350
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/32		1,000		1,213,210
			$	82,529,446
Senior Living / Life Care — 2.5%
Atlantic Beach, FL, (Fleet Landing), 3.00%, 11/15/23	$	2,500	$	2,500,625
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/24		160		174,302
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/28		1,480		1,636,762
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/30		1,655		1,904,458
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/31		250		285,712
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/32		350		398,174
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/33		600		677,922
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/34		685		770,433

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/35	$	615	$	689,735
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/33		875		935,891
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/28		50		53,760
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/30		910		972,071
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25		100		114,017
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 2.50%, 1/1/26		640		624,749
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27		1,035		1,134,360
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/21		250		261,263
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31		250		284,580
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/22		225		236,968
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27		1,000		1,013,680
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/23		600		637,962
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/29		600		664,824
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/30		200		220,860
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/31		250		275,010
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/24		150		161,337
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/25		100		108,361
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/26		1,100		1,189,881
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/27		50		53,943
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/29		125		134,229
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/32		225		239,645
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/30		230		248,425
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/31		675		725,591
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2017A, 5.00%, 10/1/30		250		267,518
			$	19,597,048

21 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 3.7%
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/32	$	500	$	618,700
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/25		250		302,820
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/26		1,025		1,277,519
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/29		900		1,110,429
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/30		950		1,170,343
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/31		895		1,100,913
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/32		735		900,000
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 10/1/32		1,200		1,298,328
Mississippi Development Bank, Special Obligation Bonds, (Hinds County School District), 4.00%, 3/1/25		470		542,958
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/36		2,000		2,456,460
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/33		1,190		1,389,563
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/31/21		2,500		2,580,075
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32		1,800		2,166,246
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34		5,000		6,117,650
Queen Creek, AZ, Excise Tax and State Shared Revenue, 4.00%, 8/1/35		3,120		3,868,207
Queen Creek, AZ, Excise Tax and State Shared Revenue, 4.00%, 8/1/36		1,000		1,234,190
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/26		100		118,802
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/29		140		164,524
Tri-County Metropolitan Transportation District, OR, Payroll Tax Revenue, 5.00%, 9/1/32		1,000		1,259,120
			$	29,676,847
Transportation — 12.6%
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/27	$	2,005	$	2,517,999
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.95% to 4/1/26 (Put Date), 4/1/47		1,800		1,982,466
Central Florida Expressway Authority, 4.00%, 7/1/35		3,350		3,778,733
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/26		1,000		1,211,780
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/28		150		174,791

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/29	$	150	$	174,440
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/30		500		579,600
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/31		1,000		1,155,480
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/33		125		143,395
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/28		2,905		3,624,394
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/29		3,060		3,797,827
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/30		1,000		1,234,510
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/31		1,000		1,228,660
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/32		2,565		3,136,918
Clark County, NV, Highway Revenue, 5.00%, 7/1/33		3,000		3,406,200
Commonwealth Transportation Board, VA, 5.00%, 9/15/30		1,240		1,554,576
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/30		2,545		2,570,781
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31		1,450		1,778,787
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/32		2,100		2,563,617
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28		500		599,170
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/29		1,000		1,194,840
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/30		750		892,770
Hawaii, Highway Revenue, 5.00%, 1/1/31		805		1,070,561
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		650		780,409
Illinois Toll Highway Authority, 5.00%, 1/1/29		175		211,958
Illinois Toll Highway Authority, 5.00%, 12/1/32		350		416,594
Kentucky Asset/Liability Commission, 2015 Federal Highway Trust Fund, 5.00%, 9/1/24		250		289,110
Kentucky Turnpike Authority, 5.00%, 7/1/33		500		548,070
Massachusetts Department of Transportation, 5.00%, 1/1/30		4,860		6,396,635
Metropolitan Transportation Authority, NY, 5.00%, 11/15/27		1,500		1,690,635
Metropolitan Transportation Authority, NY, 5.00%, 11/15/41		415		431,646
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/29		2,435		2,768,376
New Orleans Aviation Board, LA, 5.00%, 1/1/28		150		184,737
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/26		3,000		3,746,970
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/29		550		655,094
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/30		400		474,684
Port Authority of New York and New Jersey, 4.00%, 7/15/36		1,705		2,057,492
Port Authority of New York and New Jersey, 5.00%, 9/1/34		3,595		4,674,039
Port of Seattle, WA, 5.00%, 3/1/25		150		175,100
Port of Seattle, WA, 5.00%, 3/1/27		250		289,652
Port of Seattle, WA, 5.00%, 3/1/29		250		288,353
Portland, ME, Airport Revenue, Green Bonds, 5.00%, 1/1/29		225		285,278

22 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Portland, ME, Airport Revenue, Green Bonds, 5.00%, 1/1/31	$	370	$	473,715
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/28		1,370		1,731,187
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/31		300		382,833
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/32		660		836,464
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/33		600		756,396
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/34		450		565,902
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/34		1,000		601,890
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/35		500		284,995
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/29		14,400		18,231,264
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31		2,920		3,724,810
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34		1,005		1,264,903
Wisconsin, Transportation Revenue, 5.00%, 7/1/31		3,450		4,050,783
Wisconsin, Transportation Revenue, 5.00%, 7/1/32		700		821,303
			$	100,463,572
Water and Sewer — 3.8%
Beverly Hills Public Financing Authority, CA, Water Revenue, 4.00%, 6/1/36(2)	$	170	$	216,558
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/25		300		361,545
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/29		115		138,346
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/30		100		120,194
Cherokee County Water and Sewerage Authority, GA, 5.00%, 8/1/28		1,250		1,673,962
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28		1,500		1,819,830
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32		575		691,955
McAllen, TX, Waterworks and Sewer System Revenue, 4.00%, 2/1/27		1,000		1,171,060
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32		1,895		2,221,944
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/27		600		754,704
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29		500		625,290
Rapid City, SD, Water Revenue, 4.00%, 11/1/29		600		693,780
Rapid City, SD, Water Revenue, 4.00%, 11/1/30		670		771,572
Rapid City, SD, Water Revenue, 5.00%, 11/1/26		1,000		1,235,910
Rapid City, SD, Water Revenue, 5.00%, 11/1/27		515		636,190
Richmond, VA, Public Utility Revenue, 4.00%, 1/15/36		7,205		9,014,824

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
St. Joseph Industrial Development Authority, MO, (Sewerage System Improvements), 5.00%, 4/1/26	$	500	$	602,465
Winston-Salem, NC, Water and Sewer System Revenue, 5.00%, 6/1/26		5,000		6,346,650
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/27		505		627,811
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/28		550		682,693
			$	30,407,283
Total Tax-Exempt Investments — 96.3% (identified cost $711,489,019)			$	765,130,496
Other Assets, Less Liabilities — 3.7%			$	29,766,142
Net Assets — 100.0%			$	794,896,638

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

At July 31, 2020, 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. At July 31, 2020, 4.9% 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 2.2% to 2.7% 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, 2020.

⁽²⁾  When-issued security.

⁽³⁾  Floating rate security. The stated interest rate represents the rate in effect at July 31, 2020.

⁽⁴⁾  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
Liq	–	Liquidity Provider
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	–	Standby Bond Purchase Agreement

23 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2020
Unaffiliated investments, at value (identified cost, $711,489,019)	$	765,130,496
Cash		41,416,654
Interest receivable		7,667,626
Receivable from affiliates		20,162
Total assets	$	814,234,938
Liabilities
Payable for when-issued securities	$	19,024,757
Payable to affiliate:
Investment adviser fee		210,028
Accrued expenses		103,515
Total liabilities	$	19,338,300
Net Assets applicable to investors’ interest in Portfolio	$	794,896,638

24 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2020
Interest	$	8,733,158
Total investment income	$	8,733,158
Expenses
Investment adviser fee	$	1,155,755
Trustees’ fees and expenses		20,632
Custodian fee		98,842
Legal and accounting services		29,443
Miscellaneous		11,529
Total expenses	$	1,316,201
Deduct —
Allocation of expenses to affiliates	$	52,085
Total expense reductions	$	52,085
Net expenses	$	1,264,116
Net investment income	$	7,469,042
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(756,913	)
Net realized loss	$	(756,913	)
Change in unrealized appreciation (depreciation) —
Investments	$	10,403,434
Net change in unrealized appreciation (depreciation)	$	10,403,434
Net realized and unrealized gain	$	9,646,521
Net increase in net assets from operations	$	17,115,563

25 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
From operations —
Net investment income	$	7,469,042		$	14,483,904
Net realized gain (loss)		(756,913	)		3,670,755
Net change in unrealized appreciation (depreciation)		10,403,434			31,795,434
Net increase in net assets from operations	$	17,115,563		$	49,950,093
Capital transactions —
Contributions	$	87,682,523		$	100,910,579
Withdrawals		(39,464,316	)		(34,118,862	)
Portfolio transaction fee		190,329			202,332
Net increase in net assets from capital transactions	$	48,408,536		$	66,994,049
Net increase in net assets	$	65,524,099		$	116,944,142
Net Assets
At beginning of period	$	729,372,539		$	612,428,397
At end of period	$	794,896,638		$	729,372,539

26 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2020

Financial Highlights

	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31,									Period Ended January 31, 2017(1)
Ratios/Supplemental Data				2020			2019			2018
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.35	%(3)		0.35	%		0.35	%		0.35	%		0.35	%(3)
Net investment income		2.07	%(3)		2.17	%		2.16	%		2.01	%		1.71	%(3)
Portfolio Turnover		32	%(4)		28	%		78	%		35	%		30	%(4)
Total Return(2)		2.36	%(4)		7.88	%		3.11	%		3.83	%		(0.80	)%(4)
Net assets, end of period (000’s omitted)	$	794,897		$	729,373		$	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 and sub-adviser reimbursed certain operating expenses (equal to 0.01%, 0.01%, 0.01%, 0.01% and 0.02% of average daily net assets for the six months ended July 31, 2020, the years ended January 31, 2020, 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, 2020

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, 2020, Parametric 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 99.0% and 1.0%, 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, 2020, 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 be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin

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Notes to Financial Statements (Unaudited) — continued

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, 2020 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, 2020, the Portfolio’s investment adviser fee amounted to $1,155,755 or 0.32% (annualized) of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. Pursuant to a voluntary expense reimbursement, BMR and Parametric were allocated $52,085 in total of the Portfolio’s operating expenses for the six months ended July 31, 2020.

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, 2020, 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 $274,414,244 and $225,704,049, respectively, for the six months ended July 31, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	711,482,937
Gross unrealized appreciation	$	54,134,672
Gross unrealized depreciation		(487,113	)
Net unrealized appreciation	$	53,647,559

5  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. 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, 2020.

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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, 2020, 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	$	—	$	765,130,496	$	—	$	765,130,496
Total Investments	$	—	$	765,130,496	$	—	$	765,130,496

7   Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies, as may other epidemics and pandemics that may arise in the future, and can affect the market in general in significant and unforeseen ways. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

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TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

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 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority 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 agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. 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 to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. 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 agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (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 other 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, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative 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 to each fund in managing other accounts (which may include other mutual funds, 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 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 (in the context of a sub-adviser, only those 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 (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, 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 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, as applicable;

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

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Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser 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 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 of each fund, if any;

• 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 oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers 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 fund sub-advisers, 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 agreements 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 agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement 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 agreement and sub-advisory agreement. In evaluating each investment advisory agreement 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 to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information 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 Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (formerly 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”), and the sub-advisory agreement between EVM and Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of EVM, with respect to the Fund, as well as the sub-advisory agreement between BMR and the Sub-adviser, with respect to the Portfolio, 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 and sub-advisory agreement for the Fund and the investment advisory agreement and sub-advisory agreement for the Portfolio (collectively, the “investment advisory agreements”).

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Board of Trustees’ Contract Approval — continued

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 and the Sub-adviser.

The Board considered each Adviser’s and the Sub-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. Regarding the Adviser, the Board considered the applicable Adviser’s responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund and the Portfolio. The Board also considered the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreements and the abilities and experience of the Sub-adviser’s investment professionals in implementing the investment strategies of the Fund and the Portfolio. In particular, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in the Sub-adviser’s tax-advantaged bond strategies group and the investment professionals in the Adviser’s and Sub-adviser’s 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.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof, including the Sub-adviser. 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 other administrative services provided or overseen 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 and the Sub-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 identified by an independent data provider (the peer group), as well as 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, 2019. 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. 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 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, 2019, 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 and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

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Board of Trustees’ Contract Approval — continued

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof, including the Sub-adviser, 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 or other 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, including the Sub-adviser, are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates, including the Sub-adviser, 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 or the Sub-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 and the Portfolio currently share 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.

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TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

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July 31, 2020

Officers and Trustees

Officers of Parametric 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 Parametric 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

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

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Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 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 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

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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 Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

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) 260-0761

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    7.31.20

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Eaton Vance Municipals Trust II

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 23, 2020

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 23, 2020
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 23, 2020