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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-08134

Eaton Vance Municipals Trust II

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

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

January 31, 2022

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

High Yield Municipal Income Fund

Annual Report

January 31, 2022

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.

Annual Report January 31, 2022

Eaton Vance

High Yield Municipal Income Fund

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	34
Federal Tax Information	35
Management and Organization	36
Privacy Notice	39
Important Notices	41

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

As the 12-month period began on February 1, 2021, municipal bonds were at the tail end of a bond rally that had begun in November 2020. From mid-February through June 2021, the bond market reversed course. Yields on municipal bonds and U.S. Treasurys rose and prices declined in anticipation of rising economic growth, driven by a federal government infusion of stimulus financing and progress on COVID-19 vaccinations. In late spring-early summer, high year-over-year inflation also raised investor concerns, putting further upward pressure on interest rates.

By July, however, the emergence of a more contagious Delta variant of COVID-19 threatened the U.S. economic rebound and diminished inflation concerns. Investors again turned to U.S. Treasurys and municipal bonds as relatively safe-haven assets, leading bond prices to rise and interest rates to fall in July.

From August through October, bond prices declined again due, in part, to anticipation that the U.S. Federal Reserve (the Fed) would begin tapering monthly bond purchases, which had helped hold interest rates down through much of the pandemic.

In the closing months of 2021, the Fed confirmed that tapering would begin in November and accelerate in the months to come. The reduction of monetary stimulus put upward pressure on shorter term interest rates, as did passage of President Biden’s $1 trillion infrastructure bill. As the Fed issued more hawkish monetary statements, U.S. Treasury rates rose in December against the backdrop of inflationary concerns and potential interest rate hikes. Municipal bond rates, however, were nearly unchanged during the month.

But as the new year began, municipal investors appeared to reevaluate the twin threats of inflation and projected rate hikes. The Bloomberg Municipal Bond Index, a broad measure of the municipal bond market, declined 2.74% in January 2022, its worst monthly performance in several years. In the third week of January, municipal bond mutual funds and exchange-traded funds experienced net weekly outflows for only the second time in 87 weeks.

For the period as a whole, the municipal bond yield curve experienced a “bear market flattening” in which interest rates rose across the curve, but more so at the shorter maturity end of the curve. The Bloomberg Municipal Bond Index returned -1.89% during the period. While municipal bonds outperformed U.S. Treasurys at the short end of the yield curve — that is, maturities of 5 years or less — municipals underperformed U.S. Treasurys in the middle and long end of the curve — maturities of about 10 years and 30 years, respectively.

Fund Performance

For the 12-month period ended January 31, 2022, Eaton Vance High Yield Municipal Income Fund (the Fund) returned -0.02% for Class A shares at net asset value (NAV), outperforming its benchmark, the Bloomberg Municipal Bond Index (the Index), which returned -1.89%.

The Fund invests primarily in high yield municipal obligations — defined as securities rated BBB and below. The Index, reflecting the broad municipal market, had a significantly smaller weight in BBB rated and below-investment-grade issues than the Fund during the period.

For the period as a whole, the municipal high yield asset class delivered positive performance while the municipal investment-grade asset class posted negative returns. The bulk of high yield’s outperformance occurred during the first half of the period as high yield spreads — the difference between high yield and investment-grade interest rates — compressed significantly after widening dramatically early in the pandemic.

Despite a “bear market flattening” of the municipal yield curve — in which interest rates rose across the curve, but more so at the shorter-maturity end of the curve — spread compression enabled high yield issues to post positive performance during the period. Demand for high yield bonds was strong during most of the period, buoyed by a global economic recovery; investors’ search for yield in a historically low-yield environment; and Congress’ passage of a $1.9 trillion pandemic relief bill in March 2021, which bolstered the budgets of many municipal bond issuers.

During the period, contributors to Fund performance versus the Index included an overweight position relative to the Index in bonds rated BBB and below; security selections and an overweight position in the health care sector; and the Fund’s hedging strategy, which used U.S. Treasury futures to mitigate interest rate volatility. As a risk-management tactic within the Fund’s overall strategy, interest rate hedging is intended to moderate performance in both up and down markets. During a period when interest rates rose, the Fund’s hedging strategy mitigated some of the negative effect of rising rates and, thus, contributed to Fund performance relative to the unhedged Index.

In contrast, detractors from Fund performance relative to the Index included the Fund’s use of leverage and an overweight position in bonds with coupons of 4% or less.

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

January 31, 2022

Performance^2,3

Portfolio Manager(s) Cynthia J. Clemson and William J. Delahunty, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
Class A at NAV		08/07/1995		08/07/1995			–0.02	%		4.69	%		5.04	%
Class A with 4.75% Maximum Sales Charge		—		—			–4.80			3.68			4.53
Class C at NAV		06/18/1997		08/07/1995			–0.78			3.90			4.42
Class C with 1% Maximum Sales Charge		—		—			–1.75			3.90			4.42
Class I at NAV		05/09/2007		08/07/1995			0.24			4.95			5.30
Class W at NAV		10/01/2021		08/07/1995			0.35			4.97			5.31
Bloomberg Municipal Bond Index		—		—			–1.89	%		3.46	%		3.20	%
% Total Annual Operating Expense Ratios4			Class A			Class C			Class I			Class W
Gross				0.82	%		1.57	%		0.57	%		0.57	%
Net				0.82			1.57			0.57			0.16
% Distribution Rates/Yields5			Class A			Class C			Class I			Class W
Distribution Rate				2.94	%		2.17	%		3.19	%		3.61	%
Taxable-Equivalent Distribution Rate				4.96			3.67			5.39			6.10
SEC 30-day Yield				1.34			0.65			1.66			2.08
Taxable-Equivalent SEC 30-day Yield				2.27			1.10			2.81			3.52
% Total Leverage6
Residual Interest Bond (RIB) Financing													4.60	%

Growth of $10,000

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

Growth of Investment3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		01/31/2012		$15,412		N.A.
Class I		$250,000		01/31/2012		$419,154		N.A.
Class W		$10,000		01/31/2012		$16,785		N.A.

See Endnotes and Additional Disclosures in this report.

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

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Endnotes and Additional Disclosures

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

²  Bloomberg 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.

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

Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class W is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.

⁴  Source: Fund prospectus. Net expense ratio for Class W reflects a contractual expense reimbursement of investment advisory fees that continues through 9/30/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

⁵  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes 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.

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

⁷  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.

⁸  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.

Additional Information

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

5

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2021 – January 31, 2022) for Class A, Class C and Class I and (October 1, 2021 – January 31, 2022) for Class W. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2021 – January 31, 2022).

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

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

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

	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period (8/1/21 – 1/31/22)			Annualized Expense Ratio
Actual*
Class A	$	1,000.00	$	973.20	$	3.78			0.76	%
Class C	$	1,000.00	$	969.60	$	7.50			1.51	%
Class I	$	1,000.00	$	974.50	$	2.54			0.51	%
Class W	$	1,000.00	$	987.00	$	0.30	**		0.09	%
Hypothetical***
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.37	$	3.87			0.76	%
Class C	$	1,000.00	$	1,017.59	$	7.68			1.51	%
Class I	$	1,000.00	$	1,022.63	$	2.60			0.51	%
Class W	$	1,000.00	$	1,024.75	$	0.46	**		0.09	%

* Class W had not commenced operations on August 1, 2021. Actual expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period); 123/365 for Class W (to reflect the period from the commencement of operations on October 1, 2021 to January 31, 2022). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021 (October 1, 2021 for Class W).

** Absent a reimbursement of investment advisory fees by an affiliate, the expenses would be higher.

*** Hypothetical expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021 (October 1, 2021 for Class W).

6

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Portfolio of Investments

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	$	4,626,429
Harnett Health System, Inc., 4.25% to 4/1/25 (Put Date), 4/1/32		5,715		5,586,412
Montefiore Obligated Group, 4.287%, 9/1/50		8,915		8,491,492
Tower Health, 4.451%, 2/1/50		15,405		13,537,144
			$	32,241,477
Other — 0.6%
Morongo Band of Mission Indians, 7.00%, 10/1/39(1)	$	7,980	$	10,284,784
			$	10,284,784
Other Revenue — 0.1%
YMCA of Greater New York, 2.303%, 8/1/26	$	1,055	$	1,031,482
			$	1,031,482
Total Corporate Bonds — 2.8% (identified cost $41,299,253)			$	43,557,743
Tax-Exempt Municipal Obligations — 93.6%
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 — 4.8%
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/39(1)	$	1,270	$	1,437,805
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1)		925		963,434
Arizona Industrial Development Authority, (Somerset Academy of Las Vegas), 4.00%, 12/15/51(1)		800		834,552
Build NYC Resource Corp., NY, (New World Preparatory Charter School):
4.00%, 6/15/51		160		168,562
4.00%, 6/15/56		125		130,970
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.):
5.375%, 6/15/38(1)		545		596,677
5.375%, 6/15/48(1)		1,020		1,099,897

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Capital Trust Agency, FL, (Liza Jackson Preparatory School, Inc.), 5.00%, 8/1/55	$	325	$	368,452
Colorado Educational and Cultural Facilities Authority, (Aspen View Academy):
4.00%, 5/1/41		150		161,922
4.00%, 5/1/51		500		533,710
District of Columbia, (District of Columbia International School):
5.00%, 7/1/39		710		830,693
5.00%, 7/1/49		700		807,184
District of Columbia, (KIPP DC):
4.00%, 7/1/39		280		308,140
4.00%, 7/1/44		270		294,192
4.00%, 7/1/49		385		416,901
District of Columbia, (Rocketship DC Obligated Group):
5.00%, 6/1/41(1)		1,190		1,348,032
5.00%, 6/1/49(1)		2,100		2,290,239
5.00%, 6/1/61(1)		1,175		1,307,293
Erie Higher Education Building Authority, PA, (Gannon University), 5.00%, 5/1/47		475		566,195
Florida Development Finance Corp., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%, 7/1/51(1)		1,000		1,046,670
Florida Development Finance Corp., (River City Science Academy Project), 4.00%, 7/1/55		750		787,140
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48(1)		750		834,037
Forest Grove, OR, (Pacific University), Prerefunded to 5/1/22, 5.00%, 5/1/40		1,070		1,081,749
Indiana Finance Authority, (KIPP Indianapolis, Inc.):
5.00%, 7/1/40		170		188,651
5.00%, 7/1/55		460		503,189
Indiana Finance Authority, (Valparaiso University):
4.00%, 10/1/34		500		562,045
4.00%, 10/1/35		650		729,690
Kentucky Bond Development Corp., (Centre College):
4.00%, 6/1/46		800		900,792
4.00%, 6/1/51		1,250		1,401,475
Kentucky Bond Development Corp., (Transylvania University):
4.00%, 3/1/46		2,805		3,083,312
4.00%, 3/1/49		705		772,934
Los Ranchos de Albuquerque, NM, (Albuquerque Academy):
4.00%, 9/1/35		300		336,312
4.00%, 9/1/40		1,200		1,336,344
Louisiana Public Facilities Authority, (Loyola University), 4.00%, 10/1/51		1,170		1,284,660

7 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Maricopa County Industrial Development Authority, AZ, (Arizona Autism Charter Schools), 4.00%, 7/1/61(1)	$	2,600	$	2,715,284
Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools):
4.00%, 7/1/51(1)		1,650		1,768,998
4.00%, 7/1/56(1)		1,220		1,295,701
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/46		4,000		4,467,600
Michigan State University, 5.00%, 2/15/44		1,000		1,198,890
Oregon Facilities Authority, (University of Portland), 5.00%, 4/1/35		1,000		1,108,280
Public Finance Authority, WI, (Coral Academy of Science Las Vegas), 4.00%, 7/1/51		2,000		2,113,840
Public Finance Authority, WI, (North Carolina Leadership Academy):
4.00%, 6/15/29(1)		300		318,666
5.00%, 6/15/39(1)		205		222,628
5.00%, 6/15/49(1)		260		279,812
Public Finance Authority, WI, (Roseman University of Health Sciences):
4.00%, 4/1/52(1)(4)		1,000		1,033,490
5.00%, 4/1/40(1)		840		955,601
5.00%, 4/1/50(1)		2,510		2,822,620
5.50%, 4/1/32		170		171,430
5.75%, 4/1/42		2,045		2,063,037
Romeoville, IL, (Lewis University):
5.00%, 10/1/27		1,000		1,095,430
5.00%, 10/1/29		1,000		1,089,390
5.00%, 10/1/30		1,000		1,087,060
5.00%, 10/1/35		2,000		2,167,020
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 4.00%, 4/1/54		2,000		2,153,960
University of California, 5.00%, 5/15/38(5)		10,000		10,508,400
Waco Education Finance Corp., TX, (Baylor University), 5.00%, 3/1/35		1,260		1,554,260
Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.):
4.00%, 3/15/40		750		824,145
5.00%, 3/15/50		2,345		2,714,478
			$	75,043,870
Electric Utilities — 2.8%
Arkansas River Power Authority, CO:
5.00%, 10/1/31	$	1,500	$	1,748,580
5.00%, 10/1/32		1,500		1,745,895
5.00%, 10/1/38		9,325		10,756,294

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Arkansas River Power Authority, CO: (continued)
5.00%, 10/1/43	$	2,250	$	2,575,822
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45		15,890		17,555,749
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (AMT), 4.00%, 3/1/37		7,500		8,111,700
Long Island Power Authority, NY, Electric System Revenue, 5.00%, 9/1/38		1,420		1,773,907
			$	44,267,947
Escrowed / Prerefunded — 3.7%
Build NYC Resource Corp., NY, (YMCA of Greater New York):
Prerefunded to 8/1/25, 4.00%, 8/1/31	$	650	$	709,930
Prerefunded to 8/1/25, 4.00%, 8/1/36		875		955,675
Central Texas Regional Mobility Authority, Prerefunded to 7/1/25, 5.00%, 1/1/35		1,100		1,238,743
Colorado Health Facilities Authority, (Covenant Retirement Communities, Inc.), Prerefunded to 12/1/22, 5.00%, 12/1/33		5,000		5,183,450
Dawson Ridge Metropolitan District No. 1, CO, Escrowed to Maturity, 0.00%, 10/1/22		3,500		3,485,370
Detroit, MI, Sewage Disposal System:
Prerefunded to 7/1/22, 5.00%, 7/1/32		3,185		3,245,356
Prerefunded to 7/1/22, 5.25%, 7/1/39		3,355		3,422,066
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.):
Prerefunded to 7/1/24, 5.00%, 7/1/34		750		818,985
Prerefunded to 7/1/24, 5.00%, 7/1/39		1,250		1,364,975
Illinois Finance Authority, (Plymouth Place, Inc.), Prerefunded to 5/15/25, 5.00%, 5/15/37		1,000		1,116,250
Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), Prerefunded to 11/15/24, 4.25%, 11/15/41		3,940		4,277,894
Michigan Finance Authority, (Detroit Water and Sewerage Department), Prerefunded to 7/1/22, 5.00%, 7/1/44		1,905		1,941,100
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		4,208,271
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		895,128
Prerefunded to 4/1/25, 5.00%, 4/1/35		1,000		1,118,910
Palm Beach County Health Facilities Authority, FL, (BRRH Corp. Obligated Group), Prerefunded to 12/1/24, 5.00%, 12/1/31		6,250		6,922,875
San Joaquin Hills Transportation Corridor Agency, CA, Prerefunded to 1/15/25, 5.00%, 1/15/44		10,000		11,141,100

8 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Savannah Economic Development Authority, GA, (Marshes Skidaway Island Project), Prerefunded to 1/1/24, 7.00%, 1/1/34	$	3,000	$	3,328,860
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		1,455		1,611,049
			$	56,985,987
General Obligations — 5.8%
Centennial Independent School District No. 12, Circle Pines, MN:
0.00%, 2/1/31	$	1,225	$	944,463
0.00%, 2/1/33		1,500		1,057,980
Chicago Board of Education, IL:
5.00%, 12/1/26		1,595		1,816,418
5.00%, 12/1/40		3,000		3,484,020
5.00%, 12/1/42		1,820		1,863,771
Chicago, IL, 5.00%, 1/1/40		2,000		2,296,240
Detroit, MI:
5.00%, 4/1/30		1,400		1,607,480
5.00%, 4/1/31		865		990,226
5.50%, 4/1/31		565		691,588
5.50%, 4/1/32		595		726,745
5.50%, 4/1/35		350		426,423
5.50%, 4/1/45		1,930		2,316,154
5.50%, 4/1/50		2,320		2,769,500
Illinois:
4.00%, 6/1/33		4,000		4,287,000
4.00%, 11/1/40		4,000		4,323,200
5.00%, 11/1/30		7,200		8,218,944
5.00%, 5/1/33		9,480		10,963,715
5.00%, 5/1/35		3,500		3,755,570
5.00%, 12/1/42		8,125		9,220,656
5.25%, 7/1/30		2,800		2,961,308
5.50%, 5/1/39		1,085		1,321,975
5.75%, 5/1/45		1,115		1,364,749
New Jersey, 4.00%, 6/1/31		3,000		3,483,270
Puerto Rico:
5.75%, 7/1/41(6)		3,555		3,492,787
8.00%, 7/1/35(6)		11,360		10,242,275
Sherwood School District No. 88J, OR, 0.00%, 6/15/37		3,630		2,085,798
Will and Cook Counties Community High School District No. 210, IL:
0.00%, 1/1/27		60		53,008
3.375%, 1/1/33		450		455,729
5.00%, 1/1/28		3,500		3,611,615
			$	90,832,607

Security	Principal Amount (000’s omitted)		Value
Hospital — 11.4%
Arkansas Development Finance Authority, (Washington Regional Medical Center), 5.00%, 2/1/33	$	2,200	$	2,397,670
Arlington County Industrial Development Authority, VA, (Virginia Hospital Center):
4.00%, 7/1/40		2,125		2,422,734
4.00%, 7/1/45		3,000		3,388,860
Berks County Industrial Development Authority, PA, (Tower Health):
5.00%, 11/1/47		510		541,967
5.00%, 11/1/50		5,000		5,297,500
California Municipal Finance Authority, (NorthBay Healthcare Group):
5.00%, 11/1/35		250		269,313
5.00%, 11/1/40		550		591,288
5.00%, 11/1/44		500		536,135
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37		1,000		1,143,650
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/48		2,400		2,766,432
Camden County Improvement Authority, NJ, (Cooper Health System):
5.00%, 2/15/29		1,000		1,070,690
5.00%, 2/15/32		2,000		2,136,700
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44		1,655		1,809,544
Colorado Health Facilities Authority, (Boulder Community Health):
4.00%, 10/1/38		300		336,696
4.00%, 10/1/39		300		336,195
4.00%, 10/1/40		300		335,619
Colorado Health Facilities Authority, (Parkview Medical Center, Inc.), (PSF Guaranteed), 4.00%, 9/1/45		1,000		1,126,130
Connecticut Health and Educational Facilities Authority, (Stamford Hospital):
4.00%, 7/1/42(4)		1,750		1,913,537
5.00%, 7/1/34(4)		3,100		3,822,207
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/46		3,175		3,485,991
Cuyahoga County, OH, (The MetroHealth System):
5.00%, 2/15/31		1,500		1,731,675
5.00%, 2/15/32		1,500		1,728,915
Decatur Hospital Authority, TX, (Wise Health System):
4.00%, 9/1/34		1,604		1,785,942
4.00%, 9/1/44		9,039		9,865,345
Douglas County Hospital Authority No. 2, NE, (Children’s Hospital Obligated Group), 4.00%, 11/15/50		1,300		1,458,886

9 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Doylestown Hospital Authority, PA, (Doylestown Health), 4.00%, 7/1/45	$	315	$	334,568
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/50		2,595		2,799,201
Grand Forks, ND, (Altru Health System):
4.00%, 12/1/46		925		1,029,978
4.00%, 12/1/51		1,375		1,524,215
Hamilton County, OH, (UC Health), 4.00%, 9/15/50		4,000		4,430,520
Harris County Cultural Education Facilities Finance Corp., TX, (Texas Children’s Hospital), 3.00%, 10/1/51		8,400		8,312,976
Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34		2,965		3,242,346
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center):
5.50%, 6/1/29		710		735,468
6.00%, 6/1/39		3,805		3,953,319
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/37		4,385		4,938,299
Maryland Health and Higher Educational Facilities Authority, (Frederick Health System), 4.00%, 7/1/40		300		341,787
Massachusetts Development Finance Agency, (Atrius Health), 5.00%, 6/1/39		925		1,110,111
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/44		4,000		4,669,920
Minneapolis and St. Paul Housing and Redevelopment Authority, MN, (Allina Health System), (LOC: JPMorgan Chase Bank, N.A.), 0.11%, 11/15/35(7)		5,000		5,000,000
Montana Facility Finance Authority, (Bozeman Deaconess Health Services Obligated Group):
3.00%, 6/1/50		2,875		2,961,164
4.00%, 6/1/45		1,500		1,701,285
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/40		1,120		1,246,202
Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33		2,775		2,862,468
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group):
4.00%, 7/1/48		6,265		6,745,087
5.00%, 7/1/41		1,750		1,979,530
New York Dormitory Authority, (Orange Regional Medical Center):
5.00%, 12/1/32(1)		1,000		1,158,040
5.00%, 12/1/33(1)		2,000		2,315,420
5.00%, 12/1/34(1)		3,900		4,510,662
5.00%, 12/1/35(1)		1,000		1,154,680
5.00%, 12/1/40(1)		2,300		2,551,873

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Oklahoma Development Finance Authority, (OU Medicine):
5.00%, 8/15/38	$	1,025	$	1,206,620
5.25%, 8/15/43		14,865		17,733,648
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/40		875		1,053,570
Palm Beach County Health Facilities Authority, FL, (Baptist Health South Florida Obligated Group), 3.00%, 8/15/44		1,170		1,195,389
Pima County Industrial Development Authority, AZ, (Tucson Medical Center):
4.00%, 4/1/37		900		1,040,229
4.00%, 4/1/38		1,040		1,199,630
4.00%, 4/1/39		1,400		1,612,366
4.00%, 4/1/40		1,350		1,548,355
4.00%, 4/1/41		1,685		1,926,629
Public Finance Authority, WI, (Appalachian Regional Healthcare System):
4.00%, 7/1/46		500		558,790
4.00%, 7/1/51		625		692,987
5.00%, 7/1/37		275		339,014
5.00%, 7/1/38		375		461,411
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group):
5.00%, 12/1/35		3,100		3,255,558
5.75%, 12/1/32		4,050		4,153,963
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(5)		7,000		7,503,020
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/38		2,500		2,881,825
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), Prerefunded to 6/1/23, 5.375%, 6/1/38		2,580		2,735,755
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33		2,500		2,651,425
			$	177,658,924
Housing — 1.3%
California Municipal Finance Authority, (CityView Apartments), Sustainability Bonds, 4.00%, 11/1/36(1)	$	5,175	$	5,391,212
CMFA Special Finance Agency, CA, (Solana at Grand), 4.00%, 8/1/56(1)		4,000		3,955,640
CSCDA Community Improvement Authority, CA, Essential Housing Revenue, 2.80%, 3/1/47(1)		900		776,601
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 4.00%, 7/1/40		1,000		1,098,080
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%, 4/1/39		3,500		3,791,235

10 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Public Finance Authority, WI, (University of Hawaii Foundation), Green and Social Bonds, 4.00%, 7/1/51(1)	$	2,500	$	2,640,550
Texas Student Housing Corp., (University of North Texas):
9.375%, 7/1/06(6)		860		860,000
11.00%, 7/1/31(6)		2,000		2,000,000
			$	20,513,318
Industrial Development Revenue — 10.4%
Arkansas Development Finance Authority, (Big River Steel):
(AMT), 4.50%, 9/1/49(1)	$	3,750	$	4,049,138
Green Bonds, (AMT), 4.75%, 9/1/49(1)		4,000		4,409,520
Denver City and County, CO, (United Airlines), (AMT), 5.00%, 10/1/32		1,890		1,975,145
Florida Development Finance Corp., (Waste Pro USA, Inc.):
(AMT), 5.00%, 5/1/29(1)		795		839,719
(AMT), 5.00% to 8/1/22 (Put Date), 8/1/29(1)		2,250		2,279,745
George L. Smith II Georgia World Congress Center Authority, 4.00%, 1/1/54		2,145		2,332,430
Houston, TX, (United Airlines, Inc. Terminal E Project):
(AMT), 4.00%, 7/1/41		3,600		3,749,976
(AMT), 4.75%, 7/1/24		4,630		4,843,165
Houston, TX, (United Airlines, Inc.):
(AMT), 4.00%, 7/15/41		415		432,376
(AMT), 5.00%, 7/15/27		1,750		1,988,683
Jefferson County Port Authority, OH, (JSW Steel USA Ohio, Inc.), (AMT), 3.50%, 12/1/51(1)		5,250		5,070,082
Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38		4,050		4,150,156
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(1)		1,880		2,105,882
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42		6,500		6,577,155
Maryland Economic Development Corp., (AFCO Cargo), (AMT), 3.50%, 7/1/24(1)		1,075		1,089,341
Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-1, 4.00%, 6/1/30		1,000		1,036,190
Mississippi Business Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 2/1/36(1)		1,500		1,519,830
National Finance Authority, NH, (Covanta):
4.625%, 11/1/42(1)		6,335		6,494,008
(AMT), 4.875%, 11/1/42(1)		6,965		7,163,781
Green Bonds, (AMT), 3.75% to 7/2/40 (Put Date), 7/1/45(1)		11,690		12,029,711
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 2.95%, 4/1/29(1)		480		500,813

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
New Jersey Economic Development Authority, (Continental Airlines):
(AMT), 5.25%, 9/15/29	$	8,285	$	8,519,631
(AMT), 5.50%, 6/1/33		4,375		4,628,531
(AMT), 5.625%, 11/15/30		2,045		2,210,093
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		5,167,677
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		5,802,170
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment):
(AMT), 4.375%, 10/1/45		19,130		21,303,933
(AMT), 5.00%, 10/1/40		7,065		8,276,365
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38(1)		1,000		1,114,960
Pennsylvania Economic Development Financing Authority, (Covanta), Green Bonds, (AMT), 3.25%, 8/1/39(1)		2,200		2,217,358
Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35		13,570		13,800,826
Public Finance Authority, WI, (Celanese Corp.), (AMT), 4.30%, 11/1/30		5,000		5,461,600
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1)		6,290		6,921,830
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(1)		475		542,863
Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48(1)		1,440		1,485,202
			$	162,089,885
Insured – Education — 0.1%
Atlantic County Improvement Authority, NJ, (Stockton University Atlantic City Campus Phase II), (AGM), 4.00%, 7/1/47	$	750	$	850,875
			$	850,875
Insured – Escrowed / Prerefunded — 0.8%
Irvington Township, NJ, (AGM), Prerefunded to 7/15/24, 5.00%, 7/15/32	$	1,000	$	1,092,170
North Texas Tollway Authority, (AGC), Prerefunded to 1/1/25, 6.20%, 1/1/42		10,000		11,449,700
			$	12,541,870

11 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations — 1.1%
Atlantic City, NJ:
(AGM), 4.00%, 3/1/42	$	480	$	524,059
(BAM), 5.00%, 3/1/42		1,250		1,439,012
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/26		500		578,440
McHenry County Community Unit School District No. 12, IL, (Johnsburg):
(AGM), 5.00%, 1/1/31		3,175		3,399,917
(AGM), 5.00%, 1/1/32		1,215		1,300,840
(AGM), 5.00%, 1/1/33		1,405		1,503,701
(AGM), 5.00%, 7/1/34		2,810		3,006,869
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38		5,000		5,619,800
			$	17,372,638
Insured – Hospital — 0.2%
Grand Forks, ND, (Altru Health System), (AGM), 3.00%, 12/1/51	$	3,250	$	3,141,840
			$	3,141,840
Insured – Housing — 0.0%(2)
California Municipal Finance Authority, (CHF-Davis II, LLC - Orchard Park Student Housing), Green Bonds, (BAM), 3.00%, 5/15/51	$	400	$	404,096
			$	404,096
Insured – Other Revenue — 2.0%
Harris County-Houston Sports Authority, TX:
(AGM), (NPFG), 0.00%, 11/15/34	$	12,700	$	7,575,423
(NPFG), 0.00%, 11/15/26		9,395		8,155,706
(NPFG), 0.00%, 11/15/28		9,600		7,707,744
(NPFG), Escrowed to Maturity, 0.00%, 11/15/26		1,115		1,031,431
(NPFG), Escrowed to Maturity, 0.00%, 11/15/28		400		352,828
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 3.00%, 1/1/40		1,750		1,805,492
New York City Industrial Development Agency, NY, (Yankee Stadium):
(AGC), 0.00%, 3/1/34		3,500		2,586,430
(AGM), 3.00%, 3/1/38		1,555		1,617,651
			$	30,832,705
Insured – Special Tax Revenue — 1.9%
Illinois Sports Facilities Authority:
(AMBAC), 0.00%, 6/15/25	$	750	$	708,127
(AMBAC), 0.00%, 6/15/26		2,380		2,195,479

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue (continued)
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, 10/1/39	$	14,500	$	20,156,450
Tolomato Community Development District, FL:
(AGM), 3.75%, 5/1/39		2,515		2,719,042
(AGM), 3.75%, 5/1/40		2,985		3,222,994
			$	29,002,092
Insured – Transportation — 1.5%
Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AGM), (AMT), 4.00%, 1/1/46	$	2,485	$	2,741,676
Chicago, IL, (O’Hare International Airport):
(AGM), 5.25%, 1/1/32		1,500		1,559,610
(AGM), 5.25%, 1/1/33		650		675,831
(AGM), 5.50%, 1/1/43		1,355		1,409,633
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37		6,665		3,467,933
Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, (0.00% until 1/15/24), 1/15/32		1,955		2,254,604
Ohio, (Portsmouth Gateway Group, LLC):
(AGM), (AMT), 5.00%, 12/31/27		1,150		1,275,373
(AGM), (AMT), 5.00%, 12/31/28		1,600		1,769,392
Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30		9,440		7,917,611
			$	23,071,663
Insured – Water and Sewer — 0.5%
Jefferson County, AL, Sewer Revenue:
(AGM), 0.00%, 10/1/27	$	2,155	$	1,736,865
(AGM), 0.00%, 10/1/28		3,965		2,992,544
(AGM), 0.00%, 10/1/29		3,035		2,139,827
(AGM), 0.00%, 10/1/30		2,580		1,695,163
			$	8,564,399
Lease Revenue / Certificates of Participation — 1.5%
Charleston Educational Excellence Financing Corp., SC, (Charleston County School District), Prerefunded to 12/1/23, 5.00%, 12/1/29(5)	$	10,875	$	11,669,093
New Jersey Economic Development Authority, (School Facilities Construction):
5.00%, 6/15/43		1,530		1,777,003
5.00%, 6/15/44		8,290		9,721,849
			$	23,167,945

12 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Nursing Home — 0.0%(2)
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	405	$	410,455
			$	410,455
Other Revenue — 1.9%
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(6)	$	6,250	$	1,125,000
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(1)		1,260		1,462,633
Metropolitan Pier and Exposition Authority, IL, (McCormick Place), 4.00%, 6/15/52(4)		4,060		4,332,994
Military Installation Development Authority, UT, 4.00%, 6/1/52		1,500		1,368,720
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1)		2,040		2,357,975
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/37(5)		10,000		11,035,100
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37		5,105		6,741,255
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 4.00%, 6/1/30		700		756,686
			$	29,180,363
Senior Living / Life Care — 12.6%
Albemarle County Economic Development Authority, VA, (Westminster-Canterbury of the Blue Ridge), 5.00%, 1/1/42	$	1,350	$	1,401,462
Atlantic Beach, FL, (Fleet Landing):
5.00%, 11/15/37		7,945		8,319,368
5.00%, 11/15/38		1,000		1,121,320
California Public Finance Authority, (Enso Village), Green Bonds:
3.125%, 5/15/29(1)		360		362,390
5.00%, 11/15/51(1)		1,500		1,672,815
Centerville, OH, (Graceworks Lutheran Services):
5.25%, 11/1/37		3,250		3,541,817
5.25%, 11/1/47		3,190		3,431,706
Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 5.00%, 5/15/48		425		452,459
Clackamas County Hospital Facility Authority, OR, (Rose Villa):
5.25%, 11/15/50		250		270,408
5.375%, 11/15/55		300		325,251
Colorado Health Facilities Authority, (Aberdeen Ridge):
5.00%, 5/15/49		2,235		2,294,965
5.00%, 5/15/58		2,525		2,566,082
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 5.00%, 1/1/38		1,210		1,337,207
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/37		750		853,095

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	$	1,074,330
District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32		1,600		1,707,696
Florida Development Finance Corp., (Mayflower Retirement Community):
4.00%, 6/1/36(1)		1,110		1,213,308
4.00%, 6/1/41(1)		655		707,937
4.00%, 6/1/46(1)		1,270		1,356,639
Florida Development Finance Corp., (The Glenridge on Palmer Ranch), 5.00%, 6/1/51		2,000		2,223,160
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/38		1,000		1,091,310
Fulton County Residential Care Facilities for the Elderly Authority, GA, (Canterbury Court), 4.00%, 4/1/51(1)		10,000		10,364,800
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/38		125		135,094
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.):
5.75%, 1/1/28		415		430,401
6.375%, 1/1/33		655		680,440
Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.):
5.125%, 11/15/32		525		538,466
5.25%, 11/15/37		480		492,317
Howard County, MD, (Vantage House), 5.00%, 4/1/36		1,725		1,793,241
Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/41		400		460,204
Indiana Finance Authority, (Marquette), Prerefunded to 3/1/22, 5.00%, 3/1/39		1,000		1,003,770
Iowa Finance Authority, (Lifespace Communities, Inc.):
4.125%, 5/15/38		1,500		1,579,605
5.00%, 5/15/43		3,250		3,530,605
5.00%, 5/15/55		2,095		2,300,184
James City County Economic Development Authority, VA, (Williamsburg Landing), 4.00%, 12/1/50		2,585		2,765,485
Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37		2,500		2,749,400
Massachusetts Development Finance Agency, (Linden Ponds, Inc.):
5.00%, 11/15/33(1)		1,550		1,704,582
5.00%, 11/15/38(1)		1,010		1,101,536
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.):
5.00%, 10/1/37(1)		1,000		1,075,340
5.00%, 10/1/47(1)		1,280		1,374,170
5.00%, 10/1/57(1)		2,410		2,586,460

13 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Massachusetts Development Finance Agency, (Orchard Cove, Inc.), 5.00%, 10/1/39	$	370	$	408,351
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/30(6)		25		19,500
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40		1,300		1,396,174
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/48		9,045		9,695,335
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront):
5.125%, 10/1/34		2,500		2,654,725
5.40%, 10/1/44		1,770		1,872,306
Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 4.00%, 12/1/51		4,350		4,470,973
National Finance Authority, NH, (The Vista):
5.25%, 7/1/39(1)		585		609,512
5.625%, 7/1/46(1)		555		584,371
5.75%, 7/1/54(1)		1,745		1,841,411
New Hampshire Health and Education Facilities Authority, (Kendal at Hanover):
5.00%, 10/1/40		815		913,680
5.00%, 10/1/46		1,000		1,113,570
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/37		6,320		6,734,782
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge):
4.00%, 1/1/25		1,600		1,600,816
4.375%, 1/1/39		1,250		1,330,638
5.00%, 1/1/49		6,000		6,426,960
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37		1,675		1,890,907
North Carolina Medical Care Commission, (Pennybyrn at Maryfield), 5.00%, 10/1/45		1,000		1,096,160
North Carolina Medical Care Commission, (The Forest at Duke), 4.00%, 9/1/51		1,600		1,768,944
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/53		2,485		2,730,717
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton):
7.25%, 6/1/34		75		78,137
7.25%, 6/1/39		1,190		1,239,778
7.50%, 6/1/49		6,855		7,147,366
Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion), 5.00%, 6/1/55		6,800		7,259,272

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/1/56(4)	$	2,460	$	2,488,880
Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/30(1)		770		816,215
South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25(1)		1,025		1,045,080
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/30		1,945		2,106,357
St. Johns County Industrial Development Authority, FL, (Vicar’s Landing), 4.00%, 12/15/46		500		520,065
St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis Obligated Group), 5.00%, 9/1/38		1,250		1,381,075
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks):
6.625%, 11/15/41		725		835,178
6.75%, 11/15/51		3,250		3,729,992
6.875%, 11/15/55		200		230,360
Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace):
5.00%, 10/1/34		2,130		2,302,402
5.00%, 10/1/44		5,410		5,804,010
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe):
4.00%, 12/1/46		920		968,125
4.00%, 12/1/56		785		814,061
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.125%, 10/1/52(1)		3,350		3,593,310
Tompkins County Development Corp., NY, (Kendal at Ithaca, Inc.):
4.25%, 7/1/32		1,270		1,289,063
4.50%, 7/1/42		1,270		1,290,384
Warren County, OH, (Otterbein Homes Obligated Group):
5.00%, 7/1/39		1,975		2,111,690
5.50%, 7/1/39		500		531,645
Washington Housing Finance Commission, (Bayview Manor Homes):
5.00%, 7/1/36(1)		1,500		1,583,490
5.00%, 7/1/46(1)		1,250		1,310,038
Washington Housing Finance Commission, (Horizon House):
5.00%, 1/1/43(1)		4,000		4,468,680
5.00%, 1/1/48(1)		4,815		5,361,840
Washington Housing Finance Commission, (Transforming Age):
5.00%, 1/1/44(1)		2,780		2,982,551
5.00%, 1/1/49(1)		695		742,691

14 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Wayzata, MN, (Folkestone Senior Living Community):
4.00%, 8/1/38	$	175	$	181,116
4.00%, 8/1/39		125		129,158
4.00%, 8/1/44		815		836,598
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home):
4.00%, 11/15/36		365		412,154
4.00%, 11/15/41		370		414,056
Westchester County Local Development Corp., NY, (Kendal on Hudson), 5.00%, 1/1/34		2,630		2,706,375
Wisconsin Health and Educational Facilities Authority, (Oakwood Lutheran Senior Ministries):
4.00%, 1/1/47		2,600		2,703,662
4.00%, 1/1/57		2,500		2,571,725
			$	197,137,236
Special Tax Revenue — 3.5%
Aliso Viejo Community Facilities District No. 2005-01, CA, (Glenwood at Aliso Viejo), 5.00%, 9/1/38	$	6,985	$	7,415,765
Cleveland-Cuyahoga County Port Authority, OH, (Flats East Bank), 4.00%, 12/1/55(1)		400		408,620
Conroe Local Government Corp., TX, (Conroe Convention Center Hotel):
3.50%, 10/1/31		685		656,538
5.00%, 10/1/50		1,605		1,702,728
Irvine Community Facilities District No. 2013-3, CA, (Great Park), 5.00%, 9/1/39		2,000		2,163,500
Jurupa Public Financing Authority, CA, 5.00%, 9/1/33		600		655,260
Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South), 5.00%, 5/1/36		4,455		4,780,482
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50		585		635,298
Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development Project), 5.125%, 6/1/36(1)		900		1,002,348
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29		4,460		4,659,496
New River Community Development District, FL, (Capital Improvements):
5.00%, 5/1/13(6)		1,005		0
5.75%, 5/1/38		1,150		1,162,039
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/37(5)		10,000		11,023,000
Reno, NV, Sales Tax Revenue, 4.00%, 6/1/43		1,250		1,326,875
South Orange County Public Financing Authority, CA, (Ladera Ranch):
5.00%, 8/15/31		1,500		1,537,455

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
South Orange County Public Financing Authority, CA, (Ladera Ranch): (continued)
5.00%, 8/15/33	$	1,000	$	1,025,180
5.00%, 8/15/34		450		461,300
South Village Community Development District, FL:
3.50%, 5/1/32		790		818,503
3.625%, 5/1/35		485		504,570
3.75%, 5/1/38		1,010		1,053,248
4.875%, 5/1/35		500		533,540
5.00%, 5/1/38		100		107,439
Southern Hills Plantation I Community Development District, FL:
Series A1, 5.80%, 5/1/35		1,083		1,057,040
Series A2, 5.80%, 5/1/35		795		628,567
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35		545		523,462
Tolomato Community Development District, FL:
3.00%, 5/1/32(4)		1,540		1,525,231
3.25%, 5/1/40(4)		2,865		2,841,536
Winter Garden Village at Fowler Groves Community Development District, FL, 4.125%, 5/1/37		3,405		3,609,572
			$	53,818,592
Student Loan — 0.3%
New Jersey Higher Education Student Assistance Authority:
(AMT), 4.00%, 12/1/30	$	2,370	$	2,448,874
(AMT), 4.75%, 12/1/43		2,765		2,815,627
			$	5,264,501
Transportation — 25.1%
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/41	$	2,000	$	2,285,400
Broward County, FL, Airport System Revenue, (AMT), 5.00%, 10/1/49		10,000		11,820,400
California Municipal Finance Authority, (LINXS Automated People Mover):
(AMT), 5.00%, 12/31/36		1,740		2,018,661
(AMT), 5.00%, 12/31/37		760		881,653
Central Texas Regional Mobility Authority:
4.00%, 1/1/51		4,400		4,882,328
5.00%, 1/1/46		6,400		7,694,592
Chesapeake Bay Bridge and Tunnel Commission, VA, 5.00%, 7/1/46		4,000		4,607,000
Chicago, IL, (O’Hare International Airport):
4.00%, 1/1/35		7,500		8,557,950

15 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Chicago, IL, (O’Hare International Airport): (continued)
5.00%, 1/1/35	$	2,500	$	2,843,725
5.00%, 1/1/38		5,000		5,669,700
(AMT), 4.375%, 1/1/40		2,500		2,690,100
(AMT), 5.00%, 1/1/25		2,555		2,648,590
(AMT), 5.00%, 1/1/26		2,170		2,248,272
(AMT), 5.00%, 7/1/33		500		586,440
(AMT), 5.00%, 7/1/38		1,500		1,729,965
Colorado High Performance Transportation Enterprise, (U.S. 36 and I-25 Managed Lanes), (AMT), 5.75%, 1/1/44		2,500		2,609,375
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport):
4.00%, 11/1/35		3,505		4,055,565
(AMT), 5.25%, 11/1/29		7,000		7,456,050
Eagle County Air Terminal Corp., CO:
(AMT), 5.00%, 5/1/37		1,000		1,133,230
(AMT), 5.00%, 5/1/41		4,940		5,567,281
Florida Development Finance Corp., (Brightline Florida Passenger Rail), Green Bonds, (AMT), 7.375%, 1/1/49(1)		8,840		9,605,102
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		3,025		3,211,824
Hidalgo County Regional Mobility Authority, TX:
4.00%, 12/1/39(4)		340		374,156
4.00%, 12/1/40(4)		400		439,104
4.00%, 12/1/41(4)		400		438,028
Houston, TX, Airport System Revenue:
(AMT), 4.00%, 7/1/46		10,000		10,996,500
(AMT), 4.00%, 7/1/48		810		888,554
Illinois Toll Highway Authority:
4.00%, 1/1/44(5)		13,050		14,734,363
5.00%, 1/1/40(5)		15,000		16,849,500
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/46		6,000		6,955,560
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project):
0.00%, 7/1/29		1,135		921,336
0.00%, 7/1/30		500		378,035
0.00%, 7/1/31		1,150		808,140
Prerefunded to 7/1/23, 0.00%, 7/1/28		2,690		1,951,138
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35		450		527,103
Maryland Transportation Authority, 4.00%, 7/1/50		12,760		14,322,079
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/43		7,500		8,770,650
Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55		11,500		13,598,175

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Metropolitan Washington Airports Authority, D.C.:
(AMT), 4.00%, 10/1/37	$	450	$	513,846
(AMT), 4.00%, 10/1/38		565		643,812
(AMT), 4.00%, 10/1/41		450		507,267
Mid-Bay Bridge Authority, FL:
5.00%, 10/1/30		2,050		2,277,038
5.00%, 10/1/35		5,000		5,540,400
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34		5,000		5,349,850
New Jersey Transportation Trust Fund Authority, 4.00%, 6/15/41(4)		3,000		3,297,450
New Jersey Transportation Trust Fund Authority, (Transportation Program):
3.00%, 6/15/50		3,575		3,372,011
4.00%, 6/15/45		3,000		3,289,350
5.00%, 6/15/44		3,200		3,714,656
5.25%, 6/15/43		960		1,133,626
New Jersey Turnpike Authority:
4.00%, 1/1/51		13,735		15,496,788
5.00%, 1/1/48(5)		5,000		5,960,600
New Orleans Aviation Board, LA, (North Terminal Project):
(AMT), 5.00%, 1/1/35		2,000		2,178,240
(AMT), 5.00%, 1/1/43		1,500		1,713,570
New York Thruway Authority, 4.00%, 1/1/50		7,770		8,470,621
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment):
(AMT), 5.00%, 7/1/41		1,705		1,818,314
(AMT), 5.00%, 7/1/46		7,730		8,260,664
(AMT), 5.25%, 1/1/50		7,520		8,020,381
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):
4.00%, 12/1/39		1,530		1,689,625
4.00%, 12/1/42		2,875		3,153,501
(AMT), 4.00%, 12/1/38		2,050		2,243,602
(AMT), 4.00%, 12/1/39		300		327,840
(AMT), 4.00%, 12/1/41		300		326,793
(AMT), 4.00%, 12/1/42		650		703,950
Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/28		470		504,287
North East Texas Regional Mobility Authority, 5.00%, 1/1/41		5,250		5,855,010
North Texas Tollway Authority, 4.00%, 1/1/41		2,295		2,623,988
Osceola County, FL, (Osceola Parkway):
5.00%, 10/1/44		2,000		2,360,260
5.00%, 10/1/49		2,500		2,931,325
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41		5,495		5,642,101

16 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Port Authority of New York and New Jersey:
(AMT), 4.00%, 9/1/33(5)	$	12,080	$	12,874,622
(AMT), 4.00%, 9/15/43		3,640		3,972,332
(AMT), 4.50%, 4/1/37(5)		10,000		10,060,900
(AMT), 5.00%, 10/15/35		4,050		4,681,233
Port Freeport, TX, (AMT), 4.00%, 6/1/51		1,500		1,624,635
South Jersey Port Corp., NJ:
(AMT), 5.00%, 1/1/42		2,500		2,818,450
(AMT), 5.00%, 1/1/48		5,500		6,179,525
South Jersey Transportation Authority, 5.00%, 11/1/32		2,250		2,445,233
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project):
4.00%, 12/31/37		315		354,753
4.00%, 12/31/38		585		657,212
4.00%, 12/31/39		305		342,180
5.00%, 12/31/35		375		453,818
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58		16,865		19,589,372
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42		16,430		17,934,659
Texas Transportation Commission, (State Highway System):
0.00%, 8/1/36		550		327,564
0.00%, 8/1/46		2,500		861,950
Virginia Small Business Financing Authority, (Elizabeth River Crossings Opco, LLC):
(AMT), 4.00%, 1/1/38(4)		3,750		4,069,050
(AMT), 4.00%, 1/1/40(4)		1,500		1,620,750
Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/52		2,500		2,895,300
			$	391,439,928
Water and Sewer — 0.4%
Great Lakes Water Authority, MI, 5.00%, 7/1/49	$	1,000	$	1,211,730
Miami-Dade County, FL, Water and Sewer System Revenue, 4.00%, 10/1/44		2,250		2,592,472
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33		1,905		2,074,012
			$	5,878,214
Total Tax-Exempt Municipal Obligations — 93.6% (identified cost $1,388,010,080)			$	1,459,613,747

Taxable Municipal Obligations — 5.4%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(2)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23	$	210	$	52,563
			$	52,563
Education — 0.3%
California Municipal Finance Authority, (Albert Einstein Academies):
4.35%, 8/1/38(1)	$	1,100	$	1,046,870
4.50%, 8/1/43(1)		1,500		1,398,075
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 3.15%, 4/1/37		1,750		1,726,585
			$	4,171,530
Escrowed / Prerefunded — 1.3%
Chicago, IL, Prerefunded to 1/1/25, 7.75%, 1/1/42	$	10,316	$	12,146,058
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), Prerefunded to 8/1/22, 5.50%, 8/1/44		7,335		7,584,317
			$	19,730,375
General Obligations — 0.9%
Atlantic City, NJ, 7.50%, 3/1/40	$	5,440	$	7,367,338
Chicago, IL, 7.75%, 1/1/42		4,356		4,914,700
Detroit, MI:
3.11%, 4/1/28		830		810,354
3.344%, 4/1/30		125		121,359
3.644%, 4/1/34		500		487,830
Portsmouth, VA, 2.40%, 7/15/39		1,175		1,143,745
			$	14,845,326
Hospital — 1.3%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	12,750	$	14,145,870
Middleburg Heights, OH, (Southwest General Health Center), 4.074%, 8/1/47		6,000		6,200,160
			$	20,346,030
Insured – General Obligations — 0.4%
Addison Fire Protection District No. 1, IL, (BAM), 2.802%, 12/30/39	$	260	$	249,221
Detroit, MI, (AMBAC), 5.15%, 4/1/25		6,229		6,229,459
Elmwood Park, IL, (AGM), 2.544%, 12/1/36		355		338,450
			$	6,817,130

17 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 0.5%
American Samoa Economic Development Authority:
2.47%, 9/1/24(1)	$	525	$	518,999
3.72%, 9/1/27(1)		1,370		1,348,313
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands):
4.80%, 3/1/36		2,800		2,824,024
5.25%, 3/1/31		2,905		2,948,778
			$	7,640,114
Transportation — 0.6%
Central Texas Regional Mobility Authority, 2.674%, 1/1/33	$	1,000	$	984,820
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(8)		7,375		8,521,444
			$	9,506,264
Water and Sewer — 0.1%
Great Lakes Water Authority, MI, 3.473%, 7/1/41	$	1,000	$	1,043,570
			$	1,043,570
Total Taxable Municipal Obligations — 5.4% (identified cost $77,558,455)			$	84,152,902
Total Investments — 101.8% (identified cost $1,506,867,788)			$	1,587,324,392
Other Assets, Less Liabilities — (1.8)%			$	(28,124,745	)
Net Assets — 100.0%			$	1,559,199,647

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

At January 31, 2022, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Texas	14.2%
New York	11.5%
Illinois	11.2%
Others, representing less than 10% individually	64.9%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2022, 8.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 3.7% 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 January 31, 2022, the aggregate value of these securities is $192,229,282 or 12.3% 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⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal.

⁽⁷⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at January 31, 2022.

⁽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	3/22/22	$	(22,394,531	)	$	182,874
U.S. Long Treasury Bond		(112	)	Short	3/22/22		(17,430,000	)		307,789
									$	490,663

18 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Portfolio of Investments — continued

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

19 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Statement of Assets and Liabilities

Assets	January 31, 2022
Unaffiliated investments, at value (identified cost, $1,506,867,788)	$	1,587,324,392
Cash		48,321,302
Deposits for derivatives collateral — financial futures contracts		654,533
Interest receivable		15,242,310
Receivable for investments sold		21,122,505
Receivable for Fund shares sold		4,578,442
Receivable from affiliate		102
Receivable for variation margin on open financial futures contracts		11,269
Total assets	$	1,677,254,855
Liabilities
Payable for floating rate notes issued	$	75,425,886
Payable for investments purchased		3,441,079
Payable for when-issued securities		28,871,318
Payable for Fund shares redeemed		8,537,798
Distributions payable		621,878
Payable to affiliates:
Investment adviser fee		530,341
Distribution and service fees		161,373
Interest expense and fees payable		105,501
Accrued expenses		360,034
Total liabilities	$	118,055,208
Net Assets	$	1,559,199,647
Sources of Net Assets
Paid-in capital	$	1,530,014,426
Distributable earnings		29,185,221
Net Assets	$	1,559,199,647
Class A Shares
Net Assets	$	412,905,327
Shares Outstanding		45,460,573
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.08
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.53
Class C Shares
Net Assets	$	82,817,264
Shares Outstanding		9,858,875
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	8.40
Class I Shares
Net Assets	$	1,063,175,383
Shares Outstanding		116,934,891
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.09
Class W Shares
Net Assets	$	301,673
Shares Outstanding		33,171
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.09

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.

20 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Statement of Operations

Investment Income	Year Ended January 31, 2022
Interest	$	59,373,364
Total investment income	$	59,373,364
Expenses
Investment adviser fee	$	6,223,102
Distribution and service fees
Class A		1,043,154
Class C		906,605
Trustees’ fees and expenses		77,820
Custodian fee		346,022
Transfer and dividend disbursing agent fees		474,873
Legal and accounting services		148,856
Printing and postage		48,069
Registration fees		111,006
Interest expense and fees		533,138
Miscellaneous		143,075
Total expenses	$	10,055,720
Deduct —
Reimbursement of investment adviser fee — Class W	$	192
Total expense reductions	$	192
Net expenses	$	10,055,528
Net investment income	$	49,317,836
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(764,679	)
Financial futures contracts		2,186,916
Net realized gain	$	1,422,237
Change in unrealized appreciation (depreciation) —
Investments	$	(49,186,741	)
Financial futures contracts		(426,198	)
Net change in unrealized appreciation (depreciation)	$	(49,612,939	)
Net realized and unrealized loss	$	(48,190,702	)
Net increase in net assets from operations	$	1,127,134

21 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2022			2021
From operations —
Net investment income	$	49,317,836		$	47,012,555
Net realized gain (loss)		1,422,237			(3,382,654	)
Net change in unrealized appreciation (depreciation)		(49,612,939	)		4,625,353
Net increase in net assets from operations	$	1,127,134		$	48,255,254
Distributions to shareholders —
Class A	$	(12,582,413	)	$	(13,637,583	)
Class C		(2,056,099	)		(3,120,416	)
Class I		(34,798,742	)		(31,974,184	)
Class W(1)		(1,745	)		—
Total distributions to shareholders	$	(49,438,999	)	$	(48,732,183	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	61,544,294		$	99,586,256
Class C		10,948,395			15,591,373
Class I		371,004,093			573,167,384
Class W(1)		310,000			—
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		10,007,784			10,952,220
Class C		1,845,479			2,656,219
Class I		30,339,525			28,139,176
Class W(1)		119			—
Cost of shares redeemed
Class A		(70,258,658	)		(133,457,451	)
Class C		(20,212,224	)		(42,512,625	)
Class I		(299,874,680	)		(486,792,790	)
Net asset value of shares converted
Class A		4,972,497			15,497,871
Class C		(4,972,497	)		(15,497,871	)
Net increase in net assets from Fund share transactions	$	95,654,127		$	67,329,762
Net increase in net assets	$	47,342,262		$	66,852,833
Net Assets
At beginning of year	$	1,511,857,385		$	1,445,004,552
At end of year	$	1,559,199,647		$	1,511,857,385

⁽¹⁾  For the period from the commencement of operations, October 1, 2021, to January 31, 2022.

22 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Financial Highlights

	Class A
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	9.360		$	9.380		$	8.830		$	8.880		$	8.650
Income (Loss) From Operations
Net investment income(1)	$	0.281		$	0.303		$	0.327		$	0.345		$	0.337
Net realized and unrealized gain (loss)		(0.279	)		(0.008	)(2)		0.590			(0.059	)		0.229
Total income from operations	$	0.002		$	0.295		$	0.917		$	0.286		$	0.566
Less Distributions
From net investment income	$	(0.282	)	$	(0.315	)	$	(0.367	)	$	(0.336	)	$	(0.336	)
Total distributions	$	(0.282	)	$	(0.315	)	$	(0.367	)	$	(0.336	)	$	(0.336	)
Net asset value — End of year	$	9.080		$	9.360		$	9.380		$	8.830		$	8.880
Total Return(3)		(0.02	)%		3.31	%		10.55	%		3.29	%		6.63	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	412,905		$	419,256		$	427,334		$	350,923		$	344,822
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.73	%		0.76	%		0.76	%		0.79	%		0.78	%
Interest and fee expense(4)		0.03	%		0.06	%		0.13	%		0.17	%		0.14	%
Total expenses		0.76	%		0.82	%		0.89	%		0.96	%		0.92	%
Net investment income		3.01	%		3.35	%		3.57	%		3.92	%		3.81	%
Portfolio Turnover		22	%		54	%		23	%		32	%		21	%

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

23 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Financial Highlights — continued

	Class C
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	8.660		$	8.680		$	8.170		$	8.210		$	8.010
Income (Loss) From Operations
Net investment income(1)	$	0.195		$	0.219		$	0.239		$	0.252		$	0.251
Net realized and unrealized gain (loss)		(0.259	)		(0.011	)(2)		0.551			(0.042	)		0.199
Total income (loss) from operations	$	(0.064	)	$	0.208		$	0.790		$	0.210		$	0.450
Less Distributions
From net investment income	$	(0.196	)	$	(0.228	)	$	(0.280	)	$	(0.250	)	$	(0.250	)
Total distributions	$	(0.196	)	$	(0.228	)	$	(0.280	)	$	(0.250	)	$	(0.250	)
Net asset value — End of year	$	8.400		$	8.660		$	8.680		$	8.170		$	8.210
Total Return(3)		(0.78	)%		2.52	%		9.80	%		2.60	%		5.67	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	82,817		$	97,724		$	139,608		$	126,049		$	173,844
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.48	%		1.51	%		1.51	%		1.54	%		1.53	%
Interest and fee expense(4)		0.03	%		0.06	%		0.13	%		0.17	%		0.14	%
Total expenses		1.51	%		1.57	%		1.64	%		1.71	%		1.67	%
Net investment income		2.26	%		2.63	%		2.82	%		3.10	%		3.06	%
Portfolio Turnover		22	%		54	%		23	%		32	%		21	%

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

24 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Financial Highlights — continued

	Class I
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	9.370		$	9.390		$	8.840		$	8.880		$	8.660
Income (Loss) From Operations
Net investment income(1)	$	0.304		$	0.326		$	0.349		$	0.364		$	0.359
Net realized and unrealized gain (loss)		(0.279	)		(0.009	)(2)		0.590			(0.046	)		0.220
Total income from operations	$	0.025		$	0.317		$	0.939		$	0.318		$	0.579
Less Distributions
From net investment income	$	(0.305	)	$	(0.337	)	$	(0.389	)	$	(0.358	)	$	(0.359	)
Total distributions	$	(0.305	)	$	(0.337	)	$	(0.389	)	$	(0.358	)	$	(0.359	)
Net asset value — End of year	$	9.090		$	9.370		$	9.390		$	8.840		$	8.880
Total Return(3)		0.24	%		3.57	%		10.81	%		3.67	%		6.77	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,063,175		$	994,877		$	878,062		$	656,830		$	682,157
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.48	%		0.51	%		0.51	%		0.54	%		0.53	%
Interest and fee expense(4)		0.03	%		0.06	%		0.13	%		0.17	%		0.14	%
Total expenses		0.51	%		0.57	%		0.64	%		0.71	%		0.67	%
Net investment income		3.25	%		3.59	%		3.81	%		4.13	%		4.04	%
Portfolio Turnover		22	%		54	%		23	%		32	%		21	%

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

25 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Financial Highlights — continued

	Class W
	Period Ended January 31, 2022(1)
Net asset value — Beginning of period	$	9.320
Income (Loss) from Operations
Net investment income(2)	$	0.105
Net realized and unrealized loss		(0.224	)
Total loss from operations	$	(0.119	)
Less Distributions
From net investment income	$	(0.111	)
Total distributions	$	(0.111	)
Net asset value — End of period	$	9.090
Total Return(3)(4)		(1.30	)%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	302
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.06	%(6)
Interest and fee expense(7)		0.03	%(6)
Total expenses		0.09	%(6)
Net investment income		3.34	%(6)
Portfolio Turnover		22	%(5)(8)

⁽¹⁾  For the period from the commencement of operations, October 1, 2021, to January 31, 2022.

⁽²⁾  Computed using average shares outstanding.

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

⁽⁴⁾  The investment adviser reimbursed the total amount of the advisory fees paid (equal to 0.37% of average daily net assets for the period ended January 31, 2022). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

⁽⁷⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

⁽⁸⁾  For the year ended January 31, 2022.

26 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance High Yield Municipal Income Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust II (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund seeks to provide high current income exempt from regular federal income tax. The Fund primarily invests in high yield municipal obligations with maturities of ten years or more. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class 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 and Class W shares are sold at net asset value and are not subject to a sales charge. Class W shares are available for purchase only at the direction of the investment adviser or one of its affiliates on behalf of investors that are eligible clients of the investment adviser or its affiliates that have entered into a separate investment management or advisory agreement pursuant to which such clients pay an investment management or advisory fee, including investment vehicles that are sponsored, managed, advised or sub-advised by the investment adviser or its affiliates. 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 January 31, 2022, 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.

27

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Notes to Financial Statements — continued

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

G  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, 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 January 31, 2022. Interest expense related to the Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At January 31, 2022, the amount of the Fund’s Floating Rate Notes outstanding and the related collateral were $75,425,886 and $112,218,598, respectively. The range of interest rates on the Floating Rate Notes outstanding at January 31, 2022 was 0.09% to 0.16%. For the year ended January 31, 2022, the Fund’s average settled Floating Rate Notes outstanding and the average interest rate including fees were $79,606,164 and 0.67%, respectively.

In certain circumstances, the Fund may enter into shortfall and forbearance agreements with brokers by which the Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Fund had no shortfalls as of January 31, 2022.

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.

28

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Notes to Financial Statements — 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. Such security purchases 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.

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2022 and January 31, 2021 was as follows:

	Year Ended January 31,
	2022		2021
Tax-exempt income	$	44,065,031	$	44,038,788
Ordinary income	$	5,373,968	$	4,693,395

As of January 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed tax-exempt income	$	624,325
Deferred capital losses		(51,887,792	)
Net unrealized appreciation		81,070,566
Distributions payable		(621,878	)
Distributable earnings	$	29,185,221

At January 31, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $51,887,792 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, 2022, $17,355,393 are short-term and $34,532,399 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at January 31, 2022, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,430,827,940
Gross unrealized appreciation	$	96,078,547
Gross unrealized depreciation		(15,007,981	)
Net unrealized appreciation	$	81,070,566

29

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Notes to Financial Statements — continued

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR) 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 the Fund’s 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	%

For the year ended January 31, 2022, the investment adviser fee amounted to $6,223,102 or 0.39% of the Fund’s average daily net assets.

BMR has agreed to reimburse the total amount of advisory fees paid by Class W shares. This agreement may be changed or terminated after September 30, 2024. Pursuant to this agreement, BMR was allocated $192 of the advisory fees paid by Class W shares for the period from the commencement of operations, October 1, 2021, to January 31, 2022.

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 year ended January 31, 2022, EVM earned $25,514 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 $36,553 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2022. The Fund was informed that 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 January 31, 2022 in the amount of $15,813. 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 year ended January 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2022 amounted to $1,043,154 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 year ended January 31, 2022, the Fund paid or accrued to EVD $679,954 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 year ended January 31, 2022 amounted to $226,651 for Class C shares.

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

30

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Notes to Financial Statements — continued

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 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 year ended January 31, 2022, the Fund was informed that EVD received approximately $10,000 and $2,000 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 $493,291,453 and $347,987,906, respectively, for the year ended January 31, 2022.

7  Shares of Beneficial Interest

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

	Year Ended January 31,
Class A	2022			2021
Sales		6,578,951			11,089,108
Issued to shareholders electing to receive payments of distributions in Fund shares		1,074,501			1,209,516
Redemptions		(7,522,378	)		(14,758,398	)
Converted from Class C shares		532,706			1,708,340
Net increase (decrease)		663,780			(751,434	)
	Year Ended January 31,
Class C	2022			2021
Sales		1,266,760			1,853,527
Issued to shareholders electing to receive payments of distributions in Fund shares		214,231			317,612
Redemptions		(2,336,171	)		(5,122,910	)
Converted to Class A shares		(575,943	)		(1,847,173	)
Net decrease		(1,431,123	)		(4,798,944	)
	Year Ended January 31,
Class I	2022			2021
Sales		39,654,609			63,578,798
Issued to shareholders electing to receive payments of distributions in Fund shares		3,253,997			3,101,533
Redemptions		(32,166,004	)		(53,992,591	)
Net increase		10,742,602			12,687,740

31

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Notes to Financial Statements — continued

Class W	Period Ended January 31, 2022(1)
Sales		33,158
Issued to shareholders electing to receive payments of distributions in Fund shares		13
Net increase		33,171

⁽¹⁾  For the period from the commencement of operations, October 1, 2021, to January 31, 2022.

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 25, 2022. 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 Secured Overnight Financing Rate (SOFR) 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 2021, an upfront fee and arrangement fee totaling $150,000 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 year ended January 31, 2022.

9  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at January 31, 2022 is included in the Portfolio of Investments. At January 31, 2022, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at January 31, 2022 was as follows:

	Fair Value
Derivative	Asset Derivative(1)		Liability Derivative
Futures Contracts	$	490,663	$	—

⁽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 year ended January 31, 2022 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	$	2,186,916	$	(426,198	)

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

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

The average notional cost of futures contracts (short) outstanding during the year ended January 31, 2022, which is indicative of the volume of this derivative type, was approximately $41,211,000.

32

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Notes to Financial Statements — continued

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 January 31, 2022, 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	$	—	$	43,557,743	$	—	$	43,557,743
Tax-Exempt Municipal Obligations		—		1,459,613,747		—		1,459,613,747
Taxable Municipal Obligations		—		84,152,902		—		84,152,902
Total Investments	$	—	$	1,587,324,392	$	—	$	1,587,324,392
Futures Contracts	$	490,663	$	—	$	—	$	490,663
Total	$	490,663	$	1,587,324,392	$	—	$	1,587,815,055

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.

33

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance High Yield Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Municipals Trust II), including the portfolio of investments, as of January 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 22, 2022

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

34

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended January 31, 2022, the Fund designates 89.13% of distributions from net investment income as an exempt-interest dividend.

35

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Management and Organization

Fund Management.  The Trustees of Eaton Vance Municipals Trust II (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Board members and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 138 funds (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 137 funds) in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	Since 2007	Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	Since 2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None.
Cynthia E. Frost 1961	Trustee	Since 2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None.
George J. Gorman 1952	Chairperson of the Board and Trustee	Since 2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None.
Valerie A. Mosley 1960	Trustee	Since 2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

36

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Trustee	Since 2003	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships. None.
Helen Frame Peters 1948	Trustee	Since 2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships. None.
Keith Quinton 1958	Trustee	Since 2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	Since 2018	Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	Since 2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	Since 2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None.

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President	Since 2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

37

Eaton Vance

High Yield Municipal Income Fund

January 31, 2022

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Deidre E. Walsh 1971	Vice President and Chief Legal Officer	Since 2009	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	Since 2007	Vice President of EVM and BMR. Also Vice President of CRM.
Jill R. Damon 1984	Secretary	Since 2022	Vice President of EVM and BMR since 2017. Formerly, associate at Dechert LLP (2009-2017).
Richard F. Froio 1968	Chief Compliance Officer	Since 2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

38

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

39

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.

40

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.

41

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Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

416    1.31.22

Parametric

TABS Municipal Bond Funds

Annual Report

January 31, 2022

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.

Annual Report January 31, 2022

Parametric

TABS Municipal Bond Funds

Table of Contents
Management’s Discussion of Fund Performance	2
Performance and Fund Profile
TABS Short-Term Municipal Bond Fund	4
TABS Intermediate-Term Municipal Bond Fund	6
Endnotes and Additional Disclosures	8
Fund Expenses	10
Financial Statements	12
Report of Independent Registered Public Accounting Firm	40
Federal Tax Information	41
Management and Organization	42
Privacy Notice	45
Important Notices	47

Parametric

TABS Municipal Bond Funds

January 31, 2022

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

As the 12-month period began on February 1, 2021, municipal bonds were at the tail end of a bond rally that had begun in November 2020. From mid-February through June 2021, the bond market reversed course. Yields on municipal bonds and U.S. Treasurys rose and prices declined in anticipation of rising economic growth, driven by a federal government infusion of stimulus financing and progress on COVID-19 vaccinations. In late spring-early summer, high year-over-year inflation also raised investor concerns, putting further upward pressure on interest rates.

By July, however, the emergence of a more contagious Delta variant of COVID-19 threatened the U.S. economic rebound and diminished inflation concerns. Investors again turned to U.S. Treasurys and municipal bonds as relatively safe-haven assets, leading bond prices to rise and interest rates to fall in July.

From August through October, bond prices declined again due, in part, to anticipation that the U.S. Federal Reserve (the Fed) would begin tapering monthly bond purchases, which had helped hold interest rates down through much of the pandemic.

In the closing months of 2021, the Fed confirmed that tapering would begin in November and accelerate in the months to come. The reduction of monetary stimulus put upward pressure on shorter term interest rates, as did passage of President Biden’s $1 trillion infrastructure bill. As the Fed issued more hawkish monetary statements, U.S. Treasury rates rose in December against the backdrop of inflationary concerns and potential interest rate hikes. Municipal bond rates, however, were nearly unchanged during the month.

But as the new year began, municipal investors appeared to reevaluate the twin threats of inflation and projected rate hikes. The Bloomberg Municipal Bond Index, a broad measure of the municipal bond market, declined 2.74% in January 2022, its worst monthly performance in several years. In the third week of January, municipal bond mutual funds and exchange-traded funds experienced net weekly outflows for only the second time in 87 weeks.

For the period as a whole, the municipal bond yield curve experienced a “bear market flattening” in which interest rates rose across the curve, but more so at the shorter maturity end of the curve. The Bloomberg Municipal Bond Index returned -1.89% during the period. While municipal bonds outperformed U.S. Treasurys at the short end of the yield curve — that is, maturities of 5 years or less — municipals underperformed U.S. Treasurys in the middle and long end of the curve — maturities of about 10 years and 30 years, respectively.

Fund Performance

For the 12-month period ended January 31, 2022, Parametric TABS Short-Term Municipal Bond Fund (the Short-Term Fund) returned -2.39% for Class A shares at net asset value (NAV), outperforming its primary benchmark, the Bloomberg Municipal Managed Money 1-7 Year Bond Index (the 1-7 Year Index), which returned -2.57%.

For the 12-month period ended January 31, 2022, Parametric TABS Intermediate-Term Municipal Bond Fund (the Intermediate-Term Fund) returned -3.08% for Class A shares at NAV, underperforming its primary benchmark, the Bloomberg Municipal Managed Money Intermediate 1-17 Year Bond Index (the 1-17 Year Index), which returned -2.94%.

Both indexes are unmanaged, and returns do not reflect any applicable sales charges, commissions, or expenses.

The Short-Term Fund and the Intermediate-Term Fund (the Funds) seek after-tax total returns. The Funds generally invest in investment-grade municipal securities of limited or intermediate durations. The Funds pursue after-tax total returns through relative-value trading — a strategy that seeks to take advantage of price and rate differences among similar securities. Management seeks to add incremental return through active security selection and in-depth credit analysis.

In addition, each Fund may allocate up to 20% of net assets to municipal obligations not exempt from regular federal income tax, direct obligations of the U.S. Treasury, and obligations of U.S. government agencies, instrumentalities, and government-sponsored enterprises. This strategy helps pursue additional value by crossing over from tax-exempt municipal bonds to certain taxable bonds, and vice versa (the crossover-trading strategy), according to which sector the adviser believes may be more attractively valued on an after-tax basis.

During the period, the largest contributors to the performance of both Funds versus their respective indexes were active security selection and relative-value trading. In particular, both Funds’ security selections and overweight positions relative to their respective indexes in the health care sector — which recovered during the period from a sharp downturn early in the pandemic — contributed to returns relative to their respective indexes during the period.

Use of the crossover-trading strategy contributed to relative performance of both Funds as well. Early in the period, management judged that municipal bonds were overvalued relative to U.S. Treasurys, and the Funds traded about 16% of their tax-exempt municipal holdings for taxable U.S. Treasury bonds. This provided a boost to relative performance, most notably in the final month of the period, when U.S. Treasurys significantly outperformed municipal bonds.

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 Municipal Bond Funds

January 31, 2022

Management’s Discussion of Fund Performance¹ — continued

Credit quality also contributed to the Funds’ performance versus their respective indexes. Each Fund held overweight positions relative to its index in A rated and BBB rated securities. Those overweight positions benefitted relative performance as credit spreads tightened during the period and lower rated bonds generally outperformed higher rated bonds.

Fund-Specific Results

For the Short-Term Fund, yield-curve positioning — in addition to active security selection, relative-value trading, crossover trading, and credit quality — contributed to performance versus the 1-7 Year Index.

During the period, the Short-Term Fund had an allocation to bonds with maturities of 12 years or longer, an area of the yield curve where the 1-7 Year Index had no exposure. The Fund’s longer maturity holdings outperformed shorter maturity bonds within the 1-7 Year Index and, thus, yield-curve positioning helped relative returns.

In contrast, duration — a Fund’s sensitivity to interest rate changes — detracted from the Short-Term Fund’s performance relative to the 1-7 Year Index. For most of the period, the Short-Term Fund’s duration closely matched its Index. But in the final quarter of 2021, the Short-Term Fund’s duration was increased to attempt to capture more performance from trading opportunities. When both U.S. Treasury and municipal bond rates increased sharply in January 2022, the Short-Term Fund’s longer duration than the 1-7 Year Index hurt relative performance.

For the Intermediate-Term Fund, yield-curve positioning detracted from performance versus the 1-17 Year Index. The Fund’s overweight position in bonds in the middle of its maturity range — around eight years — hurt relative performance as bonds in that part of the yield curve underperformed both shorter maturities and longer maturities. In contrast, active security selection, relative-value trading, crossover trading, and credit quality all contributed to performance versus the 1-17 Year Index during the period.

See Endnotes and Additional Disclosures in this report.

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

January 31, 2022

Performance^2,3

Portfolio Manager(s) 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		One Year			Five Years			Ten Years
Class A at NAV		03/27/2009		12/31/1998		–2.39	%		1.84	%		1.35	%
Class A with 2.25% Maximum Sales Charge		—		—		–4.59			1.38			1.12
Class C at NAV		03/27/2009		12/31/1998		–3.11			1.10			0.74
Class C with 1% Maximum Sales Charge		—		—		–4.07			1.10			0.74
Class I at NAV		03/27/2009		12/31/1998		–2.14			2.10			1.60
Bloomberg Municipal Managed Money 1–7 Year Bond Index		—		—		–2.57	%		1.81	%		1.59	%
Bloomberg 5 Year Municipal Bond Index		—		—		–2.41			2.25			2.02
% 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		–4.79	%		1.19	%		0.94	%
Class A After Taxes on Distributions and Sale of Fund Shares		—		—		–2.46			1.26			1.04
Class C After Taxes on Distributions		03/27/2009		12/31/1998		–4.26			0.93			0.57
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		–2.35			0.91			0.64
Class I After Taxes on Distributions		03/27/2009		12/31/1998		–2.35			1.91			1.42
Class I After Taxes on Distributions and Sale of Fund Shares		—		—		–0.91			1.88			1.48
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						0.82	%		1.57	%		0.57	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						0.62	%		0.00	%		0.87	%
SEC 30-day Yield						0.18			–0.57			0.43

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		01/31/2012		$10,769		N.A.
Class I		$250,000		01/31/2012		$293,039		N.A.

See Endnotes and Additional Disclosures in this report.

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

4

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2022

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

5

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2022

Performance^2,3

Portfolio Manager(s) 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		One Year			Five Years			Ten Years
Class A at NAV		02/01/2010		02/01/2010		–3.08	%		2.65	%		2.45	%
Class A with 4.75% Maximum Sales Charge		—		—		–7.67			1.66			1.96
Class C at NAV		02/01/2010		02/01/2010		–3.88			1.89			1.85
Class C with 1% Maximum Sales Charge		—		—		–4.83			1.89			1.85
Class I at NAV		02/01/2010		02/01/2010		–2.90			2.91			2.71
Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index		—		—		–2.94	%		3.05	%		2.67	%
Bloomberg 7 Year Municipal Bond Index		—		—		–2.79			2.88			2.62
% 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		–7.82	%		1.57	%		1.85	%
Class A After Taxes on Distributions and Sale of Fund Shares		—		—		–4.14			1.63			1.83
Class C After Taxes on Distributions		02/01/2010		02/01/2010		–4.96			1.80			1.74
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		–2.72			1.68			1.63
Class I After Taxes on Distributions		02/01/2010		02/01/2010		–3.07			2.81			2.60
Class I After Taxes on Distributions and Sale of Fund Shares		—		—		–1.21			2.69			2.50
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
Gross						0.99	%		1.74	%		0.74	%
Net						0.90			1.65			0.65
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						1.06	%		0.29	%		1.31	%
SEC 30-day Yield - Subsidized						0.39			–0.34			0.66
SEC 30-day Yield - Unsubsidized						0.27			–0.46			0.54

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		01/31/2012		$12,010		N.A.
Class I		$250,000		01/31/2012		$326,693		N.A.

See Endnotes and Additional Disclosures in this report.

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

6

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2022

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

7

Parametric

TABS Municipal Bond Funds

January 31, 2022

Endnotes and Additional Disclosures

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

²  Bloomberg 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.

³  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. 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, each 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 each Fund’s performance under its former investment strategy to invest at least 80% of its net assets in a diversified portfolio of municipal obligations that are exempt from regular federal income tax, municipal obligations

that are not exempt from regular federal income tax, direct obligations of the U.S. Treasury and/or obligations of U.S. Government agencies, instrumentalities and government-sponsored enterprises.

Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.

⁴  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. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

⁵  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes 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.

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.

8

Parametric

TABS Municipal Bond Funds

January 31, 2022

Endnotes and Additional Disclosures — continued

Fund profiles subject to change due to active management.

Additional Information

Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S.

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

Credit spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality.

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

9

Parametric

TABS Municipal Bond Funds

January 31, 2022

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2021 – January 31, 2022).

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 (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	974.20	$	3.98		0.80	%
Class C	$	1,000.00	$	970.70	$	7.70		1.55	%
Class I	$	1,000.00	$	975.50	$	2.74		0.55	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class C	$	1,000.00	$	1,017.39	$	7.88		1.55	%
Class I	$	1,000.00	$	1,022.43	$	2.80		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 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021.

10

Parametric

TABS Municipal Bond Funds

January 31, 2022

Fund Expenses — continued

Parametric TABS Intermediate-Term Municipal Bond Fund

	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	964.80	$	4.46	**		0.90	%
Class C	$	1,000.00	$	960.40	$	8.15	**		1.65	%
Class I	$	1,000.00	$	965.30	$	3.22	**		0.65	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.67	$	4.58	**		0.90	%
Class C	$	1,000.00	$	1,016.89	$	8.39	**		1.65	%
Class I	$	1,000.00	$	1,021.93	$	3.31	**		0.65	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021.

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

11

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2022

Portfolio of Investments

Tax-Exempt Municipal Obligations — 82.8%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.5%
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 4.00%, 8/15/38	$	1,910	$	2,281,495
Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 6/1/25		2,550		2,870,943
			$	5,152,438
Education — 8.2%
California State University, 5.00%, 11/1/24	$	2,500	$	2,764,900
Connecticut Health and Educational Facilities Authority, (Sacred Heart University):
5.00%, 7/1/25		30		33,506
5.00%, 7/1/26		15		17,180
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/22		3,495		3,561,405
Southwest Higher Education Authority, Inc., TX, (Southern Methodist University), 5.00%, 10/1/23		225		239,884
University of Michigan, 4.00% to 4/1/24 (Put Date), 4/1/49		3,000		3,156,570
University of New Mexico, (SPA: U.S. Bank, N.A.), 0.06%, 6/1/30(1)		7,315		7,315,000
University of Texas:
5.00%, 8/15/24		1,000		1,098,580
Prerefunded to 8/15/22, 5.00%, 8/15/29		2,000		2,048,780
Winston-Salem State University, NC:
4.00%, 4/1/33		1,065		1,236,337
4.00%, 4/1/34		825		954,558
4.00%, 4/1/35		860		993,231
4.00%, 4/1/36		625		721,000
5.00%, 4/1/27		580		677,045
5.00%, 4/1/29		875		1,057,709
5.00%, 4/1/31		970		1,210,298
			$	27,085,983
Electric Utilities — 0.4%
American Municipal Power, Inc., OH, (AMP Fremont Energy Center), Prerefunded to 2/15/22, 5.25%, 2/15/27	$	115	$	115,207
Denton, TX, Utility System Revenue, 5.00%, 12/1/26		1,000		1,168,540
			$	1,283,747
Escrowed / Prerefunded — 5.9%
Illinois Development Finance Authority, (Regency Park):
Escrowed to Maturity, 0.00%, 7/15/23	$	5,000	$	4,921,600
Escrowed to Maturity, 0.00%, 7/15/25		5,750		5,463,363

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Maryland, Escrowed to Maturity, 5.00%, 3/1/22	$	50	$	50,193
New York Dormitory Authority, Personal Income Tax Revenue, Escrowed to Maturity, 5.00%, 2/15/25		120		133,770
Orange County School Board, FL, Prerefunded to 8/1/22, 5.00%, 8/1/26		5,000		5,113,150
Sales Tax Asset Receivable Corp., NY, Prerefunded to 10/15/24, 5.00%, 10/15/27		1,500		1,657,230
Springfield School District No. 19, OR, Prerefunded to 6/15/25, 5.00%, 6/15/30		855		962,627
Utah Transit Authority, Sales Tax Revenue, Prerefunded to 6/15/22, 5.00%, 6/15/25		1,220		1,240,813
			$	19,542,746
General Obligations — 29.1%
Alexandria, VA, 5.00%, 7/1/27	$	200	$	238,630
Arlington Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/22		1,260		1,262,167
Austin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/32(2)		5,000		6,004,598
Bellevue, WA:
4.00%, 12/1/32(2)		1,135		1,351,592
4.00%, 12/1/37(2)		1,000		1,180,130
Bryan Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/33		2,270		2,638,035
California, 1.60%, 12/1/29		1,520		1,483,991
Carlsbad Municipal School District, NM:
2.00%, 8/1/32		1,650		1,644,060
2.00%, 8/1/34		1,650		1,630,266
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/22		155		154,585
Chambers County Improvement District No. 1, TX, 2.00%, 9/1/26		970		993,493
Cleveland Heights-University Heights City School District, OH, 0.00%, 12/1/23		150		146,471
Columbus, OH, 5.00%, 4/1/22		1,050		1,058,117
Connecticut:
3.00%, 1/15/32		1,000		1,074,510
3.00%, 6/1/32		2,250		2,423,273
3.00%, 6/1/33		2,375		2,539,896
3.00%, 6/1/35		520		548,818
3.00%, 1/15/36		2,945		3,095,460
4.00%, 6/1/34		1,000		1,162,470
Corpus Christi, TX:
5.00%, 3/1/25		985		1,098,108
5.00%, 3/1/26		1,025		1,170,714

12 See Notes to Financial Statements.

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Corpus Christi, TX: (continued)
5.00%, 3/1/27	$	1,080	$	1,264,702
5.00%, 3/1/28		1,135		1,357,880
5.00%, 3/1/29		1,180		1,439,093
5.00%, 3/1/30		1,250		1,552,338
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/22		1,355		1,357,331
Denton Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/24		3,000		2,917,650
Edina, MN, 5.00%, 2/1/30		125		149,775
Florida Board of Education, 5.00%, 6/1/22		8,415		8,543,413
Hartnell Community College District, CA, (Election of 2002), 0.00% to 8/1/22, 8/1/34		85		104,094
Henrico County, VA, 5.00%, 8/1/27		200		238,878
Hutto Independent School District, TX, (PSF Guaranteed), 0.00%, 8/1/22		525		523,362
Lamar Consolidated Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/36		1,500		1,620,255
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/22		700		698,110
Massachusetts, 5.00%, 12/1/24		5,000		5,541,250
Meramec Valley R-III School District, MO, 3.00%, 3/1/35		30		31,759
Mercer County, NJ, 2.00%, 2/15/32		3,295		3,225,673
Miami-Dade County, FL, 5.00%, 7/1/26		1,000		1,159,200
Montgomery, AL, 3.00%, 2/1/22		1,685		1,685,000
Mountain View Whisman School District, CA, (Election of 2020):
4.00%, 9/1/32		10		11,821
4.00%, 9/1/33		25		29,452
Mountain View-Los Altos Union High School District, CA:
0.00%, 8/1/23		945		933,244
0.00%, 8/1/24		900		874,899
New York, NY, 5.00%, 8/1/26		1,000		1,155,660
Oconee County, GA, 4.00%, 1/1/34		15		17,710
Ohio, 5.00%, 12/15/23		1,000		1,075,670
Oregon, 1.90%, 6/1/30		950		945,735
Paradise Valley Unified School District No. 69, AZ, 5.00%, 7/1/22		2,080		2,119,686
Ridgefield, CT, 5.00%, 7/15/22		2,425		2,475,464
River Vale Township Board of Education, NJ:
2.00%, 6/15/32		1,280		1,226,995
2.00%, 6/15/33		1,300		1,230,827
Rose Tree Media School District, PA, 5.00%, 4/1/27		1,000		1,149,940
St. Helens School District No. 502, OR:
0.00%, 6/15/38		1,000		650,340

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
St. Helens School District No. 502, OR: (continued)
5.00%, (0.00% until 6/15/22), 6/15/30	$	880	$	1,080,895
Sugar Land, TX, 5.00%, 2/15/23		1,105		1,154,780
Texas Public Finance Authority, 5.00%, 10/1/22		100		102,984
Utah, 5.00%, 7/1/22		3,915		3,990,051
Wake County, NC, 5.00%, 4/1/22		1,000		1,007,730
Wauwatosa School District, WI, 5.00%, 9/1/22		105		107,771
West Valley-Mission Community College District, CA, 5.00%, 8/1/25		300		339,975
Williamson County, TN, 5.00%, 4/1/25		3,475		3,892,834
Wylie Independent School District, TX, (PSF Guaranteed), 2.25% to 8/15/23, 8/15/41(3)		4,525		4,591,608
			$	96,475,218
Hospital — 9.1%
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.):
4.00%, 4/1/33	$	90	$	103,037
4.00%, 4/1/36		555		630,752
Indiana Finance Authority, (Community Foundation of Northwest Indiana Obligated Group), 5.00%, 9/1/25		650		735,976
Missouri Health and Educational Facilities Authority, (Mercy Health):
5.00%, 6/1/26		2,500		2,881,150
5.00%, 6/1/27		3,500		4,135,880
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		651,919
3.00%, 8/1/40		170		181,099
4.00%, 8/1/31		350		393,012
University of Colorado Hospital Authority, (SPA: TD Bank, N.A.), 0.06%, 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		6,495,660
Wisconsin Health and Educational Facilities Authority, (Aspirus, Inc. Obligated Group), 5.00%, 8/15/34		1,000		1,249,400
			$	30,182,885
Housing — 2.1%
Connecticut Housing Finance Authority, 1.85%, 11/15/31	$	390	$	377,118
New York Dormitory Authority, (State University Dormitory Facilities), Prerefunded to 7/1/22, 5.00%, 7/1/26		135		137,558
New York Housing Finance Agency, Green Bonds, 2.75%, 11/1/22		2,205		2,236,907

13 See Notes to Financial Statements.

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
New York Housing Finance Agency, Sustainability Bonds, 1.10%, 5/1/26	$	625	$	617,144
North Dakota Housing Finance Agency, (SPA: TD Bank, N.A.), 0.06%, 1/1/46(1)		3,600		3,600,000
			$	6,968,727
Insured – Electric Utilities — 2.3%
Lower Colorado River Authority, TX:
(AGM), 5.00%, 5/15/27(2)	$	1,380	$	1,626,371
(AGM), 5.00%, 5/15/28(2)		2,285		2,730,392
(AGM), 5.00%, 5/15/29(2)		1,790		2,193,717
(AGM), 5.00%, 5/15/30(2)		960		1,198,877
			$	7,749,357
Insured – Water and Sewer — 0.1%
Harris County Municipal Utility District No. 374, TX, (BAM), 3.00%, 9/1/26	$	310	$	324,173
			$	324,173
Lease Revenue / Certificates of Participation — 13.4%
Arizona, Certificates of Participation, Escrowed to Maturity, 5.00%, 10/1/24	$	2,000	$	2,203,900
California Public Works Board:
5.00%, 8/1/29(2)		2,400		2,852,208
5.00%, 8/1/30(2)		2,785		3,361,746
5.00%, 8/1/31(2)		2,560		3,138,253
5.00%, 9/1/39		4,850		5,291,495
Colorado, (Rural Colorado), 5.00%, 12/15/25		6,000		6,839,040
Malibu, CA:
5.00%, 11/1/38		275		276,125
5.00%, 11/1/43		225		225,909
5.00%, 11/1/48		375		376,403
Palm Beach County School Board, FL, 5.00%, 8/1/31		5,000		5,600,400
Pasadena Area Community College District, CA, Certificates of Participation, 4.00%, 8/1/51		13,780		14,376,536
			$	44,542,015
Other Revenue — 3.0%
Johnson County Public Building Commission, KS, (Courthouse and Medical Examiner’s Facility), 5.00%, 9/1/25	$	3,025	$	3,423,967
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/35		5,000		6,424,690
			$	9,848,657

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 5.1%
District of Columbia, Income Tax Revenue, 5.00%, 10/1/22	$	1,500	$	1,545,465
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/23		1,000		1,071,660
New York Dormitory Authority, Personal Income Tax Revenue:
5.00%, 2/15/24		1,500		1,622,415
5.00%, 2/15/25		50		55,651
5.00%, 3/15/32		2,790		3,536,185
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/28		5,770		6,511,849
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/22		2,750		2,765,565
			$	17,108,790
Transportation — 0.7%
Wisconsin, Transportation Revenue, 5.00%, 7/1/24	$	2,000	$	2,183,960
			$	2,183,960
Water and Sewer — 1.9%
Clear Lake City Water Authority, TX, 3.00%, 3/1/37	$	700	$	732,305
Coeur d’Alene, ID, Wastewater Revenue, 4.00%, 9/1/33		625		746,400
Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/25		500		555,705
North Texas Municipal Water District, 5.00%, 9/1/24		1,120		1,210,843
Raleigh, NC, Combined Enterprise System Revenue, 5.00%, 3/1/26		360		414,889
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		2,539,450
			$	6,199,592
Total Tax-Exempt Municipal Obligations — 82.8% (identified cost $272,509,539)			$	274,648,288
Taxable Municipal Obligations — 0.8%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.2%
Fond du Lac County, WI, (Bug Tussel 1, LLC), Social Bonds, 2.165%, 11/1/27(4)	$	715	$	707,063
			$	707,063

14 See Notes to Financial Statements.

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 0.6%
Louisiana, Unclaimed Property Special Revenue:
1.979%, 9/1/32	$	1,000	$	935,890
2.179%, 9/1/34		1,000		926,300
			$	1,862,190
Water and Sewer — 0.0%(5)
Decatur, AL, Water and Sewer Revenue, 0.95%, 8/15/26	$	120	$	115,888
			$	115,888
Total Taxable Municipal Obligations — 0.8% (identified cost $2,835,000)			$	2,685,141
U.S. Treasury Obligations — 13.2%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Notes:
0.375%, 12/31/25	$	24,565	$	23,495,079
1.125%, 2/15/31		16,244		15,388,018
1.25%, 5/31/28		4,000		3,886,406
1.625%, 5/15/31		976		964,486
Total U.S. Treasury Obligations — 13.2% (identified cost $44,772,250)			$	43,733,989
Total Investments — 96.8% (identified cost $320,116,789)			$	321,067,418
Other Assets, Less Liabilities — 3.2%			$	10,742,651
Net Assets — 100.0%			$	331,810,069

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

At January 31, 2022, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Texas	14.0%
California	11.8%
Others, representing less than 10% individually	57.8%

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 January 31, 2022, 2.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 2.4% of total investments.

⁽¹⁾  Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2022.

⁽²⁾  When-issued security.

⁽³⁾  Multi-step coupon security. Interest rate represents the rate in effect at January 31, 2022.

⁽⁴⁾  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 January 31, 2022, the aggregate value of these securities is $707,063 or 0.2% of the Fund’s net assets.

⁽⁵⁾  Amount is less than 0.05%.

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
BAM	–	Build America Mutual Assurance Co.
LOC	–	Letter of Credit
PSF	–	Permanent School Fund
SPA	–	Standby Bond Purchase Agreement

15 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2022

Portfolio of Investments

Tax-Exempt Municipal Obligations — 81.8%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.5%
Alaska Municipal Bond Bank Authority, 5.00%, 3/1/30	$	1,145	$	1,260,748
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 4.00%, 8/15/51		2,000		2,327,840
Ohio Water Development Authority, Water Pollution Control Loan Fund, Green Bonds, 4.00%, 12/1/46		6,000		6,973,620
			$	10,562,208
Education — 2.5%
Bethlehem Area School District Authority, PA:
0.377%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/30(1)	$	3,990	$	3,970,808
0.377%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/32(1)		1,000		995,190
Connecticut Health and Educational Facilities Authority, (Westminster School), 4.00%, 7/1/38		2,050		2,232,942
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 4.00%, 9/1/40		600		668,172
Miami University, OH, 5.00%, 9/1/33(2)		775		968,246
Nevada System of Higher Education, 5.00%, 7/1/23		500		529,820
New York Dormitory Authority, (School Districts Revenue Bond Financing Program), 5.00%, 10/1/32		1,530		1,901,346
South Dakota Health and Educational Facilities Authority, (Vocation Education Program), 5.00%, 8/1/27		1,200		1,347,588
University of Hawaii, 3.00%, 10/1/31		2,435		2,643,388
Virginia Commonwealth University, 4.00%, 11/1/32		1,285		1,468,228
Zionsville Community Schools Building Corp., IN, 5.00%, 7/15/25		350		382,575
			$	17,108,303
Electric Utilities — 3.5%
American Municipal Power-Ohio, Inc., OH, (Freemont Energy Center), 4.00%, 2/15/38	$	2,500	$	2,872,275
Florida Municipal Power Agency:
3.00%, 10/1/32		1,750		1,865,482
3.00%, 10/1/33		1,100		1,170,719
Garland, TX, Electric Utility System Revenue:
4.00%, 3/1/32		1,015		1,166,134
4.00%, 3/1/33		1,055		1,211,520
4.00%, 3/1/34		375		430,410
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/33		1,070		1,215,167
North Carolina Municipal Power Agency Number 1, (Catawba), 5.00%, 1/1/23		1,485		1,543,702
Seattle, WA, Municipal Light and Power Revenue, 0.31%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1)		2,000		2,017,360

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Springfield Electric System Revenue, IL:
5.00%, 3/1/27	$	3,000	$	3,330,990
5.00%, 3/1/28		3,475		3,852,837
5.00%, 3/1/29		3,325		3,681,207
			$	24,357,803
Escrowed / Prerefunded — 2.0%
Homewood, AL, Prerefunded to 9/1/26, 5.00%, 9/1/32	$	370	$	428,153
Illinois Finance Authority, (Northwestern Memorial HealthCare), Prerefunded to 8/15/22, 4.00%, 8/15/42		1,000		1,018,500
Louisiana Transportation Authority:
Prerefunded to 8/15/23, 5.00%, 8/15/30		1,885		2,003,906
Prerefunded to 8/15/23, 5.00%, 8/15/31		1,230		1,307,588
Prerefunded to 8/15/23, 5.00%, 8/15/32		1,090		1,158,757
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, Prerefunded to 5/15/23, 5.00%, 5/15/33		2,000		2,109,180
South Dakota Building Authority:
Prerefunded to 6/1/24, 5.00%, 6/1/26		1,000		1,091,490
Prerefunded to 6/1/24, 5.00%, 6/1/32		1,500		1,637,235
Wisconsin Health and Educational Facilities Authority, (Ministry Health Care), Prerefunded to 8/15/22, 5.00%, 8/15/32		2,885		2,954,586
			$	13,709,395
General Obligations — 28.4%
Adams 12 Five Star Schools, CO, 5.00%, 12/15/30	$	5,000	$	5,827,950
Anchorage, AK, Prerefunded to 9/1/25, 5.00%, 9/1/28		1,835		2,078,394
Austin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/32(2)		5,355		6,430,925
Batavia, IL, 4.00%, 11/1/24		755		774,086
Beaumont, TX, Certificates of Obligation:
4.00%, 3/1/31		930		1,078,577
4.00%, 3/1/33		500		575,790
4.00%, 3/1/34		1,000		1,149,370
5.00%, 3/1/30		1,000		1,242,720
Brazoria County, TX, 5.00%, 3/1/29		1,685		2,053,712
Brookline, MA, 5.00%, 3/15/30		2,270		2,796,595
California:
0.49%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(1)		23,160		23,197,751
4.00%, 8/1/36		2,025		2,216,160
Cape May County, NJ, 3.00%, 10/1/29		1,095		1,174,037
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/36		1,035		689,455
Cleveland Municipal School District, OH, 5.00%, 12/1/32		4,260		4,479,731

16 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Connecticut:
3.00%, 1/15/32	$	2,900	$	3,116,079
4.00%, 1/15/34		7,500		8,790,450
Crystal Lake, IL, 4.00%, 12/15/23		455		467,149
Dallas County, TX, 5.00%, 8/15/29		5,200		6,025,344
Decatur, IL, 5.00%, 3/1/23		1,030		1,073,672
Denton County, TX, 4.00%, 7/15/30		1,000		1,141,580
El Monte Union High School District, CA, (Election of 2018):
4.00%, 6/1/33		250		278,963
4.00%, 6/1/34		300		334,269
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32		3,260		3,877,998
Gladstone School District No. 115, Clackamas County, OR, 0.00%, 6/15/26		1,000		935,350
Glendale Unified School District, CA, 0.00%, 9/1/30		5,280		4,065,864
Greensboro, NC, 5.00%, 2/1/28		1,790		2,079,210
Hawaii County, HI, 5.00%, 9/1/24		1,000		1,100,140
Kennewick School District No. 17, WA, 4.00%, 12/1/32		1,095		1,291,782
La Grange Park District, IL, 5.00%, 12/1/22		440		455,690
Lakeland, FL, 5.00%, 10/1/31		1,860		2,072,561
Long Beach Unified School District, CA, (Election of 2008):
0.00%, 8/1/31		1,675		1,216,201
0.00%, 8/1/32		1,500		1,041,570
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34		5,000		5,570,450
Los Angeles Unified School District, CA:
4.00%, 7/1/33		1,000		1,164,760
4.00%, 7/1/38		6,550		7,480,297
Macomb County, MI, 4.00%, 5/1/24		1,000		1,064,250
Madison County, TN, 5.00%, 5/1/23		1,115		1,173,749
Morris Township, NJ, 3.00%, 11/1/29		85		90,171
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/25		2,115		2,019,529
Neshaminy School District, PA, 4.00%, 11/1/26		660		694,927
New Hampshire, 4.00%, 12/1/32		2,085		2,401,628
New Jersey, 4.00%, 6/1/31		8,450		9,811,210
New York Dormitory Authority, Personal Income Tax Revenue:
3.00%, 3/15/41		8,100		8,264,389
5.00%, 3/15/35		5,000		6,424,690
5.00%, 3/15/36		5,000		6,407,000
Pacifica School District, CA, (Election of 2018), 4.00%, 8/1/50		2,000		2,249,720
Pennsylvania, Prerefunded to 6/1/22, 4.00%, 6/1/30		1,400		1,416,744
Richland County School District No. 2, SC, 4.00%, 3/1/32		3,000		3,512,580
Rio Grande City Grulla Independent School District, TX, (PSF Guaranteed):
4.00%, 8/15/32		1,160		1,388,474

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Rio Grande City Grulla Independent School District, TX, (PSF Guaranteed): (continued)
4.00%, 8/15/33	$	1,175	$	1,403,432
4.00%, 8/15/34		1,345		1,603,173
Rowland Unified School District, CA, (Election of 2012), 0.00%, 8/1/33		2,735		1,732,294
San Diego Community College District, CA, Prerefunded to 8/1/26, 4.00%, 8/1/32		5,000		5,595,950
San Dieguito Union High School District, CA, (Election of 2012), 4.00%, 8/1/42		8,075		9,124,669
San Francisco Bay Area Rapid Transit District, CA, 4.00%, 8/1/33		1,350		1,468,179
San Juan Unified School District, CA, (Election of 2012), 4.00%, 8/1/31		3,250		3,602,820
South Suburban Park and Recreation District, CO, 5.00%, 12/15/29		1,120		1,397,670
Southfield, MI, 4.00%, 5/1/28		1,160		1,328,362
Tomball Independent School District, (PSF Guaranteed), 4.00%, 2/15/35(2)		1,755		2,087,766
Township High School District No. 204, IL, 4.25%, 12/15/22		1,230		1,269,262
Vermont, 4.00%, 8/15/32		3,365		4,057,281
Washington, 4.00%, 7/1/33		3,000		3,579,420
Zeeland Public Schools, MI, 5.00%, 5/1/24		1,000		1,085,910
			$	195,599,881
Hospital — 4.5%
Arizona Health Facilities Authority, (Banner Health), 0.31%, (SIFMA + 0.25%), 11/4/26 (Put Date), 1/1/46(1)	$	1,000	$	1,000,360
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/33		1,000		1,171,390
Carroll City-County Hospital Authority, GA, (Tanner Medical Center, Inc.), 5.00%, 7/1/34		2,560		2,879,232
Kansas Development Finance Authority, (Adventist Health System), 5.00%, 11/15/28		5,090		5,156,577
Massachusetts Development Finance Agency, (Berkshire Health Systems):
5.00%, 10/1/29		400		492,984
5.00%, 10/1/30		475		596,058
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/24		800		845,728
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/24		215		233,324
Montgomery County, OH, (Dayton Children’s Hospital):
4.00%, 8/1/38		1,950		2,233,920
4.00%, 8/1/40		3,000		3,424,920
Montgomery County, OH, (Kettering Health Network Obligated Group):
3.00%, 8/1/34		300		314,256

17 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Montgomery County, OH, (Kettering Health Network Obligated Group): (continued)
5.00%, 8/1/31	$	500	$	629,210
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/34		1,360		1,563,728
Pima County Industrial Development Authority, AZ, (Tucson Medical Center):
4.00%, 4/1/35		800		926,584
4.00%, 4/1/36		845		977,682
4.00%, 4/1/37		875		1,011,334
5.00%, 4/1/33		1,000		1,260,280
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36		1,100		1,190,618
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/24		520		562,401
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30		600		670,122
Tampa, FL, (H. Lee Moffitt Cancer Center):
4.00%, 7/1/38		250		283,243
4.00%, 7/1/39		400		452,532
University of North Carolina Hospitals at Chapel Hill, 5.00%, 2/1/33		1,540		1,873,749
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/22		1,000		1,022,270
			$	30,772,502
Housing — 1.3%
Massachusetts Housing Finance Agency, 1.45% to 12/1/22 (Put Date), 12/1/49	$	1,800	$	1,803,456
New York Mortgage Agency:
2.05%, 4/1/28		1,000		1,003,140
2.15%, 4/1/29		1,390		1,395,880
2.25%, 4/1/30		1,000		1,000,070
2.35%, 4/1/31		1,835		1,840,119
2.40%, 10/1/31		1,130		1,135,345
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26		1,000		976,540
			$	9,154,550
Insured – Electric Utilities — 0.5%
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4):
(AGM), 4.00%, 1/1/38	$	300	$	337,725
(AGM), 4.00%, 1/1/38		300		338,421
(AGM), 4.00%, 1/1/39		345		387,849

Security	Principal Amount (000’s omitted)		Value
Insured – Electric Utilities (continued)
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4): (continued)
(AGM), 4.00%, 1/1/39	$	305	$	343,589
(AGM), 4.00%, 1/1/40		315		353,562
(AGM), 4.00%, 1/1/40		400		449,892
(AGM), 4.00%, 1/1/41		485		543,646
(AGM), 4.00%, 1/1/41		500		561,230
			$	3,315,914
Insured – General Obligations — 1.6%
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/33	$	3,535	$	2,213,617
Port Arthur Independent School District, TX, (AGM), 4.00%, 2/15/34		1,425		1,654,582
San Mateo County Community College District, CA, (Election of 2005), (NPFG), 0.00%, 9/1/29		5,000		4,384,600
Yonkers, NY:
(BAM), 4.00%, 5/1/34		695		792,487
(BAM), 4.00%, 5/1/34		1,755		2,013,371
			$	11,058,657
Insured – Special Tax Revenue — 0.5%
Westwood Magnolia Parkway Improvement District, TX:
(BAM), 4.00%, 6/15/38	$	755	$	852,448
(BAM), 4.00%, 6/15/39		785		884,404
(BAM), 4.00%, 6/15/40		820		920,975
(BAM), 4.00%, 6/15/41		850		954,023
			$	3,611,850
Insured – Transportation — 0.8%
Metropolitan Transportation Authority, NY, (AGM), 0.827%, (67% of SOFR + 0.80%), 4/1/26 (Put Date), 11/1/32(1)	$	5,500	$	5,494,115
			$	5,494,115
Insured – Water and Sewer — 0.4%
Pittsburgh Water and Sewer Authority, PA, (AGM), 0.71%, (SIFMA + 0.65%), 12/1/23 (Put Date), 9/1/40(1)	$	3,000	$	3,019,530
			$	3,019,530
Lease Revenue / Certificates of Participation — 2.2%
Aspen Fire Protection District, CO:
4.00%, 12/1/24	$	130	$	139,593
4.00%, 12/1/28		225		255,821

18 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Greater Texas Cultural Education Facilities Finance Corp., (Epicenter Multipurpose Facilities):
5.00%, 3/1/30	$	475	$	586,269
5.00%, 3/1/31		500		627,705
5.00%, 3/1/32		750		938,415
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26		1,410		1,595,739
Orange County School Board, FL, 5.00%, 8/1/26		4,300		4,971,402
Palo Alto, CA, (California Avenue Parking Garage):
5.00%, 11/1/36		1,295		1,579,589
5.00%, 11/1/37		260		317,062
5.00%, 11/1/38		420		511,405
5.00%, 11/1/39		425		516,881
Palo Alto, CA, Certificates of Participation, 3.00%, 11/1/33		1,310		1,443,803
St. Louis County Special School District, MO, 4.00%, 4/1/29		525		600,337
Virginia Public Building Authority, 4.00%, 8/1/35		800		924,896
			$	15,008,917
Other Revenue — 11.3%
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/36	$	1,000	$	1,119,190
Black Belt Energy Gas District, AL, 4.00% to 12/1/26 (Put Date), 10/1/52		16,500		18,146,865
California Infrastructure and Economic Development Bank, (California Academy of Sciences), 0.41%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(1)		2,500		2,502,825
Fort Myers, FL, Capital Improvement Revenue:
5.00%, 12/1/30		1,055		1,198,712
5.00%, 12/1/31		965		1,096,066
5.00%, 12/1/35		380		429,788
5.00%, 12/1/36		450		508,239
Hudson Yards Infrastructure Corp., NY, Green Bonds, 4.00%, 2/15/37		2,000		2,326,500
Kentucky Public Energy Authority, Gas Supply Revenue:
4.00% to 6/1/25 (Put Date), 12/1/49		5,000		5,378,000
4.00% to 2/1/28 (Put Date), 2/1/50		16,500		18,394,860
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 12/1/33		2,425		2,969,340
Main Street Natural Gas, Inc., GA, Gas Supply Revenue:
(Liq: Royal Bank of Canada), 0.63%, (SIFMA + 0.57%), 12/1/23 (Put Date), 8/1/48(1)		8,000		8,017,360
Orange County, FL, Tourist Development Tax Revenue, 4.00%, 10/1/32		4,585		5,097,328

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
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	$	10,527,800
			$	77,712,873
Senior Living / Life Care — 0.2%
Colorado Health Facilities Authority, (Covenant Living Communities and Services), 4.00%, 12/1/40	$	500	$	561,920
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31		1,000		1,135,390
			$	1,697,310
Special Tax Revenue — 2.5%
New York City Transitional Finance Authority, NY, Future Tax Revenue:
4.00%, 11/1/38	$	1,500	$	1,719,930
4.00%, 2/1/40(2)		2,500		2,865,850
4.00%, 2/1/42(2)		5,700		6,502,959
5.00%, 11/1/31		3,220		3,321,913
New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 3/15/38		1,250		1,424,362
New York State Urban Development Corp., Sales Tax Revenue, 3.00%, 3/15/40		1,035		1,058,567
			$	16,893,581
Transportation — 12.7%
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 0.51%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56(1)	$	2,000	$	2,014,860
Central Texas Regional Mobility Authority, 5.00%, 1/1/34		1,250		1,543,600
Charlotte, NC, (Charlotte Douglas International Airport), 4.00%, 7/1/38		1,000		1,159,130
Chicago, IL, (O’Hare International Airport):
5.00%, 1/1/33		1,000		1,093,890
5.00%, 1/1/34		1,000		1,092,400
5.00%, 1/1/34		2,500		3,053,125
5.25%, 1/1/33		3,750		4,407,675
5.25%, 1/1/34		3,750		4,404,562
5.25%, 1/1/37		1,500		1,762,365
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/32		3,825		4,087,969
El Paso, TX, (El Paso International Airport):
5.00%, 8/15/22		655		671,028
5.00%, 8/15/33		955		1,181,755
Florida Department of Transportation, 5.00%, 7/1/28		2,455		2,856,172

19 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Georgia Ports Authority:
5.00%, 7/1/30	$	1,400	$	1,759,072
5.00%, 7/1/33		2,625		3,358,766
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		1,000		1,125,220
Illinois Toll Highway Authority, 5.00%, 1/1/33		100		112,653
Maine Turnpike Authority:
4.00%, 7/1/42(2)		2,400		2,771,136
5.00%, 7/1/35(2)		1,000		1,282,210
Metropolitan Transportation Authority, NY:
0.363%, (67% of SOFR + 0.33%), 4/1/24 (Put Date), 11/1/35(1)		2,375		2,356,903
5.00%, 11/15/29		5,965		6,677,579
5.00%, 11/15/29		1,390		1,576,802
Series 2015F, 5.00%, 11/15/28		2,560		2,868,275
Metropolitan Transportation Authority, NY, Green Bonds:
4.00%, 11/15/32		5,000		5,467,100
5.00%, 11/15/25		3,480		3,925,196
Pennsylvania Turnpike Commission, 4.00%, 12/1/43		1,325		1,512,488
Riverside County Transportation Commission, CA:
4.00%, 6/1/37		2,375		2,751,129
4.00%, 6/1/38		2,625		3,032,138
4.00%, 6/1/39		2,575		2,964,958
Salt Lake City, UT, (Salt Lake City International Airport):
5.00%, 7/1/35		1,685		2,011,755
5.00%, 7/1/36		1,615		1,925,548
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), 5.00%, 5/1/34		2,950		3,721,100
Triborough Bridge and Tunnel Authority, NY, 0.407%, (67% of SOFR + 0.38%), 2/1/24 (Put Date), 1/1/32(1)		3,000		3,000,960
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34		3,000		3,642,900
			$	87,172,419
Water and Sewer — 5.4%
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/30	$	3,870	$	4,334,129
Garland, TX, Water and Sewer System Revenue, 4.00%, 3/1/31		1,370		1,572,335
Hamilton County, OH, Sewer System, 5.00%, 12/1/24		1,000		1,073,210
Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/30		600		719,424
New York City Municipal Water Finance Authority, NY, (Water and Sewer System):
4.00%, 6/15/36		6,000		6,818,340
4.00%, 6/15/39		6,000		6,944,160
Series EE, 5.00%, 6/15/35		1,155		1,219,830

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Rancho California Water District Financing Authority:
4.00%, 8/1/37	$	2,275	$	2,644,392
4.00%, 8/1/38		4,500		5,210,415
San Diego Public Facilities Financing Authority, CA, Water Revenue:
4.00%, 8/1/38		1,000		1,156,780
4.00%, 8/1/39		1,000		1,153,390
South Central Connecticut Regional Water Authority:
5.00%, 8/1/25(2)		1,195		1,326,331
5.00%, 8/1/26(2)		1,000		1,135,210
Westmoreland County Municipal Authority, PA, Water and Sewer Revenue, Prerefunded to 8/15/23, 5.00%, 8/15/31		1,735		1,844,444
			$	37,152,390
Total Tax-Exempt Municipal Obligations — 81.8% (identified cost $551,661,269)			$	563,402,198
Taxable Municipal Obligations — 0.4%
Security	Principal Amount (000’s omitted)		Value
General Obligations — 0.2%
Charleston County, SC, 1.773%, 12/1/28	$	1,430	$	1,400,528
			$	1,400,528
Special Tax Revenue — 0.2%
Successor Agency to San Diego Redevelopment Agency, CA:
3.625%, 9/1/25	$	500	$	533,025
3.75%, 9/1/26		625		670,375
			$	1,203,400
Total Taxable Municipal Obligations — 0.4% (identified cost $2,552,842)			$	2,603,928
U.S. Treasury Obligations — 14.9%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Notes:
1.125%, 2/29/28	$	60,000	$	57,993,750
1.125%, 2/15/31		40,850		38,697,397
1.75%, 11/15/29		14		14,023

20 See Notes to Financial Statements.

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Notes: (continued)
2.25%, 11/15/27	$	6,000	$	6,186,328
Total U.S. Treasury Obligations — 14.9% (identified cost $104,916,817)			$	102,891,498
Total Investments — 97.1% (identified cost $659,130,928)			$	668,897,624
Other Assets, Less Liabilities — 2.9%			$	20,188,037
Net Assets — 100.0%			$	689,085,661

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

At January 31, 2022, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

California	17.1%
New York	14.5%
Others, representing less than 10% individually	50.6%

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 January 31, 2022, 4.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.7% to 2.3% of total investments.

⁽¹⁾  Variable rate security. The stated interest rate represents the rate in effect at January 31, 2022.

⁽²⁾  When-issued security.

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

21 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

January 31, 2022

Statements of Assets and Liabilities

	January 31, 2022
Assets	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Investments —
Identified cost	$	320,116,789	$	659,130,928
Unrealized appreciation		950,629		9,766,696
Investments, at value	$	321,067,418	$	668,897,624
Cash	$	26,047,285	$	26,122,740
Interest receivable		2,548,846		5,540,821
Receivable for investments sold		31,183,232		31,255,507
Receivable for Fund shares sold		539,451		1,774,494
Receivable from affiliates		—		99,361
Total assets	$	381,386,232	$	733,690,547
Liabilities
Payable for investments purchased	$	22,675,683	$	15,822,496
Payable for when-issued securities		26,025,946		25,695,414
Payable for Fund shares redeemed		548,009		2,000,539
Distributions payable		63,533		445,338
Payable to affiliates:
Investment adviser and administration fee		129,041		358,007
Distribution and service fees		30,081		20,649
Accrued expenses		103,870		262,443
Total liabilities	$	49,576,163	$	44,604,886
Net Assets	$	331,810,069	$	689,085,661
Sources of Net Assets
Paid-in capital	$	330,705,971	$	679,031,903
Distributable earnings		1,104,098		10,053,758
Net Assets	$	331,810,069	$	689,085,661
Class A Shares
Net Assets	$	119,419,435	$	61,491,937
Shares Outstanding		11,427,958		4,923,720
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.45	$	12.49
Maximum Offering Price Per Share
(100 ÷ 97.75 and 95.25, respectively, of net asset value per share)	$	10.69	$	13.11
Class C Shares
Net Assets	$	4,603,144	$	8,362,085
Shares Outstanding		443,111		669,903
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.39	$	12.48
Class I Shares
Net Assets	$	207,787,490	$	619,231,639
Shares Outstanding		19,877,275		49,534,061
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.45	$	12.50

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.

22 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

January 31, 2022

Statements of Operations

	Year Ended January 31, 2022
Investment Income	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Interest	$	5,083,879		$	13,400,960
Total investment income	$	5,083,879		$	13,400,960
Expenses
Investment adviser and administration fee	$	1,646,969		$	4,045,771
Distribution and service fees
Class A		322,524			164,529
Class C		58,872			98,112
Trustees’ fees and expenses		17,754			34,000
Custodian fee		89,966			162,731
Transfer and dividend disbursing agent fees		104,126			679,918
Legal and accounting services		55,628			60,075
Printing and postage		12,547			45,839
Registration fees		75,004			115,121
Miscellaneous		19,203			27,320
Total expenses	$	2,402,593		$	5,433,416
Deduct —
Allocation of expenses to affiliates	$	—		$	787,856
Total expense reductions	$	—		$	787,856
Net expenses	$	2,402,593		$	4,645,560
Net investment income	$	2,681,286		$	8,755,400
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	772,723		$	436,464
Net realized gain	$	772,723		$	436,464
Change in unrealized appreciation (depreciation) —
Investments	$	(11,253,128	)	$	(29,594,234	)
Net change in unrealized appreciation (depreciation)	$	(11,253,128	)	$	(29,594,234	)
Net realized and unrealized loss	$	(10,480,405	)	$	(29,157,770	)
Net decrease in net assets from operations	$	(7,799,119	)	$	(20,402,370	)

23 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

January 31, 2022

Statements of Changes in Net Assets

	Year Ended January 31, 2022
Increase (Decrease) in Net Assets	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
From operations —
Net investment income	$	2,681,286		$	8,755,400
Net realized gain		772,723			436,464
Net change in unrealized appreciation (depreciation)		(11,253,128	)		(29,594,234	)
Net decrease in net assets from operations	$	(7,799,119	)	$	(20,402,370	)
Distributions to shareholders —
Class A	$	(1,469,566	)	$	(925,027	)
Class C		(30,531	)		(62,438	)
Class I		(3,179,062	)		(10,113,572	)
Total distributions to shareholders	$	(4,679,159	)	$	(11,101,037	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	12,793,020		$	15,541,810
Class C		544,607			1,040,821
Class I		74,416,982			267,233,472
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,246,260			467,442
Class C		22,375			27,373
Class I		2,157,637			4,193,986
Cost of shares redeemed
Class A		(27,132,468	)		(19,390,738	)
Class C		(1,866,052	)		(3,100,767	)
Class I		(114,372,021	)		(161,288,683	)
Net asset value of shares converted
Class A		1,367,757			403,852
Class C		(1,367,757	)		(403,852	)
Net increase (decrease) in net assets from Fund share transactions	$	(52,189,660	)	$	104,724,716
Net increase (decrease) in net assets	$	(64,667,938	)	$	73,221,309
Net Assets
At beginning of year	$	396,478,007		$	615,864,352
At end of year	$	331,810,069		$	689,085,661

24 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

January 31, 2022

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

25 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

January 31, 2022

Financial Highlights

	Short-Term Municipal Bond Fund — Class A
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	10.830		$	10.660		$	10.350		$	10.300		$	10.370
Income (Loss) From Operations
Net investment income	$	0.059		$	0.077	(1)	$	0.160	(1)	$	0.154	(1)	$	0.149
Net realized and unrealized gain (loss)		(0.316	)		0.401			0.308			0.049			(0.074	)
Total income (loss) from operations	$	(0.257	)	$	0.478		$	0.468		$	0.203		$	0.075
Less Distributions
From net investment income	$	(0.057	)	$	(0.078	)	$	(0.158	)	$	(0.153	)	$	(0.145	)
From net realized gain		(0.066	)		(0.230	)		—			—			—
Total distributions	$	(0.123	)	$	(0.308	)	$	(0.158	)	$	(0.153	)	$	(0.145	)
Net asset value — End of year	$	10.450		$	10.830		$	10.660		$	10.350		$	10.300
Total Return(2)		(2.39	)%		4.51	%		4.56	%		2.00	%		0.71	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	119,419		$	135,622		$	109,210		$	113,654		$	149,651
Ratios (as a percentage of average daily net assets):
Expenses		0.80	%		0.82	%		0.88	%		0.91	%		0.90	%
Net investment income		0.59	%		0.71	%		1.52	%		1.50	%		1.39	%
Portfolio Turnover		96	%		176	%		51	%		67	%		54	%

⁽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.

26 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

January 31, 2022

Financial Highlights — continued

	Short-Term Municipal Bond Fund — Class C
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	10.790		$	10.640		$	10.320		$	10.270		$	10.340
Income (Loss) From Operations
Net investment income (loss)(1)	$	(0.017	)	$	0.005		$	0.082		$	0.077		$	0.067
Net realized and unrealized gain (loss)		(0.317	)		0.387			0.317			0.049			(0.071	)
Total income (loss) from operations	$	(0.334	)	$	0.392		$	0.399		$	0.126		$	(0.004	)
Less Distributions
From net investment income	$	—		$	(0.012	)	$	(0.079	)	$	(0.076	)	$	(0.066	)
From net realized gain		(0.066	)		(0.230	)		—			—			—
Total distributions	$	(0.066	)	$	(0.242	)	$	(0.079	)	$	(0.076	)	$	(0.066	)
Net asset value — End of year	$	10.390		$	10.790		$	10.640		$	10.320		$	10.270
Total Return(2)		(3.11	)%		3.70	%		3.88	%		1.24	%		(0.04	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	4,603		$	7,473		$	24,622		$	35,832		$	52,079
Ratios (as a percentage of average daily net assets):
Expenses		1.55	%		1.57	%		1.63	%		1.66	%		1.65	%
Net investment income (loss)		(0.16	)%		0.05	%		0.78	%		0.75	%		0.64	%
Portfolio Turnover		96	%		176	%		51	%		67	%		54	%

⁽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.

27 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

January 31, 2022

Financial Highlights — continued

	Short-Term Municipal Bond Fund — Class I
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	10.830		$	10.660		$	10.350		$	10.300		$	10.370
Income (Loss) From Operations
Net investment income	$	0.086		$	0.105		$	0.186		$	0.181		$	0.172
Net realized and unrealized gain (loss)		(0.316	)		0.400			0.308			0.048			(0.071	)
Total income (loss) from operations	$	(0.230	)	$	0.505		$	0.494		$	0.229		$	0.101
Less Distributions
From net investment income	$	(0.084	)	$	(0.105	)	$	(0.184	)	$	(0.179	)	$	(0.171	)
From net realized gain		(0.066	)		(0.230	)		—			—			—
Total distributions	$	(0.150	)	$	(0.335	)	$	(0.184	)	$	(0.179	)	$	(0.171	)
Net asset value — End of year	$	10.450		$	10.830		$	10.660		$	10.350		$	10.300
Total Return(1)		(2.14	)%		4.77	%		4.82	%		2.25	%		0.96	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	207,787		$	253,382		$	157,176		$	164,679		$	179,156
Ratios (as a percentage of average daily net assets):
Expenses		0.55	%		0.57	%		0.63	%		0.66	%		0.65	%
Net investment income		0.84	%		0.92	%		1.77	%		1.75	%		1.64	%
Portfolio Turnover		96	%		176	%		51	%		67	%		54	%

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

28 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

January 31, 2022

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class A
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	13.070		$	12.810		$	12.210		$	12.160		$	12.070
Income (Loss) From Operations
Net investment income	$	0.135		$	0.184		$	0.228		$	0.235		$	0.227
Net realized and unrealized gain (loss)		(0.532	)		0.385			0.637			0.050			0.090
Total income (loss) from operations	$	(0.397	)	$	0.569		$	0.865		$	0.285		$	0.317
Less Distributions
From net investment income	$	(0.135	)	$	(0.184	)	$	(0.228	)	$	(0.235	)	$	(0.227	)
From net realized gain		(0.048	)		(0.125	)		(0.037	)		—			—
Total distributions	$	(0.183	)	$	(0.309	)	$	(0.265	)	$	(0.235	)	$	(0.227	)
Net asset value — End of year	$	12.490		$	13.070		$	12.810		$	12.210		$	12.160
Total Return(1)(2)		(3.08	)%		4.49	%		7.15	%		2.38	%		2.62	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	61,492		$	67,422		$	50,697		$	42,715		$	48,494
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		1.09	%		1.41	%		1.81	%		1.95	%		1.85	%
Portfolio Turnover		61	%		104	%		74	%		86	%		62	%

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

⁽²⁾  The investment adviser and administrator and/or sub-adviser reimbursed certain operating expenses (equal to 0.12%, 0.09%, 0.08%, 0.08% and 0.07% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

29 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

January 31, 2022

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class C
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	13.070		$	12.810		$	12.210		$	12.160		$	12.060
Income (Loss) From Operations
Net investment income	$	0.044	(1)	$	0.092	(1)	$	0.133		$	0.143		$	0.134
Net realized and unrealized gain (loss)		(0.548	)		0.379			0.638			0.051			0.101
Total income (loss) from operations	$	(0.504	)	$	0.471		$	0.771		$	0.194		$	0.235
Less Distributions
From net investment income	$	(0.038	)	$	(0.086	)	$	(0.134	)	$	(0.144	)	$	(0.135	)
From net realized gain		(0.048	)		(0.125	)		(0.037	)		—			—
Total distributions	$	(0.086	)	$	(0.211	)	$	(0.171	)	$	(0.144	)	$	(0.135	)
Net asset value — End of year	$	12.480		$	13.070		$	12.810		$	12.210		$	12.160
Total Return(2)(3)		(3.88	)%		3.70	%		6.35	%		1.61	%		1.94	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	8,362		$	11,226		$	22,557		$	24,456		$	29,221
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Net investment income		0.34	%		0.72	%		1.08	%		1.20	%		1.10	%
Portfolio Turnover		61	%		104	%		74	%		86	%		62	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser and administrator and/or sub-adviser reimbursed certain operating expenses (equal to 0.12%, 0.09%, 0.08%, 0.08% and 0.07% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

30 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

January 31, 2022

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class I
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	13.090		$	12.820		$	12.220		$	12.180		$	12.080
Income (Loss) From Operations
Net investment income	$	0.167		$	0.216		$	0.260		$	0.265		$	0.258
Net realized and unrealized gain (loss)		(0.542	)		0.395			0.636			0.040			0.100
Total income (loss) from operations	$	(0.375	)	$	0.611		$	0.896		$	0.305		$	0.358
Less Distributions
From net investment income	$	(0.167	)	$	(0.216	)	$	(0.259	)	$	(0.265	)	$	(0.258	)
From net realized gain		(0.048	)		(0.125	)		(0.037	)		—			—
Total distributions	$	(0.215	)	$	(0.341	)	$	(0.296	)	$	(0.265	)	$	(0.258	)
Net asset value — End of year	$	12.500		$	13.090		$	12.820		$	12.220		$	12.180
Total Return(1)(2)		(2.90	)%		4.82	%		7.41	%		2.63	%		2.87	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	619,232		$	537,216		$	404,214		$	396,647		$	413,436
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.34	%		1.66	%		2.07	%		2.19	%		2.10	%
Portfolio Turnover		61	%		104	%		74	%		86	%		62	%

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

⁽²⁾  The investment adviser and administrator and/or sub-adviser reimbursed certain operating expenses (equal to 0.12%, 0.09%, 0.08%, 0.08% and 0.07% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

31 See Notes to Financial Statements.

Parametric

TABS Municipal Bond Funds

January 31, 2022

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance Municipals Trust II (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Trust presently consists of six funds, two of which, each diversified, are included in these financial statements. They include 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 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 — Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of January 31, 2022, 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.

32

Parametric

TABS Municipal Bond Funds

January 31, 2022

Notes to Financial Statements — continued

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

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

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2022 and January 31, 2021 was as follows:

	Year Ended January 31, 2022
	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Tax-exempt income	$	2,121,312	$	7,501,575
Ordinary income	$	1,771,614	$	2,683,514
Long-term capital gains	$	786,233	$	915,948
	Year Ended January 31, 2021
	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Tax-exempt income	$	2,632,760	$	8,325,258
Ordinary income	$	3,759,564	$	204,373
Long-term capital gains	$	4,925,393	$	5,311,377

33

Parametric

TABS Municipal Bond Funds

January 31, 2022

Notes to Financial Statements — continued

During the year ended January 31, 2022, the following amounts were reclassified due to the Funds’ use of equalization accounting. Tax equalization accounting allows a Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains.

	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Change in:
Paid-in capital	$	438,646		$	437,529
Distributable earnings	$	(438,646	)	$	(437,529	)

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

As of January 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Undistributed tax-exempt income	$	—		$	430,878
Net unrealized appreciation		1,167,631			10,068,218
Distributions payable		(63,533	)		(445,338	)
Distributable earnings	$	1,104,098		$	10,053,758

The cost and unrealized appreciation (depreciation) of investments of each Fund at January 31, 2022, as determined on a federal income tax basis, were as follows:

	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Aggregate cost	$	319,899,787		$	658,829,406
Gross unrealized appreciation	$	4,576,677		$	17,813,955
Gross unrealized depreciation		(3,409,046	)		(7,745,737	)
Net unrealized appreciation	$	1,167,631		$	10,068,218

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

34

Parametric

TABS Municipal Bond Funds

January 31, 2022

Notes to Financial Statements — 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 year ended January 31, 2022, investment adviser and administration fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Investment Adviser and Administration Fee	$	1,646,969		$	4,045,771
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 $787,856 in total of Intermediate-Term Municipal Bond Fund’s operating expenses for the year ended January 31, 2022.

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 January 31, 2022. 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 year ended January 31, 2022 were as follows:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
EVM’s Sub-Transfer Agent Fees	$	6,028	$	4,482
EVD’s Class A Sales Charges	$	548	$	1,998
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges	$	1,567	$	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 year ended January 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

35

Parametric

TABS Municipal Bond Funds

January 31, 2022

Notes to Financial Statements — 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 year ended January 31, 2022 for Class A shares amounted to the following:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Class A Distribution and Service Fees	$	322,524	$	164,529

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Funds. For the year ended January 31, 2022, 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	$	44,154	$	73,584

Pursuant to the Class C Plan, the Funds also make payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of the average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2022 amounted to the following:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Class C Service Fees	$	14,718	$	24,528

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 year ended January 31, 2022, 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	$	20,000	$	6,000
Class C	$	500	$	2,000

36

Parametric

TABS Municipal Bond Funds

January 31, 2022

Notes to Financial Statements — continued

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended January 31, 2022 were as follows:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Purchases:
Investments (non-U.S. Government)	$	268,060,492	$	338,411,075
U.S. Government and Agency Securities	$	73,999,985	$	187,363,736
Sales:
Investments (non-U.S. Government)	$	296,859,147	$	273,755,994
U.S. Government and Agency Securities	$	80,494,220	$	108,639,078

7  Shares of Beneficial Interest

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

Short-Term Municipal Bond Fund
	Year Ended January 31, 2022
	Class A			Class C			Class I
Sales		1,192,418			50,891			6,930,959
Issued to shareholders electing to receive payments of distributions in Fund shares		116,663			2,109			201,729
Redemptions		(2,532,674	)		(174,871	)		(10,646,030	)
Converted from Class C shares		127,144			—			—
Converted to Class A shares		—			(127,673	)		—
Net decrease		(1,096,449	)		(249,544	)		(3,513,342	)
	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

37

Parametric

TABS Municipal Bond Funds

January 31, 2022

Notes to Financial Statements — continued

Intermediate-Term Municipal Bond Fund
	Year Ended January 31, 2022
	Class A			Class C			Class I
Sales		1,201,456			80,394			20,658,776
Issued to shareholders electing to receive payments of distributions in Fund shares		36,308			2,128			325,454
Redemptions		(1,501,941	)		(240,442	)		(12,498,276	)
Converted from Class C shares		31,216			—			—
Converted to Class A shares		—			(31,222	)		—
Net increase (decrease)		(232,961	)		(189,142	)		8,485,954
	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 25, 2022. 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 Secured Overnight Financing Rate (SOFR) 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 2021, an arrangement fee totaling $150,000 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 year ended January 31, 2022.

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.

38

Parametric

TABS Municipal Bond Funds

January 31, 2022

Notes to Financial Statements — continued

At January 31, 2022, 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	$	—	$	274,648,288	$	—	$	274,648,288
Taxable Municipal Obligations		—		2,685,141		—		2,685,141
U.S. Treasury Obligations		—		43,733,989		—		43,733,989
Total Investments	$	—	$	321,067,418	$	—	$	321,067,418
Intermediate-Term Municipal Bond Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	563,402,198	$	—	$	563,402,198
Taxable Municipal Obligations		—		2,603,928		—		2,603,928
U.S. Treasury Obligations		—		102,891,498		—		102,891,498
Total Investments	$	—	$	668,897,624	$	—	$	668,897,624

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.

39

Parametric

TABS Municipal Bond Funds

January 31, 2022

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Parametric TABS Short-Term Municipal Bond Fund and Parametric TABS Intermediate-Term Municipal Bond Fund (collectively, the “Funds”) (certain of the funds constituting Eaton Vance Municipals Trust II), including the portfolios of investments, as of January 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of January 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 23, 2022

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

40

Parametric

TABS Municipal Bond Funds

January 31, 2022

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends and capital gains dividends.

Exempt-Interest Dividends.  For the fiscal year ended January 31, 2022, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

TABS Short-Term Municipal Bond Fund	54.49	%
TABS Intermediate-Term Municipal Bond Fund	73.65	%

Capital Gains Dividends.  The Funds hereby designate the following amounts as a capital gain dividend with respect to the taxable year ended January 31, 2022, or, if subsequently determined to be different, the net capital gains of such year:

TABS Short-Term Municipal Bond Fund	$	832,154
TABS Intermediate-Term Municipal Bond Fund	$	488,151

41

Parametric

TABS Municipal Bond Funds

January 31, 2022

Management and Organization

Fund Management.  The Trustees of Eaton Vance Municipals Trust II (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Board members and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of each Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause each Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for each Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 138 funds (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 137 funds) in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	Since 2007	Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	Since 2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None.
Cynthia E. Frost 1961	Trustee	Since 2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None.
George J. Gorman 1952	Chairperson of the Board and Trustee	Since 2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None.
Valerie A. Mosley 1960	Trustee	Since 2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

42

Parametric

TABS Municipal Bond Funds

January 31, 2022

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Trustee	Since 2003	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships. None.
Helen Frame Peters 1948	Trustee	Since 2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships. None.
Keith Quinton 1958	Trustee	Since 2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	Since 2018	Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	Since 2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	Since 2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None.

43

Parametric

TABS Municipal Bond Funds

January 31, 2022

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President	Since 2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Deidre E. Walsh 1971	Vice President and Chief Legal Officer	Since 2009	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	Since 2007	Vice President of EVM and BMR. Also Vice President of CRM.
Jill R. Damon 1984	Secretary	Since 2022	Vice President of EVM and BMR since 2017. Formerly, associate at Dechert LLP (2009-2017).
Richard F. Froio 1968	Chief Compliance Officer	Since 2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

44

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

45

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.

46

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.

47

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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

6096    1.31.22

Parametric

TABS Laddered Municipal Bond Funds

Annual Report

January 31, 2022

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.

Annual Report January 31, 2022

Parametric

TABS Laddered Municipal Bond Funds

Table of Contents
Management’s Discussion of Fund Performance	2
Performance and Fund Profile
TABS 1-to-10 Year Laddered Municipal Bond Fund	4
TABS 10-to-20 Year Laddered Municipal Bond Fund	6
Endnotes and Additional Disclosures	8
Fund Expenses	9
Financial Statements	11
Report of Independent Registered Public Accounting Firm	37
Federal Tax Information	38
Management and Organization	39
Privacy Notice	42
Important Notices	44

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

As the 12-month period began on February 1, 2021, municipal bonds were at the tail end of a bond rally that had begun in November 2020. From mid-February through June 2021, the bond market reversed course. Yields on municipal bonds and U.S. Treasurys rose and prices declined in anticipation of rising economic growth, driven by a federal government infusion of stimulus financing and progress on COVID-19 vaccinations. In late spring-early summer, high year-over-year inflation also raised investor concerns, putting further upward pressure on interest rates.

By July, however, the emergence of a more contagious Delta variant of COVID-19 threatened the U.S. economic rebound and diminished inflation concerns. Investors again turned to U.S. Treasurys and municipal bonds as relatively safe-haven assets, leading bond prices to rise and interest rates to fall in July.

From August through October, bond prices declined again due, in part, to anticipation that the U.S. Federal Reserve (the Fed) would begin tapering monthly bond purchases, which had helped hold interest rates down through much of the pandemic.

In the closing months of 2021, the Fed confirmed that tapering would begin in November and accelerate in the months to come. The reduction of monetary stimulus put upward pressure on shorter term interest rates, as did passage of President Biden’s $1 trillion infrastructure bill. As the Fed issued more hawkish monetary statements, U.S. Treasury rates rose in December against the backdrop of inflationary concerns and potential interest rate hikes. Municipal bond rates, however, were nearly unchanged during the month.

But as the new year began, municipal investors appeared to reevaluate the twin threats of inflation and projected rate hikes. The Bloomberg Municipal Bond Index, a broad measure of the municipal bond market, declined 2.74% in January 2022, its worst monthly performance in several years. In the third week of January, municipal bond mutual funds and exchange-traded funds experienced net weekly outflows for only the second time in 87 weeks.

For the period as a whole, the municipal bond yield curve experienced a “bear market flattening” in which interest rates rose across the curve, but more so at the shorter maturity end of the curve. The Bloomberg Municipal Bond Index returned -1.89% during the period. While municipal bonds outperformed U.S. Treasurys at the short end of the yield curve — that is, maturities of 5 years or less — municipals underperformed U.S. Treasurys in the middle and long end of the curve — maturities of about 10 years and 30 years, respectively.

Fund Performance

For the 12-month period ended January 31, 2022, Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (the 1-to-10 Year Fund) returned -1.87% for Class A shares at net asset value (NAV), outperforming its benchmark, the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index, which returned -2.02%.

For the 12-month period ended January 31, 2022, Parametric TABS 10-to-20 Year Laddered Municipal Bond Fund (the 10-to-20 Year Fund) returned -1.69% for Class A shares at NAV, outperforming its benchmark, the Bloomberg 15 Year Municipal Bond Index, which returned -2.07%.

Both indexes are unmanaged, and returns do not reflect any applicable sales charges, commissions, or expenses.

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

During the period, the largest contributors to the performance of both Funds versus their respective indexes were active security selection and relative-value trading — a strategy that seeks to take advantage of price and rate differences among similar securities. In particular, both Funds’ overweight positions and security selections in the health care and transportation sectors — which recovered during the period from sharp downturns early in the pandemic — contributed strongly to returns relative to their indexes.

Credit quality contributed to both Funds’ performance versus their respective indexes, as well. Each Fund held overweight positions relative to its index in A rated and BBB rated securities. Those overweight positions benefitted relative performance as credit spreads tightened during the period and lower rated bonds generally outperformed higher rated bonds.

In contrast, yield-curve positioning detracted from the relative performance of both Funds during the period.

See Endnotes and Additional Disclosures in this report.

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

January 31, 2022

Management’s Discussion of Fund Performance¹ — continued

Fund-specific Results

For Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund, duration — in addition to active security selection, relative-value trading, and credit quality — contributed to performance versus its index. The 1-to-10 Year Fund had a modestly shorter duration — or sensitivity to interest rate changes — than its index. This aided relative returns because the 1-to-10 Year Fund’s performance was hurt less than its index’s performance by rising interest rates and declining bond prices during the period.

In contrast, yield-curve positioning — which was largely determined by the 1-to-10 Year Fund’s equal-weighted laddered structure — detracted from performance versus its index. The 1-to-10 Year Fund had an overweight position relative to its index in bonds at the longer end of the maturity range in which it invests. During a period when shorter maturity bonds outperformed longer maturity issues, this positioning hurt relative performance.

For Parametric TABS 10-to-20 Year Laddered Municipal Bond Fund, active security selection, relative-value trading, and credit quality contributed to performance versus its index.

In contrast, duration and yield-curve positioning detracted from performance of the 10-to-20 Year Fund relative to its index. As a result of its equal- weighted laddered structure, the 10-to-20 Year Fund had a modestly longer duration than its index. This detracted from relative returns because the 10-to-20 Year Fund’s performance was hurt more than its index’s performance by rising interest rates and declining bond prices during the period.

The 10-to-20 Year Fund’s yield-curve positioning was largely determined by the Fund’s equal-weighted laddered structure. The Fund’s holdings in bonds with maturities shorter than 12 years — an area of the curve where its 15-year index had no exposure — underperformed longer maturity bonds and, thus, yield-curve positioning detracted from relative returns.

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 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2022

Performance^2,3

Portfolio Manager(s) James H. Evans, CFA, Brian C. Barney, CFA and Alison Wagner, CFA, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class A at NAV		05/04/2015		05/04/2015		–1.87	%		2.29	%		2.15	%
Class A with 2.25% Maximum Sales Charge		—		—		–4.07			1.83			1.80
Class C at NAV		05/04/2015		05/04/2015		–2.60			1.52			1.39
Class C with 1% Maximum Sales Charge		—		—		–3.57			1.52			1.39
Class I at NAV		05/04/2015		05/04/2015		–1.62			2.54			2.42
Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index		—		—		–2.02	%		2.26	%		2.01	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
Gross						0.81	%		1.56	%		0.56	%
Net						0.65			1.40			0.40
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						0.81	%		0.05	%		1.07	%
SEC 30-day Yield - Subsidized						0.25			–0.49			0.51
SEC 30-day Yield - Unsubsidized						0.15			–0.61			0.40

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		05/04/2015		$10,974		N.A.
Class I		$250,000		05/04/2015		$293,781		N.A.

See Endnotes and Additional Disclosures in this report.

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

4

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2022

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

5

Parametric

TABS 10-to-20 Year Laddered Municipal Bond Fund

January 31, 2022

Performance^2,3

Portfolio Manager(s) 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		One Year			Five Years			Since Inception
Class A at NAV		05/04/2015		05/04/2015		–1.69	%		4.73	%		4.56	%
Class A with 4.75% Maximum Sales Charge		—		—		–6.33			3.72			3.80
Class C at NAV		05/04/2015		05/04/2015		–2.43			3.93			3.77
Class C with 1% Maximum Sales Charge		—		—		–3.38			3.93			3.77
Class I at NAV		05/04/2015		05/04/2015		–1.45			4.97			4.82
Bloomberg 15 Year Municipal Bond Index		—		—		–2.07	%		4.27	%		3.88	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
Gross						1.26	%		2.01	%		1.01	%
Net						0.65			1.40			0.40
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						1.69	%		0.93	%		1.95	%
SEC 30-day Yield - Subsidized						0.91			0.20			1.21
SEC 30-day Yield - Unsubsidized						0.39			–0.34			0.66

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		05/04/2015		$12,842		N.A.
Class I		$250,000		05/04/2015		$343,580		N.A.

See Endnotes and Additional Disclosures in this report.

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

6

Parametric

TABS 10-to-20 Year Laddered Municipal Bond Fund

January 31, 2022

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

7

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Endnotes and Additional Disclosures

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

²  Bloomberg 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.

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

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/22. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

⁵  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes 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.

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 profiles subject to change due to active management.

Additional Information

Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S.

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

Credit spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality.

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

8

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2021 – January 31, 2022).

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 (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	973.00	$	3.23	**		0.65	%
Class C	$	1,000.00	$	969.30	$	6.95	**		1.40	%
Class I	$	1,000.00	$	974.20	$	1.99	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.93	$	3.31	**		0.65	%
Class C	$	1,000.00	$	1,018.15	$	7.12	**		1.40	%
Class I	$	1,000.00	$	1,023.19	$	2.04	**		0.40	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021.

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

9

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Fund Expenses — continued

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

	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	963.40	$	3.22	**		0.65	%
Class C	$	1,000.00	$	958.90	$	6.91	**		1.40	%
Class I	$	1,000.00	$	964.60	$	1.98	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.93	$	3.31	**		0.65	%
Class C	$	1,000.00	$	1,018.15	$	7.12	**		1.40	%
Class I	$	1,000.00	$	1,023.19	$	2.04	**		0.40	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021.

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

10

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2022

Portfolio of Investments

Tax-Exempt Municipal Obligations — 97.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.2%
Vermont Municipal Bond Bank, 5.00%, 12/1/28	$	200	$	227,726
			$	227,726
Education — 7.1%
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 0.325%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1)	$	1,000	$	995,110
Bethlehem Area School District Authority, PA, 0.384%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/32(1)		2,300		2,288,937
Los Ranchos de Albuquerque, NM, (Albuquerque Academy):
5.00%, 9/1/26		150		171,002
5.00%, 9/1/27		100		116,395
Miami University, OH, 5.00%, 9/1/30(2)		500		616,600
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 4.00%, 9/1/32		465		554,703
Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/24		250		273,000
UCF Stadium Corp., FL, 5.00%, 3/1/23		250		259,772
University of Florida, 4.00%, 7/1/31		1,000		1,189,380
Vermont State Colleges, 5.00%, 7/1/24		100		104,810
West Clark 2000 School Building Corp., IN, 5.00%, 1/15/23		100		104,062
			$	6,673,771
Electric Utilities — 1.0%
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23	$	175	$	182,578
Seattle, WA, Municipal Light and Power Revenue, 0.31%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1)		500		504,340
Springfield, IL, Electric System Revenue, 5.00%, 3/1/25		250		276,702
			$	963,620
Escrowed / Prerefunded — 1.4%
Michigan Finance Authority, (Trinity Health Credit Group), Prerefunded to 6/1/22, 5.00%, 12/1/27	$	500	$	507,630
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Escrowed to Maturity, 5.00%, 10/1/22		150		154,415
Revere Local School District, OH, Prerefunded to 6/1/22, 5.00%, 12/1/27		200		203,052
Scotts Bluff County School District 0016, NE, (Gering Public Schools):
Prerefunded to 5/30/22, 5.00%, 12/1/25		120		121,808

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Scotts Bluff County School District 0016, NE, (Gering Public Schools): (continued)
Prerefunded to 5/30/22, 5.00%, 12/1/26	$	115	$	116,733
Prerefunded to 5/30/22, 5.00%, 12/1/27		170		172,562
			$	1,276,200
General Obligations — 14.4%
Beaumont, TX, Certificates of Obligation, 4.00%, 3/1/32	$	500	$	577,675
Boulder Valley School District No. Re-2, CO, 4.00%, 12/1/23		125		132,053
Campton Township, IL:
5.00%, 12/15/22		200		207,504
5.00%, 12/15/23		105		112,215
Carrollton-Farmers Branch Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32		750		879,967
Decatur City Board of Education, AL, 5.00%, 2/1/25		50		55,572
El Monte Union High School District, CA, (Election of 2018):
4.00%, 6/1/31		100		111,802
4.00%, 6/1/32		150		167,458
Grand Blanc Community Schools, MI, Prerefunded to 5/1/22, 4.00%, 5/1/27		455		458,990
Illinois:
5.00%, 9/1/27		2,500		2,888,175
5.50%, 5/1/30		1,500		1,857,105
Lakeland, FL:
5.00%, 10/1/22		100		102,997
5.00%, 10/1/24		50		55,014
McLean County Public Building Commission, IL, 5.00%, 12/1/22		250		258,767
New Jersey, 4.00%, 6/1/31		500		580,545
New York, NY, (LOC: TD Bank, N.A.), 0.05%, 9/1/27(3)		500		500,000
Ohio, (Adult Correctional Building Fund):
5.00%, 10/1/29		500		621,500
5.00%, 10/1/30		750		950,085
Richland County School District No. 2, SC, 4.00%, 3/1/32		500		585,430
Rio Grande City Grulla Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/32		500		598,480
West Virginia, 5.00%, 12/1/30		820		1,016,054
Wickliffe School District, OH, 5.00%, 12/1/27		665		785,724
			$	13,503,112
Hospital — 15.6%
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/31	$	1,000	$	1,186,890

11 See Notes to Financial Statements.

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Arizona Health Facilities Authority, (Banner Health), 0.31%, (SIFMA + 0.25%), 11/4/26 (Put Date), 1/1/46(1)	$	2,000	$	2,000,720
Arizona Health Facilities Authority, (Phoenix Children’s Hospital), 1.91%, (SIFMA + 1.85%), 2/1/23 (Put Date), 2/1/48(1)		500		503,410
Colorado Health Facilities Authority, (Vail Valley Medical Center):
4.00%, 1/15/25		25		26,912
5.00%, 1/15/23		25		26,020
Duluth Economic Development Authority, MN, (St. Luke’s Hospital of Duluth Obligated Group):
4.00%, 6/15/32		175		199,826
5.00%, 6/15/24(2)		250		268,420
5.00%, 6/15/25(2)		275		302,585
5.00%, 6/15/26(2)		360		404,111
5.00%, 6/15/27(2)		310		354,578
5.00%, 6/15/32(2)		475		582,326
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/28		1,000		1,201,200
Kentucky Economic Development Finance Authority, (Catholic Health Initiatives), 1.46%, (SIFMA + 1.40%), 2/1/25 (Put Date), 2/1/46(1)		2,000		2,014,520
Maricopa County Industrial Development Authority, AZ, (Banner Health), 0.63%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(1)		915		919,447
New York City Health and Hospitals Corp., NY:
3.00%, 2/15/24		535		555,924
5.00%, 2/15/24		740		798,675
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network):
5.00%, 8/15/25		30		33,836
5.00%, 8/15/26		85		98,410
Pima County Industrial Development Authority, AZ, (Tucson Medical Center):
5.00%, 4/1/31		225		284,609
5.00%, 4/1/32		1,000		1,260,910
Public Finance Authority, WI, (Renown Regional Medical Center):
5.00%, 6/1/25		375		420,233
5.00%, 6/1/26		300		345,465
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/23		35		37,256
San Diego County, CA, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25		35		39,719
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/22		200		207,132

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 7/29/26 (Put Date), 8/15/54	$	500	$	575,865
			$	14,648,999
Housing — 4.7%
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA):
0.85%, 1/1/28	$	100	$	95,114
0.95%, 7/1/28		285		270,924
1.05%, 1/1/29		250		236,878
1.15%, 7/1/29		250		236,278
1.30%, 1/1/30		200		188,628
(SPA: TD Bank, N.A.), 0.06%, 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		701,344
New York Mortgage Agency:
2.05%, 4/1/28		230		230,722
2.10%, 10/1/28		250		250,922
2.25%, 4/1/30		325		325,023
2.30%, 10/1/30		395		395,521
			$	4,431,354
Insured – Education — 0.6%
Northern Arizona University, (BAM), 5.00%, 6/1/30	$	450	$	563,355
			$	563,355
Insured – Escrowed / Prerefunded — 0.3%
Albertville, AL, (BAM), Prerefunded to 6/1/22, 4.00%, 6/1/28	$	250	$	252,990
			$	252,990
Insured – General Obligations — 0.8%
Fort Bend County Municipal Utility District No. 58, TX, (BAM), 3.00%, 4/1/27	$	405	$	427,834
Montgomery County Municipal Utility District No. 9, TX, (BAM), 3.00%, 4/1/27		100		102,190
New Britain, CT:
(BAM), 5.00%, 3/1/25		50		55,468
(BAM), Escrowed to Maturity, 5.00%, 3/1/23		105		109,824
(BAM), Escrowed to Maturity, 5.00%, 3/1/25		5		5,573
			$	700,889

12 See Notes to Financial Statements.

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Lease Revenue / Certificates of Participation — 0.2%
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26	$	180	$	199,744
			$	199,744
Insured – Special Tax Revenue — 1.5%
Successor Agency to Riverside County Redevelopment Agency, CA, (AGM), 5.00%, 10/1/24	$	10	$	10,994
Vineyard Redevelopment Agency, UT:
(AGM), 4.00%, 5/1/32		420		484,583
(AGM), 5.00%, 5/1/27		315		368,900
(AGM), 5.00%, 5/1/28		235		280,729
(AGM), 5.00%, 5/1/29		200		243,036
			$	1,388,242
Insured – Transportation — 3.2%
New Orleans Aviation Board, LA:
(AGM), 5.00%, 1/1/28	$	1,000	$	1,192,200
(AGM), 5.00%, 1/1/29		1,510		1,797,383
			$	2,989,583
Insured – Water and Sewer — 1.7%
Beaumont, TX, Waterworks and Sewer System Revenue, (BAM), 3.00%, 9/1/22	$	25	$	25,350
Hamburg Municipal Authority, PA, Sewer Revenue:
(AGM), 1.50%, 10/1/28		100		98,805
(AGM), 1.50%, 10/1/29		115		110,251
(AGM), 2.00%, 10/1/30		125		125,897
Pittsburgh Water and Sewer Authority, PA, (AGM), 0.71%, (SIFMA + 0.65%), 12/1/23 (Put Date), 9/1/40(1)		1,000		1,006,510
Western Riverside Water and Wastewater Financing Authority, CA, (AGM), 4.00%, 9/1/29		180		208,492
			$	1,575,305
Lease Revenue / Certificates of Participation — 7.4%
Aspen Fire Protection District, CO:
4.00%, 12/1/23	$	120	$	126,209
4.00%, 12/1/25		255		278,746
4.00%, 12/1/26		225		250,326
Forsyth County, NC, Limited Obligation Bonds, 5.00%, 4/1/27		1,000		1,182,010
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/23		225		241,601
Greater Texas Cultural Education Facilities Finance Corp., (Epicenter Multipurpose Facilities), 5.00%, 3/1/29		150		182,043
Indiana Finance Authority, (Stadium Project), (SPA: U.S. Bank, N.A.), 0.11%, 2/1/35(4)		1,960		1,960,000

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Lake Houston Redevelopment Authority, TX:
5.00%, 9/1/27	$	175	$	202,687
5.00%, 9/1/28		225		264,559
5.00%, 9/1/29		225		267,896
5.00%, 9/1/30		235		282,862
Miami-Dade County School Board, FL, 5.00%, 2/1/24		300		322,749
Palm Beach County School Board, FL, 5.00%, 8/1/31		1,000		1,120,080
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25		250		253,330
			$	6,935,098
Other Revenue — 7.2%
California Infrastructure and Economic Development Bank, (California Academy of Sciences), 0.41%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(1)	$	500	$	500,565
Fort Myers, FL, Capital Improvement Revenue:
5.00%, 12/1/27		330		376,147
5.00%, 12/1/28		545		619,899
5.00%, 12/1/29		600		681,732
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 2/1/28 (Put Date), 2/1/50		1,500		1,672,260
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 0.63%, (SIFMA + 0.57%), 12/1/23 (Put Date), 8/1/48(1)		2,000		2,004,340
New York City Cultural Resources Trust, NY, (Carnegie Hall), 5.00%, 12/1/26		275		319,253
Tennessee Energy Acquisition Corp., Gas Project Revenue, 5.00%, 11/1/22		300		309,036
West Virginia School Building Authority, Lottery Revenue:
5.00%, 7/1/24		100		109,223
5.00%, 7/1/25		100		112,506
			$	6,704,961
Senior Living / Life Care — 5.4%
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/31	$	1,225	$	1,396,537
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.):
5.00%, 11/15/24		60		66,140
5.00%, 11/15/25		60		68,032
5.00%, 11/15/29		830		924,827
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/23		100		106,220
Orange County, FL, Health Facilities Authority, (Presbyterian Retirement Communities), 4.00%, 8/1/24		50		53,350

13 See Notes to Financial Statements.

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Virginia Small Business Financing Authority, (LifeSpire of Virginia):
3.00%, 12/1/24	$	220	$	230,483
3.00%, 12/1/25		210		222,566
3.00%, 12/1/26		225		240,448
4.00%, 12/1/31		500		557,215
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home):
4.00%, 11/15/22		70		71,539
4.00%, 11/15/23		75		78,658
4.00%, 11/15/24		115		123,271
4.00%, 11/15/25		125		136,603
4.00%, 11/15/26		120		133,040
4.00%, 11/15/27		120		134,723
4.00%, 11/15/28		105		119,117
4.00%, 11/15/29		140		160,418
4.00%, 11/15/30		190		218,055
			$	5,041,242
Special Tax Revenue — 0.9%
Allentown Neighborhood Improvement Zone Development Authority, PA:
5.00%, 5/1/24(2)	$	150	$	161,322
5.00%, 5/1/25(2)		500		551,410
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/26		100		104,663
			$	817,395
Transportation — 17.0%
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area):
0.36%, (SIFMA + 0.30%), 4/1/27 (Put Date), 4/1/56(1)	$	2,000	$	2,001,040
0.51%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56(1)		1,000		1,007,430
0.96%, (SIFMA + 0.90%), 5/1/23 (Put Date), 4/1/47(1)		500		502,160
Central Texas Regional Mobility Authority:
5.00%, 1/1/25		500		541,775
5.00%, 1/1/27		500		564,295
El Paso, TX, (El Paso International Airport), 5.00%, 8/15/25		660		742,685
Hawaii, Highway Revenue:
5.00%, 1/1/28		500		601,105
5.00%, 1/1/30		250		306,650
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		250		281,305
Maine Turnpike Authority, 5.00%, 7/1/31(2)		1,400		1,768,354

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Metropolitan Transportation Authority, NY:
5.00%, 11/15/28	$	750	$	840,315
Green Bonds, 5.00%, 11/15/25		2,030		2,289,698
Green Bonds, 5.00%, 11/15/26		1,000		1,151,200
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), 5.00%, 12/1/26		1,000		1,141,870
North Carolina Turnpike Authority, (Triangle Expressway System), 5.00%, 2/1/24		1,000		1,073,770
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/22		100		100,384
Triborough Bridge and Tunnel Authority, NY, 0.414%, (67% of SOFR + 0.38%), 2/1/24 (Put Date), 1/1/32(1)		1,000		1,000,320
			$	15,914,356
Water and Sewer — 7.1%
Arizona Water Infrastructure Finance Authority, 5.00%, 10/1/25	$	55	$	60,653
Brushy Creek Regional Utility Authority, Inc., TX, 5.00%, 8/1/24		500		545,880
DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/24		335		369,338
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28		500		560,210
King County, WA, Sewer Revenue, 0.29%, (SIFMA + 0.23%), 1/1/27 (Put Date), 1/1/40(1)		2,000		2,000,760
North Penn Water Authority, PA, 0.52%, (SIFMA + 0.46%), 11/1/23(1)		400		400,724
South Central Connecticut Regional Water Authority:
4.00%, 8/1/23(2)		1,000		1,035,260
5.00%, 8/1/26(2)		1,220		1,384,956
Western Riverside Water and Wastewater Financing Authority, CA, 4.00%, 9/1/25		300		327,213
			$	6,684,994
Total Tax-Exempt Municipal Obligations — 97.7% (identified cost $90,285,760)			$	91,492,936
Short-Term Investments — 10.3%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.08%(5)		9,634,827	$	9,633,863
Total Short-Term Investments (identified cost $9,633,864)			$	9,633,863
Total Investments — 108.0% (identified cost $99,919,624)			$	101,126,799
Other Assets, Less Liabilities — (8.0)%			$	(7,462,702	)
Net Assets — 100.0%			$	93,664,097

14 See Notes to Financial Statements.

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2022

Portfolio of Investments — continued

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

At January 31, 2022, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

New York	11.7%
Others, representing less than 10% individually	86.0%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2022, 7.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.7% to 5.9% of total investments.

⁽¹⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2022.

⁽²⁾  When-issued security.

⁽³⁾  Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2022.

⁽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 January 31, 2022.

⁽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 January 31, 2022.

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
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

15 See Notes to Financial Statements.

Parametric

TABS 10-to-20 Year Laddered Municipal Bond Fund

January 31, 2022

Portfolio of Investments

Tax-Exempt Municipal Obligations — 96.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 2.5%
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/36	$	460	$	496,105
			$	496,105
Education — 7.4%
Arizona State University, 4.00%, 7/1/40	$	500	$	573,785
Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 4.00%, 9/1/40		250		278,405
University of Florida, 4.00%, 7/1/31		215		255,717
University of Michigan:
4.00%, 4/1/38		60		69,310
4.00%, 4/1/40		250		287,502
			$	1,464,719
Electric Utilities — 0.3%
Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 4.00%, 12/1/35	$	50	$	54,318
			$	54,318
Escrowed / Prerefunded — 0.3%
Tucson, AZ, Water System Revenue, Prerefunded to 7/1/25, 5.00%, 7/1/32	$	60	$	67,740
			$	67,740
General Obligations — 17.3%
California, 4.00%, 9/1/32	$	225	$	247,277
Colonial School District, PA, 5.00%, 2/15/36		100		112,712
Connecticut, 4.00%, 6/1/33		350		407,736
Illinois, 5.50%, 5/1/39		700		852,887
La Canada Unified School District, CA, (Election of 2017), 4.00%, 8/1/40		140		160,944
Lakeland, FL:
5.00%, 10/1/29		100		111,461
5.00%, 10/1/31		100		111,428
Lewis and Thurston Counties Centralia School District No. 401, WA, 5.00%, 12/1/37		145		168,996
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/33		125		139,378
Mississippi Development Bank, (Rankin County School District), 4.00%, 6/1/38		160		178,885
Monterey Peninsula Community College District, CA, 4.00%, 8/1/33		100		109,353

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	$	250	$	298,602
4.00%, 8/15/34		250		297,988
Rowland Unified School District, CA, (Election of 2012), 0.00%, 8/1/34		400		240,388
			$	3,438,035
Hospital — 17.7%
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/31	$	250	$	296,722
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.):
4.00%, 4/1/34		250		286,035
4.00%, 4/1/39		500		564,680
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35		500		571,595
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/31		50		55,496
New York City Health and Hospitals Corp., NY:
5.00%, 2/15/37		325		407,062
5.00%, 2/15/38		345		431,278
New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/39		250		266,573
Pima County Industrial Development Authority, AZ, (Tucson Medical Center), 5.00%, 4/1/33		150		189,042
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36		150		162,357
Tampa, FL, (H. Lee Moffitt Cancer Center):
4.00%, 7/1/38		150		169,946
5.00%, 7/1/35		100		123,855
			$	3,524,641
Housing — 0.5%
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33	$	91	$	94,633
			$	94,633
Insured – Education — 1.2%
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/29	$	200	$	230,002
			$	230,002

16 See Notes to Financial Statements.

Parametric

TABS 10-to-20 Year Laddered Municipal Bond Fund

January 31, 2022

Portfolio of Investments — 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	$	62,620
(AGM), 0.00%, 8/1/35		100		56,533
Yonkers, NY, (BAM), Series 2019A, 5.00%, 5/1/31		150		184,595
			$	303,748
Insured – Special Tax Revenue — 1.5%
Vineyard Redevelopment Agency, UT:
(AGM), 4.00%, 5/1/33	$	150	$	172,977
(AGM), 4.00%, 5/1/35		115		132,084
			$	305,061
Insured – Transportation — 2.1%
New Orleans Aviation Board, LA:
(AGM), 5.00%, 1/1/32	$	100	$	118,293
(AGM), 5.00%, 1/1/33		100		118,237
(AGM), 5.00%, 1/1/34		150		177,300
			$	413,830
Lease Revenue / Certificates of Participation — 3.9%
Lake Houston Redevelopment Authority, TX:
3.00%, 9/1/34	$	190	$	192,033
4.00%, 9/1/33		150		168,855
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/33		150		162,417
Palo Alto, CA, (California Avenue Parking Garage):
5.00%, 11/1/37		100		121,947
5.00%, 11/1/38		115		140,027
			$	785,279
Other Revenue — 2.8%
Fort Myers, FL, Capital Improvement Revenue:
5.00%, 12/1/30	$	100	$	113,622
5.00%, 12/1/36		250		282,355
Wisconsin, Environmental Improvement Fund Revenue:
5.00%, 6/1/34		50		55,805
5.00%, 6/1/35		100		111,542
			$	563,324
Senior Living / Life Care — 11.4%
Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/32	$	350	$	398,314
Colorado Health Facilities Authority, (Covenant Living Communities and Services), 4.00%, 12/1/40		500		561,920

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Maryland Health and Higher Educational Facilities Authority, (Broadmead):
5.00%, 7/1/31	$	150	$	171,232
5.00%, 7/1/32		220		250,901
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/31		100		111,388
Orange County Health Facilities Authority, FL, (Presbyterian Retirement Communities), 5.00%, 8/1/35		150		166,050
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home):
4.00%, 11/15/31		200		228,292
4.00%, 11/15/36		220		248,422
4.00%, 11/15/41		125		139,884
			$	2,276,403
Special Tax Revenue — 6.0%
Baltimore, MD, Special Tax Obligation, 5.00%, 6/15/29	$	50	$	53,772
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 2/1/42(1)		500		570,435
Queen Creek, AZ, Excise Tax and State Shared Revenue, 4.00%, 8/1/37		480		560,798
			$	1,185,005
Transportation — 17.1%
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 0.96%, (SIFMA + 0.90%), 5/1/23 (Put Date), 4/1/47(2)	$	150	$	150,648
Central Texas Regional Mobility Authority:
4.00%, 1/1/35		250		282,730
4.00%, 1/1/36		200		225,970
Chicago, IL, (O’Hare International Airport):
4.00%, 1/1/36		500		571,560
5.00%, 1/1/37		250		290,910
Pennsylvania Turnpike Commission, 5.00%, 12/1/34		500		629,750
Port Authority of New York and New Jersey, 4.00%, 7/15/38		500		568,005
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/36		200		238,458
Texas Transportation Commission, (Central Texas Turnpike System):
0.00%, 8/1/35		300		188,046
0.00%, 8/1/38		500		266,905
			$	3,412,982

17 See Notes to Financial Statements.

Parametric

TABS 10-to-20 Year Laddered Municipal Bond Fund

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer — 3.2%
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/30	$	50	$	56,021
San Diego Public Facilities Financing Authority, CA, Water Revenue, 4.00%, 8/1/40		500		574,040
			$	630,061
Total Tax-Exempt Municipal Obligations — 96.7% (identified cost $18,649,492)			$	19,245,886
Short-Term Investments — 7.0%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.08%(3)		1,399,692	$	1,399,552
Total Short-Term Investments (identified cost $1,399,552)			$	1,399,552
Total Investments — 103.7% (identified cost $20,049,044)			$	20,645,438
Other Assets, Less Liabilities — (3.7)%			$	(740,518	)
Net Assets — 100.0%			$	19,904,920

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

At January 31, 2022, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

New York	12.5%
California	11.2%
Others, representing less than 10% individually	73.0%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2022, 6.1% 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 2.0% to 4.1% of total investments.

⁽¹⁾  When-issued security.

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2022.

⁽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 January 31, 2022.

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

18 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Statements of Assets and Liabilities

	January 31, 2022
Assets	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Unaffiliated investments, at value (identified cost, $90,285,760 and $18,649,492, respectively)	$	91,492,936	$	19,245,886
Affiliated investment, at value (identified cost, $9,633,864 and $1,399,552, respectively)		9,633,863		1,399,552
Interest receivable		632,214		175,044
Dividends receivable from affiliated investment		1,296		154
Receivable for investments sold		—		6,058
Receivable for Fund shares sold		65,261		730
Receivable from affiliates		8,935		9,000
Total assets	$	101,834,505	$	20,836,424
Liabilities
Payable for when-issued securities	$	7,632,287	$	580,880
Payable for Fund shares redeemed		415,765		285,385
Distributions payable		207		—
Payable to affiliates:
Investment adviser and administration fee		26,221		5,597
Distribution and service fees		6,399		1,526
Accrued expenses		89,529		58,116
Total liabilities	$	8,170,408	$	931,504
Net Assets	$	93,664,097	$	19,904,920
Sources of Net Assets
Paid-in capital	$	92,384,640	$	19,298,629
Distributable earnings		1,279,457		606,291
Net Assets	$	93,664,097	$	19,904,920
Class A Shares
Net Assets	$	14,525,682	$	5,139,103
Shares Outstanding		1,371,692		457,543
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.59	$	11.23
Maximum Offering Price Per Share
(100 ÷ 97.75 and 95.25, respectively, of net asset value per share)	$	10.83	$	11.79
Class C Shares
Net Assets	$	3,590,899	$	475,763
Shares Outstanding		339,073		42,352
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.59	$	11.23
Class I Shares
Net Assets	$	75,547,516	$	14,290,054
Shares Outstanding		7,125,985		1,272,094
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.60	$	11.23

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.

19 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Statements of Operations

	Year Ended January 31, 2022
Investment Income	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
Interest	$	1,410,683		$	492,915
Dividends from affiliated investment		8,747			1,127
Total investment income	$	1,419,430		$	494,042
Expenses
Investment adviser and administration fee	$	289,839		$	67,511
Distribution and service fees
Class A		39,940			14,583
Class C		39,557			6,045
Trustees’ fees and expenses		4,952			1,513
Custodian fee		30,796			19,048
Transfer and dividend disbursing agent fees		29,506			8,345
Legal and accounting services		43,477			38,273
Printing and postage		7,679			7,488
Registration fees		57,349			43,935
Miscellaneous		12,379			10,233
Total expenses	$	555,474		$	216,974
Deduct —
Allocation of expenses to affiliates	$	113,981		$	111,643
Total expense reductions	$	113,981		$	111,643
Net expenses	$	441,493		$	105,331
Net investment income	$	977,937		$	388,711
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	186,033		$	145,304
Investment transactions — affiliated investment		(885	)		(53	)
Net realized gain	$	185,148		$	145,251
Change in unrealized appreciation (depreciation) —
Investments	$	(2,947,008	)	$	(898,194	)
Investments — affiliated investment		(1	)		—
Net change in unrealized appreciation (depreciation)	$	(2,947,009	)	$	(898,194	)
Net realized and unrealized loss	$	(2,761,861	)	$	(752,943	)
Net decrease in net assets from operations	$	(1,783,924	)	$	(364,232	)

20 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Statements of Changes in Net Assets

	Year Ended January 31, 2022
Increase (Decrease) in Net Assets	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
From operations —
Net investment income	$	977,937		$	388,711
Net realized gain		185,148			145,251
Net change in unrealized appreciation (depreciation)		(2,947,009	)		(898,194	)
Net decrease in net assets from operations	$	(1,783,924	)	$	(364,232	)
Distributions to shareholders —
Class A	$	(172,745	)	$	(153,766	)
Class C		(13,244	)		(12,069	)
Class I		(952,556	)		(419,328	)
Total distributions to shareholders	$	(1,138,545	)	$	(585,163	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	6,050,061		$	2,139,678
Class C		366,553			182,531
Class I		33,631,922			8,326,515
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		167,915			153,766
Class C		13,244			12,069
Class I		949,843			418,129
Cost of shares redeemed
Class A		(14,026,180	)		(1,794,498	)
Class C		(672,446	)		(216,405	)
Class I		(23,039,153	)		(10,985,720	)
Net increase (decrease) in net assets from Fund share transactions	$	3,441,759		$	(1,763,935	)
Net increase (decrease) in net assets	$	519,290		$	(2,713,330	)
Net Assets
At beginning of year	$	93,144,807		$	22,618,250
At end of year	$	93,664,097		$	19,904,920

21 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

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

22 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Financial Highlights

	1-to-10 Year Laddered Fund — Class A
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	10.910		$	10.600		$	10.240		$	10.170		$	10.120
Income (Loss) From Operations
Net investment income	$	0.102		$	0.132		$	0.172		$	0.157		$	0.129
Net realized and unrealized gain (loss)		(0.303	)		0.308			0.360			0.070			0.050
Total income (loss) from operations	$	(0.201	)	$	0.440		$	0.532		$	0.227		$	0.179
Less Distributions
From net investment income	$	(0.100	)	$	(0.130	)	$	(0.172	)	$	(0.157	)	$	(0.129	)
From net realized gain		(0.019	)		—			—			—			—
Total distributions	$	(0.119	)	$	(0.130	)	$	(0.172	)	$	(0.157	)	$	(0.129	)
Net asset value — End of year	$	10.590		$	10.910		$	10.600		$	10.240		$	10.170
Total Return(1)(2)		(1.87	)%		4.19	%		5.23	%		2.26	%		1.76	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	14,526		$	22,853		$	19,901		$	17,978		$	16,877
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		0.92	%		1.23	%		1.64	%		1.56	%		1.25	%
Portfolio Turnover		34	%		81	%		41	%		91	%		19	%

⁽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% and 0.24% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

23 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Financial Highlights — continued

	1-to-10 Year Laddered Fund — Class C
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	10.910		$	10.590		$	10.240		$	10.170		$	10.120
Income (Loss) From Operations
Net investment income	$	0.019		$	0.053		$	0.093		$	0.081		$	0.052
Net realized and unrealized gain (loss)		(0.302	)		0.318			0.350			0.070			0.050
Total income (loss) from operations	$	(0.283	)	$	0.371		$	0.443		$	0.151		$	0.102
Less Distributions
From net investment income	$	(0.018	)	$	(0.051	)	$	(0.093	)	$	(0.081	)	$	(0.052	)
From net realized gain		(0.019	)		—			—			—			—
Total distributions	$	(0.037	)	$	(0.051	)	$	(0.093	)	$	(0.081	)	$	(0.052	)
Net asset value — End of year	$	10.590		$	10.910		$	10.590		$	10.240		$	10.170
Total Return(1)(2)		(2.60	)%		3.52	%		4.35	%		1.50	%		1.00	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	3,591		$	3,994		$	3,875		$	3,951		$	3,638
Ratios (as a percentage of average daily net assets):
Expenses(2)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Net investment income		0.17	%		0.48	%		0.90	%		0.80	%		0.50	%
Portfolio Turnover		34	%		81	%		41	%		91	%		19	%

⁽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% and 0.24% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

24 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Financial Highlights — continued

	1-to-10 Year Laddered Fund — Class I
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	10.920		$	10.610		$	10.250		$	10.180		$	10.130
Income (Loss) From Operations
Net investment income	$	0.127		$	0.159		$	0.198		$	0.182		$	0.156
Net realized and unrealized gain (loss)		(0.301	)		0.308			0.360			0.070			0.050
Total income (loss) from operations	$	(0.174	)	$	0.467		$	0.558		$	0.252		$	0.206
Less Distributions
From net investment income	$	(0.127	)	$	(0.157	)	$	(0.198	)	$	(0.182	)	$	(0.156	)
From net realized gain		(0.019	)		—			—			—			—
Total distributions	$	(0.146	)	$	(0.157	)	$	(0.198	)	$	(0.182	)	$	(0.156	)
Net asset value — End of year	$	10.600		$	10.920		$	10.610		$	10.250		$	10.180
Total Return(1)(2)		(1.62	)%		4.45	%		5.49	%		2.51	%		2.03	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	75,548		$	66,298		$	47,792		$	31,936		$	42,106
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		1.17	%		1.46	%		1.88	%		1.79	%		1.51	%
Portfolio Turnover		34	%		81	%		41	%		91	%		19	%

⁽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% and 0.24% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

25 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class A
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	11.730		$	11.410		$	10.560		$	10.530		$	10.260
Income (Loss) From Operations
Net investment income	$	0.198		$	0.218		$	0.275		$	0.272		$	0.255
Net realized and unrealized gain (loss)		(0.389	)		0.492			0.870			0.068			0.270
Total income (loss) from operations	$	(0.191	)	$	0.710		$	1.145		$	0.340		$	0.525
Less Distributions
From net investment income	$	(0.198	)	$	(0.215	)	$	(0.277	)	$	(0.271	)	$	(0.255	)
From net realized gain		(0.111	)		(0.175	)		(0.018	)		(0.039	)		—
Total distributions	$	(0.309	)	$	(0.390	)	$	(0.295	)	$	(0.310	)	$	(0.255	)
Net asset value — End of year	$	11.230		$	11.730		$	11.410		$	10.560		$	10.530
Total Return(1)(2)		(1.69	)%		6.35	%		10.97	%		3.30	%		5.14	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	5,139		$	4,881		$	970		$	297		$	336
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.69	%		1.79	%		2.45	%		2.59	%		2.44	%
Portfolio Turnover		24	%		62	%		33	%		44	%		53	%

⁽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 0.53%, 0.61%, 0.94%, 1.25% and 1.42% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

26 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class C
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	11.730		$	11.410		$	10.570		$	10.540		$	10.270
Income (Loss) From Operations
Net investment income	$	0.111		$	0.135		$	0.193		$	0.194		$	0.176
Net realized and unrealized gain (loss)		(0.389	)		0.490			0.859			0.068			0.270
Total income (loss) from operations	$	(0.278	)	$	0.625		$	1.052		$	0.262		$	0.446
Less Distributions
From net investment income	$	(0.111	)	$	(0.130	)	$	(0.194	)	$	(0.193	)	$	(0.176	)
From net realized gain		(0.111	)		(0.175	)		(0.018	)		(0.039	)		—
Total distributions	$	(0.222	)	$	(0.305	)	$	(0.212	)	$	(0.232	)	$	(0.176	)
Net asset value — End of year	$	11.230		$	11.730		$	11.410		$	10.570		$	10.540
Total Return(1)(2)		(2.43	)%		5.56	%		10.04	%		2.53	%		4.35	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	476		$	522		$	521		$	331		$	380
Ratios (as a percentage of average daily net assets):
Expenses(2)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Net investment income		0.95	%		1.14	%		1.73	%		1.85	%		1.66	%
Portfolio Turnover		24	%		62	%		33	%		44	%		53	%

⁽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 0.53%, 0.61%, 0.94%, 1.25% and 1.42% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

27 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class I
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	11.730		$	11.410		$	10.560		$	10.530		$	10.270
Income (Loss) From Operations
Net investment income	$	0.228		$	0.248		$	0.304		$	0.298		$	0.281
Net realized and unrealized gain (loss)		(0.390	)		0.491			0.869			0.069			0.261
Total income (loss) from operations	$	(0.162	)	$	0.739		$	1.173		$	0.367		$	0.542
Less Distributions
From net investment income	$	(0.227	)	$	(0.244	)	$	(0.305	)	$	(0.298	)	$	(0.282	)
From net realized gain		(0.111	)		(0.175	)		(0.018	)		(0.039	)		—
Total distributions	$	(0.338	)	$	(0.419	)	$	(0.323	)	$	(0.337	)	$	(0.282	)
Net asset value — End of year	$	11.230		$	11.730		$	11.410		$	10.560		$	10.530
Total Return(1)(2)		(1.45	)%		6.61	%		11.25	%		3.56	%		5.30	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	14,290		$	17,216		$	12,708		$	8,415		$	8,358
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		1.94	%		2.10	%		2.73	%		2.85	%		2.65	%
Portfolio Turnover		24	%		62	%		33	%		44	%		53	%

⁽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 0.53%, 0.61%, 0.94%, 1.25% and 1.42% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

28 See Notes to Financial Statements.

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance Municipals Trust II (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Trust presently consists of six funds, two of which, each diversified, are included in these financial statements. They include 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 January 31, 2022, 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.

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Notes to Financial Statements — continued

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

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

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

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2022 and January 31, 2021 was as follows:

	Year Ended January 31, 2022
	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Tax-exempt income	$	966,408	$	387,220
Ordinary income	$	110,494	$	116,103
Long-term capital gains	$	61,643	$	81,840
	Year Ended January 31, 2021
	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Tax-exempt income	$	988,634	$	356,656
Ordinary income	$	37,263	$	155,495
Long-term capital gains	$	—	$	195,502

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TABS Laddered Municipal Bond Funds

January 31, 2022

Notes to Financial Statements — continued

During the year ended January 31, 2022, the following amounts were reclassified due to the Funds’ use of equalization accounting. Tax equalization accounting allows the Funds to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Funds.

	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
Change in:
Paid-in capital	$	32,998		$	74,320
Distributable earnings	$	(32,998	)	$	(74,320	)

As of January 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
Undistributed tax-exempt income	$	15,551		$	8,363
Undistributed ordinary income		16,687			675
Undistributed long-term capital gains		30,809			761
Net unrealized appreciation		1,216,617			596,492
Distributions payable		(207	)		—
Distributable earnings	$	1,279,457		$	606,291

The cost and unrealized appreciation (depreciation) of investments of each Fund at January 31, 2022, 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	$	99,910,182		$	20,048,946
Gross unrealized appreciation	$	2,181,946		$	724,580
Gross unrealized depreciation		(965,329	)		(128,088	)
Net unrealized appreciation	$	1,216,617		$	596,492

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 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	%

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Notes to Financial Statements — continued

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 year ended January 31, 2022, 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	$	289,839		$	67,511
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 and excluding such expenses as borrowing costs, taxes or litigation expenses) 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 $113,981 and $111,643 in total of operating expenses of 1-to-10 Year Laddered Fund and 10-to-20 Year Laddered Fund, respectively, for the year ended January 31, 2022.

EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the year ended January 31, 2022 were as follows:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
EVM’s Sub-Transfer Agent Fees	$	2,298	$	1,120
EVD’s Class A Sales Charges	$	1,024	$	857

Trustees and officers of the Funds who are members of EVM’s organization receive remuneration for their services to the Funds out of the investment adviser and administration fee. Trustees of the Funds who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

4  Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2022 for Class A shares amounted to the following:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Class A Distribution and Service Fees	$	39,940	$	14,583

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Notes to Financial Statements — continued

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 year ended January 31, 2022, 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	$	29,668	$	4,534

Pursuant to the Class C Plan, the Funds also make payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of the average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2022 amounted to the following:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Class C Service Fees	$	9,889	$	1,511

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 year ended January 31, 2022, 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	$	500	$	—

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended January 31, 2022 were as follows:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Purchases	$	42,267,742	$	4,744,196
Sales	$	27,989,568	$	5,255,064

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TABS Laddered Municipal Bond Funds

January 31, 2022

Notes to Financial Statements — continued

7  Shares of Beneficial Interest

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

1-to-10 Year Laddered Fund
	Year Ended January 31, 2022
	Class A			Class C			Class I
Sales		556,525			33,698			3,090,695
Issued to shareholders electing to receive payments of distributions in Fund shares		15,497			1,221			87,577
Redemptions		(1,294,640	)		(61,857	)		(2,122,112	)
Net increase (decrease)		(722,618	)		(26,938	)		1,056,160
	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
10-to-20 Year Laddered Fund
	Year Ended January 31, 2022
	Class A			Class C			Class I
Sales		182,612			15,466			712,417
Issued to shareholders electing to receive payments of distributions in Fund shares		13,227			1,038			35,986
Redemptions		(154,396	)		(18,628	)		(943,932	)
Net increase (decrease)		41,443			(2,124	)		(195,529	)
	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 25, 2022. 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 Secured Overnight Financing Rate (SOFR) 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

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Notes to Financial Statements — continued

the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 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 year ended January 31, 2022.

9  Investments in Affiliated Funds

At January 31, 2022, the value of investments in affiliated funds was $9,633,863 for 1-to-10 Year Laddered Fund, representing 10.3% of its net assets and $1,399,552 for 10-to-20 Year Laddered Fund, representing 7.0% of its net assets. Transactions in affiliated funds by the Funds for the year ended January 31, 2022 were as follows:

1-to-10 Year Laddered Fund
Name	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	$	51,908,950	$	(57,811,160	)	$	(885	)	$	(1	)	$	9,633,863	$	8,747		9,634,827

10-to-20 Year Laddered Fund
Name	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	$	12,084,665	$	(12,452,765	)	$	(53	)	$	—	$	1,399,552	$	1,127		1,399,692

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 January 31, 2022, 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	$	—	$	91,492,936	$	—	$	91,492,936
Short-Term Investments		—		9,633,863		—		9,633,863
Total Investments	$	—	$	101,126,799	$	—	$	101,126,799

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TABS Laddered Municipal Bond Funds

January 31, 2022

Notes to Financial Statements — continued

10-to-20 Year Laddered Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	19,245,886	$	—	$	19,245,886
Short-Term Investments		—		1,399,552		—		1,399,552
Total Investments	$	—	$	20,645,438	$	—	$	20,645,438

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.

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TABS Laddered Municipal Bond Funds

January 31, 2022

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund and Parametric TABS 10-to-20 Year Laddered Municipal Bond Fund (collectively, the “Funds”) (certain of the funds constituting Eaton Vance Municipals Trust II), including the portfolios of investments, as of January 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of January 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 23, 2022

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

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Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends and capital gains dividends.

Exempt-Interest Dividends.  For the fiscal year ended January 31, 2022, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

TABS 1-to-10 Year Laddered Municipal Bond Fund	89.74	%
TABS 10-to-20 Year Laddered Municipal Bond Fund	76.93	%

Capital Gains Dividends. The Funds hereby designate as a capital gain dividend with respect to the taxable year ended January 31, 2022, the following amounts or, if subsequently determined to be different, the net capital gain of such year:

TABS 1-to-10 Year Laddered Municipal Bond Fund	$	113,213
TABS 10-to-20 Year Laddered Municipal Bond Fund	$	74,014

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TABS Laddered Municipal Bond Funds

January 31, 2022

Management and Organization

Fund Management.  The Trustees of Eaton Vance Municipals Trust II (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Board members and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of each Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for each Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly-owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 138 funds (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 137 funds) in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	Since 2007	Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	Since 2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None.
Cynthia E. Frost 1961	Trustee	Since 2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None.
George J. Gorman 1952	Chairperson of the Board and Trustee	Since 2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None.
Valerie A. Mosley 1960	Trustee	Since 2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

39

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Trustee	Since 2003	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships. None.
Helen Frame Peters 1948	Trustee	Since 2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships. None.
Keith Quinton 1958	Trustee	Since 2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	Since 2018	Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	Since 2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	Since 2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None.

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President	Since 2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

40

Parametric

TABS Laddered Municipal Bond Funds

January 31, 2022

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Deidre E. Walsh 1971	Vice President and Chief Legal Officer	Since 2009	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	Since 2007	Vice President of EVM and BMR. Also Vice President of CRM.
Jill R. Damon 1984	Secretary	Since 2022	Vice President of EVM and BMR since 2017. Formerly, associate at Dechert LLP (2009-2017).
Richard F. Froio 1968	Chief Compliance Officer	Since 2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

The SAI for each Fund includes additional information about the Trustees and officers of the Trust and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-260-0761.

41

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

42

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.

43

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.

44

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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

21124    1.31.22

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

Annual Report

January 31, 2022

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.

Annual Report January 31, 2022

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	17 and 38
Federal Tax Information	18
Management and Organization	39
Privacy Notice	42
Important Notices	44

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

As the 12-month period began on February 1, 2021, municipal bonds were at the tail end of a bond rally that had begun in November 2020. From mid-February through June 2021, the bond market reversed course. Yields on municipal bonds and U.S. Treasurys rose and prices declined in anticipation of rising economic growth, driven by a federal government infusion of stimulus financing and progress on COVID-19 vaccinations. In late spring-early summer, high year-over-year inflation also raised investor concerns, putting further upward pressure on interest rates.

By July, however, the emergence of a more contagious Delta variant of COVID-19 threatened the U.S. economic rebound and diminished inflation concerns. Investors again turned to U.S. Treasurys and municipal bonds as relatively safe-haven assets, leading bond prices to rise and interest rates to fall in July.

From August through October, bond prices declined again due, in part, to anticipation that the U.S. Federal Reserve (the Fed) would begin tapering monthly bond purchases, which had helped hold interest rates down through much of the pandemic.

In the closing months of 2021, the Fed confirmed that tapering would begin in November and accelerate in the months to come. The reduction of monetary stimulus put upward pressure on shorter term interest rates, as did passage of President Biden’s $1 trillion infrastructure bill. As the Fed issued more hawkish monetary statements, U.S. Treasury rates rose in December against the backdrop of inflationary concerns and potential interest rate hikes. Municipal bond rates, however, were nearly unchanged during the month.

But as the new year began, municipal investors appeared to reevaluate the twin threats of inflation and projected rate hikes. The Bloomberg Municipal Bond Index, a broad measure of the municipal bond market, declined 2.74% in January 2022, its worst monthly performance in several years. In the third week of January, municipal bond mutual funds and exchange-traded funds experienced net weekly outflows for only the second time in 87 weeks.

For the period as a whole, the municipal bond yield curve experienced a “bear market flattening” in which interest rates rose across the curve, but more so at the shorter maturity end of the curve. The Bloomberg Municipal Bond Index returned -1.89% during the period. While municipal bonds outperformed U.S. Treasurys at the short end of the yield curve — that is, maturities of 5 years or less — municipals underperformed U.S. Treasurys in the middle and long end of the curve — maturities of about 10 years and 30 years, respectively.

Fund Performance

For the 12-month period ended January 31, 2022, Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (the Fund) returned -2.73% for Class A shares at net asset value (NAV), underperforming its primary benchmark, the Bloomberg 10 Year Municipal Bond Index (the Index), which returned -2.52%.

The Index is unmanaged, and returns do not reflect any applicable sales charges, commissions, or expenses.

The Fund provides rules-based, approximately equal-weighted exposure in each year across the 5-to-15-year maturity portion of the yield curve, with the objective of seeking current income exempt from regular federal income tax. Management seeks to add incremental return through active security selection and in-depth credit analysis.

Yield-curve positioning, which was largely determined by the Fund’s equal-weighted laddered structure, detracted from Fund performance versus the Index. The Fund’s holdings in bonds with maturities shorter than eight years — an area of the curve where the Index had no exposure — underperformed longer maturity bonds and, thus, detracted from relative returns during the period.

In contrast, active security selection, relative-value trading, duration, and credit quality contributed to Fund performance versus the Index during the period.

Active security selection and relative-value trading — a strategy that seeks to take advantage of price and rate differences among similar securities — were the largest contributors to relative returns. In particular, relative performance benefited from security selections and overweight positions relative to the Index in the health care and transportation sectors, which recovered during the period from sharp downturns early in the pandemic.

In addition, the Fund had a modestly shorter duration — or sensitivity to interest rate changes — than the Index. This aided relative returns because Fund performance was hurt less than Index performance by rising interest rates and declining bond prices during the period.

With regard to credit quality, the Fund’s overweight positions in A rated and BBB rated bonds benefitted performance as credit spreads tightened during the period and lower rated bonds generally outperformed higher rated bonds.

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

January 31, 2022

Performance^2,3

Portfolio Manager(s) 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		One Year			Five Years			Ten Years
Class A at NAV		02/01/2010		02/01/2010		–2.73	%		3.04	%		3.64	%
Class A with 4.75% Maximum Sales Charge		—		—		–7.35			2.05			3.14
Class C at NAV		02/01/2010		02/01/2010		–3.47			2.28			3.03
Class C with 1% Maximum Sales Charge		—		—		–4.42			2.28			3.03
Class I at NAV		02/01/2010		02/01/2010		–2.49			3.30			3.90
Bloomberg 10 Year Municipal Bond Index		—		—		–2.52	%		3.51	%		3.20	%
Bloomberg 15 Year Municipal Bond Index		—		—		–2.07			4.27			3.90
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
Gross						0.68	%		1.43	%		0.43	%
Net						0.65			1.40			0.40
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						1.38	%		0.61	%		1.63	%
SEC 30-day Yield - Subsidized						0.59			–0.14			0.87
SEC 30-day Yield - Unsubsidized						0.57			–0.16			0.85

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		01/31/2012		$13,476		N.A.
Class I		$250,000		01/31/2012		$366,746		N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance 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 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Fund Profile⁶

Credit Quality (% of total investments)⁷

See Endnotes and Additional Disclosures in this report.

4

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Endnotes and Additional Disclosures

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

²  Bloomberg 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.

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

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.

Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/22. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

⁵  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes 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.

⁶  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.

⁷  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.

Additional Information

Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S.

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

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

Credit spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality.

5

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2021 – January 31, 2022).

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

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

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

	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	963.70	$	3.22	**		0.65	%
Class C	$	1,000.00	$	959.30	$	6.91	**		1.40	%
Class I	$	1,000.00	$	964.90	$	1.98	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.93	$	3.31	**		0.65	%
Class C	$	1,000.00	$	1,018.15	$	7.12	**		1.40	%
Class I	$	1,000.00	$	1,023.19	$	2.04	**		0.40	%

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

6

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Statement of Assets and Liabilities

Assets	January 31, 2022
Investment in 5-to-15 Year Laddered Municipal Bond Portfolio, at value (identified cost, $920,130,526)	$	936,704,158
Receivable for Fund shares sold		4,593,889
Total assets	$	941,298,047
Liabilities
Payable for Fund shares redeemed	$	2,821,930
Distributions payable		263,823
Payable to affiliates:
Distribution and service fees		44,422
Other		5,442
Accrued expenses		143,428
Total liabilities	$	3,279,045
Net Assets	$	938,019,002
Sources of Net Assets
Paid-in capital	$	925,843,785
Distributable earnings		12,175,217
Net Assets	$	938,019,002
Class A Shares
Net Assets	$	81,891,961
Shares Outstanding		6,449,287
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.70
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	13.33
Class C Shares
Net Assets	$	30,794,830
Shares Outstanding		2,426,151
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	12.69
Class I Shares
Net Assets	$	825,332,211
Shares Outstanding		65,042,607
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.69

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

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

7 See Notes to Financial Statements.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Statement of Operations

Investment Income	Year Ended January 31, 2022
Interest allocated from Portfolio	$	19,372,416
Expenses allocated from Portfolio		(3,329,874	)
Total investment income from Portfolio	$	16,042,542
Expenses
Distribution and service fees
Class A	$	210,591
Class C		348,216
Trustees’ fees and expenses		500
Custodian fee		59,482
Transfer and dividend disbursing agent fees		295,937
Legal and accounting services		31,474
Printing and postage		35,246
Registration fees		113,076
Miscellaneous		12,751
Total expenses	$	1,107,273
Deduct —
Allocation of expenses to affiliates	$	75,791
Total expense reductions	$	75,791
Net expenses	$	1,031,482
Net investment income	$	15,011,060
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	3,489,360
Net realized gain	$	3,489,360
Change in unrealized appreciation (depreciation) —
Investments	$	(42,921,803	)
Net change in unrealized appreciation (depreciation)	$	(42,921,803	)
Net realized and unrealized loss	$	(39,432,443	)
Net decrease in net assets from operations	$	(24,421,383	)

8 See Notes to Financial Statements.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2022			2021
From operations —
Net investment income	$	15,011,060		$	14,224,357
Net realized gain		3,489,360			4,289,976
Net change in unrealized appreciation (depreciation)		(42,921,803	)		16,851,140
Net increase (decrease) in net assets from operations	$	(24,421,383	)	$	35,365,473
Distributions to shareholders —
Class A	$	(1,170,757	)	$	(1,369,835	)
Class C		(222,704	)		(346,962	)
Class I		(13,597,794	)		(12,491,775	)
Total distributions to shareholders	$	(14,991,255	)	$	(14,208,572	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	13,882,492		$	18,833,667
Class C		3,320,306			6,662,582
Class I		239,662,679			319,722,524
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		923,920			1,143,526
Class C		173,741			257,716
Class I		10,714,522			9,777,443
Cost of shares redeemed
Class A		(18,585,038	)		(19,938,216	)
Class C		(8,395,703	)		(11,050,734	)
Class I		(166,794,634	)		(167,437,325	)
Net asset value of shares converted
Class A		191,346			1,172,423
Class C		(191,346	)		(1,172,423	)
Net increase in net assets from Fund share transactions	$	74,902,285		$	157,971,183
Other capital —
Portfolio transaction fee contributed to Portfolio	$	(240,536	)	$	(394,679	)
Portfolio transaction fee allocated from Portfolio		249,295			391,381
Net increase (decrease) in net assets from other capital	$	8,759		$	(3,298	)
Net increase in net assets	$	35,498,406		$	179,124,786
Net Assets
At beginning of year	$	902,520,596		$	723,395,810
At end of year	$	938,019,002		$	902,520,596

9 See Notes to Financial Statements.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Financial Highlights

	Class A
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	13.240		$	12.900		$	12.220		$	12.110		$	11.900
Income (Loss) From Operations
Net investment income	$	0.182		$	0.213		$	0.237		$	0.225		$	0.210
Net realized and unrealized gain (loss)		(0.540	)		0.340			0.680			0.110			0.210
Total income (loss) from operations	$	(0.358	)	$	0.553		$	0.917		$	0.335		$	0.420
Less Distributions
From net investment income	$	(0.182	)	$	(0.213	)	$	(0.237	)	$	(0.225	)	$	(0.210	)
Total distributions	$	(0.182	)	$	(0.213	)	$	(0.237	)	$	(0.225	)	$	(0.210	)
Net asset value — End of year	$	12.700		$	13.240		$	12.900		$	12.220		$	12.110
Total Return(1)(2)		(2.73	)%		4.34	%		7.56	%		2.80	%		3.53	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	81,892		$	88,983		$	85,608		$	87,287		$	104,397
Ratios (as a percentage of average daily net assets):(3)
Expenses(2)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.39	%		1.65	%		1.88	%		1.87	%		1.72	%
Portfolio Turnover of the Portfolio		22	%		51	%		28	%		78	%		35	%

⁽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 0.01%, 0.03%, 0.02%, 0.04% and 0.05% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

10 See Notes to Financial Statements.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Financial Highlights — continued

	Class C
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	13.230		$	12.890		$	12.220		$	12.100		$	11.890
Income (Loss) From Operations
Net investment income	$	0.084		$	0.116		$	0.142		$	0.134		$	0.118
Net realized and unrealized gain (loss)		(0.540	)		0.340			0.670			0.120			0.210
Total income (loss) from operations	$	(0.456	)	$	0.456		$	0.812		$	0.254		$	0.328
Less Distributions
From net investment income	$	(0.084	)	$	(0.116	)	$	(0.142	)	$	(0.134	)	$	(0.118	)
Total distributions	$	(0.084	)	$	(0.116	)	$	(0.142	)	$	(0.134	)	$	(0.118	)
Net asset value — End of year	$	12.690		$	13.230		$	12.890		$	12.220		$	12.100
Total Return(1)(2)		(3.47	)%		3.56	%		6.68	%		2.12	%		2.75	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	30,795		$	37,239		$	41,689		$	45,309		$	55,476
Ratios (as a percentage of average daily net assets):(3)
Expenses(2)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Net investment income		0.64	%		0.91	%		1.13	%		1.11	%		0.96	%
Portfolio Turnover of the Portfolio		22	%		51	%		28	%		78	%		35	%

⁽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 0.01%, 0.03%, 0.02%, 0.04% and 0.05% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

11 See Notes to Financial Statements.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Financial Highlights — continued

	Class I
	Year Ended January 31,
	2022			2021			2020			2019			2018
Net asset value — Beginning of year	$	13.230		$	12.890		$	12.210		$	12.100		$	11.890
Income (Loss) From Operations
Net investment income	$	0.215		$	0.245		$	0.268		$	0.255		$	0.240
Net realized and unrealized gain (loss)		(0.540	)		0.340			0.680			0.110			0.210
Total income (loss) from operations	$	(0.325	)	$	0.585		$	0.948		$	0.365		$	0.450
Less Distributions
From net investment income	$	(0.215	)	$	(0.245	)	$	(0.268	)	$	(0.255	)	$	(0.240	)
Total distributions	$	(0.215	)	$	(0.245	)	$	(0.268	)	$	(0.255	)	$	(0.240	)
Net asset value — End of year	$	12.690		$	13.230		$	12.890		$	12.210		$	12.100
Total Return(1)(2)		(2.49	)%		4.60	%		7.83	%		3.06	%		3.79	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	825,332		$	776,298		$	596,099		$	472,656		$	510,220
Ratios (as a percentage of average daily net assets):(3)
Expenses(2)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		1.64	%		1.89	%		2.12	%		2.11	%		1.94	%
Portfolio Turnover of the Portfolio		22	%		51	%		28	%		78	%		35	%

⁽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 0.01%, 0.03%, 0.02%, 0.04% and 0.05% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

12 See Notes to Financial Statements.

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Notes to Financial Statements

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 (99.9% at January 31, 2022). 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 January 31, 2022, 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.

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,

13

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Notes to Financial Statements — continued

receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended January 31, 2022 and January 31, 2021 was as follows:

	Year Ended January 31,
	2022		2021
Tax-exempt income	$	14,991,255	$	14,208,572

As of January 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed tax-exempt income	$	267,437
Deferred capital losses		(4,620,910	)
Net unrealized appreciation		16,792,513
Distributions payable		(263,823	)
Distributable earnings	$	12,175,217

At January 31, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $4,620,910 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, 2022, $4,620,910 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 year ended January 31, 2022, 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.

14

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Notes to Financial Statements — continued

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 and excluding such expenses as borrowing costs, taxes or litigation expenses) 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 $75,791 in total of the Fund’s operating expenses for the year ended January 31, 2022.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2022, EVM earned $9,220 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $2,165 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2022. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2022 amounted to $210,591 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 year ended January 31, 2022, the Fund paid or accrued to EVD $261,161 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2022 amounted to $87,055 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 year ended January 31, 2022, the Fund was informed that EVD received approximately $1,000 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Investment Transactions

For the year ended January 31, 2022, increases and decreases in the Fund’s investment in the Portfolio aggregated $108,843,213 and $51,793,218, 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.

15

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Notes to Financial Statements — 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:

	Year Ended January 31,
Class A	2022			2021
Sales		1,058,328			1,454,551
Issued to shareholders electing to receive payments of distributions in Fund shares		70,602			88,554
Redemptions		(1,416,785	)		(1,547,677	)
Converted from Class C shares		14,622			89,879
Net increase (decrease)		(273,233	)		85,307
	Year Ended January 31,
Class C	2022			2021
Sales		253,506			517,231
Issued to shareholders electing to receive payments of distributions in Fund shares		13,279			19,985
Redemptions		(640,444	)		(866,281	)
Converted to Class A shares		(14,628	)		(89,919	)
Net decrease		(388,287	)		(418,984	)
	Year Ended January 31,
Class I	2022			2021
Sales		18,257,870			24,809,152
Issued to shareholders electing to receive payments of distributions in Fund shares		819,220			756,576
Redemptions		(12,724,163	)		(13,124,951	)
Net increase		6,352,927			12,440,777

16

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Municipals Trust II and Shareholders of Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (the “Fund”) (one of the funds constituting Eaton Vance Municipals Trust II), as of January 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

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

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 23, 2022

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

17

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended January 31, 2022, the Fund designates 100% of distributions from net investment income as an exempt-interest dividend.

18

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments

Tax-Exempt Municipal Obligations — 97.3%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.5%
Ohio Water Development Authority, Water Pollution Control Loan Fund, Green Bonds, 4.00%, 12/1/37	$	2,475	$	2,929,261
Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35		500		539,805
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35		1,175		1,348,125
			$	4,817,191
Education — 4.7%
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 0.325%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(1)	$	2,750	$	2,736,552
Arizona State University:
5.00%, 7/1/35		1,500		1,877,670
5.00%, 7/1/36		1,000		1,249,620
Connecticut Health and Educational Facilities Authority, (Fairfield University):
5.00%, 7/1/25		875		976,955
5.00%, 7/1/26		1,000		1,143,930
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27		505		587,477
Miami University, OH, 5.00%, 9/1/32(2)		735		918,713
New York Dormitory Authority, (Rochester Institute of Technology):
5.00%, 7/1/35		540		661,252
5.00%, 7/1/36		395		483,255
5.00%, 7/1/37		840		1,026,413
New York Dormitory Authority, (School Districts Revenue Bond Financing Program):
5.00%, 10/1/32		1,500		1,864,065
5.00%, 10/1/33		1,175		1,459,585
North Carolina Capital Facilities Finance Agency, (Davidson College), 5.00%, 3/1/29		200		200,782
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University):
4.00%, 9/1/33		305		362,471
4.00%, 9/1/34		350		415,065
Saginaw Valley State University, MI:
5.00%, 7/1/27		500		576,810
5.00%, 7/1/28		1,000		1,150,380
Swarthmore Borough Authority, PA, (Swarthmore College), 4.00%, 9/15/37		1,925		2,273,271
Texas A&M University, 4.00%, 5/15/34		1,000		1,186,920

Security	Principal Amount (000’s omitted)		Value
Education (continued)
University of Florida:
4.00%, 7/1/31	$	5,000	$	5,946,900
4.00%, 7/1/32		6,465		7,613,249
4.00%, 7/1/33		6,720		7,896,873
University of Hawaii, 3.00%, 10/1/31		1,000		1,085,580
			$	43,693,788
Electric Utilities — 2.1%
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29	$	1,000	$	1,122,170
Energy Northwest, WA, Wind Project Revenue:
5.00%, 7/1/25		365		409,994
5.00%, 7/1/26		1,000		1,120,780
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32		250		283,202
Marquette Board of Light and Power, MI, 5.00%, 7/1/27		735		850,983
New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/34		770		873,796
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29		500		575,560
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/26		250		285,867
Seattle, WA, Municipal Light and Power Revenue, 0.31%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45(1)		2,000		2,017,360
Seattle, WA, Municipal Light and Power Revenue, Green Bonds, 4.00%, 7/1/34		5,035		5,880,225
Springfield Electric System Revenue, IL:
5.00%, 3/1/27		250		277,582
5.00%, 3/1/28		250		277,183
5.00%, 3/1/29		250		276,783
Tallahassee, FL, Energy System Revenue:
5.00%, 10/1/27		300		330,501
5.00%, 10/1/28		400		440,000
5.00%, 10/1/29		1,120		1,231,698
5.00%, 10/1/30		1,500		1,649,595
5.00%, 10/1/31		1,000		1,099,730
5.00%, 10/1/33		300		329,586
Walnut Energy Center Authority, CA, 5.00%, 1/1/33		250		271,993
			$	19,604,588
Escrowed / Prerefunded — 0.7%
North Carolina Medical Care Commission, (United Methodist Retirement Homes):
Prerefunded to 10/1/23, 5.00%, 10/1/24	$	150	$	164,403
Prerefunded to 10/1/23, 5.00%, 10/1/25		100		109,602
Prerefunded to 10/1/23, 5.00%, 10/1/26		1,100		1,205,622
Prerefunded to 10/1/23, 5.00%, 10/1/27		50		54,801

19 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
North Carolina Medical Care Commission, (United Methodist Retirement Homes): (continued)
Prerefunded to 10/1/23, 5.00%, 10/1/29	$	125	$	137,003
Prerefunded to 10/1/23, 5.00%, 10/1/32		225		246,604
Series 2017A, Prerefunded to 10/1/23, 5.00%, 10/1/30		250		274,005
Pennington County, SD, Certificates of Participation, Prerefunded to 6/1/25, 5.00%, 6/1/27		1,300		1,461,798
Seward County Unified School District No. 480, KS, Prerefunded to 9/1/25, 5.00%, 9/1/29		2,000		2,265,280
South Dakota Building Authority:
Prerefunded to 6/1/25, 5.00%, 6/1/28		210		236,504
Series 2015B, Prerefunded to 6/1/25, 5.00%, 6/1/30		200		225,242
			$	6,380,864
General Obligations — 25.7%
Addison, TX, Prerefunded to 2/15/23, 5.00%, 2/15/26	$	270	$	282,118
Anchorage, AK:
5.00%, 9/1/25		100		113,039
5.00%, 9/1/27		780		876,455
Beaumont, TX, Certificates of Obligation, 4.00%, 3/1/32		500		577,675
Belding Area Schools, MI:
5.00%, 5/1/28		250		287,585
5.00%, 5/1/30		250		286,693
Birmingham, AL:
5.00%, 12/1/25		1,050		1,195,141
5.00%, 12/1/27		2,460		2,944,325
Bonneville and Bingham Counties Joint School District No. 93, ID, 5.00%, 9/15/32		450		511,988
Brookline, MA:
5.00%, 3/15/30		2,000		2,463,960
5.00%, 3/15/31		3,825		4,710,411
Burlington, VT:
5.00%, 11/1/27		255		305,730
5.00%, 11/1/29		75		93,252
5.00%, 11/1/30		300		371,979
Series 2016A, 5.00%, 11/1/26		150		175,509
Series 2019A, 5.00%, 11/1/26		210		245,713
California:
4.00%, 8/1/36		5,000		5,472,000
5.00%, 12/1/29		700		873,488
5.00%, 12/1/30		2,750		3,499,347
5.00%, 12/1/31		1,550		2,011,419
5.00%, 8/1/32		1,590		1,827,021
5.00%, 12/1/34		2,500		3,153,400
Cape May County, NJ, 3.00%, 10/1/31		1,000		1,068,580

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Carrollton-Farmers Branch Independent School District, TX, (PSF Guaranteed):
4.00%, 2/15/32	$	650	$	762,638
4.00%, 2/15/33		1,000		1,174,380
4.00%, 2/15/34		1,010		1,186,386
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/33		1,000		746,160
Clark County, NV, 3.00%, 11/1/36		3,580		3,822,581
Colonial School District, PA:
5.00%, 2/15/32		100		113,120
5.00%, 2/15/33		200		226,092
Connecticut:
4.00%, 6/1/32		1,000		1,167,180
4.00%, 6/1/33		600		698,976
4.00%, 1/15/34		1,500		1,758,090
4.00%, 6/1/35		850		981,580
4.00%, 6/1/36		1,000		1,149,500
Contra Costa Community College District, CA, (Election of 2014):
4.00%, 8/1/32		650		760,890
4.00%, 8/1/33		100		116,934
Cook County School District No. 25, IL, (Arlington Heights), 5.00%, 12/15/32		630		735,292
Dallas Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/35(2)		4,095		4,412,608
Dallas, TX, 5.00%, 2/15/31		3,465		3,609,317
Delaware, 5.00%, 2/1/29		1,000		1,205,750
Denton County, TX, 4.00%, 7/15/31		1,500		1,707,540
District of Columbia, 5.00%, 6/1/33		6,690		7,277,783
Dowagiac Union School District, MI, 4.00%, 5/1/26		350		390,061
Dublin City School District, OH, 5.00%, 12/1/29		500		612,210
Easton Area School District, PA, 5.00%, 2/1/31		1,400		1,681,974
Elgin Independent School District, TX, (PSF Guaranteed), 3.00%, 8/1/37(2)		2,070		2,235,973
Elk Grove Unified School District, CA, 4.00%, 8/1/32		2,305		2,733,177
Flower Mound, TX, 5.00%, 3/1/27		510		586,883
Franklin County, OH, Prerefunded to 6/1/23, 4.25%, 12/1/35		1,100		1,150,809
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		400		431,448
Georgia, 5.00%, 2/1/32		1,000		1,176,080
Granville Exempted Village School District, OH, 5.00%, 12/1/26		500		571,130
Harlandale Independent School District, TX, 5.00%, 8/1/29		845		988,236
Hawaii, 5.00%, 1/1/30		3,730		4,575,218
Hennepin County, MN, 5.00%, 12/1/33		1,000		1,170,580

20 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Homewood, AL:
5.00%, 9/1/28	$	2,000	$	2,320,000
5.00%, 9/1/29		2,000		2,313,520
Honolulu City and County, HI, 3.00%, 9/1/31		110		117,161
Illinois:
5.00%, 9/1/27		12,035		13,903,674
5.00%, 3/1/28		2,000		2,006,680
5.00%, 4/1/29		1,190		1,279,262
5.00%, 3/1/34		6,000		6,017,940
5.00%, 3/1/35		1,000		1,002,970
5.50%, 5/1/30		5,500		6,809,385
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		1,000		1,073,410
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28		2,370		2,822,314
Kennewick School District No. 17, WA:
4.00%, 12/1/33		655		772,350
4.00%, 12/1/34		1,200		1,412,796
Lakeland, FL:
5.00%, 10/1/25		635		707,777
5.00%, 10/1/28		1,500		1,674,885
5.00%, 10/1/30		1,000		1,114,610
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31		380		267,809
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		1,600		1,750,032
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34		1,690		1,882,812
Los Angeles Unified School District, CA:
4.00%, 7/1/33		2,500		2,911,900
4.00%, 7/1/36		3,000		3,454,800
Maine, 5.00%, 6/1/30		2,105		2,668,845
McLean County Public Building Commission, IL, 5.00%, 12/1/28		200		220,412
Miami-Dade County School District, FL, 5.00%, 3/15/28		300		334,539
Miami-Dade County, FL, 5.00%, 7/1/29		1,000		1,126,490
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32		560		598,091
Morris Township, NJ, 3.00%, 11/1/27		440		470,620
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27		175		160,302
Navasota Independent School District, TX, (PSF Guaranteed):
Prerefunded to 2/15/25, 5.00%, 2/15/28		195		217,066
Prerefunded to 2/15/25, 5.00%, 2/15/29		340		378,474
Prerefunded to 2/15/25, 5.00%, 2/15/30		725		807,041
Prerefunded to 2/15/25, 5.00%, 2/15/31		885		985,147
Prerefunded to 2/15/25, 5.00%, 2/15/32		720		801,475

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
New Jersey:
4.00%, 6/1/31	$	5,000	$	5,805,450
5.00%, 6/1/28		10,000		11,912,600
New York, 5.00%, 3/15/31		3,000		3,870,300
Ohio, (Adult Correctional Building Fund):
5.00%, 10/1/28		1,000		1,218,300
5.00%, 10/1/29		1,500		1,864,500
5.00%, 10/1/30		1,000		1,266,780
Oregon:
2.35%, 6/1/25		165		171,131
2.40%, 12/1/25		1,050		1,094,635
Pasadena, TX:
4.00%, 2/15/28		500		540,245
4.00%, 2/15/29		150		161,886
4.00%, 2/15/30		500		539,310
4.00%, 2/15/31		650		700,499
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27		1,060		968,925
Pennsylvania:
4.00%, 6/15/31		135		143,243
Prerefunded to 6/1/22, 4.00%, 6/1/30		5,000		5,059,800
Philadelphia, PA:
5.00%, 2/1/26		1,150		1,315,381
5.00%, 2/1/31		1,550		1,911,305
Pittsburg Unified School District, CA, 5.00%, 8/1/28		920		1,093,466
Portland, OR, 5.00%, 6/1/30		6,515		8,260,108
Ravenswood City School District, CA, (Election of 2016):
5.00%, 8/1/25		485		548,380
5.00%, 8/1/26		505		586,962
5.00%, 8/1/27		530		613,756
5.00%, 8/1/28		555		642,179
5.00%, 8/1/29		575		664,781
Richland County School District No. 2, SC, 4.00%, 3/1/32		2,290		2,681,269
Romeo Community Schools, MI, 5.00%, 5/1/30		700		803,985
Romulus, MI:
4.00%, 11/1/31		250		273,733
4.00%, 11/1/32		100		109,493
4.00%, 11/1/33		250		273,638
SCAGO Educational Facilities Corp. for Pickens School District, SC, 5.00%, 12/1/26		1,650		1,847,142
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30		450		495,086
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		300		327,150

21 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Southfield Public Schools, MI:
5.00%, 5/1/25	$	1,100	$	1,233,485
5.00%, 5/1/27		1,000		1,183,830
St. Mary’s County, MD:
5.00%, 5/1/28		1,255		1,522,415
5.00%, 5/1/30		1,245		1,571,514
St. Vrain Valley School District RE-1J, CO:
5.00%, 12/15/28		1,700		1,993,743
5.00%, 12/15/29		1,000		1,169,700
Stamford, CT, 4.00%, 8/1/27		650		711,795
Sun Valley, ID:
5.00%, 9/15/25		755		858,095
5.00%, 9/15/26		695		812,142
Tomball Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35(2)		5,000		5,948,050
Torrance Unified School District, CA, (Election of 2014):
5.00%, 8/1/30		515		595,654
5.00%, 8/1/31		450		518,990
Tuloso-Midway Independent School District, TX, (PSF Guaranteed):
4.00%, 8/15/27		510		557,083
4.00%, 8/15/28		530		577,583
4.00%, 8/15/29		545		593,734
University City School District, MO, 4.00%, 2/15/35(2)		790		897,535
Washington:
5.00%, 8/1/28		1,485		1,716,868
5.00%, 8/1/29		1,400		1,616,608
Wellesley, MA:
5.00%, 4/1/30		1,990		2,514,763
5.00%, 4/1/31		1,985		2,557,275
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27		2,825		3,170,130
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30		360		395,266
York County, PA, 5.00%, 6/1/27		1,225		1,357,974
			$	241,487,643
Hospital — 14.5%
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group):
5.00%, 4/1/31	$	1,750	$	2,077,057
5.00%, 4/1/33		3,000		3,553,290
Arizona Health Facilities Authority, (Banner Health), 0.31%, (SIFMA + 0.25%), 11/4/26 (Put Date), 1/1/46(1)		5,000		5,001,800
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/25		250		271,723

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27	$	90	$	92,990
California Health Facilities Financing Authority, (CommonSpirit Health), 4.00%, 4/1/36		2,870		3,236,528
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29		750		880,125
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30		335		385,377
Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.):
4.00%, 4/1/34		100		114,414
4.00%, 4/1/35		290		330,826
4.00%, 4/1/36		300		340,947
Colorado Health Facilities Authority, (CommonSpirit Health):
5.00%, 8/1/34		2,000		2,408,180
5.00%, 8/1/35		3,000		3,603,480
5.00% to 8/1/26 (Put Date), 8/1/49		5,000		5,666,800
Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25		150		168,210
Colorado Health Facilities Authority, (Sanford Health), 5.00%, 11/1/32		3,000		3,686,370
Connecticut Health and Educational Facilities Authority, (Stamford Hospital):
4.00%, 7/1/26		600		664,944
4.00%, 7/1/27		700		788,179
4.00%, 7/1/28		650		741,838
4.00%, 7/1/29		500		577,195
4.00%, 7/1/30		750		866,025
Duluth Economic Development Authority, MN, (St. Luke’s Hospital of Duluth Obligated Group):
Series 2021A, 5.00%, 6/15/29		285		342,103
Series 2021A, 5.00%, 6/15/30		285		347,124
Series 2021A, 5.00%, 6/15/31		285		351,630
Series 2022A, 5.00%, 6/15/28(2)		460		533,756
Series 2022A, 5.00%, 6/15/29(2)		375		440,944
Series 2022A, 5.00%, 6/15/30(2)		425		506,808
Series 2022A, 5.00%, 6/15/31(2)		450		543,902
Geisinger Authority, PA, (Geisinger Health System), 5.00%, 4/1/35		6,000		7,363,080
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35		1,000		1,143,190
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33		4,000		4,214,120
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27		500		581,080
Illinois Finance Authority, (Rush University Medical Center):
5.00%, 11/15/31		1,000		1,105,570
5.00%, 11/15/32		1,000		1,104,890

22 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Kentucky Economic Development Finance Authority, (Catholic Health Initiatives), 1.46%, (SIFMA + 1.40%), 2/1/25 (Put Date), 2/1/46(1)	$	12,715	$	12,807,311
Knox County Health, Educational and Housing Facility Board, TN, (University Health System, Inc.), 5.00%, 9/1/30		1,000		1,134,260
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation):
5.00%, 5/15/25		250		279,800
5.00%, 5/15/26		250		277,833
5.00%, 5/15/27		250		277,240
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.):
5.00%, 10/1/30		2,000		2,302,640
5.00%, 10/1/31		1,500		1,725,525
5.00%, 10/1/32		2,000		2,297,780
Maricopa County Industrial Development Authority, AZ, (Banner Health), 0.63%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(1)		4,575		4,597,234
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31		1,000		1,106,380
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25		485		520,997
Massachusetts Development Finance Agency, (South Shore Hospital):
5.00%, 7/1/24		550		596,601
5.00%, 7/1/26		500		571,735
5.00%, 7/1/28		245		278,925
Medford Hospital Facilities Authority, OR, (Asante Health System):
5.00%, 8/15/34		1,000		1,230,780
5.00%, 8/15/35		700		860,461
5.00%, 8/15/36		1,000		1,226,180
Michigan Finance Authority, (Beaumont Health Credit Group), 5.00%, 8/1/28		1,315		1,435,322
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31		490		553,558
Missouri Health and Educational Facilities Authority, (Saint Luke’s Health System), 5.00%, 11/15/31		1,000		1,139,430
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group):
5.00%, 7/1/23		400		421,528
5.00%, 7/1/28		1,340		1,487,078
5.00%, 7/1/29		775		857,863
Montgomery County, OH, (Dayton Children’s Hospital):
4.00%, 8/1/36		1,000		1,150,560
4.00%, 8/1/37		1,100		1,262,767
5.00%, 8/1/31		800		1,021,240

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Montgomery County, OH, (Dayton Children’s Hospital): (continued)
5.00%, 8/1/32	$	750	$	955,777
5.00%, 8/1/33		800		1,015,800
5.00%, 8/1/34		1,150		1,458,522
5.00%, 8/1/35		1,750		2,216,357
Montgomery County, OH, (Kettering Health Network Obligated Group):
5.00%, 8/1/32		275		344,985
5.00%, 8/1/33		300		375,606
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group):
5.00%, 8/1/25		400		450,660
5.00%, 8/1/28		500		596,360
5.00%, 8/1/29		500		593,875
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System):
5.00%, 7/1/25		1,000		1,126,850
5.00%, 7/1/27		700		812,749
5.00%, 7/1/28		700		811,111
5.00%, 7/1/30		520		600,122
5.00%, 7/1/31		700		805,588
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25		1,000		1,125,150
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/32		750		866,355
Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 10/15/37		1,375		1,586,255
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/33		2,250		2,765,092
Pima County Industrial Development Authority, AZ, (Tucson Medical Center):
5.00%, 4/1/31		1,000		1,264,930
5.00%, 4/1/34		1,590		2,000,951
Public Finance Authority, WI, (Renown Regional Medical Center):
4.00%, 6/1/35		795		903,017
5.00%, 6/1/34		1,320		1,618,426
5.00%, 6/1/36		2,310		2,825,523
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28		1,000		1,149,450
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/29		250		269,203
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30		150		160,781
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/25		500		563,670

23 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30	$	625	$	698,044
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27		1,655		1,866,443
Utah County, UT, (IHC Health Services, Inc.), 5.00% to 8/1/26 (Put Date), 5/15/60		3,500		4,051,460
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center):
5.00%, 12/1/25		335		379,696
5.00%, 12/1/27		205		234,764
5.00%, 12/1/28		500		572,145
5.00%, 12/1/30		400		457,356
5.00%, 12/1/31		300		342,609
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27		1,575		1,862,028
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26		400		461,632
			$	135,644,865
Housing — 2.1%
Georgia Housing & Finance Authority, 3.65%, 12/1/32	$	630	$	660,322
Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA):
1.50%, 1/1/31		300		283,242
1.60%, 7/1/31		250		237,030
Minnesota Housing Finance Agency:
2019 Series A, 4.00%, 8/1/34		295		336,123
2019 Series A, 4.00%, 8/1/35		440		500,742
2019 Series C, 4.00%, 8/1/33		525		600,731
2019 Series C, 4.00%, 8/1/34		240		274,174
2019 Series C, 4.00%, 8/1/35		285		324,344
New York City Housing Development Corp., NY:
2.65%, 11/1/27		870		899,667
2.80%, 5/1/29		655		680,866
2.85%, 11/1/29		300		312,006
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA):
2.20%, 5/1/25		190		194,020
2.25%, 11/1/25		225		230,454
2.40%, 11/1/26		225		232,002
2.50%, 11/1/27		140		144,074
2.60%, 5/1/28		110		113,463
New York Mortgage Agency:
2.30%, 10/1/30		1,000		1,001,320
3.65%, 4/1/32		425		447,988

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Seattle Housing Authority, WA:
2.875%, 12/1/25	$	900	$	944,532
3.00%, 12/1/26		920		974,308
Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26		7,675		7,494,944
Tennessee Housing Development Agency, 2.80%, 7/1/26		250		261,225
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33		1,163		1,209,427
Virginia Housing Development Authority, 2.55%, 5/1/27		630		645,674
Washington Housing Finance Commission:
2.25%, 6/1/25		105		107,384
2.30%, 12/1/25		130		133,370
2.40%, 6/1/26		105		107,586
			$	19,351,018
Insured – Education — 0.7%
New York Dormitory Authority, (School Districts Revenue Bond Financing Program), (AGM), 5.00%, 10/1/33	$	1,625	$	2,011,978
Patterson Joint Unified School District, CA, (Election 2018):
(BAM), 5.00%, 8/1/28		1,065		1,228,275
(BAM), 5.00%, 8/1/29		1,000		1,150,010
University of Central Florida, (AGM), 4.00%, 10/1/34		1,805		2,121,922
			$	6,512,185
Insured – Electric Utilities — 0.2%
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project J):
(AGM), 4.00%, 1/1/36	$	335	$	378,242
(AGM), 4.00%, 1/1/37		655		738,669
Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project M):
(AGM), 4.00%, 1/1/36		435		492,159
(AGM), 4.00%, 1/1/37		470		531,133
			$	2,140,203
Insured – Escrowed / Prerefunded — 0.0%(3)
New Britain, CT:
(BAM), Escrowed to Maturity, 5.00%, 3/1/25	$	5	$	5,573
(BAM), Escrowed to Maturity, 5.00%, 3/1/25		100		111,612
			$	117,185
Insured – General Obligations — 1.0%
Fort Bend County Municipal Utility District No. 58, TX:
(BAM), 3.00%, 4/1/26	$	185	$	194,861

24 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Fort Bend County Municipal Utility District No. 58, TX: (continued)
(BAM), 3.00%, 4/1/30	$	25	$	26,389
(BAM), 3.00%, 4/1/32		360		378,839
New Britain, CT, (BAM), 5.00%, 3/1/25		135		149,765
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 4.00%, 12/1/25		470		507,816
Pharr, TX:
(AGM), 4.00%, 8/15/35		2,190		2,585,623
(AGM), 4.00%, 8/15/37		2,485		2,923,950
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27		690		772,531
Yonkers, NY:
(BAM), Series 2019A, 5.00%, 5/1/31		750		922,972
(BAM), Series 2019B, 5.00%, 5/1/31		825		1,015,270
			$	9,478,016
Insured – Housing — 0.1%
California Municipal Finance Authority, (CHF-Davis II, LLC - Orchard Park Student Housing):
Green Bonds, (BAM), 4.00%, 5/15/35	$	600	$	691,620
Green Bonds, (BAM), 4.00%, 5/15/36		600		690,864
			$	1,382,484
Insured – Lease Revenue / Certificates of Participation — 0.2%
Clermont County Port Authority, OH, (West Clermont Local School District):
(BAM), 5.00%, 12/1/26	$	250	$	283,455
(BAM), 5.00%, 12/1/29		100		112,624
Highlands County School Board, FL:
(BAM), 5.00%, 3/1/26		400		443,876
(BAM), 5.00%, 3/1/27		200		221,618
Pasco County School Board, FL:
(BAM), 5.00%, 8/1/27		605		700,034
(BAM), 5.00%, 8/1/29		310		355,486
			$	2,117,093
Insured – Other Revenue — 0.4%
New York Dormitory Authority, School Districts Revenue Bond Financing Program:
(AGM), 5.00%, 10/1/33	$	500	$	602,980
(AGM), 5.00%, 10/1/34		1,250		1,506,787
(AGM), 5.00%, 10/1/35		1,000		1,202,200
			$	3,311,967

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 0.1%
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/25	$	420	$	473,189
Vineyard Redevelopment Agency, UT:
(AGM), 4.00%, 5/1/34		115		132,403
(AGM), 4.00%, 5/1/36		135		155,375
			$	760,967
Insured – Transportation — 1.2%
New Brunswick Parking Authority, NJ:
(BAM), 5.00%, 9/1/25	$	500	$	564,445
(BAM), 5.00%, 9/1/27		375		423,473
New Orleans Aviation Board, LA:
(AGM), 5.00%, 1/1/30		1,000		1,185,960
(AGM), 5.00%, 1/1/31		1,250		1,480,113
(AGM), 5.00%, 1/1/32		1,650		1,951,834
(AGM), 5.00%, 1/1/33		2,450		2,896,806
(AGM), 5.00%, 1/1/34		2,485		2,937,270
			$	11,439,901
Insured – Water and Sewer — 0.1%
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30	$	250	$	282,582
Hamburg Municipal Authority, PA, Sewer Revenue:
(AGM), 2.00%, 10/1/32		370		368,254
(AGM), 2.00%, 10/1/34		200		197,934
(AGM), 2.00%, 10/1/36		255		246,616
Western Riverside Water and Wastewater Financing Authority, CA, (AGM), 4.00%, 9/1/28		250		285,940
			$	1,381,326
Lease Revenue / Certificates of Participation — 5.5%
Adams County, CO, Certificates of Participation, 4.00%, 12/1/28	$	1,000	$	1,095,080
Aspen Fire Protection District, CO:
4.00%, 12/1/30		235		268,206
4.00%, 12/1/31		250		283,570
4.00%, 12/1/32		205		232,343
Broward County School Board, FL:
5.00%, 7/1/25		500		561,995
5.00%, 7/1/27		500		580,300
5.00%, 7/1/29		500		574,495
California Public Works Board:
4.00%, 5/1/36		880		1,014,411
5.00%, 11/1/29		1,000		1,157,570

25 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Canadian County Educational Facilities Authority, OK, (Mustang Public Schools), 5.00%, 9/1/26	$	500	$	580,755
Colorado Department of Transportation:
5.00%, 6/15/30		350		399,140
5.00%, 6/15/31		310		353,384
Colorado, (Building Excellent Schools Today):
4.00%, 3/15/37		1,000		1,165,950
5.00%, 3/15/33		1,150		1,459,051
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue:
5.00%, 6/1/25		500		559,790
5.00%, 6/1/29		3,000		3,583,200
5.00%, 6/1/30		3,000		3,568,230
Eagle County, CO, Certificates of Participation, 5.00%, 12/1/26		200		227,164
Forsyth County, NC, Limited Obligation Bonds, 5.00%, 4/1/27		1,300		1,536,613
Fountain Valley Public Financing Authority, CA:
4.00%, 11/1/25		570		626,960
4.00%, 11/1/26		595		659,450
4.00%, 11/1/27		620		683,922
4.00%, 11/1/28		645		709,261
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28		410		490,446
Indiana Finance Authority, (Stadium Project), (SPA: U.S. Bank, N.A.), 0.11%, 2/1/35(4)		4,800		4,800,000
Lake Houston Redevelopment Authority, TX:
3.00%, 9/1/37		300		299,253
4.00%, 9/1/32		200		225,254
4.00%, 9/1/35		200		224,174
4.00%, 9/1/36		200		223,908
5.00%, 9/1/31		250		304,148
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32		1,495		1,714,361
Moulton Niguel Water District, CA, Certificates of Participation, 3.00%, 9/1/35		815		881,398
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools):
5.00%, 12/1/25		1,405		1,590,081
5.00%, 12/1/26		2,000		2,263,460
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools):
5.00%, 10/1/25		1,000		1,127,270
5.00%, 10/1/26		1,000		1,156,680
Orange County School Board, FL, Prerefunded to 8/1/25, 5.00%, 8/1/32		1,935		2,186,434
Palm Beach County School Board, FL, 5.00%, 8/1/31		4,000		4,480,320

Security	Principal Amount (000’s omitted)			Value
Lease Revenue / Certificates of Participation (continued)
Palo Alto, CA, Certificates of Participation, 3.00%, 11/1/32	$	2,585		$	2,865,912
Plymouth Intermediate District No. 287, MN, Certificates of Participation, 5.00%, 2/1/30		385			440,186
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29		500			567,675
Riverside County Public Financing Authority, CA:
Prerefunded to 11/1/25, 5.00%, 11/1/27		850			966,960
Prerefunded to 11/1/25, 5.00%, 11/1/28		950			1,080,720
South Dakota Building Authority, 5.00%, 6/1/26		500			575,775
Virginia Public Building Authority, 4.00%, 8/1/35		1,140			1,317,977
				$	51,663,232
Other Revenue — 10.9%
Bexar County, TX, Combination Tax and Revenue Certificates of Obligation, 4.00%, 6/15/34	$	905		$	1,017,799
Bexar County, TX, Motor Vehicle Rental Tax Revenue:
4.00%, 8/15/33		690			777,085
4.00%, 8/15/34		810			911,420
4.00%, 8/15/35		510			572,603
Black Belt Energy Gas District, AL, 4.00% to 12/1/26 (Put Date), 10/1/52		18,500			20,346,485
District of Columbia, (National Public Radio, Inc.):
Prerefunded to 4/1/26, 5.00%, 4/1/28		1,000			1,153,460
Prerefunded to 4/1/26, 5.00%, 4/1/29		1,000			1,153,460
Fort Myers, FL, Capital Improvement Revenue:
5.00%, 12/1/32		825			936,392
5.00%, 12/1/33		640			725,901
5.00%, 12/1/34		510			577,636
Hudson Yards Infrastructure Corp., NY, Green Bonds, 4.00%, 2/15/37		3,400			3,955,050
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/26		150			175,455
Kentucky Public Energy Authority, Gas Supply Revenue:
4.00%, 7/1/24		5,000			5,294,400
4.00% to 2/1/28 (Put Date), 2/1/50		19,000			21,181,960
Knoxville, TN, Gas System Revenue, 4.00%, 3/1/33		3,245			3,696,087
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			5,526,400
Louisiana Local Government Environmental Facilities and Community Development Authority, (Bossier City):
5.00%, 12/1/32		2,355	��		2,888,101
5.00%, 12/1/34		2,425			2,963,956
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish):
5.00%, 4/1/27		500			575,190
5.00%, 4/1/29		275			314,911

26 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Mississippi Development Bank, Special Obligation Bond, (Jackson Public School District), 5.00%, 4/1/25	$	1,270	$	1,413,878
New York City Cultural Resources Trust, NY, (Carnegie Hall):
5.00%, 12/1/27		100		118,642
5.00%, 12/1/29		325		400,173
5.00%, 12/1/31		250		307,998
5.00%, 12/1/32		550		677,974
5.00%, 12/1/33		200		246,600
5.00%, 12/1/34		300		369,393
5.00%, 12/1/35		700		861,084
New York City Educational Construction Fund, NY, 5.00%, 4/1/29		2,765		3,381,789
New York Dormitory Authority, Personal Income Tax Revenue:
4.00%, 3/15/38		1,750		1,994,107
5.00%, 3/15/36		5,000		6,407,000
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28		1,060		1,248,913
Tennessee Energy Acquisition Corp., Gas Project Revenue, 4.00% to 11/1/25 (Put Date), 11/1/49		5,000		5,403,550
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/26		1,000		1,135,830
Wisconsin, Environmental Improvement Fund Revenue:
5.00%, 6/1/31		2,500		2,796,350
5.00%, 6/1/32		1,000		1,117,840
			$	102,624,872
Senior Living / Life Care — 1.9%
Atlantic Beach, FL, (Fleet Landing), 3.00%, 11/15/23	$	2,500	$	2,500,925
Baltimore County, MD, (Riderwood Village, Inc.):
4.00%, 1/1/30		1,655		1,891,020
4.00%, 1/1/31		250		285,007
4.00%, 1/1/32		350		398,314
4.00%, 1/1/33		600		682,854
4.00%, 1/1/34		685		779,023
4.00%, 1/1/35		615		698,726
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.):
5.00%, 11/15/28		50		55,888
5.00%, 11/15/30		910		1,010,446
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25		100		112,612
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries):
2.50%, 1/1/26		640		668,960
5.00%, 1/1/27		1,035		1,174,715

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31	$	310	$	344,497
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/22		225		227,380
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services):
3.00%, 2/1/27		1,000		1,050,030
5.00%, 2/1/23		600		623,448
5.00%, 2/1/29		600		672,498
5.00%, 2/1/30		200		223,264
5.00%, 2/1/31		250		278,470
North Carolina Medical Care Commission, (The Forest at Duke), 4.00%, 9/1/41		715		796,510
North Carolina Medical Care Commission, (United Methodist Retirement Homes):
Series 2016A, 5.00%, 10/1/30		230		262,556
Series 2016A, 5.00%, 10/1/31		675		768,271
Virginia Small Business Financing Authority, (LifeSpire of Virginia), 4.00%, 12/1/31		2,000		2,228,860
			$	17,734,274
Special Tax Revenue — 4.3%
Allentown Neighborhood Improvement Zone Development Authority, PA:
5.00%, 5/1/26(2)	$	500	$	562,820
5.00%, 5/1/27(2)		500		573,870
5.00%, 5/1/28(2)		575		669,461
5.00%, 5/1/29(2)		600		709,434
5.00%, 5/1/30(2)		650		779,857
5.00%, 5/1/31(2)		675		820,537
5.00%, 5/1/32(2)		725		892,605
Downtown Smyrna Development Authority, GA:
3.00%, 2/1/36		100		108,765
4.00%, 2/1/35		430		507,043
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/32		500		574,865
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue, Green Bonds, 3.00%, 7/1/37		5,000		5,267,750
Miami-Dade County, FL, Special Obligation Bonds:
5.00%, 4/1/25		250		279,893
5.00%, 4/1/26		1,025		1,180,943
5.00%, 4/1/29		900		1,031,796
5.00%, 4/1/30		950		1,086,629
5.00%, 4/1/31		895		1,022,546
5.00%, 4/1/32		735		839,429

27 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

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	$	2,302,520
4.00%, 11/1/36		1,000		1,152,910
5.00%, 8/1/33		1,190		1,300,123
5.00%, 2/1/36(2)		3,310		4,211,280
New York Dormitory Authority, Sales Tax Revenue:
5.00%, 3/15/32		1,800		2,030,760
5.00%, 3/15/34		5,000		5,762,500
Queen Creek, AZ, Excise Tax and State Shared Revenue:
4.00%, 8/1/35		3,120		3,651,242
4.00%, 8/1/36		1,000		1,169,020
Successor Agency to San Mateo Redevelopment Agency, CA:
5.00%, 8/1/26		100		112,008
5.00%, 8/1/29		140		155,498
Tri-County Metropolitan Transportation District, OR, Payroll Tax Revenue, Prerefunded to 9/1/26, 5.00%, 9/1/32		1,000		1,166,840
			$	39,922,944
Transportation — 16.6%
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/27	$	2,005	$	2,321,389
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area):
0.36%, (SIFMA + 0.30%), 4/1/27 (Put Date), 4/1/56(1)		4,000		4,002,080
2.95% to 4/1/26 (Put Date), 4/1/47		1,800		1,890,558
Central Florida Expressway Authority, 4.00%, 7/1/35		3,150		3,469,693
Central Texas Regional Mobility Authority:
4.00%, 1/1/34		200		226,680
4.00%, 1/1/36		1,490		1,683,476
5.00%, 1/1/27		2,500		2,821,475
5.00%, 1/1/36		1,130		1,389,663
Chicago, IL, (O’Hare International Airport):
4.00%, 1/1/35		5,000		5,705,300
4.00%, 1/1/36		3,500		4,000,920
5.00%, 1/1/26		1,000		1,136,710
5.00%, 1/1/28		150		164,714
5.00%, 1/1/29		150		164,714
5.00%, 1/1/30		500		548,445
5.00%, 1/1/31		1,000		1,095,390
5.00%, 1/1/33		125		136,736
5.00%, 1/1/34		7,500		9,159,375
5.25%, 1/1/28		2,905		3,411,254
5.25%, 1/1/29		3,060		3,593,236
5.25%, 1/1/30		1,000		1,174,760

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Chicago, IL, (O’Hare International Airport): (continued)
5.25%, 1/1/31	$	1,000	$	1,174,750
5.25%, 1/1/32		2,565		3,013,388
Clark County, NV, Highway Revenue, 5.00%, 7/1/33		840		911,803
Commonwealth Transportation Board, VA, 5.00%, 9/15/30		1,240		1,440,520
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31		1,450		1,689,540
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28		500		555,325
Hawaii, Highway Revenue, 5.00%, 1/1/31		805		983,855
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		650		731,393
Illinois Toll Highway Authority:
5.00%, 1/1/29		175		198,924
5.00%, 12/1/32		350		394,569
Kentucky Turnpike Authority, Prerefunded to 7/1/23, 5.00%, 7/1/33		300		317,544
Maine Turnpike Authority:
5.00%, 7/1/36(2)		1,150		1,472,782
5.00%, 7/1/37(2)		1,200		1,533,060
Massachusetts Bay Transportation Authority, 4.00%, 7/1/36		2,900		3,411,560
Massachusetts Department of Transportation, 5.00%, 1/1/30		4,235		5,157,425
Metropolitan Transportation Authority, NY:
0.364%, (67% of SOFR + 0.33%), 11/1/35(1)		7,125		7,070,707
0.464%, (67% of SOFR + 0.43%), 11/1/26(1)		2,500		2,439,800
5.00%, 11/15/41		415		427,595
5.25%, 11/15/30		500		565,055
Green Bonds, 4.00%, 11/15/32		5,000		5,467,100
Green Bonds, 5.00%, 11/15/25		5,000		5,639,650
Green Bonds, 5.00%, 11/15/26		5,815		6,694,228
Series 2012D, 5.00%, 11/15/28		1,070		1,102,475
Series 2015F, 5.00%, 11/15/28		640		717,069
New Orleans Aviation Board, LA, 5.00%, 1/1/28		150		174,296
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):
5.00%, 12/1/28		1,200		1,410,720
5.00%, 12/1/30		1,000		1,207,680
North Carolina, Grant Anticipation Revenue Vehicle Bonds:
5.00%, 3/1/29		550		610,264
5.00%, 3/1/30		400		443,984
Pennsylvania Turnpike Commission:
4.00%, 12/1/37		3,850		4,473,892
5.00%, 12/1/34		250		314,875
5.00%, 12/1/35		500		631,865
5.00%, 12/1/36		1,165		1,455,423

28 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Port Authority of New York and New Jersey:
4.00%, 7/15/36	$	1,605	$	1,833,199
5.00%, 9/1/34		3,595		4,443,672
Port of Seattle, WA:
5.00%, 3/1/27		250		273,158
5.00%, 3/1/29		250		272,825
Portland, ME, Airport Revenue:
Green Bonds, 5.00%, 1/1/29		225		268,178
Green Bonds, 5.00%, 1/1/31		370		446,856
Salt Lake City, UT, (Salt Lake City International Airport):
5.00%, 7/1/28		1,370		1,610,010
5.00%, 7/1/31		300		359,238
5.00%, 7/1/32		660		790,139
5.00%, 7/1/33		600		718,050
5.00%, 7/1/34		450		538,137
San Francisco City and County Airport Commission, CA, (San Francisco International Airport):
5.00%, 5/1/35		1,950		2,455,810
5.00%, 5/1/36		1,950		2,451,345
Texas Transportation Commission, (Central Texas Turnpike System):
0.00%, 8/1/34		1,000		661,360
0.00%, 8/1/35		500		313,410
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/29		14,400		16,958,304
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport):
5.00%, 12/1/31		2,920		3,541,201
5.00%, 12/1/34		1,005		1,220,371
Wisconsin, Transportation Revenue:
5.00%, 7/1/31		3,450		3,765,606
Prerefunded to 7/1/24, 5.00%, 7/1/32		700		765,261
			$	155,615,814
Water and Sewer — 3.8%
Buffalo Municipal Water Finance Authority, NY:
5.00%, 7/1/25	$	300	$	335,808
5.00%, 7/1/29		115		128,848
5.00%, 7/1/30		100		112,042
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28		1,500		1,680,630
Hillsborough County, FL, Wastewater Impact Fee:
5.00%, 5/1/26		3,000		3,440,310
5.00%, 5/1/27		2,315		2,716,213
5.00%, 5/1/29		1,220		1,488,998
King County, WA, Sewer Revenue, 0.29%, (SIFMA + 0.23%), 1/1/27 (Put Date), 1/1/40(1)		2,500		2,500,950

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32	$	575	$	638,607
McAllen, TX, Waterworks and Sewer System Revenue, 4.00%, 2/1/27		1,000		1,093,990
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32		1,895		2,111,276
Mesa, AZ, Utility Systems Revenue:
5.00%, 7/1/27		600		693,288
5.00%, 7/1/29		500		575,885
Portland, OR, Water System Revenue, 4.00%, 5/1/33		2,470		2,932,532
Rapid City, SD, Water Revenue:
4.00%, 11/1/29		600		654,198
4.00%, 11/1/30		670		729,757
5.00%, 11/1/27		515		583,232
Richmond, VA, Public Utility Revenue, 4.00%, 1/15/36		6,955		8,076,563
Spotsylvania County, VA, Water and Sewer System Revenue, 3.00%, 12/1/31		1,845		2,052,267
St. Joseph Industrial Development Authority, MO, (Sewerage System Improvements), 5.00%, 4/1/26		500		558,465
Western Riverside Water and Wastewater Financing Authority, CA:
4.00%, 9/1/26		435		483,342
4.00%, 9/1/27		445		502,552
Wyoming, MI, Water Supply System Revenue:
5.00%, 6/1/27		505		584,760
5.00%, 6/1/28		550		635,355
			$	35,309,868
Total Tax-Exempt Municipal Obligations — 97.3% (identified cost $895,333,166)			$	912,492,288
Other Assets, Less Liabilities — 2.7%			$	25,558,697
Net Assets — 100.0%			$	938,050,985

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

At January 31, 2022, 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	12.2%
Others, representing less than 10% individually	85.1%

29 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Portfolio of Investments — continued

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 January 31, 2022, 4.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.1% to 3.1% of total investments.

⁽¹⁾  Floating-rate security. The stated interest rate represents the rate in effect at January 31, 2022.

⁽²⁾  When-issued security.

⁽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 January 31, 2022.

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

30 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Statement of Assets and Liabilities

Assets	January 31, 2022
Unaffiliated investments, at value (identified cost, $895,333,166)	$	912,492,288
Cash		37,956,415
Interest receivable		8,653,881
Receivable for investments sold		8,647,316
Receivable from affiliates		7,155
Total assets	$	967,757,055
Liabilities
Payable for when-issued securities	$	29,328,170
Payable to affiliate:
Investment adviser fee		260,006
Accrued expenses		117,894
Total liabilities	$	29,706,070
Net Assets applicable to investors’ interest in Portfolio	$	938,050,985

31 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Statement of Operations

Investment Income	Year Ended January 31, 2022
Interest	$	19,490,562
Total investment income	$	19,490,562
Expenses
Investment adviser fee	$	3,057,043
Trustees’ fees and expenses		46,919
Custodian fee		229,942
Legal and accounting services		57,476
Miscellaneous		23,348
Total expenses	$	3,414,728
Deduct —
Allocation of expenses to affiliates	$	64,587
Total expense reductions	$	64,587
Net expenses	$	3,350,141
Net investment income	$	16,140,421
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	3,510,528
Net realized gain	$	3,510,528
Change in unrealized appreciation (depreciation) —
Investments	$	(43,090,606	)
Net change in unrealized appreciation (depreciation)	$	(43,090,606	)
Net realized and unrealized loss	$	(39,580,078	)
Net decrease in net assets from operations	$	(23,439,657	)

32 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2022			2021
From operations —
Net investment income	$	16,140,421		$	15,352,513
Net realized gain		3,510,528			4,325,390
Net change in unrealized appreciation (depreciation)		(43,090,606	)		17,011,685
Net increase (decrease) in net assets from operations	$	(23,439,657	)	$	36,689,588
Capital transactions —
Contributions	$	108,966,195		$	203,943,194
Withdrawals		(58,460,755	)		(59,666,246	)
Portfolio transaction fee		250,960			395,167
Net increase in net assets from capital transactions	$	50,756,400		$	144,672,115
Net increase in net assets	$	27,316,743		$	181,361,703
Net Assets
At beginning of year	$	910,734,242		$	729,372,539
At end of year	$	938,050,985		$	910,734,242

33 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Financial Highlights

	Year Ended January 31,
Ratios/Supplemental Data	2022			2021			2020			2019			2018
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.69	%		1.94	%		2.17	%		2.16	%		2.01	%
Portfolio Turnover		22	%		51	%		28	%		78	%		35	%
Total Return(1)		(2.44	)%		4.66	%		7.88	%		3.11	%		3.83	%
Net assets, end of year (000’s omitted)	$	938,051		$	910,734		$	729,373		$	612,428		$	676,300

⁽¹⁾  The investment adviser and sub-adviser reimbursed certain operating expenses (equal to 0.01% of average daily net assets for each of the years ended January 31, 2022, 2021, 2020, 2019 and 2018). Absent this reimbursement, total return would be lower.

34 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Notes to Financial Statements

1  Significant Accounting Policies

5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to seek current income exempt from regular federal income tax. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At January 31, 2022, 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 99.9% and 0.1%, respectively, in the Portfolio.

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

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

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

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

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

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

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

As of January 31, 2022, 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

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5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Notes to Financial Statements — continued

earning interest on settlement date. Such security purchases 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.

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 year ended January 31, 2022, the Portfolio’s investment adviser fee amounted to $3,057,043 or 0.32% 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 $64,587 in total of the Portfolio’s operating expenses for the year ended January 31, 2022.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2022, 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 $359,890,505 and $193,607,861, respectively, for the year ended January 31, 2022.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2022, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	895,298,175
Gross unrealized appreciation	$	26,968,619
Gross unrealized depreciation		(9,774,506	)
Net unrealized appreciation	$	17,194,113

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5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Notes to Financial Statements — continued

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 25, 2022. 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 Secured Overnight Financing Rate (SOFR) 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 2021, an arrangement fee totaling $150,000 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 year ended January 31, 2022.

6  Fair Value Measurements

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

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

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

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

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

At January 31, 2022, 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	$	—	$	912,492,288	$	—	$	912,492,288
Total Investments	$	—	$	912,492,288	$	—	$	912,492,288

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.

37

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2022

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of 5-to-15 Year Laddered Municipal Bond Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of 5-to-15 Year Laddered Municipal Bond Portfolio (the “Portfolio”), including the portfolio of investments, as of January 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of January 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 23, 2022

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

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Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Management and Organization

Fund Management.  The Trustees of Eaton Vance Municipals Trust II (the Trust) and 5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and the Portfolio’s affairs. The Board members and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s and the Portfolio’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund or Portfolio to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund or Portfolio to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly-owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 138 funds (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 137 funds) in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).

Name and Year of Birth	Trust/Portfolio Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	Since 2007	Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust and the Portfolio, and his former position with EVC, which was an affiliate of the Trust and the Portfolio prior to March 1, 2021. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	Since 2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None.
Cynthia E. Frost 1961	Trustee	Since 2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None.
George J. Gorman 1952	Chairperson of the Board and Trustee	Since 2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None.

39

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Management and Organization — continued

Name and Year of Birth	Trust/Portfolio Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Valerie A. Mosley 1960	Trustee	Since 2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).
William H. Park 1947	Trustee	Since 2003	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships. None.
Helen Frame Peters 1948	Trustee	Since 2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships. None.
Keith Quinton 1958	Trustee	Since 2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	Since 2018	Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010), and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	Since 2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	Since 2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None.

40

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2022

Management and Organization — continued

Name and Year of Birth	Trust/Portfolio Position(s)	Length of Service	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President of the Trust	Since 2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Deidre E. Walsh 1971	Vice President and Chief Legal Officer	Since 2009	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	Since 2007	Vice President of EVM and BMR. Also Vice President of CRM.
Jill R. Damon 1984	Secretary	Since 2022	Vice President of EVM and BMR since 2017. Formerly, associate at Dechert LLP (2009-2017).
Richard F. Froio 1968	Chief Compliance Officer	Since 2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

The SAI for the Fund includes additional information about the Trustees and officers of the Trust and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-260-0761.

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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

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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.

43

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.

44

Investment Adviser of 5-to-15 Year Laddered Municipal Bond Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

22626  1.31.22

Item 2. Code of Ethics

The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

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

Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm). Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).

Item 4. Principal Accountant Fees and Services

Eaton Vance High Yield Municipal Income Fund, Parametric TABS Intermediate-Term Municipal Bond Fund, Parametric TABS Short-Term Municipal Bond Fund, Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund, Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund and Parametric TABS 10-to-20 Year Laddered Municipal Bond Fund (the “Fund(s)”) are series of Eaton Vance Municipals Trust II (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 6 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.

(a)-(d)

The following tables present the aggregate fees billed to each Fund for the Fund’s fiscal years ended January 31, 2021 and January 31, 2022 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Eaton Vance High Yield Municipal Income Fund

Fiscal Years Ended	1/31/21		1/31/22
Audit Fees	$	81,900	$	79,050
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	12,988	$	13,338
All Other Fees(3)	$	0	$	0
Total	$	94,888	$	92,388

Parametric TABS Intermediate-Term Municipal Bond Fund

Fiscal Years Ended	1/31/21		1/31/22
Audit Fees	$	40,950	$	40,950
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	9,508	$	9,508
All Other Fees(3)	$	0	$	0
Total	$	50,458	$	50,458

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

Fiscal Years Ended	1/31/21		1/31/22
Audit Fees	$	15,150	$	15,150
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	6,483	$	6,483
All Other Fees(3)	$	0	$	0
Total	$	21,633	$	21,633

Parametric TABS Short-Term Municipal Bond Fund

Fiscal Years Ended	1/31/21		1/31/22
Audit Fees	$	40,650	$	40,650
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,783	$	9,858
All Other Fees(3)	$	0	$	0
Total	$	48,433	$	50,508

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

Fiscal Years Ended	1/31/21		1/31/21
Audit Fees	$	29,650	$	31,150
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	6,671	$	8,321
All Other Fees(3)	$	0	$	0
Total	$	36,321	$	39,471

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

Fiscal Years Ended	1/31/21		1/31/22
Audit Fees	$	25,075	$	26,050
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	9,171	$	10,046
All Other Fees(3)	$	0	$	0
Total	$	34,246	$	36,096

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

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

The Funds comprised all of the Series of the Trust at January 31, 2022, and have the same fiscal year end (January 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	1/31/21		1/31/22
Audit Fees	$	233,375	$	233,000
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	52,604	$	57,554
All Other Fees(3)	$	0	$	0
Total	$	285,979	$	290,554

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

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

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval

responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

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

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

(f) Not applicable.

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

Fiscal Years Ended	1/31/21		1/31/22
Registrant(1)	$	52,604	$	57,554
Eaton Vance(2)	$	150,300	$	51,800

⁽¹⁾ Includes all of the Series of the Trust.

⁽²⁾ The investment adviser to the Series, as well as any of its affiliates that provide ongoing services to the Series, are subsidiaries of Morgan Stanley.

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

Item 5. Audit Committee of Listed Registrant

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this 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:	March 28, 2022

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	March 28, 2022
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	March 28, 2022