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)

Deidre E. Walsh

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, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

High Yield Municipal Income Fund

Semiannual Report

July 31, 2021

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of 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, 2021

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
Joint Special Meeting of Shareholders	30
Liquidity Risk Management Program	31
Officers and Trustees	32
Privacy Notice	33
Important Notices	35

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

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		2.73	%		7.25	%		4.26	%		6.39	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.18			2.21			3.25			5.87
Class C at NAV		06/18/1997		08/07/1995		2.33			6.54			3.49			5.60
Class C with 1% Maximum Sales Charge		—		—		1.33			5.54			3.49			5.60
Class I at NAV		05/09/2007		08/07/1995		2.86			7.52			4.51			6.65
Bloomberg Municipal Bond Index		—		—		1.25	%		3.29	%		3.41	%		4.26	%
% 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									2.95	%		2.18	%		3.20	%
Taxable-Equivalent Distribution Rate									4.98			3.68			5.41
SEC 30-day Yield									0.97			0.28			1.26
Taxable-Equivalent SEC 30-day Yield									1.63			0.47			2.12
% Total Leverage5
Residual Interest Bond (RIB) Financing															4.86	%

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, 2021

Endnotes and Additional Disclosures

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

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

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  For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based

largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

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.

Important Notice to Shareholders

Effective August 24, 2021, the Bloomberg Barclays fixed income indices were rebranded as Bloomberg indices.

3

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

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, 2021 – July 31, 2021).

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 (2/1/21)		Ending Account Value (7/31/21)		Expenses Paid During Period* (2/1/21 – 7/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,027.30	$	3.87		0.77	%
Class C	$	1,000.00	$	1,023.30	$	7.63		1.52	%
Class I	$	1,000.00	$	1,028.60	$	2.62		0.52	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.00	$	3.86		0.77	%
Class C	$	1,000.00	$	1,017.30	$	7.60		1.52	%
Class I	$	1,000.00	$	1,022.20	$	2.61		0.52	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2021.

4

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Portfolio of Investments (Unaudited)

Corporate Bonds — 2.8%
Security	Principal Amount (000’s omitted)		Value
Hospital — 2.1%
Boston Medical Center Corp., 4.581%, 7/1/47	$	4,165	$	4,943,418
Harnett Health System, Inc., 4.25% to 4/1/25 (Put Date), 4/1/32		5,715		5,572,125
Montefiore Obligated Group, 4.287%, 9/1/50		8,915		9,692,246
Tower Health, 4.451%, 2/1/50		14,750		13,289,750
			$	33,497,539
Other — 0.6%
Morongo Band of Mission Indians, 7.00%, 10/1/39(1)	$	7,980	$	10,737,808
			$	10,737,808
Other Revenue — 0.1%
YMCA of Greater New York, 2.303%, 8/1/26	$	1,055	$	1,068,411
			$	1,068,411
Total Corporate Bonds — 2.8% (identified cost $40,684,680)			$	45,303,758
Tax-Exempt Municipal Obligations — 95.1%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(2)
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(3)	$	567	$	141,797
			$	141,797
Education — 4.9%
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/39(1)	$	1,270	$	1,472,654
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1)		925		998,288
Arizona Industrial Development Authority, (Somerset Academy of Las Vegas), 4.00%, 12/15/51(1)		800		879,912
Build NYC Resource Corp., NY, (New World Preparatory Charter School):
4.00%, 6/15/51		160		177,174
4.00%, 6/15/56		125		137,850
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.):
5.375%, 6/15/38(1)		545		626,221
5.375%, 6/15/48(1)		1,020		1,155,068

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Capital Trust Agency, FL, (Liza Jackson Preparatory School, Inc.), 5.00%, 8/1/55	$	325	$	387,589
Colorado Educational and Cultural Facilities Authority, (Aspen View Academy):
4.00%, 5/1/41		150		169,778
4.00%, 5/1/51		500		560,740
District of Columbia, (District of Columbia International School):
5.00%, 7/1/39		710		878,320
5.00%, 7/1/49		700		852,103
District of Columbia, (KIPP DC):
4.00%, 7/1/39		280		325,422
4.00%, 7/1/44		270		310,192
4.00%, 7/1/49		385		439,478
District of Columbia, (Rocketship DC Obligated Group):
5.00%, 6/1/41(1)		1,190		1,432,153
5.00%, 6/1/49(1)		2,100		2,403,828
5.00%, 6/1/61(1)		1,175		1,387,193
Erie Higher Education Building Authority, PA, (Gannon University), 5.00%, 5/1/47		475		591,560
Florida Development Finance Corp., (River City Science Academy Project), 4.00%, 7/1/55		750		812,730
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48(1)		750		895,545
Forest Grove, OR, (Pacific University), 5.00%, 5/1/40		1,070		1,103,352
Indiana Finance Authority, (KIPP Indianapolis, Inc.):
5.00%, 7/1/40		170		196,933
5.00%, 7/1/55		460		524,727
Indiana Finance Authority, (Valparaiso University):
4.00%, 10/1/34		500		590,945
4.00%, 10/1/35		650		767,332
Kentucky Bond Development Corp., (Centre College):
4.00%, 6/1/46		800		953,200
4.00%, 6/1/51		1,250		1,482,263
Kentucky Bond Development Corp., (Transylvania University):
4.00%, 3/1/46		2,805		3,195,596
4.00%, 3/1/49		705		801,063
Los Ranchos de Albuquerque, NM, (Albuquerque Academy):
4.00%, 9/1/35		300		354,978
4.00%, 9/1/40		1,200		1,402,692
Louisiana Public Facilities Authority, (Loyola University), 4.00%, 10/1/51		1,170		1,389,328
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/46		4,000		4,684,280
Michigan State University, 5.00%, 2/15/44		1,000		1,256,760

5 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Education (continued)
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 3/1/29	$	8,075	$	10,676,038
Oregon Facilities Authority, (University of Portland), 5.00%, 4/1/35		1,000		1,146,840
Public Finance Authority, WI, (North Carolina Leadership Academy):
4.00%, 6/15/29(1)		300		326,940
5.00%, 6/15/39(1)		205		227,150
5.00%, 6/15/49(1)		260		284,853
Public Finance Authority, WI, (Roseman University of Health Sciences):
5.00%, 4/1/40(1)		840		1,023,792
5.00%, 4/1/50(1)		2,510		3,015,338
5.50%, 4/1/32		170		175,267
5.75%, 4/1/42		2,045		2,106,861
Romeoville, IL, (Lewis University):
5.00%, 10/1/27		1,000		1,133,160
5.00%, 10/1/29		1,000		1,124,850
5.00%, 10/1/30		1,000		1,120,370
5.00%, 10/1/35		2,000		2,227,580
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 4.00%, 4/1/51(4)		2,000		2,363,940
University of California, 5.00%, 5/15/38(5)		10,000		10,846,600
Waco Education Finance Corp., TX, (Baylor University), 5.00%, 3/1/35		1,260		1,643,128
Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.):
4.00%, 3/15/40		750		876,203
5.00%, 3/15/50		2,345		2,910,684
			$	78,826,841
Electric Utilities — 2.8%
Arkansas River Power Authority, CO:
5.00%, 10/1/31	$	1,500	$	1,847,385
5.00%, 10/1/32		1,500		1,841,580
5.00%, 10/1/38		9,325		11,270,475
5.00%, 10/1/43		2,250		2,693,115
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45		15,890		18,106,019
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (AMT), 4.00%, 3/1/37		7,500		8,370,675
Long Island Power Authority, NY, Electric System Revenue, 5.00%, 9/1/38		1,420		1,872,341
			$	46,001,590

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded — 2.6%
Colorado Health Facilities Authority, (Covenant Retirement Communities, Inc.), Prerefunded to 12/1/22, 5.00%, 12/1/33	$	5,000	$	5,324,300
Dawson Ridge Metropolitan District No. 1, CO, Escrowed to Maturity, 0.00%, 10/1/22		3,500		3,492,265
Detroit, MI, Sewage Disposal System:
Prerefunded to 7/1/22, 5.00%, 7/1/32		3,185		3,328,580
Prerefunded to 7/1/22, 5.25%, 7/1/39		3,355		3,513,893
Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), Prerefunded to 11/15/24, 4.25%, 11/15/41		3,940		4,460,513
Michigan Finance Authority, (Detroit Water and Sewerage Department), Prerefunded to 7/1/22, 5.00%, 7/1/44		1,905		1,990,877
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		937,432
Prerefunded to 4/1/25, 5.00%, 4/1/35		1,000		1,171,790
Oregon Facilities Authority, (Lewis & Clark College), Prerefunded to 10/1/21, 5.625%, 10/1/36		1,325		1,336,938
Palm Beach County Health Facilities Authority, FL, (BRRH Corp. Obligated Group), Prerefunded to 12/1/24, 5.00%, 12/1/31		6,250		7,242,188
Savannah Economic Development Authority, GA, (Marshes Skidaway Island Project), Prerefunded to 1/1/24, 7.00%, 1/1/34		3,000		3,480,120
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		1,455		1,684,585
Will County Community Unit School District No. 365-U, IL, (Valley View), Prerefunded to 11/1/21, 5.75%, 11/1/32		3,855		3,908,893
			$	41,872,374
General Obligations — 6.5%
Centennial Independent School District No. 12, Circle Pines, MN:
0.00%, 2/1/31	$	1,225	$	939,379
0.00%, 2/1/33		1,500		1,046,085
Chicago Board of Education, IL:
5.00%, 12/1/21		790		802,024
5.00%, 12/1/26		1,595		1,939,600
5.00%, 12/1/40		3,000		3,859,410
5.00%, 12/1/42		1,820		1,909,053
Chicago, IL, 5.00%, 1/1/40		2,000		2,480,160
Detroit, MI:
5.00%, 4/1/30		1,400		1,692,110
5.00%, 4/1/31		865		1,040,932
5.50%, 4/1/31		565		733,455

6 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Detroit, MI: (continued)
5.50%, 4/1/32	$	595	$	769,805
5.50%, 4/1/35		350		449,137
5.50%, 4/1/45		1,930		2,442,376
5.50%, 4/1/50		2,320		2,925,474
Illinois:
4.00%, 6/1/33		4,000		4,472,160
4.00%, 11/1/40		4,000		4,671,320
5.00%, 11/1/30		7,200		8,585,208
5.00%, 5/1/33		9,480		11,698,889
5.00%, 5/1/35		3,500		3,886,050
5.00%, 12/1/42		8,125		9,717,825
5.25%, 7/1/30		2,800		3,038,056
5.50%, 5/1/39		1,085		1,423,509
5.75%, 5/1/45		1,115		1,467,786
New Jersey, 4.00%, 6/1/31		3,000		3,788,760
Sherwood School District No. 88J, OR, 0.00%, 6/15/37		3,630		2,131,427
Washington:
5.00%, 8/1/39		3,385		4,483,839
5.00%, 8/1/46(4)		13,700		18,179,156
Will and Cook Counties Community High School District No. 210, IL:
0.00%, 1/1/27		60		54,682
3.375%, 1/1/33		450		461,029
5.00%, 1/1/28		3,500		3,706,570
			$	104,795,266
Hospital — 11.9%
Arkansas Development Finance Authority, (Washington Regional Medical Center), 5.00%, 2/1/33	$	2,200	$	2,446,576
Arlington County Industrial Development Authority, VA, (Virginia Hospital Center):
4.00%, 7/1/40		2,125		2,560,731
4.00%, 7/1/45		3,000		3,574,530
Berks County Industrial Development Authority, PA, (Tower Health):
5.00%, 11/1/47		510		564,927
5.00%, 11/1/50		5,000		5,527,250
California Municipal Finance Authority, (NorthBay Healthcare Group):
5.00%, 11/1/35		250		277,280
5.00%, 11/1/40		550		607,228
5.00%, 11/1/44		500		550,070
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37		1,000		1,193,060

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/48	$	2,400	$	2,880,792
Camden County Improvement Authority, NJ, (Cooper Health System):
5.00%, 2/15/29		1,000		1,108,200
5.00%, 2/15/32		2,000		2,206,340
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44		1,655		1,932,064
Colorado Health Facilities Authority, (AdventHealth Obligated Group), 3.00%, 11/15/51		8,000		8,727,280
Colorado Health Facilities Authority, (Boulder Community Health):
4.00%, 10/1/38		300		354,312
4.00%, 10/1/39		300		353,439
4.00%, 10/1/40		300		352,746
Colorado Health Facilities Authority, (Parkview Medical Center, Inc.), (PSF Guaranteed), 4.00%, 9/1/45		1,000		1,149,400
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/46		3,175		3,471,640
Cuyahoga County, OH, (The MetroHealth System):
5.00%, 2/15/31		1,500		1,789,725
5.00%, 2/15/32		1,500		1,785,375
Decatur Hospital Authority, TX, (Wise Regional Health System):
5.00%, 9/1/34		1,625		1,812,070
5.25%, 9/1/29		1,675		1,895,983
5.25%, 9/1/44		8,880		9,918,427
Douglas County Hospital Authority No. 2, NE, (Children’s Hospital Obligated Group), 4.00%, 11/15/50		1,300		1,534,091
Doylestown Hospital Authority, PA, (Doylestown Health), 4.00%, 7/1/45		315		353,597
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/50		2,595		3,023,045
Hamilton County, OH, (UC Health), 4.00%, 9/15/50		4,000		4,645,000
Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34		2,965		3,377,343
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center):
5.50%, 6/1/29		710		754,531
6.00%, 6/1/39		3,805		4,044,525
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/37		4,385		5,313,173
Lehigh County General Purpose Authority, PA, (Lehigh Valley Health Network), 4.00%, 7/1/49		10,000		11,683,900
Maryland Health and Higher Educational Facilities Authority, (Frederick Health System), 4.00%, 7/1/40		300		358,206

7 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Massachusetts Development Finance Agency, (Atrius Health), 5.00%, 6/1/39	$	925	$	1,152,846
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/44		4,000		4,885,160
Minneapolis and St. Paul Housing and Redevelopment Authority, MN, (Allina Health System), (LOC: JPMorgan Chase Bank, N.A.), 0.03%, 11/15/35(6)		5,000		5,000,000
Montana Facility Finance Authority, (Bozeman Deaconess Health Services Obligated Group):
3.00%, 6/1/50		2,875		3,112,389
4.00%, 6/1/45		1,500		1,790,475
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/40		1,120		1,261,702
Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33		2,775		2,931,843
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group):
4.00%, 7/1/48		6,265		6,947,446
5.00%, 7/1/41		1,750		2,046,852
New York Dormitory Authority, (Montefiore Obligated Group), 4.00%, 9/1/50		10,000		11,520,600
New York Dormitory Authority, (Orange Regional Medical Center):
5.00%, 12/1/32(1)		1,000		1,219,780
5.00%, 12/1/33(1)		2,000		2,436,620
5.00%, 12/1/34(1)		3,900		4,742,712
5.00%, 12/1/35(1)		1,000		1,214,430
5.00%, 12/1/40(1)		2,300		2,647,461
Oklahoma Development Finance Authority, (OU Medicine):
5.00%, 8/15/38		1,025		1,250,387
5.25%, 8/15/43		14,865		18,359,464
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/40		875		1,106,289
Palm Beach County Health Facilities Authority, FL, (Baptist Health South Florida Obligated Group), 3.00%, 8/15/44		1,170		1,265,718
Public Finance Authority, WI, (Appalachian Regional Healthcare System):
4.00%, 7/1/46		500		585,915
4.00%, 7/1/51		625		729,025
5.00%, 7/1/37		275		357,145
5.00%, 7/1/38		375		485,865
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group):
5.00%, 12/1/35		3,100		3,341,614
5.75%, 12/1/32		4,050		4,250,799
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(5)		7,000		7,741,300

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/38	$	2,500	$	2,928,850
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), Prerefunded to 6/1/23, 5.375%, 6/1/38		2,580		2,824,455
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33		2,500		2,707,575
			$	192,971,573
Housing — 1.0%
CSCDA Community Improvement Authority, CA, Essential Housing Revenue, 3.00%, 12/1/56	$	1,420	$	1,479,811
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.):
5.00%, 7/1/34		750		853,500
5.00%, 7/1/39		1,250		1,422,500
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 4.00%, 7/1/40		1,000		1,169,600
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Galveston I, LLC - Texas A&M University):
Prerefunded to 4/1/24, 5.00%, 4/1/34		3,885		4,355,318
Prerefunded to 4/1/24, 5.00%, 4/1/39		3,500		3,923,710
Texas Student Housing Corp., (University of North Texas):
9.375%, 7/1/06(7)		860		860,000
11.00%, 7/1/31(7)		2,000		2,000,000
			$	16,064,439
Industrial Development Revenue — 10.1%
Arkansas Development Finance Authority, (Big River Steel):
(AMT), 4.50%, 9/1/49(1)	$	3,750	$	4,200,787
Green Bonds, (AMT), 4.75%, 9/1/49(1)		4,000		4,602,720
Denver City and County, CO, (United Airlines), (AMT), 5.00%, 10/1/32		1,890		2,020,410
Florida Development Finance Corp., (Waste Pro USA, Inc.):
(AMT), 3.00%, 6/1/32		3,600		3,810,816
(AMT), 5.00%, 5/1/29(1)		795		857,018
(AMT), 5.00% to 8/1/22 (Put Date), 8/1/29(1)		2,250		2,335,388
George L. Smith II Georgia World Congress Center Authority, 4.00%, 1/1/54		2,145		2,506,025
Houston, TX, (United Airlines, Inc. Terminal E Project), (AMT), 4.75%, 7/1/24		4,630		4,970,536
Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/15/27		1,750		2,100,280
Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38		4,050		4,232,898
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(1)		1,880		2,174,916

8 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42	$	6,500	$	6,691,295
Maryland Economic Development Corp., (AFCO Cargo), (AMT), 3.50%, 7/1/24(1)		1,075		1,115,807
Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-1, 4.00%, 6/1/30		1,000		1,047,740
Mississippi Business Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 2/1/36(1)		1,500		1,556,925
National Finance Authority, NH, (Covanta):
4.625%, 11/1/42(1)		6,335		6,683,108
(AMT), 4.875%, 11/1/42(1)		6,965		7,383,039
Green Bonds, (AMT), 3.75% to 7/2/40 (Put Date), 7/1/45(1)		11,690		12,583,700
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 2.95%, 4/1/29(1)		480		526,541
New Jersey Economic Development Authority, (Continental Airlines):
(AMT), 5.25%, 9/15/29		8,285		8,742,166
(AMT), 5.50%, 6/1/33		4,375		4,775,969
(AMT), 5.625%, 11/15/30		2,045		2,294,531
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		5,480,358
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(1)		5,500		5,995,110
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment):
(AMT), 4.375%, 10/1/45		19,130		23,057,580
(AMT), 5.00%, 10/1/40		7,065		9,099,367
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38(1)		1,000		1,165,780
Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35		13,570		14,054,313
Public Finance Authority, WI, (Celanese Corp.), (AMT), 4.30%, 11/1/30		5,000		5,663,250
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1)		6,290		7,231,047
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.):
4.50%, 5/1/32(1)		1,338		1,467,697
5.25%, 5/1/44(1)		1,280		1,513,536
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(1)		475		570,494
Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48(1)		1,440		1,532,045
			$	164,043,192

Security	Principal Amount (000’s omitted)		Value
Insured – Escrowed / Prerefunded — 0.7%
North Texas Tollway Authority, (AGC), 6.20%, 1/1/42	$	10,000	$	12,027,201
			$	12,027,201
Insured – General Obligations — 1.2%
Atlantic City, NJ:
(AGM), 4.00%, 3/1/42	$	480	$	543,249
(BAM), 5.00%, 3/1/42		1,250		1,497,575
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/26		500		610,380
Irvington Township, NJ, (AGM), 5.00%, 7/15/32		1,000		1,131,150
McHenry County Community Unit School District No. 12, IL, (Johnsburg):
(AGM), 5.00%, 1/1/31		3,175		3,519,075
(AGM), 5.00%, 1/1/32		1,215		1,346,050
(AGM), 5.00%, 1/1/33		1,405		1,555,827
(AGM), 5.00%, 7/1/34		2,810		3,109,490
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38		5,000		5,780,500
			$	19,093,296
Insured – Housing — 0.1%
Atlantic County Improvement Authority, NJ, (Stockton University Atlantic City Campus Phase II), (AGM), 4.00%, 7/1/47	$	750	$	899,948
California Municipal Finance Authority, (CHF-Davis II, LLC - Orchard Park Student Housing), Green Bonds:
(BAM), 3.00%, 5/15/51		400		434,024
(BAM), 4.00%, 5/15/46		400		483,440
			$	1,817,412
Insured – Other Revenue — 2.0%
Harris County-Houston Sports Authority, TX:
(AGM), (NPFG), 0.00%, 11/15/34	$	12,700	$	7,904,226
(NPFG), 0.00%, 11/15/26		9,395		8,374,233
(NPFG), 0.00%, 11/15/28		9,600		8,001,792
(NPFG), Escrowed to Maturity, 0.00%, 11/15/26		1,115		1,069,497
(NPFG), Escrowed to Maturity, 0.00%, 11/15/28		400		370,084
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 3.00%, 1/1/40		1,750		1,918,367
New York City Industrial Development Agency, NY, (Yankee Stadium):
(AGC), 0.00%, 3/1/34		3,500		2,745,295
(AGM), 3.00%, 3/1/38		1,555		1,717,078
			$	32,100,572

9 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 1.9%
Illinois Sports Facilities Authority:
(AMBAC), 0.00%, 6/15/25	$	750	$	725,340
(AMBAC), 0.00%, 6/15/26		2,380		2,264,641
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, 10/1/39		14,500		21,280,925
Tolomato Community Development District, FL:
(AGM), 3.75%, 5/1/39		2,515		2,829,450
(AGM), 3.75%, 5/1/40		3,005		3,375,577
			$	30,475,933
Insured – Transportation — 1.4%
Chicago, IL, (O’Hare International Airport):
(AGM), 5.25%, 1/1/32	$	1,500	$	1,604,385
(AGM), 5.25%, 1/1/33		650		694,753
(AGM), 5.50%, 1/1/43		1,355		1,451,056
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37		6,665		3,556,977
Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, (0.00% until 1/15/24), 1/15/32		1,955		2,365,491
Ohio, (Portsmouth Gateway Group, LLC):
(AGM), (AMT), 5.00%, 12/31/27		1,150		1,333,989
(AGM), (AMT), 5.00%, 12/31/28		1,600		1,851,296
Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30		9,440		8,237,910
			$	21,095,857
Insured – Water and Sewer — 0.5%
Jefferson County, AL, Sewer Revenue:
(AGM), 0.00%, 10/1/27	$	2,155	$	1,747,942
(AGM), 0.00%, 10/1/28		3,965		3,011,140
(AGM), 0.00%, 10/1/29		3,035		2,152,817
(AGM), 0.00%, 10/1/30		2,580		1,705,199
			$	8,617,098
Lease Revenue / Certificates of Participation — 1.6%
Charleston Educational Excellence Financing Corp., SC, (Charleston County School District), Prerefunded to 12/1/23, 5.00%, 12/1/29(5)	$	10,875	$	12,100,069
Hudson Yards Infrastructure Corp., NY, 5.75%, 2/15/47		805		808,308
New Jersey Economic Development Authority, (School Facilities Construction):
5.00%, 6/15/43		1,530		1,904,942
5.00%, 6/15/44		8,290		10,405,111
			$	25,218,430

Security	Principal Amount (000’s omitted)		Value
Nursing Home — 0.0%(2)
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	405	$	412,116
			$	412,116
Other Revenue — 1.9%
Build NYC Resource Corp., NY, (YMCA of Greater New York):
4.00%, 8/1/31	$	650	$	742,911
4.00%, 8/1/36		875		1,000,073
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(7)		6,250		1,125,000
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(1)		1,260		1,520,089
Metropolitan Pier and Exposition Authority, IL, (McCormick Place), 4.00%, 12/15/47(4)		4,060		4,678,703
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1)		2,040		2,453,916
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/37(5)		10,000		11,546,800
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37		5,105		7,297,342
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 4.00%, 6/1/30		700		788,403
			$	31,153,237
Senior Living / Life Care — 10.6%
Albemarle County Economic Development Authority, VA, (Westminster-Canterbury of the Blue Ridge), 5.00%, 1/1/42	$	1,350	$	1,401,057
Atlantic Beach, FL, (Fleet Landing):
5.00%, 11/15/37		7,945		8,529,514
5.00%, 11/15/38		1,000		1,162,280
California Public Finance Authority, (Enso Village), Green Bonds:
3.125%, 5/15/29(1)		360		367,610
5.00%, 11/15/36(1)		375		452,411
5.00%, 11/15/51(1)		500		585,895
Centerville, OH, (Graceworks Lutheran Services):
5.25%, 11/1/37		3,250		3,693,137
5.25%, 11/1/47		3,190		3,574,554
Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 5.00%, 5/15/48		425		467,105
Clackamas County Hospital Facility Authority, OR, (Rose Villa):
5.25%, 11/15/50		250		279,313
5.375%, 11/15/55		300		336,030
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 5.00%, 1/1/38		1,210		1,385,728
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/37		750		886,065

10 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46(1)	$	1,000	$	1,125,100
District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32		1,600		1,750,512
Florida Development Finance Corp. (The Glenridge on Palmer Ranch), 5.00%, 6/1/51		2,000		2,322,640
Florida Development Finance Corp., (Mayflower Retirement Community):
4.00%, 6/1/36(1)(4)		1,110		1,291,640
4.00%, 6/1/41(1)(4)		655		753,722
4.00%, 6/1/46(1)(4)		1,145		1,301,304
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/38		1,000		1,100,890
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/38		125		138,258
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.):
5.75%, 1/1/28		415		442,668
6.375%, 1/1/33		655		700,359
Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.):
5.125%, 11/15/32		525		552,022
5.25%, 11/15/37		480		504,274
Howard County, MD, (Vantage House), 5.00%, 4/1/36		1,725		1,858,584
Illinois Finance Authority, (Plymouth Place, Inc.):
5.00%, 5/15/37		1,000		1,170,890
5.00%, 5/15/41		400		481,964
Indiana Finance Authority, (Marquette), Prerefunded to 3/1/22, 5.00%, 3/1/39		1,000		1,028,050
Iowa Finance Authority, (Lifespace Communities, Inc.):
4.125%, 5/15/38		1,500		1,696,860
5.00%, 5/15/43		3,250		3,803,117
5.00%, 5/15/55		2,095		2,460,494
Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37		2,500		2,850,700
Massachusetts Development Finance Agency, (Linden Ponds, Inc.):
5.00%, 11/15/33(1)		1,550		1,762,567
5.00%, 11/15/38(1)		1,010		1,137,836
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.):
5.00%, 10/1/37(1)		1,000		1,097,840
5.00%, 10/1/47(1)		1,280		1,401,882
5.00%, 10/1/57(1)		2,410		2,636,468
Massachusetts Development Finance Agency, (Orchard Cove, Inc.), 5.00%, 10/1/39		370		420,694

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/30	$	25	$	19,500
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40		1,300		1,441,219
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/48		9,045		9,912,958
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront):
5.125%, 10/1/34		2,500		2,734,875
5.40%, 10/1/44		1,770		1,927,264
National Finance Authority, NH, (The Vista):
5.25%, 7/1/39(1)		585		623,154
5.625%, 7/1/46(1)		555		594,033
5.75%, 7/1/54(1)		1,745		1,870,256
New Hampshire Health and Education Facilities Authority, (Kendal at Hanover):
5.00%, 10/1/40		815		952,164
5.00%, 10/1/46		1,000		1,159,690
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/37		6,320		6,894,109
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29		1,285		1,399,172
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge):
4.00%, 1/1/25		1,600		1,600,512
4.375%, 1/1/39		1,250		1,329,487
5.00%, 1/1/49		6,000		6,432,720
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37		1,675		1,973,954
North Carolina Medical Care Commission, (Pennybyrn at Maryfield), 5.00%, 10/1/45		1,000		1,140,950
North Carolina Medical Care Commission, (The Forest at Duke), 4.00%, 9/1/51		1,600		1,862,336
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/53		2,485		2,925,417
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton):
7.25%, 6/1/34		75		79,832
7.25%, 6/1/39		1,190		1,265,422
7.50%, 6/1/49		6,855		7,295,776
Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion), 5.00%, 6/1/55		6,800		7,423,152
Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/30(1)		770		846,353
South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25(1)(4)		335		334,994

11 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/30	$	1,945	$	2,164,863
St. Johns County Industrial Development Authority, FL, (Vicar’s Landing):
4.00%, 12/15/46		500		558,260
4.00%, 12/15/50		500		556,995
St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis), 5.00%, 9/1/38		1,250		1,428,025
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks):
6.625%, 11/15/41		725		865,128
6.75%, 11/15/51		3,250		3,862,170
6.875%, 11/15/55		200		238,560
Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace):
5.00%, 10/1/34		2,130		2,374,652
5.00%, 10/1/44		5,410		5,974,642
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe):
6.00%, 12/1/32		450		454,932
6.25%, 12/1/42		1,380		1,394,366
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.125%, 10/1/52(1)		3,350		3,737,025
Tompkins County Development Corp., NY, (Kendal at Ithaca, Inc.):
4.25%, 7/1/32		1,270		1,305,560
4.50%, 7/1/42		1,270		1,304,328
Warren County, OH, (Otterbein Homes Obligated Group):
5.00%, 7/1/39		1,975		2,170,288
5.50%, 7/1/39		500		537,390
Washington Housing Finance Commission, (Bayview Manor Homes):
5.00%, 7/1/36(1)		1,500		1,645,020
5.00%, 7/1/46(1)		1,250		1,360,437
Washington Housing Finance Commission, (Horizon House):
5.00%, 1/1/43(1)		4,000		4,636,560
5.00%, 1/1/48(1)		4,815		5,561,132
Washington Housing Finance Commission, (Transforming Age):
5.00%, 1/1/44(1)		1,385		1,584,315
5.00%, 1/1/49(1)		695		792,571
Wayzata, MN, (Folkestone Senior Living Community):
4.00%, 8/1/38		175		185,672
4.00%, 8/1/39		125		132,473
4.00%, 8/1/44		815		859,352

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home):
4.00%, 11/15/36	$	365	$	432,788
4.00%, 11/15/41		370		434,506
Westchester County Local Development Corp., NY, (Kendal on Hudson), 5.00%, 1/1/34		2,630		2,770,153
			$	172,273,496
Special Tax Revenue — 3.1%
Aliso Viejo Community Facilities District No. 2005-01, CA, (Glenwood at Aliso Viejo), 5.00%, 9/1/38	$	6,985	$	7,630,973
Irvine Community Facilities District No. 2013-3, CA, (Great Park), 5.00%, 9/1/39		2,000		2,241,560
Jurupa Public Financing Authority, CA, 5.00%, 9/1/33		600		680,796
Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South), 5.00%, 5/1/36		4,455		4,921,305
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50		585		676,693
Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development Project), 5.125%, 6/1/36(1)		900		1,045,575
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29		4,460		4,802,171
New River Community Development District, FL, (Capital Improvements):
5.00%, 5/1/13(7)		1,005		10
5.75%, 5/1/38		1,150		1,160,937
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/37(5)		10,000		11,565,200
Reno, NV, Sales Tax Revenue, 4.00%, 6/1/43		1,250		1,357,287
River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36		2,320		2,334,106
South Orange County Public Financing Authority, CA, (Ladera Ranch):
5.00%, 8/15/31		1,500		1,537,320
5.00%, 8/15/33		1,000		1,025,020
5.00%, 8/15/34		450		461,223
South Village Community Development District, FL:
3.50%, 5/1/32		790		847,014
3.625%, 5/1/35		490		525,995
3.75%, 5/1/38		1,015		1,090,090
4.875%, 5/1/35		500		548,965
5.00%, 5/1/38		100		110,619
Southern Hills Plantation I Community Development District, FL:
Series A1, 5.80%, 5/1/35		1,083		1,082,565
Series A2, 5.80%, 5/1/35		795		652,067
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35		560		554,876

12 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Winter Garden Village at Fowler Groves Community Development District, FL, 4.125%, 5/1/37	$	3,405	$	3,713,084
			$	50,565,451
Student Loan — 0.4%
New Jersey Higher Education Student Assistance Authority:
(AMT), 4.00%, 12/1/30	$	2,785	$	2,964,243
(AMT), 4.75%, 12/1/43		2,765		2,863,240
			$	5,827,483
Transportation — 28.8%
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/41	$	2,000	$	2,412,680
Broward County, FL, Airport System Revenue, (AMT), 5.00%, 10/1/49		10,000		12,552,500
California Municipal Finance Authority, (LINXS Automated People Mover):
(AMT), 5.00%, 12/31/36		1,740		2,162,072
(AMT), 5.00%, 12/31/37		760		942,218
Central Texas Regional Mobility Authority:
4.00%, 1/1/51		4,250		5,029,237
5.00%, 1/1/35		1,100		1,275,835
5.00%, 1/1/46		6,400		8,275,392
Series 2016, 5.00%, 1/1/40		2,375		2,788,440
Chesapeake Bay Bridge and Tunnel Commission, VA, 5.00%, 7/1/46		4,000		4,777,840
Chicago, IL, (O’Hare International Airport):
4.00%, 1/1/35		7,500		9,030,975
5.00%, 1/1/35		2,500		2,966,500
5.00%, 1/1/38		5,000		5,919,600
(AMT), 4.375%, 1/1/40		2,500		2,775,150
(AMT), 5.00%, 1/1/25		2,555		2,720,053
(AMT), 5.00%, 1/1/26		2,170		2,310,182
(AMT), 5.00%, 7/1/33		500		619,215
(AMT), 5.00%, 7/1/38		1,500		1,814,610
Colorado High Performance Transportation Enterprise, (U.S. 36 and I-25 Managed Lanes), (AMT), 5.75%, 1/1/44		2,500		2,689,100
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport):
4.00%, 11/1/34		8,995		11,198,415
4.00%, 11/1/35		3,505		4,354,927
(AMT), 5.25%, 11/1/29		7,000		7,730,870
Eagle County Air Terminal Corp., CO:
(AMT), 5.00%, 5/1/37		1,000		1,184,500
(AMT), 5.00%, 5/1/41		4,940		5,807,069

Security		Principal Amount (000’s omitted)		Value
Transportation (continued)
Florida Development Finance Corp., (Brightline Florida Passenger Rail), Green Bonds, (AMT), 7.375%, 1/1/49(1)		$	8,840	$	9,767,846
Foothill/Eastern Transportation Corridor Agency, CA, 4.00%, 1/15/46			10,000		11,981,800
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43			3,025		3,215,212
Houston, TX, Airport System Revenue:
(AMT), 4.00%, 7/1/46			5,000		5,945,000
(AMT), 4.00%, 7/1/48			5,500		6,528,170
Illinois Toll Highway Authority:
4.00%, 1/1/44(5)			13,050		15,382,165
5.00%, 1/1/40(5)			15,000		17,665,050
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/46			6,000		7,407,480
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project):
0.00%, 7/1/28	��		2,690		1,920,848
0.00%, 7/1/29			1,135		950,460
0.00%, 7/1/30			500		389,265
0.00%, 7/1/31			1,150		831,726
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35			450		552,636
Maryland Transportation Authority, 4.00%, 7/1/50			12,760		15,285,459
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/43			7,500		9,172,575
Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55			11,500		14,517,600
Metropolitan Washington Airports Authority, D.C.:
(AMT), 4.00%, 10/1/37			450		555,525
(AMT), 4.00%, 10/1/38			565		695,685
(AMT), 4.00%, 10/1/39			680		835,013
(AMT), 4.00%, 10/1/41			450		549,851
(AMT), 4.00%, 10/1/51			2,485		2,983,789
Mid-Bay Bridge Authority, FL:
5.00%, 10/1/30			2,050		2,370,559
5.00%, 10/1/35			5,000		5,743,550
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34			5,000		5,576,550
New Jersey Transportation Trust Fund Authority, 4.00%, 6/15/41(4)			3,000		3,458,550
New Jersey Transportation Trust Fund Authority, (Transportation Program):
3.00%, 6/15/50			3,575		3,785,496
4.00%, 6/15/45			3,000		3,555,000
5.00%, 6/15/44			3,200		3,976,736
5.25%, 6/15/43			960		1,211,942
New Jersey Turnpike Authority:
4.00%, 1/1/51			13,735		16,436,537
5.00%, 1/1/48(5)			5,000		6,247,050

13 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New Orleans Aviation Board, LA, (North Terminal Project):
(AMT), 5.00%, 1/1/35	$	2,000	$	2,284,980
(AMT), 5.00%, 1/1/43		1,500		1,788,150
New York Thruway Authority, 4.00%, 1/1/50		7,770		9,140,317
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment):
(AMT), 5.00%, 7/1/41		1,705		1,919,983
(AMT), 5.00%, 7/1/46		7,730		8,695,941
(AMT), 5.25%, 1/1/50		7,520		8,518,882
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):
4.00%, 12/1/39		2,130		2,570,356
4.00%, 12/1/41		2,275		2,732,730
(AMT), 4.00%, 12/1/38		2,050		2,456,454
(AMT), 4.00%, 12/1/39		300		358,581
(AMT), 4.00%, 12/1/41		300		356,934
(AMT), 4.00%, 12/1/42		650		771,271
Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/28		470		525,399
North East Texas Regional Mobility Authority, 5.00%, 1/1/41		5,250		6,004,267
North Texas Tollway Authority:
4.00%, 1/1/41		2,295		2,769,445
Prerefunded to 9/1/21, 5.50%, 9/1/41(5)		10,000		10,041,700
Osceola County, FL, (Osceola Parkway):
5.00%, 10/1/44		2,000		2,533,940
5.00%, 10/1/49		2,500		3,148,075
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41		5,495		5,770,904
Port Authority of New York and New Jersey:
(AMT), 4.00%, 9/1/33(5)		12,080		13,334,870
(AMT), 4.00%, 9/15/43		3,640		4,215,921
(AMT), 4.50%, 4/1/37(5)		10,000		10,264,100
(AMT), 5.00%, 10/15/35		4,050		4,901,148
Port Freeport, TX, (AMT), 4.00%, 6/1/51(4)		1,500		1,734,105
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/44		10,000		11,317,700
South Jersey Port Corp., NJ:
(AMT), 5.00%, 1/1/42		2,500		3,007,050
(AMT), 5.00%, 1/1/48		5,500		6,574,095
South Jersey Transportation Authority, 5.00%, 11/1/32		2,250		2,533,298
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project):
4.00%, 12/31/37		315		373,650
4.00%, 12/31/38		585		692,400
4.00%, 12/31/39		305		360,165
5.00%, 12/31/35		375		481,275

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58	$	16,865	$	20,973,314
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42		16,430		18,275,746
Texas Transportation Commission, (State Highway System):
0.00%, 8/1/36		550		337,381
0.00%, 8/1/46		2,500		884,475
Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/52		2,500		3,016,450
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport):
5.00%, 12/1/37		2,500		3,378,950
5.00%, 12/1/39		1,830		2,460,472
5.00%, 12/1/41		1,000		1,336,820
West Virginia Parkways Authority, 4.00%, 6/1/51		3,000		3,602,040
			$	467,276,239
Water and Sewer — 1.1%
Great Lakes Water Authority, MI, 5.00%, 7/1/49	$	1,000	$	1,279,910
Indiana Finance Authority, (CWA Authority), 3.00%, 10/1/38		5,205		5,858,280
Metropolitan St. Louis Sewer District, MO, 5.00%, 5/1/38		4,135		5,450,509
Miami-Dade County, FL, Water and Sewer System Revenue, 4.00%, 10/1/44		2,250		2,712,082
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33		1,905		2,156,479
			$	17,457,260
Total Tax-Exempt Municipal Obligations — 95.1% (identified cost $1,407,002,914)			$	1,540,128,153
Taxable Municipal Obligations — 5.2%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(2)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(3)	$	196	$	52,563
			$	52,563
Education — 0.1%
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 3.15%, 4/1/37(4)	$	1,750	$	1,773,048
			$	1,773,048

14 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded — 1.3%
Chicago, IL, Prerefunded to 1/1/25, 7.75%, 1/1/42	$	10,316	$	12,818,352
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), Prerefunded to 8/1/22, 5.50%, 8/1/44		7,335		7,695,369
			$	20,513,721
General Obligations — 1.0%
Atlantic City, NJ, 7.50%, 3/1/40	$	5,440	$	7,685,523
Chicago Board of Education, IL, 5.182%, 12/1/21(8)		325		329,410
Chicago, IL, 7.75%, 1/1/42		4,356		5,007,396
Detroit, MI:
3.11%, 4/1/28		830		847,970
3.344%, 4/1/30		125		128,095
3.644%, 4/1/34		500		519,070
Portsmouth, VA:
2.40%, 7/15/39		1,175		1,217,617
2.50%, 7/15/40		1,195		1,237,590
			$	16,972,671
Hospital — 1.3%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	12,750	$	14,632,282
Middleburg Heights, OH, (Southwest General Health Center), 4.074%, 8/1/47		6,000		6,264,720
			$	20,897,002
Insured – General Obligations — 0.4%
Addison Fire Protection District No. 1, IL, (BAM), 2.802%, 12/30/39	$	260	$	263,196
Detroit, MI, (AMBAC), 5.15%, 4/1/25		6,229		6,232,013
			$	6,495,209
Special Tax Revenue — 0.5%
American Samoa Economic Development Authority:
2.47%, 9/1/24(1)	$	525	$	529,478
3.72%, 9/1/27(1)		1,400		1,425,634
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands):
4.80%, 3/1/36		2,800		2,851,632
5.25%, 3/1/31		2,905		2,993,806
			$	7,800,550

Security	Principal Amount (000’s omitted)		Value
Transportation — 0.5%
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(8)	$	7,375	$	8,992,116
			$	8,992,116
Water and Sewer — 0.1%
Great Lakes Water Authority, MI, 3.473%, 7/1/41	$	1,000	$	1,089,909
			$	1,089,909
Total Taxable Municipal Obligations — 5.2% (identified cost $75,208,855)			$	84,586,789
Total Investments — 103.1% (identified cost $1,522,896,449)			$	1,670,018,700
Other Assets, Less Liabilities — (3.1)%			$	(49,607,247	)
Net Assets — 100.0%			$	1,620,411,453

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

At July 31, 2021, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Texas	14.7%
New York	12.5%
Illinois	11.6%
Others, representing less than 10% individually	64.3%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2021, 7.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.2% to 3.2% of total investments.

⁽¹⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2021, the aggregate value of these securities is $156,866,067 or 9.7% of the Fund’s net assets.

⁽²⁾  Amount is less than 0.05%.

⁽³⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽⁴⁾  When-issued security.

⁽⁵⁾  Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽⁶⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at July 31, 2021.

15 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

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

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

Futures Contracts
Description	Number of Contracts			Position	Expiration Date	Notional Amount			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
U.S. 10-Year Treasury Note		(175	)	Short	9/21/21	$	(23,529,297	)	$	(402,414	)
U.S. Long Treasury Bond		(112	)	Short	9/21/21		(18,448,500	)		(830,586	)
									$	(1,233,000	)

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

16 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2021
Unaffiliated investments, at value (identified cost, $1,522,896,449)	$	1,670,018,700
Cash		57,968,920
Deposits for derivatives collateral — financial futures contracts		658,933
Interest receivable		15,291,899
Receivable for investments sold		160,000
Receivable for Fund shares sold		1,687,234
Total assets	$	1,745,785,686
Liabilities
Payable for floating rate notes issued	$	83,072,008
Payable for investments purchased		241,139
Payable for when-issued securities		35,648,080
Payable for variation margin on open financial futures contracts		104,015
Payable for Fund shares redeemed		4,505,087
Distributions payable		626,005
Payable to affiliates:
Investment adviser fee		535,349
Distribution and service fees		167,770
Interest expense and fees payable		115,879
Accrued expenses		358,901
Total liabilities	$	125,374,233
Net Assets	$	1,620,411,453
Sources of Net Assets
Paid-in capital	$	1,523,874,633
Distributable earnings		96,536,820
Net Assets	$	1,620,411,453
Class A Shares
Net Assets	$	423,374,628
Shares Outstanding		44,694,501
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.47
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.94
Class C Shares
Net Assets	$	91,201,911
Shares Outstanding		10,410,088
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	8.76
Class I Shares
Net Assets	$	1,105,834,914
Shares Outstanding		116,620,753
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.48

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

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

17 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2021
Interest	$	29,098,280
Total investment income	$	29,098,280
Expenses
Investment adviser fee	$	3,037,091
Distribution and service fees
Class A		515,503
Class C		468,500
Trustees’ fees and expenses		37,705
Custodian fee		168,365
Transfer and dividend disbursing agent fees		229,359
Legal and accounting services		52,603
Printing and postage		21,085
Registration fees		63,837
Interest expense and fees		267,513
Miscellaneous		71,079
Total expenses	$	4,932,640
Net investment income	$	24,165,640
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,617,743
Financial futures contracts		2,350,590
Net realized gain	$	3,968,333
Change in unrealized appreciation (depreciation) —
Investments	$	17,478,906
Financial futures contracts		(2,149,861	)
Net change in unrealized appreciation (depreciation)	$	15,329,045
Net realized and unrealized gain	$	19,297,378
Net increase in net assets from operations	$	43,463,018

18 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
From operations —
Net investment income	$	24,165,640		$	47,012,555
Net realized gain (loss)		3,968,333			(3,382,654	)
Net change in unrealized appreciation (depreciation)		15,329,045			4,625,353
Net increase in net assets from operations	$	43,463,018		$	48,255,254
Distributions to shareholders —
Class A	$	(6,352,500	)	$	(13,637,583	)
Class C		(1,092,602	)		(3,120,416	)
Class I		(16,978,182	)		(31,974,184	)
Total distributions to shareholders	$	(24,423,284	)	$	(48,732,183	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	30,107,472		$	99,586,256
Class C		6,098,215			15,591,373
Class I		230,905,041			573,167,384
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		5,050,415			10,952,220
Class C		978,718			2,656,219
Class I		14,970,104			28,139,176
Cost of shares redeemed
Class A		(39,052,936	)		(133,457,451	)
Class C		(11,670,603	)		(42,512,625	)
Class I		(147,872,092	)		(486,792,790	)
Net asset value of shares converted
Class A		3,022,895			15,497,871
Class C		(3,022,895	)		(15,497,871	)
Net increase in net assets from Fund share transactions	$	89,514,334		$	67,329,762
Net increase in net assets	$	108,554,068		$	66,852,833
Net Assets
At beginning of period	$	1,511,857,385		$	1,445,004,552
At end of period	$	1,620,411,453		$	1,511,857,385

19 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Financial Highlights

	Class A
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	9.360		$	9.380		$	8.830		$	8.880		$	8.650		$	8.970
Income (Loss) From Operations
Net investment income(1)	$	0.141		$	0.303		$	0.327		$	0.345		$	0.337		$	0.345
Net realized and unrealized gain (loss)		0.112			(0.008	)(2)		0.590			(0.059	)		0.229			(0.315	)
Total income from operations	$	0.253		$	0.295		$	0.917		$	0.286		$	0.566		$	0.030
Less Distributions
From net investment income	$	(0.143	)	$	(0.315	)	$	(0.367	)	$	(0.336	)	$	(0.336	)	$	(0.350	)
Total distributions	$	(0.143	)	$	(0.315	)	$	(0.367	)	$	(0.336	)	$	(0.336	)	$	(0.350	)
Net asset value — End of period	$	9.470		$	9.360		$	9.380		$	8.830		$	8.880		$	8.650
Total Return(3)		2.73	%(4)		3.31	%		10.55	%		3.29	%		6.63	%		0.25	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	423,375		$	419,256		$	427,334		$	350,923		$	344,822		$	374,661
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.73	%(5)		0.76	%		0.76	%		0.79	%		0.78	%		0.79	%
Interest and fee expense(6)		0.04	%(5)		0.06	%		0.13	%		0.17	%		0.14	%		0.10	%
Total expenses		0.77	%(5)		0.82	%		0.89	%		0.96	%		0.92	%		0.89	%
Net investment income		3.05	%(5)		3.35	%		3.57	%		3.92	%		3.81	%		3.83	%
Portfolio Turnover		8	%(4)		54	%		23	%		32	%		21	%		35	%

⁽¹⁾  Computed using average shares outstanding.

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

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

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

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

20 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Financial Highlights — continued

	Class C
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	8.660		$	8.680		$	8.170		$	8.210		$	8.010		$	8.300
Income (Loss) From Operations
Net investment income(1)	$	0.099		$	0.219		$	0.239		$	0.252		$	0.251		$	0.256
Net realized and unrealized gain (loss)		0.101			(0.011	)(2)		0.551			(0.042	)		0.199			(0.285	)
Total income (loss) from operations	$	0.200		$	0.208		$	0.790		$	0.210		$	0.450		$	(0.029	)
Less Distributions
From net investment income	$	(0.100	)	$	(0.228	)	$	(0.280	)	$	(0.250	)	$	(0.250	)	$	(0.261	)
Total distributions	$	(0.100	)	$	(0.228	)	$	(0.280	)	$	(0.250	)	$	(0.250	)	$	(0.261	)
Net asset value — End of period	$	8.760		$	8.660		$	8.680		$	8.170		$	8.210		$	8.010
Total Return(3)		2.33	%(4)		2.52	%		9.80	%		2.60	%		5.67	%		(0.42	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	91,202		$	97,724		$	139,608		$	126,049		$	173,844		$	191,619
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.48	%(5)		1.51	%		1.51	%		1.54	%		1.53	%		1.54	%
Interest and fee expense(6)		0.04	%(5)		0.06	%		0.13	%		0.17	%		0.14	%		0.10	%
Total expenses		1.52	%(5)		1.57	%		1.64	%		1.71	%		1.67	%		1.64	%
Net investment income		2.30	%(5)		2.63	%		2.82	%		3.10	%		3.06	%		3.07	%
Portfolio Turnover		8	%(4)		54	%		23	%		32	%		21	%		35	%

⁽¹⁾  Computed using average shares outstanding.

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

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

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

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

21 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Financial Highlights — continued

	Class I
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	9.370		$	9.390		$	8.840		$	8.880		$	8.660		$	8.980
Income (Loss) From Operations
Net investment income(1)	$	0.153		$	0.326		$	0.349		$	0.364		$	0.359		$	0.367
Net realized and unrealized gain (loss)		0.112			(0.009	)(2)		0.590			(0.046	)		0.220			(0.314	)
Total income from operations	$	0.265		$	0.317		$	0.939		$	0.318		$	0.579		$	0.053
Less Distributions
From net investment income	$	(0.155	)	$	(0.337	)	$	(0.389	)	$	(0.358	)	$	(0.359	)	$	(0.373	)
Total distributions	$	(0.155	)	$	(0.337	)	$	(0.389	)	$	(0.358	)	$	(0.359	)	$	(0.373	)
Net asset value — End of period	$	9.480		$	9.370		$	9.390		$	8.840		$	8.880		$	8.660
Total Return(3)		2.86	%(4)		3.57	%		10.81	%		3.67	%		6.77	%		0.51	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,105,835		$	994,877		$	878,062		$	656,830		$	682,157		$	542,623
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.48	%(5)		0.51	%		0.51	%		0.54	%		0.53	%		0.54	%
Interest and fee expense(6)		0.04	%(5)		0.06	%		0.13	%		0.17	%		0.14	%		0.10	%
Total expenses		0.52	%(5)		0.57	%		0.64	%		0.71	%		0.67	%		0.64	%
Net investment income		3.29	%(5)		3.59	%		3.81	%		4.13	%		4.04	%		4.06	%
Portfolio Turnover		8	%(4)		54	%		23	%		32	%		21	%		35	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

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

22 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

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, 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, 2021, 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.

23

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

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, 2021. 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, 2021, the amount of the Fund’s Floating Rate Notes outstanding and the related collateral were $83,072,008 and $126,734,904, respectively. The range of interest rates on the Floating Rate Notes outstanding at July 31, 2021 was 0.05% to 0.17%. For the six months ended July 31, 2021, the Fund’s average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were $82,750,000 and 0.65%, 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, 2021.

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

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

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

24

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

J  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The 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. Securities purchased on a delayed delivery or when-issued basis are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

K  Interim Financial Statements — The interim financial statements relating to July 31, 2021 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, 2021, the Fund, for federal income tax purposes, had deferred capital losses of $52,448,792 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, 2021, $14,778,866 are short-term and $37,669,926 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at July 31, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,439,812,863
Gross unrealized appreciation	$	153,231,400
Gross unrealized depreciation		(7,330,571	)
Net unrealized appreciation	$	145,900,829

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR) as compensation for investment advisory services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and BMR became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement (the “New Agreement”) with BMR, which took effect on March 1, 2021. The Fund’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Fund’s investment advisory agreement and related fee reduction agreement with BMR in effect prior to March 1, 2021), the fee is based upon a percentage of total daily net assets plus a percentage of total daily gross income (i.e., income other than gains from the sale of securities) as follows and is payable monthly:

Total Daily Net Assets	Annual Asset Rate			Total Daily Net Assets	Daily Income Rate
up to $500 million		0.3150	%	up to $500 million		3.1500	%
$500 million but less than $750 million		0.2925	%	$500 million but less than $1 billion		2.9250	%
$750 million but less than $1.5 billion		0.2700	%	$1 billion but less than $1.5 billion		2.7000	%
$1.5 billion but less than $2 billion		0.2475	%	$1.5 billion but less than $2 billion		2.4750	%
$2 billion but less than $3 billion		0.2250	%	$2 billion but less than $3 billion		2.2500	%
$3 billion and over		0.2025	%	$3 billion and over		2.0250	%

25

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

For the six months ended July 31, 2021, the investment adviser fee amounted to $3,037,091 or 0.40% (annualized) of the Fund’s average daily net assets.

Eaton Vance Management (EVM), an affiliate of BMR and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley, serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2021, EVM earned $9,883 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 $20,044 as its portion of the sales charge on sales of Class A shares for the six months ended July 31, 2021. Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of BMR, EVM and EVD, also received a portion of the sales charge on sales of Class A shares from March 1, 2021 through July 31, 2021 in the amount of $13,251. 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, 2021, 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, 2021 amounted to $515,503 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, 2021, the Fund paid or accrued to EVD $351,375 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, 2021 amounted to $117,125 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, 2021, the Fund was informed that EVD received approximately $9,000 and $1,000 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 $286,289,328 and $130,485,751, respectively, for the six months ended July 31, 2021.

26

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

Class A	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		3,212,761			11,089,108
Issued to shareholders electing to receive payments of distributions in Fund shares		540,715			1,209,516
Redemptions		(4,179,301	)		(14,758,398	)
Converted from Class C shares		323,533			1,708,340
Net decrease		(102,292	)		(751,434	)
Class C	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		704,214			1,853,527
Issued to shareholders electing to receive payments of distributions in Fund shares		113,335			317,612
Redemptions		(1,347,608	)		(5,122,910	)
Converted to Class A shares		(349,851	)		(1,847,173	)
Net decrease		(879,910	)		(4,798,944	)
Class I	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		24,654,297			63,578,798
Issued to shareholders electing to receive payments of distributions in Fund shares		1,600,983			3,101,533
Redemptions		(15,826,816	)		(53,992,591	)
Net increase		10,428,464			12,687,740

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 26, 2021. 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. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. 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, 2021.

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, 2021 is included in the Portfolio of Investments. At July 31, 2021, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

27

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at July 31, 2021 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative(1)
Futures Contracts	$	—	$	(1,233,000	)

⁽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, 2021 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Futures Contracts	$	2,350,590	$	(2,149,861	)

⁽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, 2021, which is indicative of the volume of this derivative type, was approximately $41,398,000.

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, 2021, 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
Corporate Bonds	$	—		$	45,303,758	$	—	$	45,303,758
Tax-Exempt Municipal Obligations		—			1,540,128,153		—		1,540,128,153
Taxable Municipal Obligations		—			84,586,789		—		84,586,789
Total Investments	$	—		$	1,670,018,700	$	—	$	1,670,018,700
Liability Description
Futures Contracts	$	(1,233,000	)	$	—	$	—	$	(1,233,000	)
Total	$	(1,233,000	)	$	—	$	—	$	(1,233,000	)

28

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

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 late 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, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

29

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance High Yield Municipal Income Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 in order to approve a new investment advisory agreement with Boston Management and Research to serve as the Fund’s investment adviser (the “Proposal”). The shareholder meeting results are as follows:

Number of Shares(1)
For	Against		Abstain(2)		Broker Non-Votes(2)
84,319,526.162		921,167.804		3,070,441.827		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.

30

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

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 on June 8, 2021, 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 January 1, 2020 through December 31, 2020 (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.

31

Eaton Vance

High Yield Municipal Income Fund

July 31, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President and Chief Legal Officer

James F. Kirchner

Treasurer

Kimberly M. Roessiger

Secretary

Richard F. Froio

Chief Compliance Officer

Trustees

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

32

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎    investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

33

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎    buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎    sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

34

Eaton Vance Funds

IMPORTANT NOTICES

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

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

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

35

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

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    7.31.21

Parametric

TABS Municipal Bond Funds

Semiannual Report

July 31, 2021

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of each Fund. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, the Funds’ adviser and Parametric Portfolio Associates LLC (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, 2021

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
Joint Special Meeting of Shareholders	33
Liquidity Risk Management Program	34
Officers and Trustees	35
Privacy Notice	36
Important Notices	38

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2021

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		0.19	%		0.91	%		1.91	%		1.95	%
Class A with 2.25% Maximum Sales Charge		—		—		–2.07			–1.33			1.44			1.72
Class C at NAV		03/27/2009		12/31/1998		–0.19			0.19			1.17			1.19
Class C with 1% Maximum Sales Charge		—		—		–1.18			–0.79			1.17			1.19
Class I at NAV		03/27/2009		12/31/1998		0.31			1.16			2.17			2.19
Bloomberg Municipal Managed Money 1–7 Year Bond Index		—		—		0.19	%		0.75	%		2.01	%		2.18	%
Bloomberg 5 Year Municipal Bond Index		—		—		0.49			1.72			2.43			2.68
% After-Tax Returns with Maximum Sales Charge			Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
Class A After Taxes on Distributions				03/27/2009		12/31/1998			–1.94	%		1.27	%		1.55	%
Class A After Taxes on Distributions and Sale of Fund Shares				—		—			–0.34			1.31			1.54
Class C After Taxes on Distributions				03/27/2009		12/31/1998			–1.39			1.01			1.03
Class C After Taxes on Distributions and Sale of Fund Shares				—		—			–0.21			0.97			0.99
Class I After Taxes on Distributions				03/27/2009		12/31/1998			0.54			1.99			2.02
Class I After Taxes on Distributions and Sale of Fund Shares				—		—			1.24			1.94			1.97
% 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	%		0.79	%
SEC 30-day Yield									–0.20			–0.94			0.04

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, 2021

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		0.46	%		1.77	%		2.54	%		3.70	%
Class A with 4.75% Maximum Sales Charge		—		—		–4.30			–3.04			1.55			3.19
Class C at NAV		02/01/2010		02/01/2010		0.08			1.01			1.77			2.92
Class C with 1% Maximum Sales Charge		—		—		–0.92			0.01			1.77			2.92
Class I at NAV		02/01/2010		02/01/2010		0.58			2.10			2.79			3.97
Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index		—		—		0.61	%		1.74	%		3.04	%		3.73	%
Bloomberg 7 Year Municipal Bond Index		—		—		0.56			2.21			2.97			3.56
% 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			–3.23	%		1.48	%		3.08	%
Class A After Taxes on Distributions and Sale of Fund Shares				—		—			–1.16			1.54			2.85
Class C After Taxes on Distributions				02/01/2010		02/01/2010			–0.19			1.71			2.82
Class C After Taxes on Distributions and Sale of Fund Shares				—		—			0.37			1.59			2.50
Class I After Taxes on Distributions				02/01/2010		02/01/2010			1.89			2.72			3.86
Class I After Taxes on Distributions and Sale of Fund Shares				—		—			2.01			2.60			3.55
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									0.99	%		1.74	%		0.74	%
Net									0.90			1.65			0.65
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									0.97	%		0.22	%		1.22	%
SEC 30-day Yield - Subsidized									–0.09			–0.83			0.16
SEC 30-day Yield - Unsubsidized									–0.18			–0.93			0.05

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, 2021

Endnotes and Additional Disclosures

¹  Bloomberg 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 Municipal Managed Money Bond Index. Bloomberg 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 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 Municipal Managed Money Bond Index. Bloomberg 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 Fund changed its name and investment strategy to invest (under normal market conditions) 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.

³  Source: Fund prospectus. Net expense ratios for Parametric TABS Intermediate-Term Municipal Bond Fund reflect a contractual expense reimbursement that continues through 5/31/22. 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  For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profiles subject to change due to active management.

Important Notice to Shareholders

Effective August 24, 2021, the Bloomberg Barclays fixed income indices were be rebranded as Bloomberg indices.

4

Parametric

TABS Municipal Bond Funds

July 31, 2021

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, 2021 – July 31, 2021).

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 (2/1/21)		Ending Account Value (7/31/21)		Expenses Paid During Period* (2/1/21 – 7/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,001.90	$	3.97		0.80	%
Class C	$	1,000.00	$	998.10	$	7.68		1.55	%
Class I	$	1,000.00	$	1,003.10	$	2.73		0.55	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.80	$	4.01		0.80	%
Class C	$	1,000.00	$	1,017.10	$	7.75		1.55	%
Class I	$	1,000.00	$	1,022.10	$	2.76		0.55	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2021.

5

Parametric

TABS Municipal Bond Funds

July 31, 2021

Fund Expenses — continued

Parametric TABS Intermediate-Term Municipal Bond Fund

	Beginning Account Value (2/1/21)		Ending Account Value (7/31/21)		Expenses Paid During Period* (2/1/21 – 7/31/21)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,004.60	$	4.47	**		0.90	%
Class C	$	1,000.00	$	1,000.80	$	8.19	**		1.65	%
Class I	$	1,000.00	$	1,005.80	$	3.23	**		0.65	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.30	$	4.51	**		0.90	%
Class C	$	1,000.00	$	1,016.60	$	8.25	**		1.65	%
Class I	$	1,000.00	$	1,021.60	$	3.26	**		0.65	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect 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, 2021.

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

6

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 81.1%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.8%
Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 6/1/25	$	2,550	$	3,013,029
			$	3,013,029
Education — 8.1%
California State University, 5.00%, 11/1/24	$	2,500	$	2,890,225
Connecticut Health and Educational Facilities Authority, (Sacred Heart University):
5.00%, 7/1/25		170		198,793
5.00%, 7/1/26		15		18,094
Madison Metropolitan School District, WI, Tax and Revenue Anticipation Notes, 2.00%, 9/2/21		5,100		5,108,262
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/22		3,495		3,653,079
Southwest Higher Education Authority, Inc., TX, (Southern Methodist University), 5.00%, 10/1/23		225		247,889
University of Michigan, 4.00% to 4/1/24 (Put Date), 4/1/49		3,000		3,257,820
University of New Mexico, (SPA: U.S. Bank, N.A.), 0.02%, 6/1/30(1)		7,315		7,315,000
University of Texas:
5.00%, 8/15/24		1,000		1,145,350
Prerefunded to 8/15/22, 5.00%, 8/15/29		2,000		2,102,040
Virginia College Building Authority, (University of Richmond), (SPA: U.S. Bank, N.A.), 0.02%, 8/1/34(1)		4,050		4,050,000
			$	29,986,552
Electric Utilities — 0.4%
American Municipal Power, Inc., OH, (AMP Fremont Energy Center), Prerefunded to 2/15/22, 5.25%, 2/15/27	$	115	$	118,163
Denton, TX, Utility System Revenue, 5.00%, 12/1/26		1,000		1,233,710
			$	1,351,873
Escrowed / Prerefunded — 5.5%
Illinois Development Finance Authority, (Regency Park):
Escrowed to Maturity, 0.00%, 7/15/23	$	5,000	$	4,970,850
Escrowed to Maturity, 0.00%, 7/15/25		5,750		5,639,887
Maryland, Escrowed to Maturity, 5.00%, 3/1/22		50		51,437
Mississippi, (Capital Improvements Projects), Prerefunded to 10/1/21, 5.00%, 10/1/36		400		403,200
New York Dormitory Authority, Personal Income Tax Revenue, Escrowed to Maturity, 5.00%, 2/15/25		120		140,038
Orange County School Board, FL, Prerefunded to 8/1/22, 5.00%, 8/1/26		5,000		5,245,500

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Sales Tax Asset Receivable Corp., NY, Prerefunded to 10/15/24, 5.00%, 10/15/27	$	1,500	$	1,732,140
Utah Transit Authority, Sales Tax Revenue, Prerefunded to 6/15/22, 5.00%, 6/15/25		1,220		1,272,314
Virginia College Building Authority, (21st Century College and Equipment Programs), Prerefunded to 2/1/22, 4.00%, 2/1/25		1,000		1,019,570
			$	20,474,936
General Obligations — 27.1%
Alexandria, VA, 5.00%, 7/1/27	$	200	$	253,060
Arlington Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/22		1,260		1,293,440
Bryan Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/33		2,270		2,801,543
California, 1.60%, 12/1/29		2,030		2,087,287
Carlsbad Municipal School District, NM:
2.00%, 8/1/32		1,650		1,712,370
2.00%, 8/1/34		1,650		1,699,236
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/22		155		154,619
Cleveland Heights-University Heights City School District, OH, 0.00%, 12/1/23		150		147,999
Columbus, OH, 5.00%, 4/1/22		1,050		1,084,471
Connecticut:
3.00%, 1/15/32		1,000		1,149,780
3.00%, 6/1/32		2,250		2,596,207
3.00%, 6/1/33		2,375		2,720,800
3.00%, 6/1/35		750		852,015
3.00%, 1/15/36		3,020		3,404,929
4.00%, 6/1/34		1,000		1,253,460
Coppell Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/25		10		9,791
Crandall Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/26		195		188,532
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/22		1,355		1,390,664
Denton Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/24		3,000		2,973,570
Edina, MN, 5.00%, 2/1/30		125		157,994
El Dorado Union High School District, CA, 0.00%, 8/1/21		45		45,000
Florida Board of Education, 5.00%, 6/1/22		8,415		8,760,772
Gilbert, AZ, 4.00%, 7/1/23		10,000		10,744,100
Henrico County, VA, 5.00%, 8/1/27		200		253,404
Hutto Independent School District, TX, (PSF Guaranteed), 0.00%, 8/1/22		525		523,241

7 See Notes to Financial Statements.

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Lake Washington School District No. 414, WA, 4.00%, 12/1/21	$	1,420	$	1,438,446
Leander Independent School District, TX, (PSF Guaranteed):
0.00%, 8/15/22		700		699,069
2.50% to 8/15/21, 8/15/40(2)		300		300,000
Little Elm Independent School District, TX, (PSF Guaranteed), 0.68% to 8/15/25 (Put Date), 8/15/48		2,000		2,000,380
Massachusetts:
5.00%, 12/1/24		5,000		5,798,900
5.00%, 7/1/26		50		61,262
Meramec Valley R-III School District, MO, 3.00%, 3/1/35		30		33,125
Mercer County, NJ, 2.00%, 2/15/32		3,455		3,571,814
Miami-Dade County, FL, 5.00%, 7/1/26		1,000		1,226,870
Midland, TX, 5.00%, 3/1/29		2,165		2,821,406
Montgomery, AL, 3.00%, 2/1/22		1,685		1,709,197
Mountain View Whisman School District, CA, (Election of 2020):
4.00%, 9/1/32		10		12,582
4.00%, 9/1/33		130		162,496
Mountain View-Los Altos Union High School District, CA:
0.00%, 8/1/23		945		942,307
0.00%, 8/1/24		900		892,008
New York, NY, 5.00%, 8/1/26		1,000		1,227,970
Ohio, 5.00%, 12/15/23		1,000		1,116,030
Oregon:
1.90%, 6/1/30		950		997,823
1.95%, 12/1/30		180		189,212
Paradise Valley Unified School District No. 69, AZ, 5.00%, 7/1/22		2,080		2,174,266
Ridgefield, CT, 5.00%, 7/15/22		2,425		2,539,096
River Vale Township Board of Education, NJ:
2.00%, 6/15/32(3)		1,280		1,310,822
2.00%, 6/15/33(3)		1,300		1,322,542
Rose Tree Media School District, PA, 5.00%, 4/1/27		1,000		1,214,740
Springfield School District No. 19, OR, 5.00%, 6/15/30		855		1,004,796
St. Helens School District No. 502, OR:
0.00%, 6/15/38		1,000		689,630
5.00%, (0.00% until 6/15/22), 6/15/30		880		1,133,246
Sugar Land, TX, 5.00%, 2/15/23		1,105		1,188,549
Texas Public Finance Authority, 5.00%, 10/1/22		100		105,745
Utah, 5.00%, 7/1/22		3,915		4,092,428
Wake County, NC, 5.00%, 4/1/22		1,000		1,032,830
Wauwatosa School District, WI, 5.00%, 9/1/22		105		110,601
West Valley-Mission Community College District, CA, 5.00%, 8/1/25		300		357,537
Williamson County, TN, 5.00%, 4/1/25		3,475		4,082,360

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Wylie Independent School District, TX, (PSF Guaranteed), 2.25% to 8/15/23, 8/15/41(2)	$	4,525	$	4,613,509
			$	100,431,878
Hospital — 13.4%
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.):
4.00%, 4/1/33	$	90	$	109,670
4.00%, 4/1/36		555		670,540
4.00%, 4/1/39		450		539,649
4.00%, 4/1/41		500		597,025
5.00%, 4/1/25		1,100		1,284,789
5.00%, 4/1/40		400		516,696
Indiana Finance Authority, (Community Foundation of Northwest Indiana Obligated Group), 5.00%, 9/1/25		650		767,682
Missouri Health and Educational Facilities Authority, (BJC Health System), (Liq: BJC Health System), 0.03%, 5/15/38(1)		8,000		8,000,000
Missouri Health and Educational Facilities Authority, (Mercy Health):
5.00%, 6/1/26		2,500		3,036,075
5.00%, 6/1/27		3,500		4,378,780
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (LOC: TD Bank, N.A.), 0.03%, 7/1/43(1)		5,000		5,000,000
New York Dormitory Authority, (Maimonides Medical Center):
3.00%, 8/1/38		610		676,941
3.00%, 8/1/40		170		187,859
4.00%, 8/1/31		350		414,495
5.00%, 2/1/27		180		225,603
Ohio, (Cleveland Clinic Health System):
5.00%, 1/1/26(3)		2,000		2,377,540
5.00%, 1/1/27(3)		4,000		4,905,760
Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 3/15/34		1,270		1,462,164
University of Colorado Hospital Authority, (SPA: TD Bank, N.A.), 0.02%, 11/15/39(1)		7,725		7,725,000
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 1/31/24 (Put Date), 8/15/54		6,000		6,703,440
			$	49,579,708
Housing — 3.2%
Connecticut Housing Finance Authority, 1.85%, 11/15/31	$	390	$	400,191
New York Dormitory Authority, (State University Dormitory Facilities), Prerefunded to 7/1/22, 5.00%, 7/1/26		135		141,098
New York Housing Finance Agency, Green Bonds, 2.75%, 11/1/22		3,025		3,122,677

8 See Notes to Financial Statements.

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
New York Housing Finance Agency, Sustainability Bonds, 1.10%, 5/1/26	$	685	$	689,096
North Dakota Housing Finance Agency, (SPA: TD Bank, N.A.), 0.03%, 1/1/46(1)		7,600		7,600,000
			$	11,953,062
Insured – Water and Sewer — 0.1%
Harris County Municipal Utility District No. 374, TX, (BAM), 3.00%, 9/1/26	$	310	$	338,911
			$	338,911
Lease Revenue / Certificates of Participation — 8.4%
Arizona, Certificates of Participation, 5.00%, 10/1/24	$	2,000	$	2,301,340
Colorado, (Rural Colorado), 5.00%, 12/15/25		6,000		7,205,220
Malibu, CA:
5.00%, 11/1/38		275		275,968
5.00%, 11/1/43		225		225,767
5.00%, 11/1/48		375		376,275
Palm Beach County School Board, FL, 5.00%, 8/1/31		5,000		5,880,200
Pasadena Area Community College District, CA, Certificates of Participation, 4.00%, 8/1/51		13,780		14,634,774
Volusia County School Board, FL, 5.00%, 8/1/21		325		325,000
			$	31,224,544
Other Revenue — 2.4%
California Public Works Board, 5.00%, 9/1/39	$	4,850	$	5,498,784
Johnson County Public Building Commission, KS, (Courthouse and Medical Examiner’s Facility), 5.00%, 9/1/25		3,025		3,609,188
			$	9,107,972
Special Tax Revenue — 6.0%
District of Columbia, Income Tax Revenue, 5.00%, 10/1/22	$	1,500	$	1,586,355
New York City Transitional Finance Authority, NY, Future Tax Revenue:
5.00%, 11/1/23		1,000		1,110,260
(SPA: JPMorgan Chase Bank, N.A.), 0.03%, 8/1/42(4)		3,000		3,000,000
New York Dormitory Authority, Personal Income Tax Revenue:
5.00%, 2/15/24		1,500		1,685,895
5.00%, 2/15/25		50		58,468
5.00%, 3/15/32		2,790		3,790,522
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/28		5,770		6,864,915
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/22		2,750		2,834,040

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
North Houston Development Corp., TX, Tax Increment Contract Revenue, 5.00%, 9/1/25	$	1,180	$	1,366,169
			$	22,296,624
Transportation — 1.6%
New York Bridge Authority:
5.00%, 1/1/26(3)	$	1,400	$	1,663,466
5.00%, 1/1/28(3)		1,600		2,006,304
Wisconsin, Transportation Revenue, 5.00%, 7/1/24		2,000		2,280,920
			$	5,950,690
Water and Sewer — 4.1%
East Bay Municipal Utility District, CA, Water System Revenue, (SPA: U.S. Bank, N.A.), 0.02%, 6/1/38(1)	$	10,205	$	10,205,000
Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/25		500		580,060
North Texas Municipal Water District, 5.00%, 9/1/24		1,120		1,257,637
Raleigh, NC, Combined Enterprise System Revenue, 5.00%, 3/1/26		360		436,831
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		2,579,425
			$	15,058,953
Total Tax-Exempt Municipal Obligations — 81.1% (identified cost $291,095,190)			$	300,768,732
Taxable Municipal Obligations — 0.6%
Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 0.6%
Louisiana, Unclaimed Property Special Revenue:
1.979%, 9/1/32	$	1,000	$	991,060
2.179%, 9/1/34		1,000		993,140
			$	1,984,200
Water and Sewer — 0.0%(5)
Decatur, AL, Water and Sewer Revenue, 0.95%, 8/15/26	$	120	$	119,362
			$	119,362
Total Taxable Municipal Obligations — 0.6% (identified cost $2,120,000)			$	2,103,562

9 See Notes to Financial Statements.

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

U.S. Treasury Obligations — 16.1%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Notes:
0.375%, 12/31/25	$	24,565	$	24,310,714
1.125%, 2/15/31		30,744		30,482,196
1.25%, 5/31/28		4,000		4,071,875
1.625%, 5/15/31		976		1,011,913
Total U.S. Treasury Obligations — 16.1% (identified cost $58,595,673)			$	59,876,698
Total Investments — 97.8% (identified cost $351,810,863)			$	362,748,992
Other Assets, Less Liabilities — 2.2%			$	8,052,334
Net Assets — 100.0%			$	370,801,326

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

At July 31, 2021, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

California	11.1%
Others, representing less than 10% individually	70.6%

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, 2021, 0.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies.

⁽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, 2021.

⁽²⁾  Multi-step coupon security. Interest rate represents the rate in effect at July 31, 2021.

⁽³⁾  When-issued security.

⁽⁴⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at July 31, 2021.

⁽⁵⁾  Amount is less than 0.05%.

Abbreviations:

BAM	–	Build America Mutual Assurance Co.
Liq	–	Liquidity Provider
LOC	–	Letter of Credit
PSF	–	Permanent School Fund
SPA	–	Standby Bond Purchase Agreement

10 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 77.8%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.2%
Alaska Municipal Bond Bank Authority, 5.00%, 3/1/30	$	1,145	$	1,311,346
			$	1,311,346
Education — 1.8%
Connecticut Health and Educational Facilities Authority, (Westminster School), 4.00%, 7/1/38	$	2,050	$	2,328,554
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 4.00%, 9/1/40		600		701,346
Nevada System of Higher Education, 5.00%, 7/1/23		500		545,135
New Jersey Educational Facilities Authority, (Princeton University), 4.00%, 7/1/27		590		651,460
New York Dormitory Authority, (School Districts Revenue Bond Financing Program), 5.00%, 10/1/32		1,530		2,014,214
South Dakota Health and Educational Facilities Authority, (Vocation Education Program), 5.00%, 8/1/27		1,200		1,412,292
University of Hawaii, 3.00%, 10/1/31		2,435		2,800,932
Virginia Commonwealth University, 4.00%, 11/1/32		1,285		1,548,489
Zionsville Community Schools Building Corp., IN, 5.00%, 7/15/25		350		397,667
			$	12,400,089
Electric Utilities — 3.3%
Florida Municipal Power Agency:
3.00%, 10/1/32	$	1,750	$	1,951,635
3.00%, 10/1/33		1,100		1,221,682
Garland, TX, Electric Utility System Revenue:
4.00%, 3/1/32		1,015		1,225,328
4.00%, 3/1/33		1,055		1,273,396
4.00%, 3/1/34		375		452,186
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/33		1,070		1,275,012
North Carolina Municipal Power Agency Number 1, (Catawba), 5.00%, 1/1/23		1,485		1,584,421
Omaha Public Power District, NE, Prerefunded to 2/1/22, 5.00%, 2/1/29		810		829,853
Seattle, WA, Municipal Light and Power Revenue, 0.27%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1)(2)		2,000		2,000,920
Springfield Electric System Revenue, IL:
5.00%, 3/1/27		3,000		3,485,400
5.00%, 3/1/28		3,475		4,029,193
5.00%, 3/1/29		3,325		3,847,557
			$	23,176,583
Escrowed / Prerefunded — 1.8%
Louisiana Transportation Authority:
Prerefunded to 8/15/23, 5.00%, 8/15/30	$	1,885	$	2,070,936
Prerefunded to 8/15/23, 5.00%, 8/15/31		1,230		1,351,327
Prerefunded to 8/15/23, 5.00%, 8/15/32		1,090		1,197,518

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, Prerefunded to 5/15/23, 5.00%, 5/15/33	$	2,000	$	2,175,300
South Dakota Building Authority:
Prerefunded to 6/1/24, 5.00%, 6/1/26		1,000		1,137,410
Prerefunded to 6/1/24, 5.00%, 6/1/32		1,500		1,706,115
Wisconsin Health and Educational Facilities Authority, (Ministry Health Care), Prerefunded to 8/15/22, 5.00%, 8/15/32		2,885		3,030,635
			$	12,669,241
General Obligations — 29.5%
Adams 12 Five Star Schools, CO:
5.00%, 12/15/28	$	5,000	$	6,181,650
5.00%, 12/15/30		5,000		6,154,800
Anchorage, AK, 5.00%, 9/1/28		1,835		2,158,272
Batavia, IL, 4.00%, 11/1/24		755		791,112
Brookline, MA, 5.00%, 3/15/30		2,270		2,982,621
California:
0.45%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(2)		23,160		23,220,448
4.00%, 8/1/36		2,025		2,345,395
Cape May County, NJ:
3.00%, 10/1/29		1,095		1,229,937
3.00%, 10/1/30		2,150		2,403,571
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/36		1,035		708,168
Cleveland Municipal School District, OH, 5.00%, 12/1/32		4,900		5,312,825
Connecticut, 3.00%, 1/15/32		2,900		3,334,362
Crystal Lake, IL, 4.00%, 12/15/23		455		478,883
Dallas County, TX, 5.00%, 8/15/29		5,200		6,372,860
Decatur, IL, 5.00%, 3/1/23		1,030		1,098,917
Denton County, TX, 4.00%, 7/15/30		1,000		1,205,650
El Monte Union High School District, CA, (Election of 2018):
4.00%, 6/1/33(1)		250		292,545
4.00%, 6/1/34(1)		300		350,454
4.00%, 6/1/36(1)		300		349,275
4.00%, 6/1/38(1)		350		406,252
4.00%, 6/1/39(1)		465		538,842
4.00%, 6/1/40(1)		700		810,516
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32		3,260		4,135,929
Gladstone School District No. 115, Clackamas County, OR, 0.00%, 6/15/26		1,000		960,790
Glendale Unified School District, CA, 0.00%, 9/1/30		5,280		4,121,040
Greensboro, NC, 5.00%, 2/1/28		1,790		2,200,268
Hawaii County, HI, 5.00%, 9/1/24		1,000		1,147,330
Homewood, AL, 5.00%, 9/1/32		370		451,185
Kennewick School District No. 17, WA, 4.00%, 12/1/32		1,095		1,373,973
La Grange Park District, IL, 5.00%, 12/1/22		440		467,975

11 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Lago Vista Independent School District, TX, (PSF Guaranteed):
3.00%, 8/15/34	$	1,195	$	1,365,550
3.00%, 8/15/35		1,230		1,401,954
3.00%, 8/15/36		2,025		2,303,620
3.00%, 8/15/37		1,610		1,825,998
Lakeland, FL, 5.00%, 10/1/31		1,860		2,168,016
Long Beach Unified School District, CA, (Election of 2008):
0.00%, 8/1/31		1,675		1,252,632
0.00%, 8/1/32		1,500		1,072,605
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34		5,000		5,835,750
Los Angeles Unified School District, CA:
4.00%, 7/1/33		1,000		1,249,170
4.00%, 7/1/38		6,550		8,006,982
Macomb County, MI, 4.00%, 5/1/24		1,000		1,102,520
Madison County, TN, 5.00%, 5/1/23		1,115		1,208,994
Morris Township, NJ, 3.00%, 11/1/29		85		94,114
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/25		2,115		2,074,942
Neshaminy School District, PA, 4.00%, 11/1/26		660		716,067
New Hampshire, 4.00%, 12/1/32		2,085		2,533,046
New Jersey:
4.00%, 6/1/31		8,450		10,671,674
5.00%, 6/1/26		3,500		4,257,995
5.00%, 6/1/27		3,000		3,761,070
Ocean City, NJ, 2.00%, 10/15/29		2,530		2,696,272
Pennsylvania, Prerefunded to 6/1/22, 4.00%, 6/1/30		1,400		1,445,752
Port of Seattle, WA, Limited Tax General Obligation Bonds, 5.00%, 6/1/28		4,045		4,584,158
Rio Grande City Grulla Independent School District, TX, (PSF Guaranteed):
4.00%, 8/15/32(1)		1,160		1,484,626
4.00%, 8/15/33(1)		1,175		1,495,646
4.00%, 8/15/34(1)		1,345		1,704,518
Rowland Unified School District, CA, (Election of 2012), 0.00%, 8/1/33		2,735		1,770,557
San Angelo, TX, 3.00%, 2/15/30		3,790		4,400,721
San Diego Community College District, CA, 4.00%, 8/1/32		5,000		5,813,350
San Dieguito Union High School District, CA, (Election of 2012), 4.00%, 8/1/42		8,075		9,477,224
San Francisco Bay Area Rapid Transit District, CA, 4.00%, 8/1/33		1,350		1,533,438
San Juan Unified School District, CA, (Election of 2012), 4.00%, 8/1/31		3,250		3,776,987
South Suburban Park and Recreation District, CO, 5.00%, 12/15/29		1,120		1,491,930
Southfield, MI:
4.00%, 5/1/27		1,015		1,211,534
4.00%, 5/1/28		1,160		1,402,057
St. Mary’s County, MD, 5.00%, 5/1/27		1,290		1,619,221

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Texas, 4.00%, 8/26/21	$	10,000	$	10,026,500
Township High School District No. 204, IL, 4.25%, 12/15/22		1,230		1,300,516
Vermont, 4.00%, 8/15/32		3,565		4,597,923
Washington, 4.00%, 7/1/33		3,000		3,820,620
Wylie Independent School District, TX, (PSF Guaranteed), 6.50%, 8/15/26		700		831,376
Zeeland Public Schools, MI, 5.00%, 5/1/24		1,000		1,129,860
			$	204,103,330
Hospital — 3.8%
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/33	$	1,000	$	1,236,630
Carroll City-County Hospital Authority, GA, (Tanner Medical Center, Inc.), 5.00%, 7/1/34		2,560		3,018,624
Illinois Finance Authority, (Northwestern Memorial HealthCare), 4.00%, 8/15/42		1,000		1,035,320
Kansas Development Finance Authority, (Adventist Health System), 5.00%, 11/15/28		5,090		5,287,085
Massachusetts Development Finance Agency, (Berkshire Health Systems):
5.00%, 10/1/29(1)		500		659,880
5.00%, 10/1/30(1)		800		1,076,040
5.00%, 10/1/31(1)		150		205,265
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/24		800		872,696
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/24		215		241,716
Montgomery County, OH, (Kettering Health Network Obligated Group):
3.00%, 8/1/34		300		332,175
5.00%, 8/1/31		500		677,960
New York City Health and Hospitals Corp., NY, 5.00%, 2/15/27		2,675		3,321,788
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/34		1,360		1,643,982
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36		1,100		1,243,363
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/24		520		584,334
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30		600		706,464
Tampa, FL, (H. Lee Moffitt Cancer Center):
4.00%, 7/1/38		250		297,972
4.00%, 7/1/39		400		475,608
University of North Carolina Hospitals at Chapel Hill, 5.00%, 2/1/33		1,540		1,981,965
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/22		1,000		1,048,200
			$	25,947,067

12 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing — 1.4%
Massachusetts Housing Finance Agency, 1.45% to 12/1/22 (Put Date), 12/1/49	$	1,800	$	1,815,858
New York Mortgage Agency:
2.05%, 4/1/28		1,000		1,055,290
2.15%, 4/1/29		1,390		1,470,717
2.25%, 4/1/30		1,000		1,050,320
2.35%, 4/1/31		1,835		1,930,126
2.40%, 10/1/31		1,130		1,190,297
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26		1,000		1,003,090
			$	9,515,698
Industrial Development Revenue — 0.3%
Okeechobee County, FL, (Waste Management, Inc.), 0.55% to 7/1/24 (Put Date), 7/1/39	$	2,250	$	2,257,785
			$	2,257,785
Insured – Electric Utilities — 0.5%
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4):
(AGM), 4.00%, 1/1/38	$	300	$	355,077
(AGM), 4.00%, 1/1/38		300		355,077
(AGM), 4.00%, 1/1/39		305		360,165
(AGM), 4.00%, 1/1/39		345		407,697
(AGM), 4.00%, 1/1/40		400		471,140
(AGM), 4.00%, 1/1/40		315		371,294
(AGM), 4.00%, 1/1/41		500		587,530
(AGM), 4.00%, 1/1/41		485		570,316
			$	3,478,296
Insured – General Obligations — 1.4%
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/33	$	3,535	$	2,263,849
San Mateo County Community College District, CA, (Election of 2005), (NPFG), 0.00%, 9/1/29		5,000		4,622,400
Yonkers, NY:
(BAM), 4.00%, 5/1/34		695		830,602
(BAM), 4.00%, 5/1/34		1,755		2,097,418
			$	9,814,269
Insured – Transportation — 0.8%
Metropolitan Transportation Authority, NY, (AGM), 0.834%, (67% of SOFR + 0.80%), 4/1/26 (Put Date), 11/1/32(2)	$	5,500	$	5,604,445
			$	5,604,445

Security	Principal Amount (000’s omitted)		Value
Insured – Water and Sewer — 0.4%
Pittsburgh Water and Sewer Authority, PA, (AGM), 0.67%, (SIFMA + 0.65%), 12/1/23 (Put Date), 9/1/40(2)	$	3,000	$	3,026,760
			$	3,026,760
Lease Revenue / Certificates of Participation — 2.6%
Aspen Fire Protection District, CO:
4.00%, 12/1/24	$	130	$	145,127
4.00%, 12/1/27		235		279,786
4.00%, 12/1/28		225		271,508
Greater Texas Cultural Education Facilities Finance Corp., (Epicenter Multipurpose Facilities):
5.00%, 3/1/30		475		625,456
5.00%, 3/1/31		500		671,620
5.00%, 3/1/32		750		1,002,735
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26		1,410		1,675,996
Orange County School Board, FL, 5.00%, 8/1/26		4,300		5,261,136
Palo Alto, CA, (California Avenue Parking Garage):
5.00%, 11/1/36		1,295		1,647,279
5.00%, 11/1/37		260		329,945
5.00%, 11/1/38		420		531,980
5.00%, 11/1/39		425		537,247
Palo Alto, CA, Certificates of Participation, 3.00%, 11/1/33		3,385		3,917,833
Virginia Public Building Authority, 4.00%, 8/1/35		800		979,184
			$	17,876,832
Other Revenue — 9.5%
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/36	$	1,000	$	1,175,390
California Infrastructure and Economic Development Bank, (California Academy of Sciences), Sustainability Bonds, 0.37%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(2)		2,500		2,500,525
Fort Myers, FL, Capital Improvement Revenue:
5.00%, 12/1/30		1,055		1,259,238
5.00%, 12/1/31		965		1,151,351
5.00%, 12/1/35		380		451,227
5.00%, 12/1/36		450		533,502
Kentucky Public Energy Authority, Gas Supply Revenue:
4.00% to 6/1/25 (Put Date), 12/1/49		5,000		5,624,150
4.00% to 2/1/28 (Put Date), 2/1/50		16,500		19,664,865
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		5,757,350
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 12/1/33		2,425		3,124,588

13 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 0.59%, (SIFMA + 0.57%), 12/1/23 (Put Date), 8/1/48(2)	$	8,000	$	8,031,920
Orange County, FL, Tourist Development Tax Revenue, 4.00%, 10/1/32		4,585		5,320,526
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		10,000		10,847,200
			$	65,441,832
Senior Living / Life Care — 0.3%
Colorado Health Facilities Authority, (Covenant Living Communities and Services), 4.00%, 12/1/40	$	500	$	587,170
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31		1,000		1,191,370
			$	1,778,540
Special Tax Revenue — 1.6%
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 4.00%, 7/1/37	$	4,580	$	5,715,428
New York City Transitional Finance Authority, NY, Future Tax Revenue:
4.00%, 11/1/38		1,500		1,847,475
5.00%, 11/1/31		3,220		3,416,098
			$	10,979,001
Transportation — 12.9%
Bay Area Toll Authority, CA, (San Francisco Bay Area), 0.47%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56(2)	$	2,000	$	2,003,260
Central Texas Regional Mobility Authority:
4.00%, 1/1/34		900		1,087,173
5.00%, 1/1/30		1,080		1,435,892
5.00%, 1/1/34		1,250		1,673,700
Charlotte, NC, (Charlotte Douglas International Airport), 4.00%, 7/1/38		1,000		1,242,650
Chicago, IL, (O’Hare International Airport):
5.00%, 1/1/33		1,000		1,152,730
5.00%, 1/1/34		1,000		1,151,630
5.00%, 1/1/34		2,500		3,261,750
5.25%, 1/1/33		3,750		4,638,675
5.25%, 1/1/34		3,750		4,629,000
5.25%, 1/1/37		1,500		1,840,935
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/32		3,825		4,249,881
El Paso, TX, (El Paso International Airport):
5.00%, 8/15/22		655		688,150
5.00%, 8/15/33		955		1,261,221

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Florida Department of Transportation, 5.00%, 7/1/28	$	2,455	$	3,011,966
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		1,000		1,179,450
Illinois Toll Highway Authority, 5.00%, 1/1/33		100		118,673
Massachusetts Department of Transportation, 5.00%, 1/1/31		1,965		2,522,471
Massachusetts, Transportation Fund Revenue, 4.00%, 6/1/33		7,205		9,178,377
Metropolitan Transportation Authority, NY:
4.00%, 11/15/43		6,500		7,721,545
5.00%, 11/15/29		5,965		7,027,844
5.00%, 11/15/29		1,390		1,683,304
5.00%, 11/15/29		1,530		1,852,845
0.364%, (67% of SOFR + 0.33%), 4/1/24 (Put Date), 11/1/35(2)		2,500		2,501,850
Series 2015F, 5.00%, 11/15/28		2,560		3,027,763
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/25		3,480		4,136,258
Salt Lake City, UT, (Salt Lake City International Airport):
5.00%, 7/1/35		1,685		2,115,096
5.00%, 7/1/36		1,615		2,022,658
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), 5.00%, 5/1/34		2,950		4,001,380
Triborough Bridge and Tunnel Authority, NY, 0.414%, (67% of SOFR + 0.38%), 2/1/24 (Put Date), 1/1/32(2)		3,000		3,000,930
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34		3,000		3,849,450
			$	89,268,507
Water and Sewer — 5.7%
Cherokee County Water and Sewerage Authority, GA:
5.00%, 8/1/26	$	1,650	$	2,026,151
5.00%, 8/1/27		1,200		1,518,804
Collier County Water-Sewer District, FL, 4.00%, 7/1/39		5,350		6,664,067
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/30		3,870		4,556,461
Garland, TX, Water and Sewer System Revenue, 4.00%, 3/1/31		1,370		1,664,057
Hamilton County, OH, Sewer System, 5.00%, 12/1/24		1,000		1,112,460
Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/30		600		760,194
New York City Municipal Water Finance Authority, NY, (Water and Sewer System):
4.00%, 6/15/36		6,000		7,234,920
Series EE, 5.00%, 6/15/35		1,155		1,257,541
Rancho California Water District Financing Authority:
4.00%, 8/1/37		2,275		2,814,311
4.00%, 8/1/38		4,500		5,537,925

14 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
San Diego Public Facilities Financing Authority, CA, Water Revenue:
4.00%, 8/1/38	$	1,000	$	1,232,980
4.00%, 8/1/39		1,000		1,229,010
Westmoreland County Municipal Authority, PA, Water and Sewer Revenue, Prerefunded to 8/15/23, 5.00%, 8/15/31		1,735		1,906,140
			$	39,515,021
Total Tax-Exempt Municipal Obligations — 77.8% (identified cost $502,155,894)			$	538,164,642
Taxable Municipal Obligations — 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	$	557,050
3.75%, 9/1/26		625		698,656
Total Taxable Municipal Obligations — 0.2% (identified cost $1,122,606)			$	1,255,706
U.S. Treasury Obligations — 16.7%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Notes:
1.125%, 2/29/28	$	60,000	$	60,707,813
1.125%, 2/15/31		55,000		54,531,641
Total U.S. Treasury Obligations — 16.7% (identified cost $112,194,122)			$	115,239,454
Total Investments — 94.7% (identified cost $615,472,622)			$	654,659,802
Other Assets, Less Liabilities — 5.3%			$	36,540,357
Net Assets — 100.0%			$	691,200,159

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

At July 31, 2021, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

California	16.7%
Others, representing less than 10% individually	61.3%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2021, 3.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 2.2% of total investments.

⁽¹⁾  When-issued security.

⁽²⁾  Variable rate security. The stated interest rate represents the rate in effect at July 31, 2021.

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
BAM	–	Build America Mutual Assurance Co.
Liq	–	Liquidity Provider
NPFG	–	National Public Finance Guarantee Corp.
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SOFR	–	Secured Overnight Financing Rate

15 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2021

Statements of Assets and Liabilities (Unaudited)

	July 31, 2021
Assets	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Investments —
Identified cost	$	351,810,863	$	615,472,622
Unrealized appreciation		10,938,129		39,187,180
Investments, at value	$	362,748,992	$	654,659,802
Cash	$	20,032,846	$	43,194,762
Interest receivable		2,619,847		5,482,095
Receivable for investments sold		38,010,948		277,742
Receivable for Fund shares sold		227,663		823,194
Receivable from affiliates		—		100,003
Total assets	$	423,640,296	$	704,537,598
Liabilities
Payable for investments purchased	$	37,034,813	$	—
Payable for when-issued securities		13,560,026		11,487,836
Payable for Fund shares redeemed		1,901,673		906,176
Distributions payable		60,959		391,305
Payable to affiliates:
Investment adviser and administration fee		143,092		349,075
Distribution and service fees		32,510		22,671
Accrued expenses		105,897		180,376
Total liabilities	$	52,838,970	$	13,337,439
Net Assets	$	370,801,326	$	691,200,159
Sources of Net Assets
Paid-in capital	$	357,247,693	$	649,184,025
Distributable earnings		13,553,633		42,016,134
Net Assets	$	370,801,326	$	691,200,159
Class A Shares
Net Assets	$	128,898,295	$	67,302,450
Shares Outstanding		11,917,356		5,151,937
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.82	$	13.06
Maximum Offering Price Per Share
(100 ÷ 97.75 and 95.25, respectively, of net asset value per share)	$	11.07	$	13.71
Class C Shares
Net Assets	$	5,832,725	$	9,739,111
Shares Outstanding		541,745		745,879
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.77	$	13.06
Class I Shares
Net Assets	$	236,070,306	$	614,158,598
Shares Outstanding		21,818,233		46,967,089
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.82	$	13.08

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.

16 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2021

Statements of Operations (Unaudited)

	Six Months Ended July 31, 2021
Investment Income	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Interest	$	2,631,279		$	6,431,480
Total investment income	$	2,631,279		$	6,431,480
Expenses
Investment adviser and administration fee	$	836,056		$	1,914,060
Distribution and service fees
Class A		163,730			81,997
Class C		32,434			51,395
Trustees’ fees and expenses		9,069			16,200
Custodian fee		46,828			77,097
Transfer and dividend disbursing agent fees		50,768			294,610
Legal and accounting services		26,068			28,045
Printing and postage		7,095			14,911
Registration fees		39,294			53,281
Miscellaneous		9,898			13,236
Total expenses	$	1,221,240		$	2,544,832
Deduct —
Allocation of expenses to affiliates	$	—		$	337,875
Total expense reductions	$	—		$	337,875
Net expenses	$	1,221,240		$	2,206,957
Net investment income	$	1,410,039		$	4,224,523
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	727,507		$	55,660
Net realized gain	$	727,507		$	55,660
Change in unrealized appreciation (depreciation) —
Investments	$	(1,265,628	)	$	(173,750	)
Net change in unrealized appreciation (depreciation)	$	(1,265,628	)	$	(173,750	)
Net realized and unrealized loss	$	(538,121	)	$	(118,090	)
Net increase in net assets from operations	$	871,918		$	4,106,433

17 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2021

Statements of Changes in Net Assets

	Six Months Ended July 31, 2021 (Unaudited)
Increase (Decrease) in Net Assets	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
From operations —
Net investment income	$	1,410,039		$	4,224,523
Net realized gain		727,507			55,660
Net change in unrealized appreciation (depreciation)		(1,265,628	)		(173,750	)
Net increase in net assets from operations	$	871,918		$	4,106,433
Distributions to shareholders —
Class A	$	(376,324	)	$	(352,061	)
Class C		—			(16,606	)
Class I		(962,983	)		(3,716,326	)
Total distributions to shareholders	$	(1,339,307	)	$	(4,084,993	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	7,566,540		$	6,862,303
Class C		399,895			730,205
Class I		46,584,662			149,647,597
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		320,375			178,340
Class C		—			7,342
Class I		683,744			1,594,759
Cost of shares redeemed
Class A		(15,556,898	)		(7,431,394	)
Class C		(875,560	)		(1,868,884	)
Class I		(64,332,050	)		(74,405,901	)
Net asset value of shares converted
Class A		1,141,267			330,751
Class C		(1,141,267	)		(330,751	)
Net increase (decrease) in net assets from Fund share transactions	$	(25,209,292	)	$	75,314,367
Net increase (decrease) in net assets	$	(25,676,681	)	$	75,335,807
Net Assets
At beginning of period	$	396,478,007		$	615,864,352
At end of period	$	370,801,326		$	691,200,159

18 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2021

Statements of Changes in Net Assets — continued

	Year Ended January 31, 2021
Increase (Decrease) in Net Assets	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
From operations —
Net investment income	$	2,843,920		$	8,502,207
Net realized gain		10,214,030			6,573,299
Net change in unrealized appreciation (depreciation)		1,177,456			9,520,145
Net increase in net assets from operations	$	14,235,406		$	24,595,651
Distributions to shareholders —
Class A	$	(3,541,498	)	$	(1,397,936	)
Class C		(225,972	)		(236,214	)
Class I		(7,550,247	)		(12,206,858	)
Total distributions to shareholders	$	(11,317,717	)	$	(13,841,008	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	37,249,781		$	26,132,084
Class C		2,669,333			3,433,108
Class I		205,494,247			283,643,750
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		3,020,755			737,478
Class C		191,875			108,364
Class I		5,658,271			5,773,149
Cost of shares redeemed
Class A		(28,758,476	)		(13,990,430	)
Class C		(6,597,195	)		(12,480,513	)
Class I		(116,376,065	)		(165,714,673	)
Net asset value of shares converted
Class A		13,939,311			2,763,847
Class C		(13,939,311	)		(2,763,847	)
Net increase in net assets from Fund share transactions	$	102,552,526		$	127,642,317
Net increase in net assets	$	105,470,215		$	138,396,960
Net Assets
At beginning of year	$	291,007,792		$	477,467,392
At end of year	$	396,478,007		$	615,864,352

19 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2021

Financial Highlights

	Short-Term Municipal Bond Fund — Class A
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	10.830		$	10.660		$	10.350		$	10.300		$	10.370		$	10.690
Income (Loss) From Operations
Net investment income	$	0.033	(1)	$	0.077	(1)	$	0.160	(1)	$	0.154	(1)	$	0.149		$	0.130
Net realized and unrealized gain (loss)		(0.012	)		0.401			0.308			0.049			(0.074	)		(0.254	)
Total income (loss) from operations	$	0.021		$	0.478		$	0.468		$	0.203		$	0.075		$	(0.124	)
Less Distributions
From net investment income	$	(0.031	)	$	(0.078	)	$	(0.158	)	$	(0.153	)	$	(0.145	)	$	(0.128	)
From net realized gain		—			(0.230	)		—			—			—			(0.068	)
Total distributions	$	(0.031	)	$	(0.308	)	$	(0.158	)	$	(0.153	)	$	(0.145	)	$	(0.196	)
Net asset value — End of period	$	10.820		$	10.830		$	10.660		$	10.350		$	10.300		$	10.370
Total Return(2)		0.19	%(3)		4.51	%		4.56	%		2.00	%		0.71	%		(1.18	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	128,898		$	135,622		$	109,210		$	113,654		$	149,651		$	199,916
Ratios (as a percentage of average daily net assets):
Expenses		0.80	%(4)		0.82	%		0.88	%		0.91	%		0.90	%		0.90	%
Net investment income		0.61	%(4)		0.71	%		1.52	%		1.50	%		1.39	%		1.21	%
Portfolio Turnover		77	%(3)		176	%		51	%		67	%		54	%		63	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

20 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2021

Financial Highlights — continued

	Short-Term Municipal Bond Fund — Class C
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	10.790		$	10.640		$	10.320		$	10.270		$	10.340		$	10.660
Income (Loss) From Operations
Net investment income (loss)(1)	$	(0.007	)	$	0.005		$	0.082		$	0.077		$	0.067		$	0.049
Net realized and unrealized gain (loss)		(0.013	)		0.387			0.317			0.049			(0.071	)		(0.253	)
Total income (loss) from operations	$	(0.020	)	$	0.392		$	0.399		$	0.126		$	(0.004	)	$	(0.204	)
Less Distributions
From net investment income	$	—		$	(0.012	)	$	(0.079	)	$	(0.076	)	$	(0.066	)	$	(0.048	)
From net realized gain		—			(0.230	)		—			—			—			(0.068	)
Total distributions	$	—		$	(0.242	)	$	(0.079	)	$	(0.076	)	$	(0.066	)	$	(0.116	)
Net asset value — End of period	$	10.770		$	10.790		$	10.640		$	10.320		$	10.270		$	10.340
Total Return(2)		(0.19	)%(3)		3.70	%		3.88	%		1.24	%		(0.04	)%		(1.92	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,833		$	7,473		$	24,622		$	35,832		$	52,079		$	69,622
Ratios (as a percentage of average daily net assets):
Expenses		1.55	%(4)		1.57	%		1.63	%		1.66	%		1.65	%		1.65	%
Net investment income (loss)		(0.14	)%(4)		0.05	%		0.78	%		0.75	%		0.64	%		0.46	%
Portfolio Turnover		77	%(3)		176	%		51	%		67	%		54	%		63	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

21 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2021

Financial Highlights — continued

	Short-Term Municipal Bond Fund — Class I
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	10.830		$	10.660		$	10.350		$	10.300		$	10.370		$	10.690
Income (Loss) From Operations
Net investment income	$	0.047		$	0.105		$	0.186		$	0.181		$	0.172		$	0.156
Net realized and unrealized gain (loss)		(0.013	)		0.400			0.308			0.048			(0.071	)		(0.253	)
Total income (loss) from operations	$	0.034		$	0.505		$	0.494		$	0.229		$	0.101		$	(0.097	)
Less Distributions
From net investment income	$	(0.044	)	$	(0.105	)	$	(0.184	)	$	(0.179	)	$	(0.171	)	$	(0.155	)
From net realized gain		—			(0.230	)		—			—			—			(0.068	)
Total distributions	$	(0.044	)	$	(0.335	)	$	(0.184	)	$	(0.179	)	$	(0.171	)	$	(0.223	)
Net asset value — End of period	$	10.820		$	10.830		$	10.660		$	10.350		$	10.300		$	10.370
Total Return(1)		0.31	%(2)		4.77	%		4.82	%		2.25	%		0.96	%		(0.93	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	236,070		$	253,382		$	157,176		$	164,679		$	179,156		$	204,247
Ratios (as a percentage of average daily net assets):
Expenses		0.55	%(3)		0.57	%		0.63	%		0.66	%		0.65	%		0.65	%
Net investment income		0.86	%(3)		0.92	%		1.77	%		1.75	%		1.64	%		1.46	%
Portfolio Turnover		77	%(2)		176	%		51	%		67	%		54	%		63	%

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

⁽²⁾  Not annualized.

⁽³⁾  Annualized.

22 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2021

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class A
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	13.070		$	12.810		$	12.210		$	12.160		$	12.070		$	12.430
Income (Loss) From Operations
Net investment income	$	0.071		$	0.184		$	0.228		$	0.235		$	0.227		$	0.197
Net realized and unrealized gain (loss)		(0.012	)		0.385			0.637			0.050			0.090			(0.353	)
Total income (loss) from operations	$	0.059		$	0.569		$	0.865		$	0.285		$	0.317		$	(0.156	)
Less Distributions
From net investment income	$	(0.069	)	$	(0.184	)	$	(0.228	)	$	(0.235	)	$	(0.227	)	$	(0.196	)
From net realized gain		—			(0.125	)		(0.037	)		—			—			(0.008	)
Total distributions	$	(0.069	)	$	(0.309	)	$	(0.265	)	$	(0.235	)	$	(0.227	)	$	(0.204	)
Net asset value — End of period	$	13.060		$	13.070		$	12.810		$	12.210		$	12.160		$	12.070
Total Return(1)(2)		0.46	%(3)		4.49	%		7.15	%		2.38	%		2.62	%		(1.29	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	67,302		$	67,422		$	50,697		$	42,715		$	48,494		$	57,262
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.90	%(4)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		1.12	%(4)		1.41	%		1.81	%		1.95	%		1.85	%		1.57	%
Portfolio Turnover		41	%(3)		104	%		74	%		86	%		62	%		68	%

⁽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 0.11%, 0.09%, 0.08%, 0.08%, 0.07% and 0.07% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

23 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2021

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class C
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	13.070		$	12.810		$	12.210		$	12.160		$	12.060		$	12.430
Income (Loss) From Operations
Net investment income	$	0.021		$	0.092	(1)	$	0.133		$	0.143		$	0.134		$	0.101
Net realized and unrealized gain (loss)		(0.010	)		0.379			0.638			0.051			0.101			(0.361	)
Total income (loss) from operations	$	0.011		$	0.471		$	0.771		$	0.194		$	0.235		$	(0.260	)
Less Distributions
From net investment income	$	(0.021	)	$	(0.086	)	$	(0.134	)	$	(0.144	)	$	(0.135	)	$	(0.102	)
From net realized gain		—			(0.125	)		(0.037	)		—			—			(0.008	)
Total distributions	$	(0.021	)	$	(0.211	)	$	(0.171	)	$	(0.144	)	$	(0.135	)	$	(0.110	)
Net asset value — End of period	$	13.060		$	13.070		$	12.810		$	12.210		$	12.160		$	12.060
Total Return(2)(3)		0.08	%(4)		3.70	%		6.35	%		1.61	%		1.94	%		(2.11	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,739		$	11,226		$	22,557		$	24,456		$	29,221		$	34,920
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.65	%(5)		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Net investment income		0.37	%(5)		0.72	%		1.08	%		1.20	%		1.10	%		0.82	%
Portfolio Turnover		41	%(4)		104	%		74	%		86	%		62	%		68	%

⁽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 0.11%, 0.09%, 0.08%, 0.08%, 0.07% and 0.07% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

24 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2021

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class I
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	13.090		$	12.820		$	12.220		$	12.180		$	12.080		$	12.440
Income (Loss) From Operations
Net investment income	$	0.088		$	0.216		$	0.260		$	0.265		$	0.258		$	0.227
Net realized and unrealized gain (loss)		(0.013	)		0.395			0.636			0.040			0.100			(0.352	)
Total income (loss) from operations	$	0.075		$	0.611		$	0.896		$	0.305		$	0.358		$	(0.125	)
Less Distributions
From net investment income	$	(0.085	)	$	(0.216	)	$	(0.259	)	$	(0.265	)	$	(0.258	)	$	(0.227	)
From net realized gain		—			(0.125	)		(0.037	)		—			—			(0.008	)
Total distributions	$	(0.085	)	$	(0.341	)	$	(0.296	)	$	(0.265	)	$	(0.258	)	$	(0.235	)
Net asset value — End of period	$	13.080		$	13.090		$	12.820		$	12.220		$	12.180		$	12.080
Total Return(1)(2)		0.58	%(3)		4.82	%		7.41	%		2.63	%		2.87	%		(1.04	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	614,159		$	537,216		$	404,214		$	396,647		$	413,436		$	434,942
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.65	%(4)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.36	%(4)		1.66	%		2.07	%		2.19	%		2.10	%		1.82	%
Portfolio Turnover		41	%(3)		104	%		74	%		86	%		62	%		68	%

⁽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 0.11%, 0.09%, 0.08%, 0.08%, 0.07% and 0.07% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

25 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

July 31, 2021

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, 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, 2021, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

26

Parametric

TABS Municipal Bond Funds

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

G  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Funds. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and 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 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. Securities purchased on a delayed delivery or when-issued basis are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

I  Interim Financial Statements — The interim financial statements relating to July 31, 2021 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, 2021, as determined on a federal income tax basis, were as follows:

	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Aggregate cost	$	351,665,869		$	615,301,607
Gross unrealized appreciation	$	11,099,874		$	39,389,202
Gross unrealized depreciation		(16,751	)		(31,007	)
Net unrealized appreciation	$	11,083,123		$	39,358,195

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. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, each Fund entered into a new investment advisory and administrative agreement (the “New Agreement”) with EVM, which took effect on March 1, 2021. Short-Term Municipal Bond Fund’s prior fee reduction agreement was incorporated into its New Agreement. Pursuant to each Fund’s New Agreement (and each Fund’s investment advisory and administrative agreement and

27

Parametric

TABS Municipal Bond Funds

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

for Short-Term Municipal Bond Fund, its related fee reduction agreement, in effect prior to March 1, 2021), the fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:

	Annual Fee Rate
Average Daily Net Assets	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Up to $500 million		0.45	%		0.600	%
$500 million but less than $1 billion		0.44	%		0.600	%
$1 billion but less than $2 billion		0.43	%		0.575	%
$2 billion but less than $5 billion		0.41	%		0.550	%
$5 billion and over		0.40	%		0.530	%

For the six months ended July 31, 2021, 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	$	836,056		$	1,914,060
Effective Annual Rate		0.45	%		0.60	%

Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of each Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new investment sub-advisory agreement with Parametric, which took effect on March 1, 2021. 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, 2022. Pursuant to this agreement, EVM and Parametric were allocated $337,875 in total of Intermediate-Term Municipal Bond Fund’s operating expenses for the six months ended July 31, 2021.

EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on the sales of Class A shares from March 1, 2021 through July 31, 2021. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD and Morgan Stanley affiliated broker-dealers for the six months ended July 31, 2021 were as follows:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
EVM’s Sub-Transfer Agent Fees	$	2,308	$	1,322
EVD’s Class A Sales Charges	$	270	$	1,882
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges	$	—	$	600

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, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

28

Parametric

TABS Municipal Bond Funds

July 31, 2021

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, 2021 for Class A shares amounted to the following:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Class A Distribution and Service Fees	$	163,730	$	81,997

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, 2021, 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	$	24,326	$	38,546

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, 2021 amounted to the following:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Class C Service Fees	$	8,108	$	12,849

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, 2021, 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	$	19,000	$	—
Class C	$	—	$	2,000

29

Parametric

TABS Municipal Bond Funds

July 31, 2021

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, 2021 were as follows:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Purchases:
Investments (non-U.S. Government)	$	205,489,862	$	146,619,507
U.S. Government and Agency Securities	$	73,999,985	$	181,081,055
Sales:
Investments (non-U.S. Government)	$	223,199,294	$	144,985,905
U.S. Government and Agency Securities	$	66,773,926	$	95,250,000

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, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		702,607			37,310			4,328,267
Issued to shareholders electing to receive payments of distributions in Fund shares		29,798			—			63,576
Redemptions		(1,445,589	)		(81,662	)		(5,964,227	)
Converted from Class C shares		106,133			—			—
Converted to Class A shares		—			(106,558	)		—
Net decrease		(607,051	)		(150,910	)		(1,572,384	)
	Year Ended January 31, 2021
	Class A			Class C			Class I
Sales		3,415,718			247,178			18,932,254
Issued to shareholders electing to receive payments of distributions in Fund shares		279,515			17,800			523,032
Redemptions		(2,690,725	)		(606,887	)		(10,802,550	)
Converted from Class C shares		1,276,780			—			—
Converted to Class A shares		—			(1,280,210	)		—
Net increase (decrease)		2,281,288			(1,622,119	)		8,652,736

30

Parametric

TABS Municipal Bond Funds

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

Intermediate-Term Municipal Bond Fund
	Six Months Ended July 31, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		528,695			56,377			11,528,544
Issued to shareholders electing to receive payments of distributions in Fund shares		13,787			568			123,126
Redemptions		(572,824	)		(144,507	)		(5,732,688	)
Converted from Class C shares		25,598			—			—
Converted to Class A shares		—			(25,604	)		—
Net increase (decrease)		(4,744	)		(113,166	)		5,918,982
	Year Ended January 31, 2021
	Class A			Class C			Class I
Sales		2,016,840			265,644			22,050,838
Issued to shareholders electing to receive payments of distributions in Fund shares		56,936			8,367			445,203
Redemptions		(1,088,604	)		(962,471	)		(12,972,373	)
Converted from Class C shares		213,829			—			—
Converted to Class A shares		—			(213,865	)		—
Net increase (decrease)		1,199,001			(902,325	)		9,523,668

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 26, 2021. 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. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended July 31, 2021.

9  Fair Value Measurements

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

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

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

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

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

31

Parametric

TABS Municipal Bond Funds

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

At July 31, 2021, 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 Obligations	$	—	$	300,768,732	$	—	$	300,768,732
Taxable Municipal Obligations		—		2,103,562		—		2,103,562
U.S. Treasury Obligations		—		59,876,698		—		59,876,698
Total Investments	$	—	$	362,748,992	$	—	$	362,748,992

Intermediate-Term Municipal Bond Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	538,164,642	$	—	$	538,164,642
Taxable Municipal Obligations		—		1,255,706		—		1,255,706
U.S. Treasury Obligations		—		115,239,454		—		115,239,454
Total Investments	$	—	$	654,659,802	$	—	$	654,659,802

10  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 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, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Funds’ performance, or the performance of the securities in which the Funds invest.

32

Parametric

TABS Municipal Bond Funds

July 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

Each Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 for the following purposes: (1) to approve a new investment advisory and administrative agreement with Eaton Vance Management to serve as the Fund’s investment adviser and administrator (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Parametric Portfolio Associates LLC to serve as the Fund’s investment sub-adviser (“Proposal 2”). The shareholder meeting results are as follows:

		Number of Shares(1)
		For		Against		Abstain(2)		Broker Non-Votes(2)
Short-Term Municipal Bond Fund	Proposal 1		18,918,063.174		137,987.653		1,698,949.256		0
	Proposal 2		18,900,868.289		150,815.767		1,703,316.027		0
Intermediate-Term Municipal Bond Fund	Proposal 1		27,238,257.458		128,817.024		398,774.302		0
	Proposal 2		27,186,669.433		147,768.180		431,411.171		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal.

33

Parametric

TABS Municipal Bond Funds

July 31, 2021

Liquidity Risk Management Program

Each 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. Each 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 each Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews each Fund’s liquidity risk, and is responsible for making certain reports to each 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 each 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 each Fund’s Board of Trustees/Directors on June 8, 2021, 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 January 1, 2020 through December 31, 2020 (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, each 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 each 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.

34

Parametric

TABS Municipal Bond Funds

July 31, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President and Chief Legal Officer

James F. Kirchner

Treasurer

Kimberly M. Roessiger

Secretary

Richard F. Froio

Chief Compliance Officer

Trustees

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

35

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎    investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

36

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎    buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎    sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

37

Eaton Vance Funds

IMPORTANT NOTICES

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

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

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

38

This Page Intentionally Left Blank

This Page Intentionally Left Blank

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    7.31.21

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

Semiannual Report

July 31, 2021

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of 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 Portfolio Associates LLC (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, 2021

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
Joint Special Meeting of Shareholders	33
Liquidity Risk Management Program	34
Officers and Trustees	35
Privacy Notice	36
Important Notices	38

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2021

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		0.93	%		3.03	%		2.83	%		5.27	%
Class A with 4.75% Maximum Sales Charge		—		—		–3.87			–1.85			1.83			4.77
Class C at NAV		02/01/2010		02/01/2010		0.63			2.34			2.08			4.48
Class C with 1% Maximum Sales Charge		—		—		–0.37			1.34			2.08			4.48
Class I at NAV		02/01/2010		02/01/2010		1.05			3.29			3.09			5.53
Bloomberg 10 Year Municipal Bond Index		—		—		0.94	%		2.81	%		3.44	%		4.38	%
Bloomberg 15 Year Municipal Bond Index		—		—		1.50			4.10			4.10			5.22
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									0.68	%		1.43	%		0.43	%
Net									0.65			1.40			0.40
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.32	%		0.57	%		1.57	%
SEC 30-day Yield - Subsidized									0.17			–0.56			0.42
SEC 30-day Yield - Unsubsidized									0.15			–0.58			0.41

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, 2021

Endnotes and Additional Disclosures

¹  Bloomberg 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 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.

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.

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.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/22. 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  For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the

highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective August 24, 2021, the Bloomberg Barclays fixed income indices were rebranded as Bloomberg indices.

3

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2021

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, 2021 – July 31, 2021).

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 (2/1/21)		Ending Account Value (7/31/21)		Expenses Paid During Period* (2/1/21 – 7/31/21)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,009.30	$	3.24	**		0.65	%
Class C	$	1,000.00	$	1,006.30	$	6.96	**		1.40	%
Class I	$	1,000.00	$	1,010.50	$	1.99	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.60	$	3.26	**		0.65	%
Class C	$	1,000.00	$	1,017.90	$	7.00	**		1.40	%
Class I	$	1,000.00	$	1,022.80	$	2.01	**		0.40	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2021.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, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2021
Investment in 5-to-15 Year Laddered Municipal Bond Portfolio, at value (identified cost, $903,757,121)	$	963,840,133
Receivable for Fund shares sold		1,201,092
Receivable from affiliates		2,247
Total assets	$	965,043,472
Liabilities
Payable for Fund shares redeemed	$	1,445,511
Distributions payable		262,861
Payable to affiliates:
Distribution and service fees		47,981
Accrued expenses		121,396
Total liabilities	$	1,877,749
Net Assets	$	963,165,723
Sources of Net Assets
Paid-in capital	$	908,814,752
Distributable earnings		54,350,971
Total	$	963,165,723
Class A Shares
Net Assets	$	83,555,691
Shares Outstanding		6,295,765
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.27
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	13.93
Class C Shares
Net Assets	$	35,111,876
Shares Outstanding		2,646,611
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	13.27
Class I Shares
Net Assets	$	844,498,156
Shares Outstanding		63,675,474
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.26

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, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2021
Interest allocated from Portfolio	$	9,540,168
Expenses allocated from Portfolio		(1,631,093	)
Total investment income from Portfolio	$	7,909,075
Expenses
Distribution and service fees
Class A	$	105,085
Class C		179,615
Trustees’ fees and expenses		250
Custodian fee		29,216
Transfer and dividend disbursing agent fees		140,487
Legal and accounting services		14,710
Printing and postage		15,587
Registration fees		65,126
Miscellaneous		6,273
Total expenses	$	556,349
Deduct —
Allocation of expenses to affiliates	$	39,799
Total expense reductions	$	39,799
Net expenses	$	516,550
Net investment income	$	7,392,525
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	2,172,386
Net realized gain	$	2,172,386
Change in unrealized appreciation (depreciation) —
Investments	$	587,577
Net change in unrealized appreciation (depreciation)	$	587,577
Net realized and unrealized gain	$	2,759,963
Net increase in net assets from operations	$	10,152,488

6 See Notes to Financial Statements.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
From operations —
Net investment income	$	7,392,525		$	14,224,357
Net realized gain		2,172,386			4,289,976
Net change in unrealized appreciation (depreciation)		587,577			16,851,140
Net increase in net assets from operations	$	10,152,488		$	35,365,473
Distributions to shareholders —
Class A	$	(590,540	)	$	(1,369,835	)
Class C		(117,565	)		(346,962	)
Class I		(6,681,267	)		(12,491,775	)
Total distributions to shareholders	$	(7,389,372	)	$	(14,208,572	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	6,127,380		$	18,833,667
Class C		1,669,287			6,662,582
Class I		136,416,752			319,722,524
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		467,448			1,143,526
Class C		90,538			257,716
Class I		5,256,664			9,777,443
Cost of shares redeemed
Class A		(12,329,469	)		(19,938,216	)
Class C		(3,841,366	)		(11,050,734	)
Class I		(75,974,278	)		(167,437,325	)
Net asset value of shares converted
Class A		125,276			1,172,423
Class C		(125,276	)		(1,172,423	)
Net increase in net assets from Fund share transactions	$	57,882,956		$	157,971,183
Other capital —
Portfolio transaction fee contributed to Portfolio	$	(140,710	)	$	(394,679	)
Portfolio transaction fee allocated from Portfolio		139,765			391,381
Net decrease in net assets from other capital	$	(945	)	$	(3,298	)
Net increase in net assets	$	60,645,127		$	179,124,786
Net Assets
At beginning of period	$	902,520,596		$	723,395,810
At end of period	$	963,165,723		$	902,520,596

7 See Notes to Financial Statements.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2021

Financial Highlights

	Class A
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	13.240		$	12.900		$	12.220		$	12.110		$	11.900		$	12.220
Income (Loss) From Operations
Net investment income	$	0.092		$	0.213		$	0.237		$	0.225		$	0.210		$	0.175
Net realized and unrealized gain (loss)		0.030			0.340			0.680			0.110			0.210			(0.320	)
Total income (loss) from operations	$	0.122		$	0.553		$	0.917		$	0.335		$	0.420		$	(0.145	)
Less Distributions
From net investment income	$	(0.092	)	$	(0.213	)	$	(0.237	)	$	(0.225	)	$	(0.210	)	$	(0.175	)
Total distributions	$	(0.092	)	$	(0.213	)	$	(0.237	)	$	(0.225	)	$	(0.210	)	$	(0.175	)
Net asset value — End of period	$	13.270		$	13.240		$	12.900		$	12.220		$	12.110		$	11.900
Total Return(1)(2)		0.93	%(3)		4.34	%		7.56	%		2.80	%		3.53	%		(1.21	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	83,556		$	88,983		$	85,608		$	87,287		$	104,397		$	144,984
Ratios (as a percentage of average daily net assets):(4)
Expenses(2)		0.65	%(5)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.41	%(5)		1.65	%		1.88	%		1.87	%		1.72	%		1.41	%
Portfolio Turnover of the Portfolio(6)		10	%(3)		51	%		28	%		78	%		35	%		30	%(3)
Portfolio Turnover of the Fund		—			—			—			—			—			6	%(3)(7)

⁽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 0.02%, 0.03%, 0.02%, 0.04%, 0.05% and 0.07% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, 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⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁷⁾  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, 2021

Financial Highlights — continued

	Class C
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	13.230		$	12.890		$	12.220		$	12.100		$	11.890		$	12.210
Income (Loss) From Operations
Net investment income	$	0.043		$	0.116		$	0.142		$	0.134		$	0.118		$	0.082
Net realized and unrealized gain (loss)		0.040			0.340			0.670			0.120			0.210			(0.320	)
Total income (loss) from operations	$	0.083		$	0.456		$	0.812		$	0.254		$	0.328		$	(0.238	)
Less Distributions
From net investment income	$	(0.043	)	$	(0.116	)	$	(0.142	)	$	(0.134	)	$	(0.118	)	$	(0.082	)
Total distributions	$	(0.043	)	$	(0.116	)	$	(0.142	)	$	(0.134	)	$	(0.118	)	$	(0.082	)
Net asset value — End of period	$	13.270		$	13.230		$	12.890		$	12.220		$	12.100		$	11.890
Total Return(1)(2)		0.63	%(3)		3.56	%		6.68	%		2.12	%		2.75	%		(1.96	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	35,112		$	37,239		$	41,689		$	45,309		$	55,476		$	53,321
Ratios (as a percentage of average daily net assets):(4)
Expenses(2)		1.40	%(5)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Net investment income		0.66	%(5)		0.91	%		1.13	%		1.11	%		0.96	%		0.66	%
Portfolio Turnover of the Portfolio(6)		10	%(3)		51	%		28	%		78	%		35	%		30	%(3)
Portfolio Turnover of the Fund		—			—			—			—			—			6	%(3)(7)

⁽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 0.02%, 0.03%, 0.02%, 0.04%, 0.05% and 0.07% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, 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⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁷⁾  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, 2021

Financial Highlights — continued

	Class I
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	13.230		$	12.890		$	12.210		$	12.100		$	11.890		$	12.210
Income (Loss) From Operations
Net investment income	$	0.108		$	0.245		$	0.268		$	0.255		$	0.240		$	0.206
Net realized and unrealized gain (loss)		0.030			0.340			0.680			0.110			0.210			(0.320	)
Total income (loss) from operations	$	0.138		$	0.585		$	0.948		$	0.365		$	0.450		$	(0.114	)
Less Distributions
From net investment income	$	(0.108	)	$	(0.245	)	$	(0.268	)	$	(0.255	)	$	(0.240	)	$	(0.206	)
Total distributions	$	(0.108	)	$	(0.245	)	$	(0.268	)	$	(0.255	)	$	(0.240	)	$	(0.206	)
Net asset value — End of period	$	13.260		$	13.230		$	12.890		$	12.210		$	12.100		$	11.890
Total Return(1)(2)		1.05	%(3)		4.60	%		7.83	%		3.06	%		3.79	%		(0.97	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	844,498		$	776,298		$	596,099		$	472,656		$	510,220		$	284,003
Ratios (as a percentage of average daily net assets):(4)
Expenses(2)		0.40	%(5)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		1.65	%(5)		1.89	%		2.12	%		2.11	%		1.94	%		1.66	%
Portfolio Turnover of the Portfolio(6)		10	%(3)		51	%		28	%		78	%		35	%		30	%(3)
Portfolio Turnover of the Fund		—			—			—			—			—			6	%(3)(7)

⁽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 0.02%, 0.03%, 0.02%, 0.04%, 0.05% and 0.07% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, 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⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

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

10 See Notes to Financial Statements.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2021

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, 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 (99.2% at July 31, 2021). 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, 2021, 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, 2021 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, 2021

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, 2021, the Fund, for federal income tax purposes, had deferred capital losses of $8,086,338 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, 2021, $8,086,338 are short-term.

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 the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory and administrative agreement (the “New Agreement”) with EVM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund’s investment advisory and administrative agreement with EVM in effect prior to March 1, 2021), the investment adviser and administration fee is computed at an annual rate as a percentage 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, as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $1 billion		0.3200	%
$1 billion but less than $2.5 billion		0.3075	%
$2.5 billion but less than $5 billion		0.2950	%
$5 billion and over		0.2875	%

For the six months ended July 31, 2021, the Fund incurred no investment adviser and administration fee on such assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its pro rata share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report.

Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new investment sub-advisory agreement with Parametric, which took effect on March 1, 2021. 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, 2022. Pursuant to this agreement, EVM and Parametric were allocated $39,799 in total of the Fund’s operating expenses for the six months ended July 31, 2021.

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, 2021, EVM earned $3,132 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 $966 as its portion of the sales charge on sales of Class A shares for the six months ended July 31, 2021. 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.

12

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

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, 2021 amounted to $105,085 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, 2021, the Fund paid or accrued to EVD $134,711 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, 2021 amounted to $44,904 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, 2021, the Fund was informed that EVD received approximately $300 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Investment Transactions

For the six months ended July 31, 2021, increases and decreases in the Fund’s investment in the Portfolio aggregated $72,030,994 and $21,894,259, 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, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		465,411			1,454,551
Issued to shareholders electing to receive payments of distributions in Fund shares		35,566			88,554
Redemptions		(937,298	)		(1,547,677	)
Converted from Class C shares		9,566			89,879
Net increase (decrease)		(426,755	)		85,307

13

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

Class C	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		126,629			517,231
Issued to shareholders electing to receive payments of distributions in Fund shares		6,893			19,985
Redemptions		(291,777	)		(866,281	)
Converted to Class A shares		(9,572	)		(89,919	)
Net decrease		(167,827	)		(418,984	)
Class I	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		10,356,696			24,809,152
Issued to shareholders electing to receive payments of distributions in Fund shares		400,091			756,576
Redemptions		(5,770,993	)		(13,124,951	)
Net increase		4,985,794			12,440,777

14

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 96.1%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.2%
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35	$	500	$	567,460
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35		1,175		1,415,417
			$	1,982,877
Education — 5.0%
Arizona State University:
5.00%, 7/1/35	$	1,500	$	1,997,130
5.00%, 7/1/36		1,000		1,327,670
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/26		565		676,881
Connecticut Health and Educational Facilities Authority, (Fairfield University):
5.00%, 7/1/25		875		1,023,942
5.00%, 7/1/26		1,000		1,206,260
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27		505		620,670
New York Dormitory Authority, (Rochester Institute of Technology):
5.00%, 7/1/35		540		698,312
5.00%, 7/1/36		395		509,503
5.00%, 7/1/37		840		1,080,744
New York Dormitory Authority, (School Districts Revenue Bond Financing Program):
5.00%, 10/1/32		1,500		1,974,720
5.00%, 10/1/33		1,175		1,538,933
North Carolina Capital Facilities Finance Agency, (Davidson College), 5.00%, 3/1/29		200		205,476
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University):
4.00%, 9/1/33		305		387,521
4.00%, 9/1/34		350		443,149
Saginaw Valley State University, MI:
5.00%, 7/1/26		750		904,290
5.00%, 7/1/27		500		609,070
5.00%, 7/1/28		1,000		1,214,890
Swarthmore Borough Authority, PA, (Swarthmore College):
4.00%, 9/15/35(1)		2,245		2,845,942
4.00%, 9/15/37(1)		1,925		2,421,727
Texas A&M University:
4.00%, 5/15/33		1,600		2,031,552
4.00%, 5/15/34		1,000		1,265,190
University of Florida:
4.00%, 7/1/31		5,000		6,343,850

Security	Principal Amount (000’s omitted)		Value
Education (continued)
University of Florida: (continued)
4.00%, 7/1/32	$	6,465	$	8,139,176
4.00%, 7/1/33		6,720		8,421,974
University of Hawaii, 3.00%, 10/1/31		1,000		1,150,280
			$	49,038,852
Electric Utilities — 2.1%
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29	$	1,000	$	1,176,170
Energy Northwest, WA, Wind Project Revenue:
5.00%, 7/1/25		365		428,831
5.00%, 7/1/26		1,000		1,171,490
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32		250		297,573
Marquette Board of Light and Power, MI, 5.00%, 7/1/27		735		897,369
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/34		770		915,692
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29		500		601,735
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/26		250		300,542
Seattle, WA, Municipal Light and Power Revenue, 0.27%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1)(2)		2,000		2,000,920
Seattle, WA, Municipal Light and Power Revenue, Green Bonds, 4.00%, 7/1/34		5,035		6,259,311
Springfield Electric System Revenue, IL:
5.00%, 3/1/27		250		290,450
5.00%, 3/1/28		250		289,870
5.00%, 3/1/29		250		289,290
Tallahassee, FL, Energy System Revenue:
5.00%, 10/1/27		300		344,688
5.00%, 10/1/28		400		458,764
5.00%, 10/1/29		1,120		1,284,158
5.00%, 10/1/30		1,500		1,719,855
5.00%, 10/1/31		1,000		1,146,230
5.00%, 10/1/33		300		343,458
Walnut Energy Center Authority, CA, 5.00%, 1/1/33		250		282,615
			$	20,499,011
Escrowed / Prerefunded — 0.5%
Pennington County, SD, Certificates of Participation, Prerefunded to 6/1/25, 5.00%, 6/1/27	$	1,300	$	1,532,895
Seward County Unified School District No. 480, KS, Prerefunded to 9/1/25, 5.00%, 9/1/29		2,000		2,379,780
South Dakota Building Authority:
Prerefunded to 6/1/25, 5.00%, 6/1/28		210		248,063
Series 2015B, Prerefunded to 6/1/25, 5.00%, 6/1/30		200		236,250
			$	4,396,988

15 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations — 29.3%
Addison, TX, 5.00%, 2/15/26	$	270	$	290,282
Anchorage, AK:
5.00%, 9/1/25		100		118,818
5.00%, 9/1/27		780		921,905
Belding Area Schools, MI:
5.00%, 5/1/28		250		303,860
5.00%, 5/1/30		250		302,288
Birmingham, AL:
5.00%, 12/1/25		1,050		1,255,758
5.00%, 12/1/27		2,460		3,123,142
Bonneville and Bingham Counties Joint School District No. 93, ID, 5.00%, 9/15/32		450		539,190
Brookline, MA:
5.00%, 3/15/30		2,000		2,627,860
5.00%, 3/15/31		3,825		5,000,308
Burlington, VT:
5.00%, 11/1/27		305		387,008
5.00%, 11/1/29		135		179,743
5.00%, 11/1/30		300		395,952
Series 2016A, 5.00%, 11/1/26		150		184,946
Series 2019A, 5.00%, 11/1/26		210		258,924
California:
4.00%, 9/1/26		320		378,803
4.00%, 8/1/36		5,000		5,791,100
5.00%, 8/1/26		2,010		2,385,769
5.00%, 12/1/29		700		939,008
5.00%, 12/1/30		2,750		3,773,935
5.00%, 12/1/31		1,550		2,167,101
5.00%, 8/1/32		1,590		1,932,232
5.00%, 12/1/34		2,500		3,373,875
5.00%, 12/1/35		3,000		4,040,400
Cape May County, NJ, 3.00%, 10/1/31		1,000		1,114,870
Carrollton-Farmers Branch Independent School District, TX, (PSF Guaranteed):
4.00%, 2/15/32		650		814,353
4.00%, 2/15/33		1,000		1,248,910
4.00%, 2/15/34		1,010		1,257,359
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/33		1,000		769,880
Clark County, NV:
3.00%, 11/1/36		3,730		4,216,355
5.00%, 11/1/26		1,020		1,258,823
Colonial School District, PA:
5.00%, 2/15/32		100		118,679
5.00%, 2/15/33		200		237,182

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Connecticut:
3.00%, 1/15/33	$	4,000	$	4,575,400
4.00%, 6/1/30		1,000		1,262,150
4.00%, 6/1/32		1,000		1,242,850
4.00%, 6/1/33		600		743,250
4.00%, 6/1/35		850		1,042,738
4.00%, 6/1/36		1,000		1,220,280
Contra Costa Community College District, CA, (Election of 2014):
4.00%, 8/1/32		650		804,434
4.00%, 8/1/33		100		123,379
Cook County School District No. 25, IL, (Arlington Heights), 5.00%, 12/15/32		630		781,150
Dallas, TX:
5.00%, 2/15/29		1,885		2,100,116
5.00%, 2/15/31		3,615		3,870,327
Delaware, 5.00%, 2/1/29		1,000		1,279,900
Denton County, TX, 4.00%, 7/15/31		1,500		1,801,530
District of Columbia, 5.00%, 6/1/33		6,690		7,555,351
Dowagiac Union School District, MI, 4.00%, 5/1/26		350		409,696
Dublin City School District, OH, 5.00%, 12/1/29		500		650,370
Easton Area School District, PA, 5.00%, 2/1/31		1,650		2,086,375
Elk Grove Unified School District, CA:
4.00%, 8/1/32		3,105		3,919,069
4.00%, 8/1/33		3,370		4,232,450
Flower Mound, TX, 5.00%, 3/1/27		510		617,804
Franklin County, OH, Prerefunded to 6/1/23, 4.25%, 12/1/35		1,100		1,183,754
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		400		449,224
Georgia, 5.00%, 2/1/32		1,000		1,239,200
Granville Exempted Village School District, OH, 5.00%, 12/1/26		500		601,085
Harlandale Independent School District, TX, 5.00%, 8/1/29		845		1,044,750
Hawaii, 5.00%, 1/1/30		3,730		4,861,421
Hennepin County, MN, 5.00%, 12/1/33		1,000		1,234,900
Homewood, AL:
5.00%, 9/1/28		2,000		2,445,900
5.00%, 9/1/29		2,000		2,444,560
Honolulu City and County, HI, 3.00%, 9/1/31		110		122,222
Illinois:
5.00%, 9/1/27		12,035		14,900,533
5.00%, 3/1/28		2,000		2,055,480
5.00%, 4/1/29		1,190		1,328,683
5.00%, 3/1/34		6,000		6,166,560
5.00%, 3/1/35		1,000		1,028,110
5.50%, 5/1/30		5,500		7,405,200

16 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29	$	1,000	$	1,111,950
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28		2,370		2,984,920
Kennewick School District No. 17, WA:
4.00%, 12/1/33		1,155		1,445,379
4.00%, 12/1/34		1,200		1,497,444
Lakeland, FL:
5.00%, 10/1/25		635		740,410
5.00%, 10/1/28		1,500		1,752,585
5.00%, 10/1/30		1,000		1,166,000
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31		600		431,568
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		1,600		1,832,048
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34		1,690		1,972,484
Los Angeles Unified School District, CA:
4.00%, 7/1/33		2,500		3,122,925
4.00%, 7/1/36		3,000		3,695,040
Maine, 5.00%, 6/1/30		2,605		3,524,200
McLean County Public Building Commission, IL, 5.00%, 12/1/28		200		231,162
Miami-Dade County School District, FL, 5.00%, 3/15/28		300		349,959
Miami-Dade County, FL, 5.00%, 7/1/29		1,000		1,180,860
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32		560		619,914
Morris Township, NJ, 3.00%, 11/1/27		440		493,090
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27		175		166,857
Navasota Independent School District, TX, (PSF Guaranteed):
5.00%, 2/15/28		195		226,416
5.00%, 2/15/29		340		394,386
5.00%, 2/15/30		725		840,137
5.00%, 2/15/31		885		1,023,865
5.00%, 2/15/32		720		831,874
New Jersey:
4.00%, 6/1/31		5,000		6,314,600
5.00%, 6/1/26		2,500		3,041,425
5.00%, 6/1/27		5,000		6,268,450
5.00%, 6/1/28		10,000		12,874,500
New York, 5.00%, 3/15/31		3,000		4,147,740
Ohio, (Adult Correctional Building Fund):
5.00%, 10/1/28		1,000		1,296,430
5.00%, 10/1/29		1,500		1,987,950
5.00%, 10/1/30		1,000		1,353,360

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Oregon:
2.35%, 6/1/25	$	165	$	177,651
2.40%, 12/1/25		1,050		1,138,347
2.50%, 6/1/26		1,070		1,170,922
Pasadena, TX:
4.00%, 2/15/28		500		562,655
4.00%, 2/15/29		150		168,572
4.00%, 2/15/30		500		561,530
4.00%, 2/15/31		650		729,261
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27		1,060		1,006,618
Pennsylvania:
4.00%, 6/15/31		135		148,415
Prerefunded to 6/1/22, 4.00%, 6/1/30		5,000		5,163,400
Philadelphia, PA:
5.00%, 2/1/26		1,150		1,383,508
5.00%, 2/1/31		1,550		2,030,608
Pittsburg Unified School District, CA, 5.00%, 8/1/28		920		1,157,802
Port of Seattle, WA, Limited Tax General Obligation Bonds, 5.00%, 6/1/28		2,000		2,266,580
Portland, OR, 5.00%, 6/1/30		6,515		8,827,043
Ravenswood City School District, CA, (Election of 2016):
5.00%, 8/1/25		485		575,244
5.00%, 8/1/26		505		618,999
5.00%, 8/1/27		530		651,709
5.00%, 8/1/28		555		680,902
5.00%, 8/1/29		575		703,524
Romeo Community Schools, MI, 5.00%, 5/1/30		700		846,405
Romulus, MI:
4.00%, 11/1/31		250		286,118
4.00%, 11/1/32		100		114,396
4.00%, 11/1/33		250		285,610
SCAGO Educational Facilities Corp. for Pickens School District, SC, 5.00%, 12/1/26		1,650		1,928,867
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30		450		519,408
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		300		341,826
Southfield Public Schools, MI:
5.00%, 5/1/25		1,100		1,291,730
5.00%, 5/1/27		1,000		1,252,630
St. Mary’s County, MD:
5.00%, 5/1/28		1,255		1,618,109
5.00%, 5/1/30		1,245		1,681,410

17 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
St. Vrain Valley School District RE-1J, CO:
5.00%, 12/15/28	$	1,700	$	2,105,824
5.00%, 12/15/29		1,000		1,235,130
Stamford, CT, 4.00%, 8/1/27		650		743,847
Sun Valley, ID:
5.00%, 9/15/25		755		901,002
5.00%, 9/15/26		695		857,123
Texas, 4.00%, 8/26/21		10,000		10,026,500
Torrance Unified School District, CA, (Election of 2014):
5.00%, 8/1/30		515		627,837
5.00%, 8/1/31		450		546,858
Tuloso-Midway Independent School District, TX, (PSF Guaranteed):
4.00%, 8/15/27		510		582,201
4.00%, 8/15/28		530		603,437
4.00%, 8/15/29		545		620,281
Virginia, 3.00%, 6/1/32		2,000		2,358,440
Washington:
5.00%, 8/1/28		1,485		1,821,872
5.00%, 8/1/29		1,400		1,716,820
Wellesley, MA:
5.00%, 4/1/30		1,990		2,692,768
5.00%, 4/1/31		1,985		2,747,200
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27		2,825		3,305,617
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30		360		412,531
York County, PA, 5.00%, 6/1/27		1,225		1,418,513
			$	284,672,347
Hospital — 13.0%
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group):
5.00%, 4/1/31	$	1,750	$	2,193,397
5.00%, 4/1/33		3,000		3,740,520
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/25		250		292,130
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27		90		95,354
California Health Facilities Financing Authority, (CommonSpirit Health), 4.00%, 4/1/36		3,000		3,646,350
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29		750		930,877
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30		335		402,938

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.):
4.00%, 4/1/34	$	100	$	121,464
4.00%, 4/1/35		290		351,500
4.00%, 4/1/36		300		362,454
Colorado Health Facilities Authority, (CommonSpirit Health):
5.00%, 8/1/34		2,000		2,560,500
5.00%, 8/1/35		3,000		3,835,170
5.00% to 8/1/26 (Put Date), 8/1/49		5,000		5,977,900
Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25		150		176,253
Colorado Health Facilities Authority, (Sanford Health), 5.00%, 11/1/32		3,000		3,927,240
Connecticut Health and Educational Facilities Authority, (Stamford Hospital):
4.00%, 7/1/26		600		694,542
4.00%, 7/1/27		700		827,421
4.00%, 7/1/28		650		780,696
4.00%, 7/1/29		500		608,460
4.00%, 7/1/30		750		923,235
Geisinger Authority, PA, (Geisinger Health System), 5.00%, 4/1/35		6,000		7,857,360
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35		1,000		1,205,010
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33		4,000		4,353,040
Illinois Finance Authority, (Riverside Health System):
4.00%, 11/15/32		750		852,053
5.00%, 11/15/27		500		607,830
Illinois Finance Authority, (Rush University Medical Center):
5.00%, 11/15/31		1,000		1,161,560
5.00%, 11/15/32		1,000		1,160,750
Kentucky Economic Development Finance Authority, (Catholic Health Initiatives), 1.42%, (SIFMA + 1.40%), 2/1/25 (Put Date), 2/1/46(2)		12,715		12,824,603
Knox County Health, Educational and Housing Facility Board, TN, (University Health System, Inc.), 5.00%, 9/1/30		1,000		1,174,450
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation):
5.00%, 5/15/25		250		292,848
5.00%, 5/15/26		250		290,698
5.00%, 5/15/27		250		289,983
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.):
5.00%, 10/1/30		2,000		2,412,480
5.00%, 10/1/31		1,500		1,807,935
5.00%, 10/1/32		2,000		2,406,000

18 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Maricopa County Industrial Development Authority, AZ, (Banner Health), 0.59%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(2)	$	4,730	$	4,712,641
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31		1,000		1,156,140
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25		485		541,347
Massachusetts Development Finance Agency, (South Shore Hospital):
5.00%, 7/1/24		550		620,725
5.00%, 7/1/26		500		602,325
5.00%, 7/1/28		245		293,106
Medford Hospital Facilities Authority, OR, (Asante Health System):
5.00%, 8/15/34		1,000		1,325,510
5.00%, 8/15/35		700		926,317
5.00%, 8/15/36		1,000		1,319,870
Michigan Finance Authority, (Beaumont Health Credit Group), 5.00%, 8/1/28		1,315		1,498,350
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31		490		564,828
Missouri Health and Educational Facilities Authority, (Saint Luke’s Health System), 5.00%, 11/15/31		1,000		1,192,390
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group):
5.00%, 7/1/23		400		433,300
5.00%, 7/1/28		1,340		1,537,663
5.00%, 7/1/29		775		885,709
Montgomery County, OH, (Kettering Health Network Obligated Group):
5.00%, 8/1/32		275		371,685
5.00%, 8/1/33		300		404,067
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group):
5.00%, 8/1/25		400		472,680
5.00%, 8/1/28		500		632,530
5.00%, 8/1/29		500		628,475
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System):
5.00%, 7/1/25		1,000		1,180,860
5.00%, 7/1/27		700		857,276
5.00%, 7/1/28		700		856,135
5.00%, 7/1/30		520		634,286
5.00%, 7/1/31		700		852,698
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25		1,000		1,178,380
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/32		750		887,295

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 10/15/37	$	1,375	$	1,700,036
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/33		2,250		2,937,532
Public Finance Authority, WI, (Renown Regional Medical Center):
4.00%, 6/1/35		795		960,519
5.00%, 6/1/34		1,320		1,728,500
5.00%, 6/1/36		2,310		3,010,507
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28		1,000		1,211,110
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/29		250		280,035
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30		150		167,921
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/25		500		592,875
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30		625		735,900
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27		1,655		1,958,312
Utah County, UT, (IHC Health Services, Inc.), 5.00% to 8/1/26 (Put Date), 5/15/60		3,500		4,264,365
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center):
5.00%, 12/1/25		335		398,901
5.00%, 12/1/26		300		362,097
5.00%, 12/1/27		205		247,216
5.00%, 12/1/28		500		602,435
5.00%, 12/1/30		400		481,528
5.00%, 12/1/31		300		360,672
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27		1,575		1,971,947
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 7/29/26 (Put Date), 8/15/54		3,550		4,342,750
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26		400		486,608
			$	126,513,355
Housing — 2.2%
Connecticut Housing Finance Authority, 3.60%, 11/15/30	$	145	$	152,752
Georgia Housing & Finance Authority, 3.65%, 12/1/32		1,000		1,085,820
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA):
1.50%, 1/1/31		300		302,097
1.60%, 7/1/31		300		303,840

19 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Minnesota Housing Finance Agency:
2019 Series A, 4.00%, 8/1/34	$	295	$	354,847
2019 Series A, 4.00%, 8/1/35		440		526,997
2019 Series C, 4.00%, 8/1/33		525		633,827
2019 Series C, 4.00%, 8/1/34		240		288,689
2019 Series C, 4.00%, 8/1/35		285		341,350
New York City Housing Development Corp., NY:
2.65%, 11/1/27		870		933,797
2.80%, 5/1/29		655		705,926
2.85%, 11/1/29		300		323,238
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA):
2.20%, 5/1/25		190		200,775
2.25%, 11/1/25		225		239,400
2.40%, 11/1/26		225		242,557
2.50%, 11/1/27		140		150,438
2.60%, 5/1/28		110		118,421
New York Mortgage Agency:
2.30%, 10/1/30		1,000		1,050,560
3.65%, 4/1/32		1,000		1,095,520
Seattle Housing Authority, WA:
2.875%, 12/1/25		900		984,294
3.00%, 12/1/26		920		1,021,117
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26		7,675		7,698,716
Tennessee Housing Development Agency, 2.80%, 7/1/26		250		273,677
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33		1,287		1,440,024
Virginia Housing Development Authority, 2.55%, 5/1/27		630		667,491
Washington Housing Finance Commission:
2.25%, 6/1/25		105		111,208
2.30%, 12/1/25		130		138,649
2.40%, 6/1/26		105		112,275
			$	21,498,302
Insured – Education — 0.7%
New York Dormitory Authority, (School Districts Revenue Bond Financing Program), (AGM), 5.00%, 10/1/33	$	1,625	$	2,120,917
Patterson Joint Unified School District, CA, (Election 2018):
(BAM), 5.00%, 8/1/28		1,065		1,294,231
(BAM), 5.00%, 8/1/29		1,000		1,211,400
University of Central Florida, (AGM), 4.00%, 10/1/34(1)		1,805		2,254,445
			$	6,880,993

Security	Principal Amount (000’s omitted)		Value
Insured – Electric Utilities — 0.2%
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4):
(AGM), 4.00%, 1/1/36	$	770	$	915,214
(AGM), 4.00%, 1/1/37		1,125		1,332,933
			$	2,248,147
Insured – Escrowed / Prerefunded — 0.0%(3)
New Britain, CT:
(BAM), Escrowed to Maturity, 5.00%, 3/1/25	$	5	$	5,832
(BAM), Escrowed to Maturity, 5.00%, 3/1/25		100		116,829
			$	122,661
Insured – General Obligations — 1.3%
Fort Bend County Municipal Utility District No. 58, TX:
(BAM), 3.00%, 4/1/26	$	185	$	204,469
(BAM), 3.00%, 4/1/30		725		814,247
(BAM), 3.00%, 4/1/32		360		400,644
New Britain, CT, (BAM), 5.00%, 3/1/25		135		156,530
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 4.00%, 12/1/25		470		528,116
Pharr, TX:
(AGM), 4.00%, 8/15/35		2,190		2,709,512
(AGM), 4.00%, 8/15/36		1,945		2,401,433
(AGM), 4.00%, 8/15/37		2,485		3,058,364
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27		690		812,979
Yonkers, NY:
(BAM), Series 2019A, 5.00%, 5/1/31		750		978,112
(BAM), Series 2019B, 5.00%, 5/1/31		825		1,075,924
			$	13,140,330
Insured – Housing — 0.2%
California Municipal Finance Authority, (CHF-Davis II, LLC - Orchard Park Student Housing), Green Bonds:
(BAM), 4.00%, 5/15/35	$	600	$	742,476
(BAM), 4.00%, 5/15/36		600		739,992
			$	1,482,468
Insured – Lease Revenue / Certificates of Participation — 0.5%
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/25	$	1,350	$	1,572,493
Clermont County Port Authority, OH, (West Clermont Local School District):
(BAM), 5.00%, 12/1/26		250		297,688
(BAM), 5.00%, 12/1/29		100		118,180

20 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Lease Revenue / Certificates of Participation (continued)
Highlands County School Board, FL:
(BAM), 5.00%, 3/1/26	$	400	$	463,948
(BAM), 5.00%, 3/1/27		200		231,588
Pasco County School Board, FL:
(BAM), 5.00%, 8/1/25		305		360,150
(BAM), 5.00%, 8/1/26		355		432,976
(BAM), 5.00%, 8/1/27		605		737,888
(BAM), 5.00%, 8/1/29		310		374,347
			$	4,589,258
Insured – Other Revenue — 0.5%
New York Dormitory Authority, School Districts Revenue Bond Financing Program:
(AGM), 5.00%, 10/1/33	$	1,250	$	1,597,400
(AGM), 5.00%, 10/1/34		1,250		1,594,538
(AGM), 5.00%, 10/1/35		1,000		1,274,540
			$	4,466,478
Insured – Special Tax Revenue — 0.1%
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/25	$	420	$	496,226
Vineyard Redevelopment Agency, UT:
(AGM), 4.00%, 5/1/34(1)		115		140,371
(AGM), 4.00%, 5/1/36(1)		135		163,866
			$	800,463
Insured – Transportation — 1.3%
New Brunswick Parking Authority, NJ:
(BAM), 5.00%, 9/1/25	$	500	$	589,190
(BAM), 5.00%, 9/1/26		320		380,218
(BAM), 5.00%, 9/1/27		375		444,229
New Orleans Aviation Board, LA:
(AGM), 5.00%, 1/1/30		1,000		1,254,880
(AGM), 5.00%, 1/1/31		1,250		1,560,950
(AGM), 5.00%, 1/1/32		1,650		2,056,741
(AGM), 5.00%, 1/1/33		2,450		3,046,771
(AGM), 5.00%, 1/1/34		2,485		3,082,742
			$	12,415,721
Insured – Water and Sewer — 0.1%
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30	$	250	$	296,527
Hamburg Municipal Authority, PA, Sewer Revenue:
(AGM), 2.00%, 10/1/32		370		381,781
(AGM), 2.00%, 10/1/34		200		205,332
(AGM), 2.00%, 10/1/36		255		259,585

Security	Principal Amount (000’s omitted)		Value
Insured – Water and Sewer (continued)
Western Riverside Water and Wastewater Financing Authority, CA, (AGM), 4.00%, 9/1/28	$	250	$	303,360
			$	1,446,585
Lease Revenue / Certificates of Participation — 5.2%
Adams County, CO, Certificates of Participation, 4.00%, 12/1/28	$	1,000	$	1,149,160
Aspen Fire Protection District, CO:
4.00%, 12/1/29		150		182,913
4.00%, 12/1/30		235		284,693
4.00%, 12/1/31		250		300,602
4.00%, 12/1/32		205		245,754
Broward County School Board, FL:
5.00%, 7/1/25		500		587,015
5.00%, 7/1/27		500		611,795
5.00%, 7/1/29		500		605,015
California Public Works Board:
4.00%, 5/1/36		880		1,097,237
5.00%, 11/1/29		1,000		1,233,550
Canadian County Educational Facilities Authority, OK, (Mustang Public Schools), 5.00%, 9/1/26		500		611,935
Colorado Department of Transportation:
5.00%, 6/15/30		350		419,958
5.00%, 6/15/31		310		371,802
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue:
5.00%, 6/1/25		500		586,185
5.00%, 6/1/29		3,000		3,797,550
5.00%, 6/1/30		3,000		3,771,180
Eagle County, CO, Certificates of Participation, 5.00%, 12/1/26		200		238,622
Forsyth County, NC, Limited Obligation Bonds, 5.00%, 4/1/27		1,300		1,626,131
Fountain Valley Public Financing Authority, CA:
4.00%, 11/1/25		570		655,848
4.00%, 11/1/26		595		691,777
4.00%, 11/1/27		620		717,334
4.00%, 11/1/28		645		743,782
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28		410		519,499
Indiana Finance Authority, (Stadium Project), (SPA: U.S. Bank, N.A.), 0.04%, 2/1/35(4)		4,900		4,900,000
Lake Houston Redevelopment Authority, TX:
3.00%, 9/1/37		300		326,034
4.00%, 9/1/32		200		244,190
4.00%, 9/1/35		200		241,976
4.00%, 9/1/36		200		241,304
5.00%, 9/1/31		250		330,327

21 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32	$	1,495	$	1,805,317
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools):
5.00%, 12/1/25		1,405		1,669,941
5.00%, 12/1/26		2,000		2,377,300
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools):
5.00%, 10/1/25		1,000		1,182,480
5.00%, 10/1/26		1,000		1,219,560
Orange County School Board, FL, Prerefunded to 8/1/25, 5.00%, 8/1/32		1,935		2,295,819
Palm Beach County School Board, FL, 5.00%, 8/1/31		4,000		4,704,160
Palo Alto, CA, Certificates of Participation, 3.00%, 11/1/32		2,585		3,012,456
Plymouth Intermediate District No. 287, MN, Certificates of Participation, 5.00%, 2/1/30		385		463,967
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29		500		596,975
Riverside County Public Financing Authority, CA:
5.00%, 11/1/27		850		1,012,163
5.00%, 11/1/28		950		1,130,357
South Dakota Building Authority, 5.00%, 6/1/26		500		606,415
Virginia Public Building Authority, 4.00%, 8/1/35		1,140		1,395,337
			$	50,805,415
Other Revenue — 8.4%
Bexar County, TX, Combination Tax and Revenue Certificates of Obligation, 4.00%, 6/15/34	$	905	$	1,069,918
Bexar County, TX, Motor Vehicle Rental Tax Revenue:
4.00%, 8/15/33		690		815,987
4.00%, 8/15/34		810		955,411
4.00%, 8/15/35		510		600,734
District of Columbia, (National Public Radio, Inc.):
Prerefunded to 4/1/26, 5.00%, 4/1/28		1,000		1,213,240
Prerefunded to 4/1/26, 5.00%, 4/1/29		1,000		1,213,240
Fort Myers, FL, Capital Improvement Revenue:
5.00%, 12/1/32		825		983,540
5.00%, 12/1/33		640		762,381
5.00%, 12/1/34		510		606,558
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/26		150		185,270
Kentucky Public Energy Authority, Gas Supply Revenue:
4.00%, 7/1/24		5,000		5,530,950
4.00% to 6/1/25 (Put Date), 12/1/49		5,000		5,624,150
4.00% to 2/1/28 (Put Date), 2/1/50		19,000		22,644,390
Knoxville, TN, Gas System Revenue, 4.00%, 3/1/33		3,245		3,882,123

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
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	$	5,757,350
Louisiana Local Government Environmental Facilities and Community Development Authority, (Bossier City):
5.00%, 12/1/32		2,355		3,050,526
5.00%, 12/1/34		2,425		3,111,639
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish):
5.00%, 4/1/27		500		605,335
5.00%, 4/1/29		275		331,405
Mississippi Development Bank, Special Obligation Bond, (Jackson Public School District), 5.00%, 4/1/25		1,270		1,478,801
New York City Cultural Resources Trust, NY, (Carnegie Hall):
5.00%, 12/1/27		100		125,756
5.00%, 12/1/29		325		426,780
5.00%, 12/1/31		250		327,503
5.00%, 12/1/32		550		719,406
5.00%, 12/1/33		200		260,984
5.00%, 12/1/34		300		390,498
5.00%, 12/1/35		700		909,475
New York City Educational Construction Fund, NY, 5.00%, 4/1/29		2,765		3,605,228
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28		1,060		1,321,385
Tennessee Energy Acquisition Corp., Gas Project Revenue, 4.00% to 11/1/25 (Put Date), 11/1/49		5,000		5,682,000
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue:
5.00%, 12/15/26		1,000		1,225,630
5.00%, 12/15/31		1,250		1,696,262
Wisconsin, Environmental Improvement Fund Revenue:
5.00%, 6/1/31		2,500		2,945,550
5.00%, 6/1/32		1,000		1,177,380
			$	81,236,785
Senior Living / Life Care — 1.9%
Atlantic Beach, FL, (Fleet Landing), 3.00%, 11/15/23	$	2,500	$	2,504,400
Baltimore County, MD, (Riderwood Village, Inc.):
4.00%, 1/1/30		1,655		1,980,522
4.00%, 1/1/31		250		298,040
4.00%, 1/1/32		350		416,185
4.00%, 1/1/33		600		712,338
4.00%, 1/1/34		685		811,910
4.00%, 1/1/35		615		727,373
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.):
5.00%, 11/15/28		50		58,113
5.00%, 11/15/30		910		1,049,812

22 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25	$	100	$	118,294
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries):
2.50%, 1/1/26		640		690,816
5.00%, 1/1/27		1,035		1,226,485
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities):
5.00%, 12/1/21		250		253,808
5.00%, 12/1/31		310		359,603
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/22		225		232,695
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services):
3.00%, 2/1/27		1,000		1,094,610
5.00%, 2/1/23		600		641,454
5.00%, 2/1/29		600		703,200
5.00%, 2/1/30		200		233,346
5.00%, 2/1/31		250		290,610
North Carolina Medical Care Commission, (The Forest at Duke), 4.00%, 9/1/41		715		844,301
North Carolina Medical Care Commission, (United Methodist Retirement Homes):
5.00%, 10/1/24		150		169,152
5.00%, 10/1/25		100		112,510
5.00%, 10/1/26		1,100		1,233,507
5.00%, 10/1/27		50		55,906
5.00%, 10/1/29		125		139,129
5.00%, 10/1/32		225		249,140
Series 2016A, 5.00%, 10/1/30		230		273,861
Series 2016A, 5.00%, 10/1/31		675		800,374
Series 2017A, 5.00%, 10/1/30		250		277,625
			$	18,559,119
Special Tax Revenue — 2.8%
Downtown Smyrna Development Authority, GA:
3.00%, 2/1/36	$	200	$	232,504
4.00%, 2/1/35		430		540,428
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/32		500		608,550
Miami-Dade County, FL, Special Obligation Bonds:
5.00%, 4/1/25		250		292,995
5.00%, 4/1/26		1,025		1,243,520
5.00%, 4/1/29		900		1,085,841
5.00%, 4/1/30		950		1,143,249
5.00%, 4/1/31		895		1,076,148
5.00%, 4/1/32		735		883,014

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York City Transitional Finance Authority, NY, Future Tax Revenue:
4.00%, 5/1/36	$	2,000	$	2,471,840
4.00%, 11/1/36		1,000		1,239,640
5.00%, 8/1/33		1,190		1,355,529
New York Dormitory Authority, Sales Tax Revenue:
5.00%, 3/15/32		1,800		2,135,880
5.00%, 3/15/34		5,000		6,115,200
Queen Creek, AZ, Excise Tax and State Shared Revenue:
4.00%, 8/1/35		3,120		3,862,935
4.00%, 8/1/36		1,000		1,234,690
Successor Agency to San Mateo Redevelopment Agency, CA:
5.00%, 8/1/26		100		117,267
5.00%, 8/1/29		140		162,138
Tri-County Metropolitan Transportation District, OR, Payroll Tax Revenue, 5.00%, 9/1/32		1,000		1,222,750
			$	27,024,118
Transportation — 16.7%
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/27	$	2,005	$	2,450,010
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.95% to 4/1/26 (Put Date), 4/1/47		1,800		1,983,150
Central Florida Expressway Authority, 4.00%, 7/1/35		3,150		3,629,934
Central Texas Regional Mobility Authority:
4.00%, 1/1/34		200		241,594
4.00%, 1/1/36		1,490		1,787,851
5.00%, 1/1/25		500		566,340
5.00%, 1/1/27		2,500		2,973,025
5.00%, 1/1/36		1,130		1,498,629
Chicago, IL, (O’Hare International Airport):
4.00%, 1/1/35		5,000		6,020,650
4.00%, 1/1/36		3,500		4,193,525
5.00%, 1/1/26		1,000		1,201,210
5.00%, 1/1/28		150		173,352
5.00%, 1/1/29		150		173,187
5.00%, 1/1/30		500		577,470
5.00%, 1/1/31		1,000		1,154,580
5.00%, 1/1/33		125		144,091
5.00%, 1/1/34		7,500		9,785,250
5.25%, 1/1/28		2,905		3,603,013
5.25%, 1/1/29		3,060		3,792,503
5.25%, 1/1/30		1,000		1,238,200
5.25%, 1/1/31		1,000		1,237,210
5.25%, 1/1/32		2,565		3,173,136

23 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Clark County, NV, Highway Revenue, 5.00%, 7/1/33	$	840	$	949,586
Commonwealth Transportation Board, VA, 5.00%, 9/15/30		1,240		1,519,384
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31		1,450		1,759,966
Fort Bend County, TX, Toll Road Revenue:
5.00%, 3/1/28		500		578,580
5.00%, 3/1/29		1,000		1,156,390
5.00%, 3/1/30		750		867,292
Hawaii, Highway Revenue, 5.00%, 1/1/31		805		1,043,369
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		650		766,643
Illinois Toll Highway Authority:
5.00%, 1/1/29		175		208,941
5.00%, 12/1/32		350		415,692
Kentucky Turnpike Authority, 5.00%, 7/1/33		300		326,415
Massachusetts Bay Transportation Authority, 4.00%, 7/1/36		2,900		3,630,452
Massachusetts Department of Transportation, 5.00%, 1/1/30		4,235		5,470,222
Metropolitan Transportation Authority, NY:
0.364%, (67% of SOFR + 0.33%), 11/1/35(2)		7,500		7,505,550
0.464%, (67% of SOFR + 0.43%), 11/1/26(2)		3,000		3,002,340
4.00%, 11/15/43		3,500		4,157,755
5.00%, 11/15/41		415		437,418
5.25%, 11/15/30		500		592,560
Series 2012D, 5.00%, 11/15/28		1,070		1,129,385
Series 2015F, 5.00%, 11/15/28		640		756,941
Metropolitan Transportation Authority, NY, Green Bonds:
5.00%, 11/15/25		5,000		5,942,900
5.00%, 11/15/26		5,815		7,125,643
New Orleans Aviation Board, LA, 5.00%, 1/1/28		150		184,503
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):
5.00%, 12/1/28		1,200		1,556,952
5.00%, 12/1/30		1,000		1,351,020
North Carolina, Grant Anticipation Revenue Vehicle Bonds:
5.00%, 3/1/26		3,000		3,632,640
5.00%, 3/1/29		550		635,344
5.00%, 3/1/30		400		462,244
Pennsylvania Turnpike Commission:
4.00%, 12/1/37		3,850		4,729,263
5.00%, 12/1/34		250		334,503
5.00%, 12/1/35		500		667,640
5.00%, 12/1/36		1,165		1,552,724
Port Authority of New York and New Jersey:
4.00%, 7/15/36		1,605		1,969,239
5.00%, 9/1/34		3,595		4,685,579

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Port of Seattle, WA:
5.00%, 3/1/27	$	250	$	284,840
5.00%, 3/1/29		250		284,510
Portland, ME, Airport Revenue, Green Bonds:
5.00%, 1/1/29		225		287,838
5.00%, 1/1/31		370		478,184
Salt Lake City, UT, (Salt Lake City International Airport):
5.00%, 7/1/28		1,370		1,712,020
5.00%, 7/1/31		300		380,022
5.00%, 7/1/32		660		833,936
5.00%, 7/1/33		600		756,132
5.00%, 7/1/34		450		565,646
San Francisco City and County Airport Commission, CA, (San Francisco International Airport):
5.00%, 5/1/35		1,950		2,639,305
5.00%, 5/1/36		1,950		2,630,550
Texas Transportation Commission, (Central Texas Turnpike System):
0.00%, 8/1/34		1,000		682,630
0.00%, 8/1/35		500		323,370
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/29		14,400		17,943,696
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport):
5.00%, 12/1/31		2,920		3,770,742
5.00%, 12/1/34		1,005		1,289,566
Wisconsin, Transportation Revenue:
5.00%, 7/1/31		3,450		3,928,101
Prerefunded to 7/1/24, 5.00%, 7/1/32		700		797,699
			$	162,291,772
Water and Sewer — 3.9%
Buffalo Municipal Water Finance Authority, NY:
5.00%, 7/1/25	$	300	$	351,702
5.00%, 7/1/29		115		134,965
5.00%, 7/1/30		100		117,361
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28		1,500		1,760,415
Hillsborough County, FL, Wastewater Impact Fee:
5.00%, 5/1/26		3,000		3,625,890
5.00%, 5/1/27		2,315		2,874,651
5.00%, 5/1/28		1,270		1,617,231
5.00%, 5/1/29		1,220		1,589,379
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32		575		671,836
McAllen, TX, Waterworks and Sewer System Revenue, 4.00%, 2/1/27		1,000		1,143,400

24 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32	$	1,895	$	2,218,893
Mesa, AZ, Utility Systems Revenue:
5.00%, 7/1/27		600		731,868
5.00%, 7/1/29		500		606,635
Portland, OR, Water System Revenue, 4.00%, 5/1/33		2,470		3,136,776
Rapid City, SD, Water Revenue:
4.00%, 11/1/29		600		688,572
4.00%, 11/1/30		670		767,867
5.00%, 11/1/26		1,000		1,196,380
5.00%, 11/1/27		515		614,452
Richmond, VA, Public Utility Revenue, 4.00%, 1/15/36		7,205		8,811,715
Spotsylvania County, VA, Water and Sewer System Revenue, 3.00%, 12/1/31		2,095		2,484,733
St. Joseph Industrial Development Authority, MO, (Sewerage System Improvements), 5.00%, 4/1/26		500		584,080
Western Riverside Water and Wastewater Financing Authority, CA:
4.00%, 9/1/26		435		508,002
4.00%, 9/1/27		445		530,881
Wyoming, MI, Water Supply System Revenue:
5.00%, 6/1/27		505		616,256
5.00%, 6/1/28		550		669,405
			$	38,053,345
Total Tax-Exempt Municipal Obligations — 96.1% (identified cost $873,325,546)			$	934,165,390
Other Assets, Less Liabilities — 3.9%			$	37,490,945
Net Assets — 100.0%			$	971,656,335

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

At July 31, 2021, the concentration of the Portfolio’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

New York	10.7%
Others, representing less than 10% individually	85.4%

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, 2021, 5.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.5% to 3.6% of total investments.

⁽¹⁾  When-issued security.

⁽²⁾  Floating-rate security. The stated interest rate represents the rate in effect at July 31, 2021.

⁽³⁾  Amount is less than 0.05%.

⁽⁴⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at July 31, 2021.

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
SFMR	–	Single Family Mortgage Revenue
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SOFR	–	Secured Overnight Financing Rate
SPA	–	Standby Bond Purchase Agreement

25 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	��	July 31, 2021
Unaffiliated investments, at value (identified cost, $873,325,546)		$	934,165,390
Cash			38,942,839
Interest receivable			8,756,641
Receivable for investments sold			75,722
Total assets		$	981,940,592
Liabilities
Payable for when-issued securities		$	9,852,363
Payable to affiliates:
Investment adviser fee			263,065
Other			303
Accrued expenses			168,526
Total liabilities		$	10,284,257
Net Assets applicable to investors’ interest in Portfolio		$	971,656,335

26 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2021
Interest	$	9,619,028
Total investment income	$	9,619,028
Expenses
Investment adviser fee	$	1,497,663
Trustees’ fees and expenses		22,738
Custodian fee		112,542
Legal and accounting services		28,270
Miscellaneous		14,651
Total expenses	$	1,675,864
Deduct —
Allocation of expenses to affiliates	$	31,294
Total expense reductions	$	31,294
Net expenses	$	1,644,570
Net investment income	$	7,974,458
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	2,190,397
Net realized gain	$	2,190,397
Change in unrealized appreciation (depreciation) —
Investments	$	590,116
Net change in unrealized appreciation (depreciation)	$	590,116
Net realized and unrealized gain	$	2,780,513
Net increase in net assets from operations	$	10,754,971

27 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
From operations —
Net investment income	$	7,974,458		$	15,352,513
Net realized gain		2,190,397			4,325,390
Net change in unrealized appreciation (depreciation)		590,116			17,011,685
Net increase in net assets from operations	$	10,754,971		$	36,689,588
Capital transactions —
Contributions	$	71,939,893		$	203,943,194
Withdrawals		(21,913,693	)		(59,666,246	)
Portfolio transaction fee		140,922			395,167
Net increase in net assets from capital transactions	$	50,167,122		$	144,672,115
Net increase in net assets	$	60,922,093		$	181,361,703
Net Assets
At beginning of period	$	910,734,242		$	729,372,539
At end of period	$	971,656,335		$	910,734,242

28 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Financial Highlights

	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,												Period Ended January 31,  2017(1)
Ratios/Supplemental Data				2021			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	%		0.35	%(3)
Net investment income		1.70	%(3)		1.94	%		2.17	%		2.16	%		2.01	%		1.71	%(3)
Portfolio Turnover		10	%(4)		51	%		28	%		78	%		35	%		30	%(4)
Total Return(2)		1.08	%(4)		4.66	%		7.88	%		3.11	%		3.83	%		(0.80	)%(4)
Net assets, end of period (000’s omitted)	$	971,656		$	910,734		$	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%, 0.01% and 0.02% of average daily net assets for the six months ended July 31, 2021, the years ended January 31, 2021, 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.

29 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

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, 2021, 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 99.2% and 0.8%, 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, 2021, 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 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

30

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

earning interest on settlement date. Securities purchased on a delayed delivery or when-issued basis are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

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, 2021 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) as compensation for investment advisory services rendered to the Portfolio. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and BMR became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Portfolio entered into a new investment advisory agreement (the “New Agreement”) with BMR, which took effect on March 1, 2021. The Portfolio’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Portfolio’s investment advisory agreement and related fee reduction agreement with BMR in effect prior to March 1, 2021), the investment adviser fee is computed at an annual rate as a percentage of the Portfolio’s average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $1 billion		0.3200	%
$1 billion but less than $2.5 billion		0.3075	%
$2.5 billion but less than $5 billion		0.2950	%
$5 billion and over		0.2875	%

For the six months ended July 31, 2021, the Portfolio’s investment adviser fee amounted to $1,497,663 or 0.32% (annualized) of the Portfolio’s average daily net assets. Pursuant to an investment sub-advisory agreement, BMR has delegated the investment management of the Portfolio to Parametric Portfolio Associates LLC (Parametric), an affiliate of BMR and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, BMR entered into a new investment sub-advisory agreement with Parametric, which took effect on March 1, 2021. BMR pays Parametric 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 $31,294 in total of the Portfolio’s operating expenses for the six months ended July 31, 2021.

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, 2021, 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 $217,373,856 and $88,862,773, respectively, for the six months ended July 31, 2021.

31

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	873,300,634
Gross unrealized appreciation	$	60,956,050
Gross unrealized depreciation		(91,294	)
Net unrealized appreciation	$	60,864,756

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 26, 2021. 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. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. 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, 2021.

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, 2021, 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 Municipal Obligations	$	—	$	934,165,390	$	—	$	934,165,390
Total Investments	$	—	$	934,165,390	$	—	$	934,165,390

7  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 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, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

32

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (the “Fund”) held a Joint Special Meeting of Shareholders on February 18, 2021 for the following purposes: (1) to approve a new investment advisory and administrative agreement with Eaton Vance Management to serve as the Fund’s investment adviser (“Proposal 1”); (2) to approve a new investment sub-advisory agreement with Parametric Portfolio Associates LLC to serve as the Fund’s investment sub-adviser (“Proposal 2”); (3) to provide voting instructions to the Fund, which invests pursuant to a master-feeder arrangement, with respect to the approval of a new investment advisory agreement with Boston Management and Research (“BMR”) to serve as investment adviser to 5-to-15 Year Laddered Municipal Bond Portfolio (“Proposal 3”); and (4) to provide voting instructions to the Fund, which invests pursuant to a master-feeder arrangement, with respect to the approval of a new investment sub-advisory agreement with Parametric Portfolio Associates LLC to serve as investment sub-adviser to 5-to-15 Year Laddered Municipal Bond Portfolio (“Proposal 4”). The shareholder meeting results are as follows:

	Number of Shares(1)
	For		Against		Abstain(2)		Broker Non-Votes(2)
Proposal 1		36,668,950.825		505,404.721		973,652.043		0
Proposal 2		36,608,500.910		504,862.369		1,034,644.310		0
Proposal 3		36,516,929.929		504,046.773		1,127,030.886		0
Proposal 4		36,514,674.332		488,792.943		1,144,540.314		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal.

Interestholder Meeting

5-to-15 Year Laddered Municipal Bond Portfolio (the “Portfolio”) held a Joint Special Meeting of Interestholders on February 19, 2021 for the following purposes: (1) to approve a new investment advisory agreement with Boston Management and Research to serve as the Portfolio’s investment adviser (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Parametric Portfolio Associates LLC to serve as investment sub-adviser to the Portfolio (“Proposal 2”). The interestholder meeting results are as follows:

	For			Against			Abstain(1)
Proposal 1		95.761	%		1.310	%		2.928	%
Proposal 2		95.755	%		1.270	%		2.974	%

Results may not total 100% due to rounding.

⁽¹⁾ Abstentions were treated as interests that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal.

33

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2021

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 on June 8, 2021, 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 January 1, 2020 through December 31, 2020 (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.

34

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2021

Officers and Trustees

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

Eric A. Stein

President

Deidre E. Walsh

Vice President and Chief Legal Officer

James F. Kirchner

Treasurer

Kimberly M. Roessiger

Secretary

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

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

35

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎    investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

36

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎    buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎    sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

37

Eaton Vance Funds

IMPORTANT NOTICES

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, 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.

38

This Page Intentionally Left Blank

This Page Intentionally Left Blank

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

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) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

22625    7.31.21

Parametric

TABS Laddered Municipal Bond Funds

Semiannual Report

July 31, 2021

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of each Fund. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, the Funds’ adviser and Parametric Portfolio Associates LLC (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, 2021

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
Joint Special Meeting of Shareholders	32
Liquidity Risk Management Program	33
Officers and Trustees	34
Privacy Notice	35
Important Notices	37

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2021

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		0.86	%		2.81	%		2.28	%		2.77	%
Class A with 2.25% Maximum Sales Charge		—		—		–1.40			0.47			1.82			2.40
Class C at NAV		05/04/2015		05/04/2015		0.48			2.04			1.54			2.01
Class C with 1% Maximum Sales Charge		—		—		–0.52			1.04			1.54			2.01
Class I at NAV		05/04/2015		05/04/2015		0.98			3.06			2.54			3.05
Bloomberg Short-Intermediate 1–10 Year Municipal Bond Index		—		—		0.54	%		1.68	%		2.39	%		2.60	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									0.81	%		1.56	%		0.56	%
Net									0.65			1.40			0.40
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									0.88	%		0.13	%		1.14	%
SEC 30-day Yield - Subsidized									–0.02			–0.76			0.22
SEC 30-day Yield - Unsubsidized									–0.15			–0.88			0.10

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, 2021

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		2.05	%		5.38	%		4.34	%		5.56	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.76			0.37			3.32			4.74
Class C at NAV		05/04/2015		05/04/2015		1.75			4.59			3.56			4.79
Class C with 1% Maximum Sales Charge		—		—		0.75			3.59			3.56			4.79
Class I at NAV		05/04/2015		05/04/2015		2.17			5.55			4.60			5.83
Bloomberg 15 Year Municipal Bond Index		—		—		1.50	%		4.10	%		4.10	%		4.80	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									1.26	%		2.01	%		1.01	%
Net									0.65			1.40			0.40
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.56	%		0.80	%		1.81	%
SEC 30-day Yield - Subsidized									0.53			–0.19			0.80
SEC 30-day Yield - Unsubsidized									0.06			–0.70			0.30

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, 2021

Endnotes and Additional Disclosures

¹  Bloomberg 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 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 5/31/22. 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  For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profiles subject to change due to active management.

Important Notice to Shareholders

Effective August 24, 2021, the Bloomberg Barclays fixed income indices were rebranded as Bloomberg indices.

4

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

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, 2021 – July 31, 2021).

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 (2/1/21)		Ending Account Value (7/31/21)		Expenses Paid During Period* (2/1/21 – 7/31/21)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,008.60	$	3.24	**		0.65	%
Class C	$	1,000.00	$	1,004.80	$	6.96	**		1.40	%
Class I	$	1,000.00	$	1,009.80	$	1.99	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.60	$	3.26	**		0.65	%
Class C	$	1,000.00	$	1,017.90	$	7.00	**		1.40	%
Class I	$	1,000.00	$	1,022.80	$	2.01	**		0.40	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2021.

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

5

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Fund Expenses — continued

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

	Beginning Account Value (2/1/21)		Ending Account Value (7/31/21)		Expenses Paid During Period* (2/1/21 – 7/31/21)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,020.50	$	3.26	**		0.65	%
Class C	$	1,000.00	$	1,017.50	$	7.00	**		1.40	%
Class I	$	1,000.00	$	1,021.70	$	2.01	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.60	$	3.26	**		0.65	%
Class C	$	1,000.00	$	1,017.90	$	7.00	**		1.40	%
Class I	$	1,000.00	$	1,022.80	$	2.01	**		0.40	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2021.

** 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, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 92.0%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.3%
Vermont Municipal Bond Bank, 5.00%, 12/1/28	$	200	$	239,288
			$	239,288
Education — 4.5%
Los Ranchos de Albuquerque, NM, (Albuquerque Academy):
5.00%, 9/1/26	$	150	$	179,994
5.00%, 9/1/27		100		123,091
Massachusetts Development Finance Agency, (Williams College), 0.45%, 7/1/41		1,000		1,003,040
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 4.00%, 9/1/32		465		593,028
Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/24		250		284,480
UCF Stadium Corp., FL, 5.00%, 3/1/23		250		264,573
University of Florida, 4.00%, 7/1/31		1,000		1,268,770
Vermont State Colleges, 5.00%, 7/1/24		100		108,185
West Clark 2000 School Building Corp., IN, 5.00%, 1/15/23		100		106,924
			$	3,932,085
Electric Utilities — 1.1%
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23	$	175	$	187,259
Seattle, WA, Municipal Light and Power Revenue, 0.27%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1)(2)		500		500,230
Springfield, IL, Electric System Revenue, 5.00%, 3/1/25		250		289,097
			$	976,586
Escrowed / Prerefunded — 1.3%
Michigan Finance Authority, (Trinity Health Credit Group), Prerefunded to 6/1/22, 5.00%, 12/1/27	$	500	$	520,480
Revere Local School District, OH, Prerefunded to 6/1/22, 5.00%, 12/1/27		200		208,192
Scotts Bluff County School District 0016, NE, (Gering Public Schools):
Prerefunded to 5/30/22, 5.00%, 12/1/25		120		124,858
Prerefunded to 5/30/22, 5.00%, 12/1/26		115		119,655
Prerefunded to 5/30/22, 5.00%, 12/1/27		170		176,881
			$	1,150,066
General Obligations — 17.2%
Boulder Valley School District No. Re-2, CO, 4.00%, 12/1/23	$	125	$	136,215

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Campton Township, IL:
5.00%, 12/15/22	$	200	$	213,200
5.00%, 12/15/23		105		116,205
Carrollton-Farmers Branch Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32		750		939,637
Decatur City Board of Education, AL, 5.00%, 2/1/25		50		58,242
El Monte Union High School District, CA, (Election of 2018):
4.00%, 6/1/31(1)		100		117,616
4.00%, 6/1/32(1)		150		175,928
Grand Blanc Community Schools, MI, Prerefunded to 5/1/22, 4.00%, 5/1/27		455		468,058
Illinois:
5.00%, 9/1/27		2,500		3,095,250
5.50%, 5/1/30		1,500		2,019,600
Lakeland, FL:
5.00%, 10/1/21		50		50,399
5.00%, 10/1/22		100		105,696
5.00%, 10/1/24		50		57,534
McLean County Public Building Commission, IL, 5.00%, 12/1/22		250		265,790
New Jersey:
4.00%, 6/1/31		500		631,460
5.00%, 6/1/26		1,500		1,824,855
New York, NY, (LOC: TD Bank, N.A.), 0.02%, 9/1/27(3)		500		500,000
Ohio, (Adult Correctional Building Fund):
5.00%, 10/1/29		500		662,650
5.00%, 10/1/30		750		1,015,020
Rio Grande City Grulla Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/32(1)		500		639,925
West Virginia, 5.00%, 12/1/30		820		1,079,997
Wickliffe School District, OH, 5.00%, 12/1/27		840		1,051,646
			$	15,224,923
Hospital — 10.7%
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/31	$	1,000	$	1,253,370
Arizona Health Facilities Authority, (Phoenix Children’s Hospital), 1.87%, (SIFMA + 1.85%), 2/1/23 (Put Date), 2/1/48(2)		500		505,700
Colorado Health Facilities Authority, (Vail Valley Medical Center):
4.00%, 1/15/25		25		28,004
5.00%, 1/15/23		25		26,754
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/28		1,000		1,276,940

7 See Notes to Financial Statements.

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Kentucky Economic Development Finance Authority, (Catholic Health Initiatives), 1.42%, (SIFMA + 1.40%), 2/1/25 (Put Date), 2/1/46(2)	$	2,000	$	2,017,240
Maricopa County Industrial Development Authority, AZ, (Banner Health), 0.59%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(2)		945		941,532
New York City Health and Hospitals Corp., NY:
3.00%, 2/15/24		535		572,643
5.00%, 2/15/24		740		829,436
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network):
5.00%, 8/15/25		30		35,498
5.00%, 8/15/26		85		103,793
Public Finance Authority, WI, (Renown Regional Medical Center):
5.00%, 6/1/25		375		440,576
5.00%, 6/1/26		300		364,008
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/23		35		38,505
San Diego County, CA, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25		35		41,710
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.):
5.00%, 12/1/21		150		152,359
5.00%, 12/1/22		200		212,716
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 7/29/26 (Put Date), 8/15/54		500		611,655
			$	9,452,439
Housing — 5.8%
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA):
0.60%, 7/1/26	$	250	$	250,265
0.85%, 1/1/28		200		200,562
0.95%, 7/1/28		285		286,653
1.05%, 1/1/29		250		251,427
1.15%, 7/1/29		250		251,395
1.30%, 1/1/30		200		201,122
(SPA: TD Bank, N.A.), 0.03%, 7/1/49(3)		1,500		1,500,000
Massachusetts Housing Finance Agency, 1.45% to 12/1/22 (Put Date), 12/1/49		700		706,167
New York City Housing Development Corp., NY, 1.80%, 11/1/21		165		165,667
New York Mortgage Agency:
2.05%, 4/1/28		255		269,099
2.10%, 10/1/28		250		264,655

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
New York Mortgage Agency: (continued)
2.25%, 4/1/30	$	325	$	341,354
2.30%, 10/1/30		395		414,971
			$	5,103,337
Insured – Education — 0.7%
Northern Arizona University, (BAM), 5.00%, 6/1/30	$	450	$	603,356
			$	603,356
Insured – Escrowed / Prerefunded — 0.3%
Albertville, AL, (BAM), Prerefunded to 6/1/22, 4.00%, 6/1/28	$	250	$	258,170
			$	258,170
Insured – General Obligations — 1.2%
Fort Bend County Municipal Utility District No. 58, TX, (BAM), 3.00%, 4/1/27	$	405	$	454,220
Montgomery County Municipal Utility District No. 9, TX:
(BAM), 3.00%, 4/1/26		250		259,852
(BAM), 3.00%, 4/1/27		100		103,757
New Britain, CT:
(BAM), 5.00%, 3/1/25		50		57,974
(BAM), Escrowed to Maturity, 5.00%, 3/1/23		105		113,091
(BAM), Escrowed to Maturity, 5.00%, 3/1/25		5		5,832
Sienna Plantation Levee Improvement District of Fort Bend County, TX, (AGM), 3.00%, 9/1/21		50		50,109
			$	1,044,835
Insured – Lease Revenue / Certificates of Participation — 0.2%
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26	$	180	$	208,777
			$	208,777
Insured – Special Tax Revenue — 1.7%
Successor Agency to Riverside County Redevelopment Agency, CA, (AGM), 5.00%, 10/1/24	$	10	$	11,466
Vineyard Redevelopment Agency, UT:
(AGM), 4.00%, 5/1/32(1)		420		516,743
(AGM), 5.00%, 5/1/27(1)		315		389,702
(AGM), 5.00%, 5/1/28(1)		235		297,841
(AGM), 5.00%, 5/1/29(1)		200		258,682
			$	1,474,434

8 See Notes to Financial Statements.

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Transportation — 3.6%
New Orleans Aviation Board, LA:
(AGM), 5.00%, 1/1/28	$	1,000	$	1,270,910
(AGM), 5.00%, 1/1/29		1,510		1,906,647
			$	3,177,557
Insured – Water and Sewer — 1.8%
Beaumont, TX, Waterworks and Sewer System Revenue, (BAM), 3.00%, 9/1/22	$	25	$	25,756
Hamburg Municipal Authority, PA, Sewer Revenue:
(AGM), 1.50%, 10/1/28		125		128,826
(AGM), 1.50%, 10/1/29		115		117,283
(AGM), 2.00%, 10/1/30		125		130,558
Pittsburgh Water and Sewer Authority, PA, (AGM), 0.67%, (SIFMA + 0.65%), 12/1/23 (Put Date), 9/1/40(2)		1,000		1,008,920
Western Riverside Water and Wastewater Financing Authority, CA, (AGM), 4.00%, 9/1/29		180		221,891
			$	1,633,234
Lease Revenue / Certificates of Participation — 8.3%
Aspen Fire Protection District, CO:
4.00%, 12/1/23	$	120	$	130,181
4.00%, 12/1/25		255		291,687
4.00%, 12/1/26		225		263,333
Forsyth County, NC, Limited Obligation Bonds, 5.00%, 4/1/27		1,000		1,250,870
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/23		225		250,470
Greater Texas Cultural Education Facilities Finance Corp., (Epicenter Multipurpose Facilities), 5.00%, 3/1/29		150		193,823
Indiana Finance Authority, (Stadium Project), (SPA: U.S. Bank, N.A.), 0.04%, 2/1/35(4)		1,960		1,960,000
Lake Houston Redevelopment Authority, TX:
5.00%, 9/1/27		175		216,454
5.00%, 9/1/28		225		284,024
5.00%, 9/1/29		225		288,749
5.00%, 9/1/30		235		305,808
Miami-Dade County School Board, FL, 5.00%, 2/1/24		300		334,932
Palm Beach County School Board, FL:
5.00%, 8/1/21		125		125,000
5.00%, 8/1/31		1,000		1,176,040
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25		250		258,207
			$	7,329,578

Security	Principal Amount (000’s omitted)		Value
Other Revenue — 10.2%
California Infrastructure and Economic Development Bank, (California Academy of Sciences), 0.37%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(2)	$	500	$	500,105
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 0.40%, (70% of 1 mo. USD LIBOR + 0.33%), 4/1/22 (Put Date), 10/1/47(2)		2,000		2,000,860
Citizens Property Insurance Corp., FL, 5.00%, 6/1/22		100		101,603
Fort Myers, FL, Capital Improvement Revenue:
5.00%, 12/1/27		330		395,297
5.00%, 12/1/28		545		651,281
5.00%, 12/1/29		600		716,154
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 2/1/28 (Put Date), 2/1/50		1,500		1,787,715
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 0.59%, (SIFMA + 0.57%), 12/1/23 (Put Date), 8/1/48(2)		2,000		2,007,980
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/26		275		336,839
Tennessee Energy Acquisition Corp., Gas Project Revenue, 5.00%, 11/1/22		300		317,883
West Virginia School Building Authority, Lottery Revenue:
5.00%, 7/1/24		100		113,732
5.00%, 7/1/25		100		117,915
			$	9,047,364
Senior Living / Life Care — 4.7%
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/31	$	1,225	$	1,460,396
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.):
5.00%, 11/15/24		60		68,591
5.00%, 11/15/25		60		70,867
5.00%, 11/15/29		830		961,281
California Statewide Communities Development Authority, (American Baptist Homes of the West):
5.00%, 10/1/21		50		50,374
5.00%, 10/1/23		100		109,830
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/22		150		158,182
Orange County, FL, Health Facilities Authority, (Presbyterian Retirement Communities), 4.00%, 8/1/24		50		55,308
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home):
4.00%, 11/15/22		70		73,120
4.00%, 11/15/23		75		80,845
4.00%, 11/15/24		115		127,335
4.00%, 11/15/25		125		141,809

9 See Notes to Financial Statements.

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home): (continued)
4.00%, 11/15/26	$	120	$	138,748
4.00%, 11/15/27		120		141,149
4.00%, 11/15/28		105		125,363
4.00%, 11/15/29		140		169,590
4.00%, 11/15/30		190		229,239
			$	4,162,027
Special Tax Revenue — 0.1%
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/26	$	100	$	107,850
			$	107,850
Transportation — 15.1%
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area):
0.47%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56(2)	$	1,000	$	1,001,630
0.92%, (SIFMA + 0.90%), 5/1/23 (Put Date), 4/1/47(2)		500		503,535
Central Texas Regional Mobility Authority:
5.00%, 1/1/25		500		566,340
5.00%, 1/1/27		500		594,605
El Paso, TX, (El Paso International Airport):
5.00%, 8/15/21		625		626,019
5.00%, 8/15/25		660		782,991
Hawaii, Highway Revenue:
5.00%, 1/1/28		500		637,980
5.00%, 1/1/30		250		325,832
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		250		294,863
Metropolitan Transportation Authority, NY, 5.00%, 11/15/28		750		887,040
Metropolitan Transportation Authority, NY, Green Bonds:
5.00%, 11/15/25		2,030		2,412,817
5.00%, 11/15/26		1,000		1,225,390
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), 5.00%, 12/1/26		1,000		1,234,900
North Carolina Turnpike Authority, (Triangle Expressway System), 5.00%, 2/1/24		1,000		1,118,300
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/22		100		102,863
Triborough Bridge and Tunnel Authority, NY, 0.414%, (67% of SOFR + 0.38%), 2/1/24 (Put Date), 1/1/32(2)		1,000		1,000,310
			$	13,315,415

Security	Principal Amount (000’s omitted)		Value
Water and Sewer — 3.2%
Arizona Water Infrastructure Finance Authority, 5.00%, 10/1/25	$	55	$	63,287
Brushy Creek Regional Utility Authority, Inc., TX, 5.00%, 8/1/24		500		568,425
DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/24		335		385,243
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28		500		586,805
North Penn Water Authority, PA:
0.28%, (SIFMA + 0.26%), 11/1/21(2)		500		499,895
0.48%, (SIFMA + 0.46%), 11/1/23(2)		400		400,932
Western Riverside Water and Wastewater Financing Authority, CA, 4.00%, 9/1/25		300		341,961
			$	2,846,548
Total Tax-Exempt Municipal Obligations — 92.0% (identified cost $76,999,604)			$	81,287,869
Short-Term Investments — 10.5%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.08%(5)		9,317,634	$	9,317,634
Total Short-Term Investments (identified cost $9,317,615)			$	9,317,634
Total Investments — 102.5% (identified cost $86,317,219)			$	90,605,503
Other Assets, Less Liabilities — (2.5)%			$	(2,228,293	)
Net Assets — 100.0%			$	88,377,210

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

At July 31, 2021, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

New York	13.2%
Others, representing less than 10% individually	78.8%

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, 2021, 9.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.3% to 7.0% of total investments.

10 See Notes to Financial Statements.

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

⁽¹⁾  When-issued security.

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at July 31, 2021.

⁽³⁾  Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2021.

⁽⁴⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at July 31, 2021.

⁽⁵⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2021.

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
SOFR	–	Secured Overnight Financing Rate
SPA	–	Standby Bond Purchase Agreement

Currency Abbreviations:

USD – United States Dollar

11 See Notes to Financial Statements.

Parametric

TABS 10-to-20 Year Laddered Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 97.9%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 2.4%
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/36	$	460	$	520,927
			$	520,927
Education — 7.2%
Arizona State University, 4.00%, 7/1/40	$	500	$	608,095
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 4.00%, 9/1/40		250		292,228
University of Florida, 4.00%, 7/1/31		215		272,786
University of Michigan:
4.00%, 4/1/38		60		73,930
4.00%, 4/1/40		250		306,732
			$	1,553,771
Electric Utilities — 0.3%
Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 4.00%, 12/1/35	$	50	$	56,645
			$	56,645
Escrowed / Prerefunded — 0.3%
Tucson, AZ, Water System Revenue, Prerefunded to 7/1/25, 5.00%, 7/1/32	$	60	$	71,111
			$	71,111
General Obligations — 23.1%
California, 4.00%, 9/1/32	$	225	$	262,890
Colonial School District, PA, 5.00%, 2/15/36		100		118,194
Connecticut, 4.00%, 6/1/33		350		433,562
El Monte Union High School District, CA, (Election of 2018):
4.00%, 6/1/35(1)		360		419,778
4.00%, 6/1/37(1)		350		406,899
Illinois, 5.50%, 5/1/39		700		918,393
La Canada Unified School District, CA, (Election of 2017), 4.00%, 8/1/40		140		164,993
Lakeland, FL:
5.00%, 10/1/29		100		116,600
5.00%, 10/1/31		100		116,560
Lewis and Thurston Counties Centralia School District No. 401, WA, 5.00%, 12/1/37		145		178,375
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/33		125		146,179
Mississippi Development Bank, (Rankin County School District), 4.00%, 6/1/38		160		186,781
Monterey Peninsula Community College District, CA, 4.00%, 8/1/33		100		114,358

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Rio Grande City Grulla Independent School District, TX, (PSF Guaranteed):
4.00%, 8/15/33(1)	$	250	$	318,222
4.00%, 8/15/34(1)		250		316,825
Rowland Unified School District, CA, (Election of 2012), 0.00%, 8/1/34		400		245,660
Virginia, 3.00%, 6/1/32		350		412,727
Williamson County, TX, 4.00%, 2/15/30		100		112,418
			$	4,989,414
Hospital — 17.7%
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/31	$	250	$	313,342
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.):
4.00%, 4/1/34		250		303,660
4.00%, 4/1/39		500		599,610
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35		500		602,505
Illinois Finance Authority, (Riverside Health System), 4.00%, 11/15/32		250		284,017
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/31		50		57,868
New York City Health and Hospitals Corp., NY:
5.00%, 2/15/37		325		430,687
5.00%, 2/15/38		345		456,097
New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/39		250		291,495
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36		150		169,550
Tampa, FL, (H. Lee Moffitt Cancer Center):
4.00%, 7/1/38		150		178,784
5.00%, 7/1/35		100		130,376
			$	3,817,991
Housing — 0.5%
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33	$	100	$	111,890
			$	111,890
Insured – Education — 1.1%
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/29	$	200	$	242,280
			$	242,280

12 See Notes to Financial Statements.

Parametric

TABS 10-to-20 Year Laddered Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations — 1.5%
Grossmont Union High School District, CA, (Election of 2008):
(AGM), 0.00%, 8/1/33	$	100	$	64,041
(AGM), 0.00%, 8/1/35		100		57,838
Yonkers, NY, (BAM), Series 2019A, 5.00%, 5/1/31		150		195,623
			$	317,502
Insured – Special Tax Revenue — 1.5%
Vineyard Redevelopment Agency, UT:
(AGM), 4.00%, 5/1/33(1)	$	150	$	183,896
(AGM), 4.00%, 5/1/35(1)		115		139,948
			$	323,844
Insured – Transportation — 2.0%
New Orleans Aviation Board, LA:
(AGM), 5.00%, 1/1/32	$	100	$	124,651
(AGM), 5.00%, 1/1/33		100		124,358
(AGM), 5.00%, 1/1/34		150		186,081
			$	435,090
Lease Revenue / Certificates of Participation — 3.9%
Lake Houston Redevelopment Authority, TX:
3.00%, 9/1/34	$	190	$	208,905
4.00%, 9/1/33		150		182,462
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/33		150		168,729
Palo Alto, CA, (California Avenue Parking Garage):
5.00%, 11/1/37		100		126,902
5.00%, 11/1/38		115		145,661
			$	832,659
Other Revenue — 2.7%
Fort Myers, FL, Capital Improvement Revenue:
5.00%, 12/1/30	$	100	$	119,359
5.00%, 12/1/36		250		296,390
Wisconsin, Environmental Improvement Fund Revenue:
5.00%, 6/1/34		50		58,764
5.00%, 6/1/35		100		117,404
			$	591,917
Senior Living / Life Care — 11.0%
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/32	$	350	$	416,185

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Colorado Health Facilities Authority, (Covenant Living Communities and Services), 4.00%, 12/1/40	$	500	$	587,170
Maryland Health and Higher Educational Facilities Authority, (Broadmead):
5.00%, 7/1/31		150		175,880
5.00%, 7/1/32		220		257,492
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/31		100		116,244
Orange County Health Facilities Authority, FL, (Presbyterian Retirement Communities), 5.00%, 8/1/35		150		173,952
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home):
4.00%, 11/15/31		200		239,908
4.00%, 11/15/36		220		260,858
4.00%, 11/15/41		125		146,793
			$	2,374,482
Special Tax Revenue — 3.0%
Baltimore, MD, Special Tax Obligation, 5.00%, 6/15/29	$	50	$	55,680
Queen Creek, AZ, Excise Tax and State Shared Revenue, 4.00%, 8/1/37		480		590,923
			$	646,603
Transportation — 16.6%
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 0.92%, (SIFMA + 0.90%), 5/1/23 (Put Date), 4/1/47(2)	$	150	$	151,061
Central Texas Regional Mobility Authority:
4.00%, 1/1/35		250		301,252
4.00%, 1/1/36		200		239,980
Chicago, IL, (O’Hare International Airport):
4.00%, 1/1/36		500		599,075
5.00%, 1/1/37		250		303,532
Pennsylvania Turnpike Commission, 5.00%, 12/1/34		500		669,005
Port Authority of New York and New Jersey, 4.00%, 7/15/38		500		608,385
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/36		200		250,484
Texas Transportation Commission, (Central Texas Turnpike System):
0.00%, 8/1/35		300		194,022
0.00%, 8/1/38		500		274,510
			$	3,591,306
Water and Sewer — 3.1%
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/30	$	50	$	58,680

13 See Notes to Financial Statements.

Parametric

TABS 10-to-20 Year Laddered Municipal Bond Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
San Diego Public Facilities Financing Authority, CA, Water Revenue, 4.00%, 8/1/40	$	500	$	612,835
			$	671,515
Total Tax-Exempt Municipal Obligations — 97.9% (identified cost $19,576,138)			$	21,148,947
Short-Term Investments — 9.4%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.08%(3)		2,020,821	$	2,020,821
Total Short-Term Investments (identified cost $2,020,806)			$	2,020,821
Total Investments — 107.3% (identified cost $21,596,944)			$	23,169,768
Other Assets, Less Liabilities — (7.3)%			$	(1,567,712	)
Net Assets — 100.0%			$	21,602,056

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

At July 31, 2021, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

California	14.6%
Others, representing less than 10% individually	83.3%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2021, 5.7% 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 1.9% to 3.8% of total investments.

⁽¹⁾  When-issued security.

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at July 31, 2021.

⁽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, 2021.

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

14 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Statements of Assets and Liabilities (Unaudited)

	July 31, 2021
Assets	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Unaffiliated investments, at value (identified cost, $76,999,604 and $19,576,138, respectively)	$	81,287,869	$	21,148,947
Affiliated investment, at value (identified cost, $9,317,615 and $2,020,806, respectively)		9,317,634		2,020,821
Interest receivable		567,319		166,566
Dividends receivable from affiliated investment		555		120
Receivable for investments sold		—		6,058
Receivable for Fund shares sold		192,588		91,045
Receivable from affiliates		10,588		11,313
Total assets	$	91,376,553	$	23,444,870
Liabilities
Payable for when-issued securities	$	2,875,468	$	1,767,063
Payable for Fund shares redeemed		37,072		37,576
Distributions payable		228		—
Payable to affiliates:
Investment adviser and administration fee		23,749		5,806
Distribution and service fees		6,802		1,810
Accrued expenses		56,024		30,559
Total liabilities	$	2,999,343	$	1,842,814
Net Assets	$	88,377,210	$	21,602,056
Sources of Net Assets
Paid-in capital	$	83,879,444	$	19,768,429
Distributable earnings		4,497,766		1,833,627
Net Assets	$	88,377,210	$	21,602,056
Class A Shares
Net Assets	$	15,884,293	$	6,010,361
Shares Outstanding		1,450,368		506,189
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.95	$	11.87
Maximum Offering Price Per Share
(100 ÷ 97.75 and 95.25, respectively, of net asset value per share)	$	11.20	$	12.46
Class C Shares
Net Assets	$	3,992,901	$	662,496
Shares Outstanding		364,551		55,778
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.95	$	11.88
Class I Shares
Net Assets	$	68,500,016	$	14,929,199
Shares Outstanding		6,247,432		1,257,213
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.96	$	11.87

On sales of $100,000 or more ($50,000 or more for 10-to-20 Year Laddered 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.

15 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Statements of Operations (Unaudited)

	Six Months Ended July 31, 2021
Investment Income	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Interest	$	697,617	$	246,917
Dividends from affiliated investment		4,026		691
Total investment income	$	701,643	$	247,608
Expenses
Investment adviser and administration fee	$	137,563	$	33,839
Distribution and service fees
Class A		20,255		7,302
Class C		20,135		2,859
Trustees’ fees and expenses		2,280		746
Custodian fee		15,447		9,433
Transfer and dividend disbursing agent fees		14,213		4,419
Legal and accounting services		18,904		16,507
Printing and postage		2,648		4,141
Registration fees		28,541		21,741
Miscellaneous		6,876		5,438
Total expenses	$	266,862	$	106,425
Deduct —
Allocation of expenses to affiliates	$	54,820	$	53,651
Total expense reductions	$	54,820	$	53,651
Net expenses	$	212,042	$	52,774
Net investment income	$	489,601	$	194,834
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	126,739	$	125,385
Net realized gain	$	126,739	$	125,385
Change in unrealized appreciation (depreciation) —
Investments	$	134,081	$	78,221
Investments — affiliated investment		19		15
Net change in unrealized appreciation (depreciation)	$	134,100	$	78,236
Net realized and unrealized gain	$	260,839	$	203,621
Net increase in net assets from operations	$	750,440	$	398,455

16 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Statements of Changes in Net Assets

	Six Months Ended July 31, 2021 (Unaudited)
Increase (Decrease) in Net Assets	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
From operations —
Net investment income	$	489,601		$	194,834
Net realized gain		126,739			125,385
Net change in unrealized appreciation (depreciation)		134,100			78,236
Net increase in net assets from operations	$	750,440		$	398,455
Distributions to shareholders —
Class A	$	(78,533	)	$	(49,101	)
Class C		(4,629	)		(2,682	)
Class I		(404,436	)		(143,051	)
Total distributions to shareholders	$	(487,598	)	$	(194,834	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	4,525,973		$	1,858,418
Class C		327,549			141,088
Class I		14,893,251			3,167,950
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		73,934			49,101
Class C		4,629			2,682
Class I		403,317			142,979
Cost of shares redeemed
Class A		(11,566,061	)		(845,017	)
Class C		(349,543	)		(10,169	)
Class I		(13,343,488	)		(5,726,847	)
Net decrease in net assets from Fund share transactions	$	(5,030,439	)	$	(1,219,815	)
Net decrease in net assets	$	(4,767,597	)	$	(1,016,194	)
Net Assets
At beginning of period	$	93,144,807		$	22,618,250
At end of period	$	88,377,210		$	21,602,056

17 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Statements of Changes in Net Assets — continued

	Year Ended January 31, 2021
Increase (Decrease) in Net Assets	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
From operations —
Net investment income	$	1,029,142		$	371,450
Net realized gain		274,344			442,586
Net change in unrealized appreciation (depreciation)		1,927,774			513,841
Net increase in net assets from operations	$	3,231,260		$	1,327,877
Distributions to shareholders —
Class A	$	(252,689	)	$	(118,225	)
Class C		(19,185	)		(13,636	)
Class I		(754,023	)		(575,792	)
Total distributions to shareholders	$	(1,025,897	)	$	(707,653	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	7,403,194		$	3,909,826
Class C		700,981			123,501
Class I		35,431,942			13,588,704
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		235,755			118,225
Class C		18,961			13,636
Class I		753,018			575,792
Cost of shares redeemed
Class A		(5,402,755	)		(293,488	)
Class C		(679,401	)		(148,325	)
Class I		(19,089,916	)		(10,089,195	)
Net asset value of shares converted
Class A		45,630			—
Class C		(45,630	)		—
Net increase in net assets from Fund share transactions	$	19,371,779		$	7,798,676
Net increase in net assets	$	21,577,142		$	8,418,900
Net Assets
At beginning of year	$	71,567,665		$	14,199,350
At end of year	$	93,144,807		$	22,618,250

18 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Financial Highlights

	1-to-10 Year Laddered Fund — Class A
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	10.910		$	10.600		$	10.240		$	10.170		$	10.120		$	10.340
Income (Loss) From Operations
Net investment income	$	0.054		$	0.132		$	0.172		$	0.157		$	0.129		$	0.120
Net realized and unrealized gain (loss)		0.039			0.308			0.360			0.070			0.050			(0.220	)
Total income (loss) from operations	$	0.093		$	0.440		$	0.532		$	0.227		$	0.179		$	(0.100	)
Less Distributions
From net investment income	$	(0.053	)	$	(0.130	)	$	(0.172	)	$	(0.157	)	$	(0.129	)	$	(0.120	)
Total distributions	$	(0.053	)	$	(0.130	)	$	(0.172	)	$	(0.157	)	$	(0.129	)	$	(0.120	)
Net asset value — End of period	$	10.950		$	10.910		$	10.600		$	10.240		$	10.170		$	10.120
Total Return(1)(2)		0.86	%(3)		4.19	%		5.23	%		2.26	%		1.76	%		(0.99	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	15,884		$	22,853		$	19,901		$	17,978		$	16,877		$	5,031
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.65	%(4)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		0.98	%(4)		1.23	%		1.64	%		1.56	%		1.25	%		1.14	%
Portfolio Turnover		25	%(3)		81	%		41	%		91	%		19	%		4	%

⁽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 reimbursed certain operating expenses (equal to 0.13%, 0.16%, 0.18%, 0.20%, 0.24% and 0.31% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

19 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Financial Highlights — continued

	1-to-10 Year Laddered Fund — Class C
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	10.910		$	10.590		$	10.240		$	10.170		$	10.120		$	10.340
Income (Loss) From Operations
Net investment income	$	0.013		$	0.053		$	0.093		$	0.081		$	0.052		$	0.041
Net realized and unrealized gain (loss)		0.039			0.318			0.350			0.070			0.050			(0.220	)
Total income (loss) from operations	$	0.052		$	0.371		$	0.443		$	0.151		$	0.102		$	(0.179	)
Less Distributions
From net investment income	$	(0.012	)	$	(0.051	)	$	(0.093	)	$	(0.081	)	$	(0.052	)	$	(0.041	)
Total distributions	$	(0.012	)	$	(0.051	)	$	(0.093	)	$	(0.081	)	$	(0.052	)	$	(0.041	)
Net asset value — End of period	$	10.950		$	10.910		$	10.590		$	10.240		$	10.170		$	10.120
Total Return(1)(2)		0.48	%(3)		3.52	%		4.35	%		1.50	%		1.00	%		(1.73	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,993		$	3,994		$	3,875		$	3,951		$	3,638		$	2,665
Ratios (as a percentage of average daily net assets):
Expenses(2)		1.40	%(4)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Net investment income		0.23	%(4)		0.48	%		0.90	%		0.80	%		0.50	%		0.34	%
Portfolio Turnover		25	%(3)		81	%		41	%		91	%		19	%		4	%

⁽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 reimbursed certain operating expenses (equal to 0.13%, 0.16%, 0.18%, 0.20%, 0.24% and 0.31% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

20 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Financial Highlights — continued

	1-to-10 Year Laddered Fund — Class I
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	10.920		$	10.610		$	10.250		$	10.180		$	10.130		$	10.350
Income (Loss) From Operations
Net investment income	$	0.066		$	0.159		$	0.198		$	0.182		$	0.156		$	0.146
Net realized and unrealized gain (loss)		0.040			0.308			0.360			0.070			0.050			(0.220	)
Total income (loss) from operations	$	0.106		$	0.467		$	0.558		$	0.252		$	0.206		$	(0.074	)
Less Distributions
From net investment income	$	(0.066	)	$	(0.157	)	$	(0.198	)	$	(0.182	)	$	(0.156	)	$	(0.146	)
Total distributions	$	(0.066	)	$	(0.157	)	$	(0.198	)	$	(0.182	)	$	(0.156	)	$	(0.146	)
Net asset value — End of period	$	10.960		$	10.920		$	10.610		$	10.250		$	10.180		$	10.130
Total Return(1)(2)		0.98	%(3)		4.45	%		5.49	%		2.51	%		2.03	%		(0.74	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	68,500		$	66,298		$	47,792		$	31,936		$	42,106		$	39,070
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.40	%(4)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		1.23	%(4)		1.46	%		1.88	%		1.79	%		1.51	%		1.40	%
Portfolio Turnover		25	%(3)		81	%		41	%		91	%		19	%		4	%

⁽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 reimbursed certain operating expenses (equal to 0.13%, 0.16%, 0.18%, 0.20%, 0.24% and 0.31% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

21 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class A
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	11.730		$	11.410		$	10.560		$	10.530		$	10.260		$	10.610
Income (Loss) From Operations
Net investment income	$	0.098		$	0.218		$	0.275		$	0.272		$	0.255		$	0.255
Net realized and unrealized gain (loss)		0.140			0.492			0.870			0.068			0.270			(0.336	)
Total income (loss) from operations	$	0.238		$	0.710		$	1.145		$	0.340		$	0.525		$	(0.081	)
Less Distributions
From net investment income	$	(0.098	)	$	(0.215	)	$	(0.277	)	$	(0.271	)	$	(0.255	)	$	(0.254	)
From net realized gain		—			(0.175	)		(0.018	)		(0.039	)		—			(0.015	)
Total distributions	$	(0.098	)	$	(0.390	)	$	(0.295	)	$	(0.310	)	$	(0.255	)	$	(0.269	)
Net asset value — End of period	$	11.870		$	11.730		$	11.410		$	10.560		$	10.530		$	10.260
Total Return(1)(2)		2.05	%(3)		6.35	%		10.97	%		3.30	%		5.14	%		(0.82	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	6,010		$	4,881		$	970		$	297		$	336		$	574
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.65	%(4)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.68	%(4)		1.79	%		2.45	%		2.59	%		2.44	%		2.35	%
Portfolio Turnover		18	%(3)		62	%		33	%		44	%		53	%		16	%

⁽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 reimbursed certain operating expenses (equal to 0.51%, 0.61%, 0.94%, 1.25%, 1.42% and 1.50% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

22 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class C
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	11.730		$	11.410		$	10.570		$	10.540		$	10.270		$	10.620
Income (Loss) From Operations
Net investment income	$	0.053		$	0.135		$	0.193		$	0.194		$	0.176		$	0.174
Net realized and unrealized gain (loss)		0.152			0.490			0.859			0.068			0.270			(0.335	)
Total income (loss) from operations	$	0.205		$	0.625		$	1.052		$	0.262		$	0.446		$	(0.161	)
Less Distributions
From net investment income	$	(0.055	)	$	(0.130	)	$	(0.194	)	$	(0.193	)	$	(0.176	)	$	(0.174	)
From net realized gain		—			(0.175	)		(0.018	)		(0.039	)		—			(0.015	)
Total distributions	$	(0.055	)	$	(0.305	)	$	(0.212	)	$	(0.232	)	$	(0.176	)	$	(0.189	)
Net asset value — End of period	$	11.880		$	11.730		$	11.410		$	10.570		$	10.540		$	10.270
Total Return(1)(2)		1.75	%(3)		5.56	%		10.04	%		2.53	%		4.35	%		(1.56	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	662		$	522		$	521		$	331		$	380		$	385
Ratios (as a percentage of average daily net assets):
Expenses(2)		1.40	%(4)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Net investment income		0.94	%(4)		1.14	%		1.73	%		1.85	%		1.66	%		1.59	%
Portfolio Turnover		18	%(3)		62	%		33	%		44	%		53	%		16	%

⁽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 reimbursed certain operating expenses (equal to 0.51%, 0.61%, 0.94%, 1.25%, 1.42% and 1.50% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

23 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class I
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	11.730		$	11.410		$	10.560		$	10.530		$	10.270		$	10.610
Income (Loss) From Operations
Net investment income	$	0.114		$	0.248		$	0.304		$	0.298		$	0.281		$	0.281
Net realized and unrealized gain (loss)		0.139			0.491			0.869			0.069			0.261			(0.325	)
Total income (loss) from operations	$	0.253		$	0.739		$	1.173		$	0.367		$	0.542		$	(0.044	)
Less Distributions
From net investment income	$	(0.113	)	$	(0.244	)	$	(0.305	)	$	(0.298	)	$	(0.282	)	$	(0.281	)
From net realized gain		—			(0.175	)		(0.018	)		(0.039	)		—			(0.015	)
Total distributions	$	(0.113	)	$	(0.419	)	$	(0.323	)	$	(0.337	)	$	(0.282	)	$	(0.296	)
Net asset value — End of period	$	11.870		$	11.730		$	11.410		$	10.560		$	10.530		$	10.270
Total Return(1)(2)		2.17	%(3)		6.61	%		11.25	%		3.56	%		5.30	%		(0.47	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	14,929		$	17,216		$	12,708		$	8,415		$	8,358		$	6,465
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.40	%(4)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		1.94	%(4)		2.10	%		2.73	%		2.85	%		2.65	%		2.61	%
Portfolio Turnover		18	%(3)		62	%		33	%		44	%		53	%		16	%

⁽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 reimbursed certain operating expenses (equal to 0.51%, 0.61%, 0.94%, 1.25%, 1.42% and 1.50% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

24 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

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, 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, 2021, 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.

25

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

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 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. Securities purchased on a delayed delivery or when-issued basis are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

I  Interim Financial Statements — The interim financial statements relating to July 31, 2021 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, 2021, 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	$	86,309,895		$	21,596,359
Gross unrealized appreciation	$	4,306,051		$	1,573,633
Gross unrealized depreciation		(10,443	)		(224	)
Net unrealized appreciation	$	4,295,608		$	1,573,409

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. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, each Fund entered into a new investment advisory and administrative agreement (the “New Agreement”) with EVM, which took effect on March 1, 2021. Pursuant to each Fund’s New Agreement (and each Fund’s investment advisory and

26

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

administrative agreement with EVM in effect prior to March 1, 2021), the fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:

	Annual Fee Rate
Average Daily Net Assets	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
Up to $1 billion		0.3200	%		0.3200	%
$1 billion but less than $2.5 billion		0.3075	%		0.3075	%
$2.5 billion but less than $5 billion		0.2950	%		0.2950	%
$5 billion and over		0.2875	%		0.2875	%

The Funds may 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, 2021, 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	$	137,563		$	33,839
Effective Annual Rate		0.32	%		0.32	%

Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of each Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new investment sub-advisory agreement with Parametric, which took effect on March 1, 2021. 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, 2022. Pursuant to these agreements, EVM and Parametric were allocated $54,820 and $53,651 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, 2021.

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, 2021 were as follows:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
EVM’s Sub-Transfer Agent Fees	$	906	$	387
EVD’s Class A Sales Charges	$	270	$	742

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, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

27

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

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, 2021 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	$	20,255	$	7,302

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, 2021, 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	$	15,101	$	2,144

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, 2021 amounted to the following:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Class C Service Fees	$	5,034	$	715

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, 2021, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A and Class C shareholders:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Class A	$	300	$	—
Class C	$	50	$	—

28

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

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, 2021 were as follows:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Purchases	$	19,867,979	$	3,963,254
Sales	$	19,392,451	$	3,624,575

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, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		415,879			30,117			1,367,002
Issued to shareholders electing to receive payments of distributions in Fund shares		6,804			426			37,061
Redemptions		(1,066,625	)		(32,003	)		(1,226,456	)
Net increase (decrease)		(643,942	)		(1,460	)		177,607
	Year Ended January 31, 2021
	Class A			Class C			Class I
Sales		692,277			66,880			3,308,389
Issued to shareholders electing to receive payments of distributions in Fund shares		22,188			1,789			70,658
Redemptions		(502,737	)		(64,096	)		(1,815,567	)
Converted from Class C shares		4,304			—			—
Converted to Class A shares		—			(4,304	)		—
Net increase		216,032			269			1,563,480

29

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

10-to-20 Year Laddered Fund
	Six Months Ended July 31, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		158,607			11,948			270,521
Issued to shareholders electing to receive payments of distributions in Fund shares		4,208			230			12,268
Redemptions		(72,726	)		(876	)		(493,199	)
Net increase (decrease)		90,089			11,302			(210,410	)
	Year Ended January 31, 2021
	Class A			Class C			Class I
Sales		346,372			10,766			1,190,190
Issued to shareholders electing to receive payments of distributions in Fund shares		10,273			1,187			50,091
Redemptions		(25,542	)		(13,130	)		(886,249	)
Net increase (decrease)		331,103			(1,177	)		354,032

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 26, 2021. 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. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended July 31, 2021.

9  Investments in Affiliated Funds

At July 31, 2021, the value of investments in affiliated funds was $9,317,634 for 1-to-10 Year Laddered Fund, representing 10.5% of its net assets and $2,020,821 for 10-to-20 Year Laddered Fund, representing 9.4% of its net assets. Transactions in affiliated funds by the Funds for the six months ended July 31, 2021 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	$	15,536,959	$	29,542,482	$	(35,761,826	)	$	—	$	19	$	9,317,634	$	4,026		9,317,634

30

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

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	$	1,767,705	$	6,123,473	$	(5,870,372	)	$	—	$	15	$	2,020,821	$	691		2,020,821

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, 2021, 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 Municipal Obligations	$	—	$	81,287,869	$	—	$	81,287,869
Short-Term Investments		—		9,317,634		—		9,317,634
Total Investments	$	—	$	90,605,503	$	—	$	90,605,503

10-to-20 Year Laddered Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	21,148,947	$	—	$	21,148,947
Short-Term Investments		—		2,020,821		—		2,020,821
Total Investments	$	—	$	23,169,768	$	—	$	23,169,768

11  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 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, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Funds’ performance, or the performance of the securities in which the Funds invest.

31

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

Each Fund held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 for the following purposes: (1) to approve a new investment advisory and administrative agreement with Eaton Vance Management to serve as each Fund’s investment adviser and administrator (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Parametric Portfolio Associates LLC to serve as each Fund’s investment sub-adviser (“Proposal 2”). The shareholder meeting results are as follows:

		Number of Shares(1)
		For		Against		Abstain(2)		Broker Non-Votes(2)
1-to-10 Year Laddered Fund	Proposal 1		4,161,930.650		9,411.669		100,320.999		0
	Proposal 2		4,160,258.403		9,411.669		101,993.247		0
10-to-20 Year Laddered Fund	Proposal 1		1,170,670.862		11,116.000		11,716.000		0
	Proposal 2		1,168,948.862		12,838.000		11,716.000		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal.

32

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Liquidity Risk Management Program

Each 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. Each 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 each Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews each 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 each 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 each Fund’s Board of Trustees/Directors on June 8, 2021, 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 January 1, 2020 through December 31, 2020 (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, each 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 each 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.

33

Parametric

TABS Laddered Municipal Bond Funds

July 31, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President and Chief Legal Officer

James F. Kirchner

Treasurer

Kimberly M. Roessiger

Secretary

Richard F. Froio

Chief Compliance Officer

Trustees

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

34

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎    investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

35

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎    buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎    sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

36

Eaton Vance Funds

IMPORTANT NOTICES

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, 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.

37

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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    7.31.21

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/ Eric A. Stein
	Eric A. Stein
	President
Date:	September 22, 2021

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 22, 2021

By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	September 22, 2021