Eaton Vance Municipals Trust

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 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.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Management’s Discussion of Fund Performance^†

Economic and Market Conditions

For municipal bond investors, the 12-month period ended September 30, 2023, was a roller-coaster ride. In the opening month of the period, municipal bonds posted negative returns. Municipal mutual funds experienced net outflows as investors reacted to statements by U.S. Federal Reserve (Fed) officials that the central bank was not done with interest rate hikes and fighting inflation remained its top priority.

However, in the final months of 2022, municipal bond performance rebounded. Despite the Fed’s fourth 0.75% rate hike in November, the Index rose 4.68% -- its best monthly performance since 1986. Drivers of the rally included Fed signals that future rate hikes might be smaller, as well as growing investor demand amid lower supplies of new municipal bond issues.

Although the Fed did deliver a smaller 0.50% rate hike in December 2022, it raised expectations of how high rates might go in 2023. The Index -- helped by attractive yields and limited supply -- nonetheless eked out positive performance in December 2022.

In January 2023, municipal bonds delivered a third straight month of positive returns, driven by the ongoing supply-demand imbalance and the return of net inflows into open-end mutual funds. In February, however, the municipal rally stalled as robust economic reports -- including unexpectedly strong job creation in January -- led investors to fear the Fed might keep rates higher for longer than previously expected.

In March 2023, municipal returns turned positive again. The second- and third-largest bank failures in U.S. history triggered a “flight to quality” that drove municipal bonds to their strongest March performance since 2008, despite the Fed announcing its ninth consecutive rate hike that month.

But from April 2023 through period-end, the municipal bond market experienced another sell-off. Although positive technical factors -- most importantly, demand that exceeded municipal bond supply -- produced brief periods of positive performance, the Fed’s 10th and 11th rate hikes in a little over a year -- in May and July 2023 -- overwhelmed positive technical factors and caused municipal rates to rise and bond prices to fall.

In August and September, above-average supply -- reversing the previous favorable supply-demand imbalance -- plus a typical end-of-summer slowdown in coupon reinvestment, helped reduce demand for municipal bonds even more. And while the Fed left rates unchanged at its September 2023 meeting, investors interpreted the Fed’s message to be that rates would stay higher for longer than investors expected just weeks earlier -- adding further fuel to the municipal bond sell-off.

For the period as a whole, the Index returned 2.66% as coupon payments outpaced declining bond prices. While interest rates rose and bond prices fell across the municipal bond yield curve, the largest rate increases occurred at the long and short ends of the yield curve. U.S. Treasurys, meanwhile, underperformed municipal bonds throughout the yield curve during the period.

Fund Performance

For the 12-month period ended September 30, 2023, Eaton Vance California Municipal Opportunities Fund (the California Fund), Eaton Vance Massachusetts Municipal Income Fund (the Massachusetts Fund), and Eaton Vance New York Municipal Income Fund (the New York Fund) -- Class A shares at net asset value (NAV) -- outperformed their common benchmark, the Bloomberg Municipal Bond Index (the Index), which returned 2.66%. Eaton Vance Ohio Municipal Income Fund (the Ohio Fund) underperformed the Index for Class A shares at NAV during the period.

In pursuing their investment objectives, the Massachusetts, New York, and Ohio Funds normally acquire municipal bonds with maturities of 10 years or more. The California Fund has a flexible investment strategy and may invest in obligations of any duration and credit quality.

In pursuing the California Fund’s after-tax total return objective, Fund managers have the flexibility to invest up to 20% of net assets in debt obligations other than tax-exempt municipal bonds, including but not limited to taxable municipal obligations, U.S. Treasury securities, and obligations of the U.S. government, its agencies and instrumentalities. Up to 50% of the California Fund’s net assets may be invested in obligations rated below investment-grade credit quality.

Fund managers may attempt to hedge the portfolios to various degrees against the potential risk of interest rate volatility at the long end of the yield curve by using U.S. Treasury futures and interest rate swaps. In a period when Treasury bonds generally declined in price as yields moved higher, the California, New York, and Ohio Funds’ Treasury-futures hedging strategies contributed to relative returns versus the unhedged Index. By period-end, however, the California Fund’s hedging strategy was no longer employed. The Massachusetts Fund did not employ an interest rate hedge during the period.

Each Fund may seek to enhance tax-exempt income through the use of leveraged investments by purchasing residual interest bonds. Leveraged investments have the effect of magnifying a Fund’s exposure to its underlying investments in both up and down markets. While the Massachusetts, New York, and Ohio Funds employed a small amount of leverage during the period, it had a minimal effect on their performances versus the Index, which does not employ leverage. The California Fund did not employ leverage 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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Management’s Discussion of Fund Performance^† — continued

Fund-Specific Results

Eaton Vance California Municipal Opportunities Fund returned 3.37% for Class A shares at NAV, outperforming the Index, which returned 2.66%.

Contributors to performance relative to the Index included the Fund’s hedging strategy, as well as an overweight position in bonds with 17 years or more remaining to maturity, during a period when longer-maturity bonds generally outperformed shorter-maturity bonds. Security selections and an overweight position in the transportation sector also contributed to performance relative to the Index.

In contrast, the main detractors from the California Fund’s performance relative to the Index included security selections in 4% coupon bonds, an overweight position in local general obligation (GO) bonds, and security selections in the leasing sector.

Eaton Vance Massachusetts Municipal Income Fund returned 2.75% for Class A shares at NAV, outperforming the Index, which returned 2.66%.

Security selections and an overweight position in the health care sector, an overweight position in bonds with 22 years or more remaining to maturity, and security selections in the education sector all contributed to the Massachusetts Fund’s performance relative to the Index. In contrast, detractors from returns versus the Index included security selections in the water & sewer sector and an overweight position in AAA-rated bonds.

Eaton Vance New York Municipal Income Fund returned 2.77% for Class A shares at NAV, outperforming the Index, which returned 2.66%.

Contributors to the New York Fund’s performance versus the Index included the Fund’s hedging strategy; an overweight position in bonds with 22 years or more remaining to maturity; and security selections and an overweight position in BBB-rated bonds, which generally outperformed higher-rated bonds during the period. Detractors from returns relative to the Index included security selections in the leasing and special tax sectors and in 4% coupon bonds.

Eaton Vance Ohio Municipal Income Fund returned 1.81% for Class A shares at NAV, underperforming the Index, which returned 2.66%.

An overweight position in local GO bonds, and security selections in 4% coupon bonds and BBB-rated bonds detracted from performance versus the Index during the period. In contrast, contributors to performance relative to the Index included the Ohio Fund’s hedging strategy, security selections and an overweight position in the industrial development revenue sector, and an underweight position in AAA-rated bonds during the period.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

California Municipal Opportunities Fund

September 30, 2023

Performance

Portfolio Manager(s) Craig R. Brandon, CFA and Trevor G. Smith

% Average Annual Total Returns^1,2	Class Inception Date	Performance Inception Date	One Year	Five Years	Ten Years
Class A at NAV	05/27/1994	12/19/1985	3.37%	1.23%	2.83%
Class A with 3.25% Maximum Sales Charge	—	—	0.06	0.57	2.49
Class C at NAV	08/31/2004	12/19/1985	2.62	0.47	2.21
Class C with 1% Maximum Deferred Sales Charge	—	—	1.62	0.47	2.21
Class I at NAV	03/03/2008	12/19/1985	3.63	1.48	3.08

Bloomberg Municipal Bond Index	—	—	2.66%	1.05%	2.29%
Bloomberg California Municipal Bond Index	—	—	2.95	1.06	2.42

% Total Annual Operating Expense Ratios³	Class A	Class C	Class I
	0.71%	1.46%	0.46%

% Distribution Rates/Yields⁴	Class A	Class C	Class I
Distribution Rate	3.51%	2.74%	3.76%
Taxable-Equivalent Distribution Rate	7.64	5.97	8.19
SEC 30-day Yield	3.46	2.81	3.83
Taxable-Equivalent SEC 30-day Yield	7.53	6.12	8.34

Growth of $10,000

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

Growth of Investment	Amount Invested	Period Beginning	At NAV	With Maximum Sales Charge
Class C	$10,000	09/30/2013	$12,441	N.A.
Class I, at minimum investment	$1,000,000	09/30/2013	$1,355,192	N.A.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Massachusetts Municipal Income Fund

September 30, 2023

Performance

Portfolio Manager(s) Craig R. Brandon, CFA and Julie P. Callahan, CFA

% Average Annual Total Returns^1,2	Class Inception Date	Performance Inception Date	One Year	Five Years	Ten Years
Class A at NAV	12/07/1993	04/18/1991	2.75%	0.09%	1.83%
Class A with 3.25% Maximum Sales Charge	—	—	(0.62)	(0.58)	1.50
Class C at NAV	05/02/2006	04/18/1991	1.99	(0.67)	1.22
Class C with 1% Maximum Deferred Sales Charge	—	—	0.99	(0.67)	1.22
Class I at NAV	06/17/1993	04/18/1991	2.82	0.28	2.03

Bloomberg Municipal Bond Index	—	—	2.66%	1.05%	2.29%
Bloomberg Massachusetts Municipal Bond Index	—	—	2.20	0.88	2.04

% Total Annual Operating Expense Ratios³	Class A	Class C	Class I
	0.70%	1.45%	0.50%

% Distribution Rates/Yields⁴	Class A	Class C	Class I
Distribution Rate	3.26%	2.49%	3.47%
Taxable-Equivalent Distribution Rate	6.50	4.97	6.91
SEC 30-day Yield	3.26	2.60	3.57
Taxable-Equivalent SEC 30-day Yield	6.49	5.18	7.12

% Total Leverage⁵
Residual Interest Bond (RIB) Financing	2.41%

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	09/30/2013	$11,293	N.A.
Class I, at minimum investment	$1,000,000	09/30/2013	$1,223,145	N.A.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Massachusetts Municipal Income Fund

September 30, 2023

Fund Profile

Credit Quality (% of total investments)^1,2

Footnotes:

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.

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

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Eaton Vance

New York Municipal Income Fund

September 30, 2023

Performance

Portfolio Manager(s) Craig R. Brandon, CFA and Christopher J. Eustance, CFA

% Average Annual Total Returns^1,2	Class Inception Date	Performance Inception Date	One Year	Five Years	Ten Years
Class A at NAV	04/15/1994	08/30/1990	2.77%	0.68%	2.34%
Class A with 3.25% Maximum Sales Charge	—	—	(0.62)	0.01	2.00
Class C at NAV	09/30/2003	08/30/1990	1.89	(0.07)	1.72
Class C with 1% Maximum Deferred Sales Charge	—	—	0.89	(0.07)	1.72
Class I at NAV	03/03/2008	08/30/1990	2.98	0.88	2.54

Bloomberg Municipal Bond Index	—	—	2.66%	1.05%	2.29%
Bloomberg New York Municipal Bond Index	—	—	3.11	0.87	2.12

% Total Annual Operating Expense Ratios³	Class A	Class C	Class I
	0.68%	1.43%	0.48%

% Distribution Rates/Yields⁴	Class A	Class C	Class I
Distribution Rate	3.41%	2.64%	3.61%
Taxable-Equivalent Distribution Rate	7.05	5.46	7.48
SEC 30-day Yield	3.46	2.80	3.78
Taxable-Equivalent SEC 30-day Yield	7.15	5.80	7.82

% Total Leverage⁵
RIB Financing	4.22%

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	09/30/2013	$11,855	N.A.
Class I, at minimum investment	$1,000,000	09/30/2013	$1,285,048	N.A.

See Endnotes and Additional Disclosures in this report.

Table of Contents

Eaton Vance

New York Municipal Income Fund

September 30, 2023

Fund Profile

Credit Quality (% of total investments)^1,2

Footnotes:

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

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Eaton Vance

Ohio Municipal Income Fund

September 30, 2023

Performance

Portfolio Manager(s) Cynthia J. Clemson and Julie P. Callahan, CFA

% Average Annual Total Returns^1,2	Class Inception Date	Performance Inception Date	One Year	Five Years	Ten Years
Class A at NAV	12/07/1993	04/18/1991	1.81%	0.96%	2.42%
Class A with 3.25% Maximum Sales Charge	—	—	(1.51)	0.30	2.08
Class C at NAV	02/03/2006	04/18/1991	1.17	0.20	1.81
Class C with 1% Maximum Deferred Sales Charge	—	—	0.18	0.20	1.81
Class I at NAV	08/03/2010	04/18/1991	2.14	1.16	2.62

Bloomberg Municipal Bond Index	—	—	2.66%	1.05%	2.29%
Bloomberg Ohio Municipal Bond Index	—	—	2.14	0.90	2.27

% Total Annual Operating Expense Ratios³	Class A	Class C	Class I
	0.75%	1.50%	0.55%

% Distribution Rates/Yields⁴	Class A	Class C	Class I
Distribution Rate	3.25%	2.48%	3.45%
Taxable-Equivalent Distribution Rate	5.88	4.49	6.25
SEC 30-day Yield	3.33	2.67	3.64
Taxable-Equivalent SEC 30-day Yield	6.02	4.84	6.60

% Total Leverage⁵
RIB Financing	4.25%

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	09/30/2013	$11,961	N.A.
Class I, at minimum investment	$1,000,000	09/30/2013	$1,295,518	N.A.

See Endnotes and Additional Disclosures in this report.

Table of Contents

Eaton Vance

Ohio Municipal Income Fund

September 30, 2023

Fund Profile

Credit Quality (% of total investments)^1,2

Footnotes:

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

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Endnotes and Additional Disclosures

†

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.

¹	Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg California Municipal Bond Index is an unmanaged index of California municipal bonds. Bloomberg Massachusetts Municipal Bond Index is an unmanaged index of Massachusetts municipal bonds. Bloomberg New York Municipal Bond Index is an unmanaged index of New York municipal bonds. Bloomberg Ohio Municipal Bond Index is an unmanaged index of Ohio municipal bonds. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
²	Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. 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. For California Municipal Opportunities Fund, performance prior to April 13, 2015 reflects the Fund’s performance under its former investment objective and strategy.
³	Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴

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

⁵

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

	Fund profiles subject to change due to active management.
	Additional Information
	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.
	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.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Fund Expenses

Example

As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; 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 (April 1, 2023 to September 30, 2023).

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). Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

Eaton Vance California Municipal Opportunities Fund

	Beginning Account Value (4/1/23)	Ending Account Value (9/30/23)	Expenses Paid During Period* (4/1/23 – 9/30/23)	Annualized Expense Ratio
Actual
Class A	$1,000.00	$ 972.90	$3.71	0.75%
Class C	$1,000.00	$ 970.10	$7.41	1.50%
Class I	$1,000.00	$ 975.20	$2.48	0.50%

Hypothetical
(5% return per year before expenses)
Class A	$1,000.00	$1,021.31	$3.80	0.75%
Class C	$1,000.00	$1,017.55	$7.59	1.50%
Class I	$1,000.00	$1,022.56	$2.54	0.50%

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 183/365 (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 March 31, 2023.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Fund Expenses — continued

Eaton Vance Massachusetts Municipal Income Fund

	Beginning Account Value (4/1/23)	Ending Account Value (9/30/23)	Expenses Paid During Period* (4/1/23 – 9/30/23)	Annualized Expense Ratio
Actual
Class A	$1,000.00	$ 962.40	$3.94	0.80%
Class C	$1,000.00	$ 958.80	$7.61	1.55%
Class I	$1,000.00	$ 963.40	$2.95	0.60%

Hypothetical
(5% return per year before expenses)
Class A	$1,000.00	$1,021.06	$4.05	0.80%
Class C	$1,000.00	$1,017.30	$7.84	1.55%
Class I	$1,000.00	$1,022.06	$3.04	0.60%

Eaton Vance New York Municipal Income Fund

	Beginning Account Value (4/1/23)	Ending Account Value (9/30/23)	Expenses Paid During Period* (4/1/23 – 9/30/23)	Annualized Expense Ratio
Actual
Class A	$1,000.00	$ 956.60	$4.27	0.87%
Class C	$1,000.00	$ 953.00	$7.98	1.63%
Class I	$1,000.00	$ 957.60	$3.29	0.67%

Hypothetical
(5% return per year before expenses)
Class A	$1,000.00	$1,020.71	$4.41	0.87%
Class C	$1,000.00	$1,016.90	$8.24	1.63%
Class I	$1,000.00	$1,021.71	$3.40	0.67%

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Eaton Vance

California Municipal Opportunities Fund

September 30, 2023

Portfolio of Investments

Corporate Bonds — 0.3%

Security	Principal Amount (000's omitted)		Value
Other Revenue — 0.3%
Morongo Band of Mission Indians, 7.00%, 10/1/39⁽¹⁾	$	2,080	$ 2,074,322
Total Corporate Bonds (identified cost $2,488,658)			$ 2,074,322

Tax-Exempt Mortgage-Backed Securities — 0.3%

Security	Principal Amount (000's omitted)		Value
Housing — 0.3%
California Housing Finance Agency, Municipal Certificates, Series 2021-1, Class A, 3.50%, 11/20/35	$	2,527	$ 2,218,052
Total Tax-Exempt Mortgage-Backed Securities (identified cost $2,803,958)			$ 2,218,052

Tax-Exempt Municipal Obligations — 82.0%

Security	Principal Amount (000's omitted)		Value
Education — 4.4%
California Educational Facilities Authority, (Stanford University), 5.00%, 5/1/49	$	250	$ 268,937
California Infrastructure and Economic Development Bank, (The Colburn School), Social Bonds, 4.88%, (SIFMA + 0.90%), 6/1/27 (Put Date), 8/1/72⁽²⁾		5,000	4,914,300
California School Finance Authority, (Granada Hills Charter Obligated Group), 4.00%, 7/1/38⁽¹⁾		465	392,102
California School Finance Authority, (Green Dot Public Schools):
5.00%, 8/1/28⁽¹⁾		570	575,717
5.00%, 8/1/38⁽¹⁾		2,500	2,425,325
California University, 5.25%, 11/1/48		1,000	1,071,680
University of California, 3.25%, 5/15/48⁽³⁾		10,000	10,000,000
University of California Medical Center, 5.00%, 5/15/47		11,240	11,626,544
			$ 31,274,605
Electric Utilities — 1.8%
Los Angeles Department of Water and Power, CA, Power System Revenue:
5.00%, 7/1/41	$	1,450	$ 1,554,023
5.00%, 7/1/49		9,185	9,438,047

Security	Principal Amount (000's omitted)		Value
Electric Utilities (continued)
Vernon, CA, Electric System Revenue, 5.00%, 8/1/35	$	1,420	$ 1,472,866
			$ 12,464,936
General Obligations — 27.5%
ABC Unified School District, CA, (Election of 2018), 4.00%, 8/1/47	$	5,780	$ 5,338,928
California:
4.00%, 3/1/37		11,500	11,373,845
4.00%, 9/1/43		5,000	4,787,450
4.55%, 12/1/37		1,000	1,021,070
5.00%, 9/1/36		5,000	5,470,750
5.00%, 9/1/37		8,000	8,672,480
5.00%, 9/1/42		2,445	2,529,524
5.00%, 11/1/42		10,000	10,595,600
Clovis Unified School District, CA, (Election of 2020), 5.25%, 8/1/39		1,860	1,976,864
Gilroy Unified School District, CA, (Election of 2016), 4.00%, 8/1/41		2,000	1,837,360
Hacienda La Puente Unified School District, CA, (Election of 2016):
4.00%, 8/1/41⁽⁴⁾		1,800	1,706,454
4.00%, 8/1/42⁽⁴⁾		2,000	1,880,680
4.00%, 8/1/43⁽⁴⁾		1,695	1,584,537
5.00%, 8/1/38⁽⁴⁾		750	814,088
5.00%, 8/1/39⁽⁴⁾		1,710	1,837,771
Jefferson Union High School District, CA, (Election of 2020):
4.125%, 8/1/46		2,000	1,870,920
5.00%, 8/1/42		1,000	1,063,520
Kern Community College District, CA, (Election of 2016):
5.25%, 8/1/37		1,500	1,680,360
5.25%, 8/1/41		1,000	1,095,690
La Canada Unified School District, CA, (Election of 2017):
5.25%, 8/1/41		1,190	1,305,513
5.50%, 8/1/43		1,780	1,978,239
5.75%, 8/1/50		6,885	7,706,105
Long Beach Unified School District, CA, (Election of 2016):
4.00%, 8/1/39		3,895	3,685,176
4.00%, 8/1/47		9,355	8,555,054
Lucia Mar Unified School District, CA, (Election of 2016), 4.00%, 8/1/47		2,025	1,858,160
Manteca Unified School District, CA, (Election of 2020), 4.00%, 8/1/48		3,150	2,898,346

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Opportunities Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
General Obligations (continued)
Mariposa County Unified School District, CA, (Election of 2016), 5.00%, 8/1/43	$	1,265	$ 1,291,439
Monterey Peninsula Unified School District, CA, (Election of 2018), 4.00%, 8/1/43		3,550	3,343,425
Morgan Hill Unified School District, CA, (Election of 2012):
5.25%, 8/1/40		3,860	4,200,027
5.25%, 8/1/41		2,440	2,645,082
5.25%, 8/1/42		2,000	2,163,860
Mountain View Whisman School District, CA, (Election of 2020):
4.00%, 9/1/38		1,100	1,059,718
4.00%, 9/1/39		2,200	2,106,126
4.00%, 9/1/40		1,300	1,241,747
4.00%, 9/1/41		1,100	1,044,791
4.00%, 9/1/42		1,250	1,180,375
4.25%, 9/1/45		5,750	5,555,535
Oceanside Unified School District, CA, (Election of 2020):
4.00%, 8/1/43⁽⁴⁾		1,000	940,340
4.125%, 8/1/48⁽⁴⁾		6,440	5,900,972
4.125%, 8/1/51⁽⁴⁾		8,500	7,704,570
5.00%, 8/1/40⁽⁴⁾		1,000	1,077,350
5.00%, 8/1/41⁽⁴⁾		1,000	1,068,720
5.00%, 8/1/42⁽⁴⁾		1,000	1,062,040
Old Adobe Union School District, CA, (Election of 2018), 5.00%, 8/1/44		1,860	1,896,847
Pajaro Valley Unified School District, CA, 4.00%, 8/1/45		10,000	9,257,000
Pasadena Area Community College District, CA, 5.00%, 8/1/24		1,000	1,011,580
Puerto Rico:
0.00%, 7/1/33		377	222,677
5.625%, 7/1/27		2,500	2,567,975
5.625%, 7/1/29		2,045	2,116,207
San Bruno Park School District, CA, (Election of 2018), 5.00%, 8/1/53		8,000	8,306,240
San Diego Unified School District, CA, (Election of 2018):
Green Bonds, 5.00%, 7/1/41⁽⁴⁾		2,245	2,403,452
Green Bonds, 5.00%, 7/1/42⁽⁴⁾		3,915	4,168,340
Green Bonds, 5.00%, 7/1/43⁽⁴⁾		2,000	2,123,380
San Jose-Evergreen Community College District, CA, (Election of 2016):
4.00%, 9/1/41		1,600	1,532,960
4.00%, 9/1/42		2,000	1,898,440
San Rafael City Elementary School District, CA, (Election of 2022):
4.00%, 8/1/42		1,440	1,361,030
5.25%, 8/1/52		4,000	4,168,440

Security	Principal Amount (000's omitted)		Value
General Obligations (continued)
San Rafael City High School District, CA, (Election of 2022), 5.25%, 8/1/52	$	4,000	$ 4,209,200
Santa Clarita Community College District, CA, 5.25%, 8/1/45		2,420	2,556,052
Simi Valley Unified School District, CA, (Election of 2016), 4.00%, 8/1/48		3,500	3,220,385
Torrance Unified School District, CA, 4.00%, 8/1/33		1,905	1,886,579
Westminster School District, CA, (Election of 2016), 5.00%, 8/1/42		1,000	1,021,580
			$194,638,965
Hospital — 7.5%
California Health Facilities Financing Authority, (Cedars-Sinai Health System):
4.00%, 8/15/48	$	8,710	$ 7,820,622
5.00%, 8/15/51		4,620	4,721,039
California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 4.00%, 8/15/36		10,000	9,617,900
California Health Facilities Financing Authority, (City of Hope):
5.00%, 11/15/32		735	720,682
5.00%, 11/15/35		1,050	994,046
California Health Facilities Financing Authority, (Providence Health & Services), 5.00%, 10/1/44		7,110	6,943,768
California Health Facilities Financing Authority, (Providence St. Joseph Health), 5.00% to 10/1/27 (Put Date), 10/1/39		2,275	2,336,175
California Health Facilities Financing Authority, (Sutter Health), 5.00%, 11/15/46		10,590	10,661,694
California Municipal Finance Authority, (NorthBay Healthcare Group):
5.00%, 11/1/24		800	802,280
5.00%, 11/1/26		500	498,380
Series 2017A, 5.00%, 11/1/25		800	798,040
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/33		425	428,974
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/38		2,000	1,967,340
University of California Medical Center, 5.00%, 5/15/41		5,000	5,118,550
			$ 53,429,490
Housing — 1.2%
California Housing Finance Agency, Sustainability Bonds, 3.60% to 8/1/26 (Put Date), 8/1/63	$	1,500	$ 1,465,965
CSCDA Community Improvement Authority, CA, (City of Orange Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 3/1/57⁽¹⁾		5,000	3,119,550

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Opportunities Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Housing (continued)
CSCDA Community Improvement Authority, CA, (Pasadena Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 12/1/56⁽¹⁾	$	2,525	$ 1,567,015
Independent Cities Finance Authority, CA, (Castle Mobile Estates), 3.00%, 5/15/36		1,205	1,025,395
Independent Cities Finance Authority, CA, (Vista de Santa Barbara Mobilehome Park), 3.00%, 9/15/36		1,725	1,437,874
			$ 8,615,799
Industrial Development Revenue — 3.0%
California Municipal Finance Authority, (Republic Services, Inc.), (AMT), 4.375% to 9/1/33 (Put Date), 9/1/53	$	2,000	$ 1,969,120
California Municipal Finance Authority, (Waste Management, Inc.), (AMT), 4.125% to 10/1/25 (Put Date), 10/1/41		4,000	3,973,160
California Pollution Control Financing Authority, (American Water Capital Corp.), 3.70% to 9/1/28 (Put Date), 8/1/40		4,000	3,893,120
California Pollution Control Financing Authority, (Republic Services, Inc.):
(AMT), 4.25%, 7/1/43⁽¹⁾		3,750	3,727,238
Series 2017 A1, (AMT), 4.10%, 11/1/42⁽¹⁾⁽⁵⁾		4,500	4,498,965
California Pollution Control Financing Authority, (Waste Management, Inc.):
2.50% to 5/1/24 (Put Date), 11/1/38		2,500	2,472,725
(AMT), 3.375%, 7/1/25		1,000	976,700
			$ 21,511,028
Insured - Electric Utilities — 0.4%
Puerto Rico Electric Power Authority:
(NPFG), 5.00%, 7/1/24	$	300	$ 300,042
(NPFG), 5.00%, 7/1/24		130	130,018
(NPFG), 5.25%, 7/1/32		2,100	2,071,755
			$ 2,501,815
Insured - General Obligations — 3.6%
Antioch Unified School District, CA, (BAM), 4.00%, 8/1/45⁽⁴⁾	$	4,000	$ 3,682,000
Galt Joint Union High School District, CA, (Election of 2016), (BAM), 5.00%, 8/1/43		1,000	1,018,500
Holtville Unified School District, CA, (Election of 2018), (AGM), 6.00%, 8/1/52		1,000	1,113,070
Lemoore Union Elementary School District, CA, (Election of 2018), (AGM), 5.50%, 8/1/53		1,000	1,059,540
Long Beach Unified School District, CA, (Election of 1999), (AGC), 0.00%, 8/1/27		3,265	2,820,699
McFarland Unified School District, CA, (Election of 2020), (BAM), 5.25%, 11/1/49		2,500	2,569,825

Security	Principal Amount (000's omitted)		Value
Insured - General Obligations (continued)
Moreno Valley Unified School District, CA, (Election of 2014), (AGM), 4.00%, 8/1/45	$	2,000	$ 1,851,400
Palo Verde Unified School District, CA, (Election of 2018), (AGM), 5.50%, 8/1/50		1,200	1,258,932
Riverbank Unified School District, CA, (Election of 2018), (AGM), 5.50%, 8/1/52		1,000	1,066,490
San Mateo Union High School District, CA, (Election of 2000), (NPFG), 0.00%, 9/1/25		750	696,075
Simi Valley Unified School District, CA, (Election of 2004), (AGM), 0.00%, 8/1/28		5,000	4,104,000
Ukiah Unified School District, CA, (Election of 2020), (AGM), 5.50%, 8/1/49		2,350	2,474,714
Washington Township Health Care District, CA, (Election of 2020):
(AGM), 4.125%, 8/1/42		1,000	947,540
(AGM), 4.25%, 8/1/45		900	849,780
			$ 25,512,565
Insured - Hospital — 0.5%
California Health Facilities Financing Authority, (Adventist Health System), (AGM), 4.00%, 3/1/39	$	3,445	$ 3,250,426
California Statewide Communities Development Authority, (Enloe Medical Center), (AGM), 5.25%, 8/15/52		400	416,752
			$ 3,667,178
Insured - Special Tax Revenue — 0.6%
RNR School Financing Authority Community Facilities District No. 92-1, CA:
(BAM), 4.00%, 9/1/40	$	1,000	$ 930,830
(BAM), 4.00%, 9/1/42		1,000	918,510
San Francisco City and County Redevelopment Agency, CA, (Transbay Infrastructure Project), (AGM), 5.00%, 8/1/48		2,000	2,065,840
			$ 3,915,180
Insured - Transportation — 0.2%
San Joaquin Hills Transportation Corridor Agency, CA, (NPFG), 0.00%, 1/15/24	$	1,800	$ 1,778,184
			$ 1,778,184
Insured - Water and Sewer — 0.5%
Mountain House Financing Authority, CA, Utility Systems Revenue, Green Bonds, (BAM), 4.125%, 12/1/48	$	3,545	$ 3,257,890
			$ 3,257,890

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Opportunities Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Lease Revenue/Certificates of Participation — 1.1%
California Public Works Board, 5.00%, 9/1/36⁽⁴⁾	$	7,000	$ 7,652,820
			$ 7,652,820
Other Revenue — 2.8%
California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53	$	3,000	$ 3,022,920
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group):
4.00%, 11/1/45		4,055	3,704,242
5.00%, 11/1/33		1,740	1,743,167
5.00%, 11/1/34		1,290	1,292,348
California Infrastructure and Economic Development Bank, (California Academy of Sciences), Sustainability Bonds, 4.33%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47⁽²⁾		7,380	7,310,480
Golden State Tobacco Securitization Corp., CA, 5.00%, 6/1/51		2,450	2,489,224
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42⁽¹⁾		440	427,391
			$ 19,989,772
Senior Living/Life Care — 0.9%
California Municipal Finance Authority, (HumanGood - California Obligated Group), 4.00%, 10/1/38	$	3,790	$ 3,418,542
California Municipal Finance Authority, (Mt. San Antonio Gardens), 5.00%, 11/15/39		1,000	912,970
California Public Finance Authority, (Enso Village):
Green Bonds, 2.125%, 11/15/27⁽¹⁾		575	551,540
Green Bonds, 5.00%, 11/15/46⁽¹⁾		1,000	855,750
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/23		500	500,000
			$ 6,238,802
Solid Waste — 0.1%
Los Angeles, CA, Solid Waste Resources Revenue:
5.00%, 2/1/24	$	800	$ 803,248
5.00%, 2/1/38		20	21,920
			$ 825,168
Special Tax Revenue — 2.6%
Chula Vista Municipal Financing Authority, CA, 5.50%, 9/1/30	$	1,525	$ 1,527,120
Fontana Community Facilities District No. 90, CA, (Summit at Rosena Phase One):
4.00%, 9/1/26		125	122,531

Security	Principal Amount (000's omitted)		Value
Special Tax Revenue (continued)
Fontana Community Facilities District No. 90, CA, (Summit at Rosena Phase One): (continued)
4.00%, 9/1/27	$	125	$ 122,293
4.00%, 9/1/28		130	126,720
4.00%, 9/1/29		135	130,958
4.00%, 9/1/30		135	130,039
Irvine Community Facilities District No. 2013-3, CA, (Great Park):
5.00%, 9/1/30		580	584,048
5.00%, 9/1/31		465	468,111
5.00%, 9/1/33		545	548,526
5.00%, 9/1/35		1,150	1,176,990
5.00%, 9/1/38		1,000	1,007,630
Series 2014, 5.00%, 9/1/32		450	452,965
Series 2014, 5.00%, 9/1/34		360	362,203
Series 2018, 5.00%, 9/1/32		625	643,581
Series 2018, 5.00%, 9/1/34		765	785,976
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/44		5,000	5,199,450
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58		5,320	4,825,666
San Luis Obispo Community Facilities District No. 2019-1, CA, (San Luis Ranch):
3.00%, 9/1/24		150	146,252
4.00%, 9/1/29		185	178,255
4.00%, 9/1/33		125	117,338
			$ 18,656,652
Transportation — 17.7%
Bay Area Toll Authority, CA, (San Francisco Bay Area):
4.26%, (SIFMA + 0.28%), 4/1/56⁽²⁾	$	2,500	$ 2,490,375
4.28%, (SIFMA + 0.30%), 4/1/56⁽²⁾		5,000	4,890,550
4.43%, (SIFMA + 0.45%), 4/1/56⁽²⁾		800	782,520
California Municipal Finance Authority, (LINXS Automated People Mover):
(AMT), 5.00%, 12/31/37		2,570	2,576,708
(AMT), 5.00%, 12/31/43		4,220	4,140,537
(AMT), 5.00%, 12/31/47		2,200	2,145,000
Los Angeles Department of Airports, CA, (Los Angeles International Airport):
(AMT), 5.00%, 5/15/29		1,000	1,042,640
(AMT), 5.00%, 5/15/38		2,000	2,036,340
(AMT), 5.00%, 5/15/41		7,750	7,738,298
(AMT), 5.00%, 5/15/44		2,000	2,000,400
(AMT), 5.00%, 5/15/45		5,045	5,033,800
(AMT), 5.00%, 5/15/47		2,005	1,998,925
(AMT), 5.00%, 5/15/48		2,520	2,511,785

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Opportunities Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Transportation (continued)
Los Angeles Department of Airports, CA, (Los Angeles International Airport): (continued)
(AMT), 5.00%, 5/15/49	$	8,900	$ 8,838,145
(AMT), 5.50%, 5/15/47		10,000	10,409,700
Los Angeles Harbor Department, CA, (AMT), 5.00%, 8/1/44		10,000	9,926,700
San Diego County Regional Airport Authority, CA:
5.00%, 7/1/37		1,295	1,385,611
(AMT), 4.00%, 7/1/41		1,000	894,880
(AMT), 5.00%, 7/1/36		1,000	1,024,750
(AMT), 5.00%, 7/1/37		1,085	1,104,270
(AMT), 5.00%, 7/1/39		3,055	3,076,110
San Francisco City and County Airport Commission, CA, (San Francisco International Airport):
(AMT), 5.00%, 5/1/24		1,500	1,507,920
(AMT), 5.00%, 5/1/29		5,000	5,212,050
(AMT), 5.00%, 5/1/41		4,450	4,443,325
(AMT), 5.00%, 5/1/43		5,015	5,008,430
(AMT), 5.00%, 5/1/46		2,985	2,977,388
(AMT), 5.00%, 5/1/49		5,000	4,965,350
(AMT), 5.00%, 5/1/50		5,000	4,962,150
San Jose, CA, Airport Revenue:
(AMT), 5.00%, 3/1/41		10,000	10,001,800
(AMT), 5.00%, 3/1/47		10,300	10,115,939
			$125,242,396
Water and Sewer — 5.6%
Los Angeles Department of Water and Power, CA, Water System Revenue:
5.00%, 7/1/42	$	2,175	$ 2,339,213
5.00%, 7/1/47		5,920	6,140,283
Rancho California Water District Financing Authority, 4.00%, 8/1/37		2,750	2,754,070
San Diego County Water Authority, CA, Green Bonds , 4.00%, 5/1/36		2,195	2,230,405
San Francisco City and County Public Utilities Commission, CA, Wastewater Revenue:
5.00%, 10/1/40		2,125	2,270,499
Green Bonds, 5.25%, 10/1/42		1,540	1,660,829
San Francisco, CA, Public Utilities Commission Water Revenue:
5.00%, 11/1/40		1,750	1,881,530
Green Bonds, 4.00%, 11/1/39		2,575	2,516,702
Green Bonds, 4.00%, 11/1/40		4,100	3,953,671
Green Bonds, 4.00%, 11/1/41		6,500	6,249,490
Green Bonds, 5.00%, 11/1/40		2,000	2,150,320

Security	Principal Amount (000's omitted)		Value
Water and Sewer (continued)
San Mateo-Foster City Public Financing Authority, CA, (Clean Water Program), 5.00%, 8/1/49	$	5,555	$ 5,748,647
			$ 39,895,659
Total Tax-Exempt Municipal Obligations (identified cost $593,514,522)			$581,068,904

Taxable Municipal Obligations — 19.1%

Security	Principal Amount (000's omitted)		Value
Education — 6.0%
California Municipal Finance Authority, (Albert Einstein Academies), 3.75%, 8/1/31⁽¹⁾	$	2,710	$ 2,243,121
California School Finance Authority, (Granada Hills Charter Obligated Group), 2.00%, 7/1/24⁽¹⁾		205	198,092
University of California:
3.063%, 7/1/25		3,825	3,687,185
5.31%, 7/1/41⁽⁶⁾		36,400	36,400,000
			$ 42,528,398
General Obligations — 2.5%
California, 5.222%, 3/1/24	$	6,075	$ 6,067,285
Huntington Beach Union High School District, CA, 1.884%, 8/1/29		1,775	1,482,320
Los Angeles, CA, 3.00%, 9/1/26		2,820	2,667,099
Ohlone Community College District, CA, 2.243%, 8/1/33		220	167,658
Ojai Unified School District, CA, 2.019%, 8/1/31		480	373,541
Palmdale School District, CA, 1.67%, 8/1/29		500	408,025
Pasadena Area Community College District, CA, 5.30%, 8/1/24		4,070	4,067,721
Puerto Rico, GO Contingent Value Instrument, 0.00%, 11/1/43		842	437,646
San Mateo Union High School District, CA, 2.111%, 9/1/34		1,220	898,603
Tustin Unified School District, CA:
1.954%, 8/1/33		590	436,753
2.649%, 8/1/42		1,125	736,774
			$ 17,743,425

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Opportunities Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Hospital — 0.8%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	6,000	$ 5,935,320
			$ 5,935,320
Housing — 0.4%
Independent Cities Finance Authority, CA, (Sahara Mobile Home Park):
3.20%, 6/15/41	$	775	$ 540,415
3.20%, 6/15/56		3,685	2,199,724
			$ 2,740,139
Insured - General Obligations — 0.3%
Byron Union School District, CA:
(BAM), 2.10%, 8/1/30	$	345	$ 280,989
(BAM), 2.20%, 8/1/31		380	302,130
Mojave Unified School District, CA, (BAM), 2.731%, 8/1/37		500	361,575
Oak Grove School District, CA:
(BAM), 2.397%, 8/1/34		275	204,562
(BAM), 2.497%, 8/1/35		285	208,495
Sanger Unified School District, CA, (BAM), 2.371%, 8/1/35		445	321,695
Santa Rosa High School District, CA:
(BAM), 1.676%, 8/1/28		255	217,887
(BAM), 1.932%, 8/1/29		220	184,349
			$ 2,081,682
Insured - Lease Revenue/Certificates of Participation — 1.0%
Anaheim, CA, Public Financing Authority, (Public Improvements), (AGM), 1.643%, 7/1/25	$	7,850	$ 7,285,271
			$ 7,285,271
Insured - Special Tax Revenue — 0.4%
Rio Elementary School District Community Facilities District No. 1, CA:
(BAM), 1.826%, 9/1/28	$	1,000	$ 837,330
(BAM), 2.307%, 9/1/31		1,500	1,162,695
Successor Agency to West Hollywood Community Development Commission, CA:
(AGM), 1.668%, 9/1/28		400	337,948
(AGM), 1.847%, 9/1/29		385	316,609
			$ 2,654,582

Security	Principal Amount (000's omitted)		Value
Insured - Transportation — 1.0%
Alameda Corridor Transportation Authority, CA:
(AGM), (AMBAC), 0.00%, 10/1/26	$	6,700	$ 5,693,727
(AMBAC), 0.00%, 10/1/27		740	595,604
(AMBAC), 0.00%, 10/1/28		1,010	765,337
			$ 7,054,668
Lease Revenue/Certificates of Participation — 0.3%
Downey, CA, Pension Obligation Bonds:
1.95%, 6/1/31	$	185	$ 142,509
2.05%, 6/1/32		850	638,120
Monterey Park, CA, Pension Obligation Bonds:
2.193%, 6/1/33		560	416,707
2.293%, 6/1/34		750	543,473
			$ 1,740,809
Other Revenue — 0.1%
Manhattan Beach, CA, Pension Obligation Bonds:
2.141%, 1/1/30	$	400	$ 333,028
2.241%, 1/1/31		400	324,756
			$ 657,784
Special Tax Revenue — 0.8%
Riverside Unified School District Financing Authority, CA, 1.463%, 9/1/25	$	800	$ 739,792
San Jose Redevelopment Agency Successor Agency, CA, 3.375%, 8/1/34		5,000	4,321,100
Successor Agency to San Diego Redevelopment Agency, CA:
3.50%, 9/1/24		250	244,935
3.625%, 9/1/25		250	241,102
3.75%, 9/1/26		250	238,858
			$ 5,785,787
Water and Sewer — 5.5%
Metropolitan Water District of Southern California, (SPA: TD Bank, N.A.), 5.33%, 7/1/37⁽⁶⁾	$	39,200	$ 39,200,000
			$ 39,200,000
Total Taxable Municipal Obligations (identified cost $141,489,791)			$135,407,865

See Notes to Financial Statements.

Table of Contents

Eaton Vance

California Municipal Opportunities Fund

September 30, 2023

Portfolio of Investments — continued

Trust Units — 0.1%

Security	Notional Amount (000's omitted)		Value
Transportation — 0.1%
HTA TRRB 2005L-745190UR7 Assured Custodial Trust, 5.25%, 7/1/41	$	1,125	$ 1,103,816
Total Trust Units (identified cost $1,118,891)			$ 1,103,816
Total Investments — 101.8% (identified cost $741,415,820)			$721,872,959
Other Assets, Less Liabilities — (1.8)%			$ (13,082,057)
Net Assets — 100.0%			$708,790,902

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
⁽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 September 30, 2023, the aggregate value of these securities is $22,656,127 or 3.2% of the Fund's net assets.
⁽²⁾	Floating rate security. The stated interest rate represents the rate in effect at September 30, 2023.
⁽³⁾	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 September 30, 2023.
⁽⁴⁾	When-issued security.
⁽⁵⁾	Variable rate security that may be tendered at par quarterly. The stated interest rate, which resets quarterly, is determined by the remarketing agent and represents the rate in effect at September 30, 2023.
⁽⁶⁾	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 September 30, 2023.
The Fund invests primarily in debt securities issued by California 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 September 30, 2023, 8.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 4.7% of total investments.

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

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Massachusetts Municipal Income Fund

September 30, 2023

Portfolio of Investments

Tax-Exempt Municipal Obligations — 101.0%

Security	Principal Amount (000's omitted)		Value
Bond Bank — 2.5%
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34	$	3,105	$ 3,612,388
			$ 3,612,388
Education — 22.5%
Massachusetts Development Finance Agency, (Babson College), 5.00%, 10/1/42	$	1,500	$ 1,516,545
Massachusetts Development Finance Agency, (Bentley University), 4.00%, 7/1/39		1,400	1,274,952
Massachusetts Development Finance Agency, (Berklee College of Music), 5.00%, 10/1/39		2,000	2,012,160
Massachusetts Development Finance Agency, (Boston University):
4.00%, 10/1/46		2,750	2,414,665
5.00%, 10/1/46		3,000	3,033,690
5.45%, 5/15/59		400	425,292
Massachusetts Development Finance Agency, (Dexter Southfield):
5.00%, 5/1/33		1,550	1,572,646
5.00%, 5/1/35		1,660	1,679,239
Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33		1,950	1,957,488
Massachusetts Development Finance Agency, (Olin College), 5.00%, 11/1/38		1,750	1,750,893
Massachusetts Development Finance Agency, (Springfield College), Green Bonds, 4.00%, 6/1/56		2,700	1,964,601
Massachusetts Development Finance Agency, (Suffolk University):
5.00%, 7/1/31		620	631,135
5.00%, 7/1/32		770	782,212
5.00%, 7/1/38		340	333,288
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/36		1,575	1,552,856
Massachusetts Development Finance Agency, (Williams College), 5.00%, 7/1/46		2,000	2,013,780
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/32		5,000	5,849,950
University of Massachusetts Building Authority, 5.00%, 11/1/52		2,365	2,434,602
			$ 33,199,994

Security	Principal Amount (000's omitted)		Value
Escrowed/Prerefunded — 1.3%
Massachusetts Development Finance Agency, (Children's Hospital), Prerefunded to 10/1/24, 5.00%, 10/1/31	$	1,840	$ 1,857,443
			$ 1,857,443
General Obligations — 23.7%
Andover, MA, 4.00%, 7/15/52	$	1,805	$ 1,618,886
Boston, MA, 5.00%, 11/1/42		2,500	2,687,650
Bristol-Plymouth Regional Vocational Technical School District, MA, 5.00%, 2/28/24		3,000	3,009,690
Framingham, MA:
5.00%, 8/1/38		1,010	1,076,377
5.00%, 8/1/39		1,025	1,084,829
Manchester Essex Regional School District, MA:
4.00%, 2/1/41		1,075	1,003,771
4.00%, 2/1/42		975	900,296
Massachusetts:
5.00%, 5/1/48		3,000	3,117,240
5.25%, 10/1/47		2,000	2,126,420
Nantucket, MA, 5.00%, 6/28/24		2,500	2,518,375
New Bedford, MA, 4.00%, 9/1/47		2,650	2,384,603
Norwood, MA, 4.00%, 9/15/47		2,500	2,239,225
Quincy, MA:
5.00%, 1/12/24		1,000	1,002,710
5.00%, 7/5/24		2,500	2,520,425
Somerset, MA, 4.00%, 4/1/48		2,970	2,626,935
Somerville, MA, 4.00%, 6/1/48		2,955	2,699,629
Worcester, MA, 4.50%, 2/27/24		2,335	2,341,491
			$ 34,958,552
Hospital — 8.9%
Massachusetts Development Finance Agency, (Beth Israel Lahey Health), 5.00%, 7/1/33	$	625	$ 649,256
Massachusetts Development Finance Agency, (Boston Medical Center), Green Bonds, 5.00%, 7/1/44		2,500	2,411,050
Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/27		1,000	1,022,450
Massachusetts Development Finance Agency, (Lahey Health System Obligated Group), 5.00%, 8/15/40		2,000	2,007,520
Massachusetts Development Finance Agency, (Partners Healthcare System):
5.00%, 7/1/35		2,000	2,040,100
5.00%, 7/1/47		2,000	1,981,720

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Massachusetts Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Hospital (continued)
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/41	$	2,795	$ 2,685,883
Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), (LOC: TD Bank, N.A.), 3.85%, 7/1/40⁽¹⁾		300	300,000
			$ 13,097,979
Housing — 6.3%
Massachusetts Housing Finance Agency, (FHLMC), (FNMA), (GNMA), Social Bonds, 4.90%, 12/1/48	$	2,000	$ 1,961,440
Massachusetts Housing Finance Agency, (Mill Road Apartments), 4.53%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48⁽²⁾		2,915	2,915,000
Massachusetts Housing Finance Agency, Sustainability Bonds:
2.15%, 6/1/24		1,000	985,250
2.65%, 6/1/26		1,000	953,330
4.00%, 12/1/25		2,500	2,492,300
			$ 9,307,320
Industrial Development Revenue — 0.8%
National Finance Authority, NH, (Covanta):
4.625%, 11/1/42⁽³⁾	$	670	$ 552,864
(AMT), 4.875%, 11/1/42⁽³⁾		740	631,153
			$ 1,184,017
Insured - Education — 4.2%
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32⁽⁴⁾	$	5,460	$ 6,114,599
			$ 6,114,599
Insured - Special Tax Revenue — 4.9%
Martha's Vineyard Land Bank, MA, (BAM), Green Bonds, 5.00%, 5/1/26	$	1,760	$ 1,775,752
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		4,955	5,429,194
			$ 7,204,946
Senior Living/Life Care — 1.7%
Massachusetts Development Finance Agency, (Carleton-Willard Village):
4.00%, 12/1/42	$	490	$ 387,610
5.00%, 12/1/42		525	492,125
Massachusetts Development Finance Agency, (Linden Ponds, Inc.):
5.00%, 11/15/33⁽³⁾		205	205,467
5.00%, 11/15/38⁽³⁾		135	129,159

Security	Principal Amount (000's omitted)		Value
Senior Living/Life Care (continued)
Massachusetts Development Finance Agency, (Loomis Communities), 4.00%, 1/1/51	$	690	$ 539,000
Massachusetts Development Finance Agency, (Salem Community Corp.):
5.00%, 1/1/24		345	344,372
5.00%, 1/1/25		365	361,722
			$ 2,459,455
Special Tax Revenue — 8.9%
American Samoa Economic Development Authority, 5.00%, 9/1/38⁽³⁾	$	200	$ 182,070
Massachusetts Bay Transportation Authority, Sales Tax Revenue:
4.00%, 7/1/39		2,170	2,045,594
5.00%, 7/1/44		2,500	2,504,800
5.25%, 7/1/31		1,240	1,398,695
Massachusetts School Building Authority:
3.375%, 8/15/30		1,500	1,424,250
Social Bonds, 4.00%, 8/15/40		1,335	1,246,022
Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/50		2,450	2,537,833
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58		2,000	1,814,160
			$ 13,153,424
Student Loan — 1.1%
Massachusetts Educational Financing Authority, (AMT), 3.625%, 7/1/38	$	2,000	$ 1,685,180
			$ 1,685,180
Transportation — 9.3%
Massachusetts Port Authority:
(AMT), 4.00%, 7/1/46	$	3,000	$ 2,539,410
(AMT), 5.00%, 7/1/43		2,000	1,997,280
(AMT), 5.00%, 7/1/51		4,090	4,050,082
Massachusetts Port Authority, (Bosfuel Project), (AMT), 5.00%, 7/1/49		2,500	2,478,975
Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/53⁽⁵⁾		2,500	2,601,575
			$ 13,667,322
Water and Sewer — 4.9%
Boston Water and Sewer Commission, MA, 4.00%, 11/1/27	$	2,000	$ 2,007,240
Massachusetts Clean Water Trust:
Green Bond, 5.00%, 2/1/41		1,750	1,859,742
Green Bond, 5.00%, 2/1/42		2,250	2,377,912

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Massachusetts Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Water and Sewer (continued)
Massachusetts Water Resources Authority, Green Bonds, 5.25%, 8/1/48	$	750	$ 796,508
Springfield Water and Sewer Commission, MA, 4.00%, 4/15/33		130	130,432
			$ 7,171,834
Total Tax-Exempt Municipal Obligations (identified cost $153,037,562)			$148,674,453

Taxable Municipal Obligations — 1.2%

Security	Principal Amount (000's omitted)		Value
Insured - Hospital — 0.6%
Massachusetts Development Finance Agency, (Wellforce), (AGM), 3.89%, 7/1/25	$	1,000	$ 964,690
			$ 964,690
Special Tax Revenue — 0.6%
Massachusetts School Building Authority, Social Bonds, 1.753%, 8/15/30	$	1,000	$ 821,800
			$ 821,800
Total Taxable Municipal Obligations (identified cost $1,900,767)			$ 1,786,490
Total Investments — 102.2% (identified cost $154,938,329)			$150,460,943
Other Assets, Less Liabilities — (2.2)%			$ (3,237,036)
Net Assets — 100.0%			$147,223,907

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
⁽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 September 30, 2023.
⁽²⁾	Floating rate security. The stated interest rate represents the rate in effect at September 30, 2023.
⁽³⁾	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 September 30, 2023, the aggregate value of these securities is $1,700,713 or 1.2% of the Fund's net assets.

⁽⁴⁾	Security represents the municipal bond held by a trust that issues residual interest bonds.
⁽⁵⁾	When-issued security.
The Fund invests primarily in debt securities issued by Massachusetts 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 September 30, 2023, 9.5% 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 0.6% to 4.1% of total investments.

Abbreviations:
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.
FHLMC	– Federal Home Loan Mortgage Corp.
FNMA	– Federal National Mortgage Association
GNMA	– Government National Mortgage Association
LOC	– Letter of Credit
NPFG	– National Public Finance Guarantee Corp.
SIFMA	– Securities Industry and Financial Markets Association Municipal Swap Index

See Notes to Financial Statements.

Table of Contents

Eaton Vance

New York Municipal Income Fund

September 30, 2023

Portfolio of Investments

Corporate Bonds — 0.3%

Security	Principal Amount (000's omitted)		Value
Hospital — 0.3%
Montefiore Obligated Group, 4.287%, 9/1/50	$	2,080	$ 1,214,581
Total Corporate Bonds (identified cost $2,263,928)			$ 1,214,581

Tax-Exempt Municipal Obligations — 102.0%

Security	Principal Amount (000's omitted)		Value
Bond Bank — 1.8%
New York State Environmental Facilities Corp., (State Revolving Fund):
Green Bonds, 5.00%, 11/15/41	$	1,000	$ 1,061,690
Green Bonds, 5.00%, 11/15/42		1,100	1,161,534
Green Bonds, 5.00%, 9/15/47⁽¹⁾		4,000	4,154,360
			$ 6,377,584
Education — 8.1%
Albany Capital Resource Corp., NY, (Albany College of Pharmacy and Health Sciences), 5.00%, 12/1/30	$	250	$ 250,773
Build NYC Resource Corp., NY, (Academic Leadership Charter School), 4.00%, 6/15/36		200	174,511
Build NYC Resource Corp., NY, (New World Preparatory Charter School), 4.00%, 6/15/31⁽²⁾		240	219,611
Dutchess County Local Development Corp., NY, (Culinary Institute of America), 4.00%, 7/1/37		250	218,038
Monroe County Industrial Development Corp., NY, (Nazareth College of Rochester):
5.00%, 10/1/31		235	238,570
5.00%, 10/1/32		260	263,653
Monroe County Industrial Development Corp., NY, (True North Rochester Preparatory Charter School):
5.00%, 6/1/40⁽²⁾		430	407,498
5.00%, 6/1/50⁽²⁾		1,640	1,464,602
Monroe County Industrial Development Corp., NY, (University of Rochester), 4.00%, 7/1/50		3,020	2,658,657
New York Dormitory Authority, (Barnard College), 4.00%, 7/1/49		2,000	1,648,720
New York Dormitory Authority, (Brooklyn Law School), 5.00%, 7/1/33		1,650	1,663,547
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38		8,910	9,362,004
New York Dormitory Authority, (Iona College):
5.00%, 7/1/29		150	153,737

Security	Principal Amount (000's omitted)		Value
Education (continued)
New York Dormitory Authority, (Iona College): (continued)
5.00%, 7/1/32	$	275	$ 282,620
5.00%, 7/1/46		375	354,581
New York Dormitory Authority, (New York University):
4.00%, 7/1/39		1,260	1,183,253
5.00%, 7/1/51		2,750	2,834,287
Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/39		3,750	3,788,212
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/40		775	703,770
			$ 27,870,644
Electric Utilities — 1.8%
Utility Debt Securitization Authority, NY:
5.00%, 12/15/33	$	2,895	$ 2,898,300
Green Bonds, 5.00%, 9/15/52		3,050	3,178,375
			$ 6,076,675
Escrowed/Prerefunded — 1.5%
Sales Tax Asset Receivable Corp., NY, Prerefunded to 10/15/24, 5.00%, 10/15/27	$	5,000	$ 5,069,400
			$ 5,069,400
General Obligations — 12.4%
Bedford Village Fire District, NY:
2.00%, 11/15/33	$	420	$ 344,068
2.00%, 11/15/34		430	347,844
2.00%, 11/15/35		490	372,498
East Meadow Union Free School District, NY:
2.00%, 6/15/33		950	757,606
2.00%, 6/15/34		970	760,344
Nassau County, NY, 5.00%, 4/1/37		1,600	1,729,520
New York:
5.00%, 3/15/38⁽³⁾		1,250	1,342,009
5.00%, 3/15/38⁽³⁾		2,250	2,425,208
5.00%, 3/15/39⁽³⁾		2,375	2,546,427
5.00%, 3/15/40⁽³⁾		2,125	2,268,098
New York, NY:
4.00%, 9/1/46		2,000	1,763,340
4.00%, 4/1/50		2,000	1,733,520
5.00%, 8/1/37		1,710	1,812,891
5.25%, 5/1/42		1,665	1,748,933
5.25%, 4/1/47		2,000	2,083,200
5.25%, 10/1/47		2,500	2,599,600

See Notes to Financial Statements.

Table of Contents

Eaton Vance

New York Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
General Obligations (continued)
New York, NY: (continued)
5.50%, 5/1/44	$	2,500	$ 2,666,325
5.50%, 5/1/46		2,600	2,760,654
(LOC: TD Bank, N.A.), 4.55%, 8/1/40⁽⁴⁾		1,225	1,225,000
(SPA: Barclays Bank PLC), 4.80%, 6/1/44⁽⁴⁾		1,000	1,000,000
North Hempstead, NY, 2.00%, 9/15/35		170	126,432
Pelham Union Free School District, NY:
2.00%, 11/1/31		2,180	1,847,637
2.00%, 11/1/32		1,445	1,191,431
2.00%, 11/1/33		530	424,477
2.00%, 11/1/34		2,015	1,565,776
2.00%, 11/1/35		2,225	1,660,451
Puerto Rico:
5.625%, 7/1/29		1,634	1,690,397
5.75%, 7/1/31		1,000	1,046,270
Valley Stream, NY:
2.25%, 5/15/27		250	224,305
2.375%, 5/15/28		255	223,982
Westchester County, NY, 2.00%, 10/15/33		510	402,283
			$ 42,690,526
Hospital — 3.5%
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center):
4.00%, 11/1/47	$	505	$ 322,735
5.00%, 11/1/37		1,615	1,407,586
Monroe County Industrial Development Corp., NY, (Rochester Regional Health), 5.00%, 12/1/34		500	502,020
New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 8/1/30		750	752,287
New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52		2,950	2,944,454
New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/30		3,480	3,505,126
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/50		3,000	2,552,700
			$ 11,986,908
Housing — 2.2%
New York City Housing Development Corp., NY:
2.60%, 11/1/46	$	2,000	$ 1,266,380
2.85%, 11/1/39		3,940	2,932,542
Green Bonds, 0.60% to 7/1/25 (Put Date), 5/1/61		785	724,626
New York Mortgage Agency, 3.65%, 4/1/32		115	114,124

Security	Principal Amount (000's omitted)		Value
Housing (continued)
Westchester County Local Development Corp., NY, (Purchase Housing Corp. II):
5.00%, 6/1/27	$	185	$ 187,705
5.00%, 6/1/29		160	162,553
5.00%, 6/1/42		2,500	2,396,325
			$ 7,784,255
Industrial Development Revenue — 4.1%
Build NYC Resource Corp., NY, (Pratt Paper (NY), Inc.), (AMT), 4.50%, 1/1/25⁽²⁾	$	235	$ 235,359
New York Energy Research and Development Authority, (Rochester Gas and Electric Corp.), 2.875% to 7/1/25 (Put Date), 5/15/32		3,845	3,766,216
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44⁽²⁾		930	812,634
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment):
(AMT), 5.00%, 1/1/36		2,000	1,991,240
(AMT), 5.00%, 10/1/40		4,165	4,003,565
Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42⁽²⁾		4,000	3,356,160
			$ 14,165,174
Insured - Education — 2.2%
New York Dormitory Authority, (CUNY Student Housing), (AMBAC), (BAM), 5.50%, 7/1/35	$	6,600	$ 7,476,546
			$ 7,476,546
Insured - Escrowed/Prerefunded — 2.6%
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/30	$	11,530	$ 8,923,298
			$ 8,923,298
Insured - General Obligations — 1.8%
Nassau County, NY:
(AGM), 4.00%, 4/1/47	$	3,140	$ 2,794,694
(AGM), 5.00%, 4/1/37		3,325	3,539,263
			$ 6,333,957
Insured - Lease Revenue/Certificates of Participation — 0.9%
New York Dormitory Authority, (School Districts Revenue Bond Financing Program), (AGM), 5.00%, 10/1/36	$	3,000	$ 3,182,520
			$ 3,182,520

See Notes to Financial Statements.

Table of Contents

Eaton Vance

New York Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Insured - Other Revenue — 0.3%
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGC), 0.00%, 3/1/31	$	1,690	$ 1,229,576
			$ 1,229,576
Insured - Solid Waste — 0.6%
Onondaga County Resource Recovery Agency, NY:
(AGM), (AMT), 5.00%, 5/1/30	$	275	$ 284,391
(AGM), (AMT), 5.00%, 5/1/31		350	361,802
(AGM), (AMT), 5.00%, 5/1/32		450	464,998
(AGM), (AMT), 5.00%, 5/1/33		375	387,593
(AGM), (AMT), 5.00%, 5/1/34		500	517,640
			$ 2,016,424
Lease Revenue/Certificates of Participation — 2.0%
Battery Park City Authority, NY, Sustainability Bonds, 5.00%, 11/1/48	$	3,400	$ 3,532,804
New York City Transitional Finance Authority, NY, (Building Aid), 4.00%, 7/15/45		4,000	3,545,640
			$ 7,078,444
Other Revenue — 3.3%
Hudson Yards Infrastructure Corp., NY:
5.00%, 2/15/42	$	3,855	$ 3,935,685
Green Bonds, 4.00%, 2/15/37		2,300	2,263,522
Green Bonds, 4.00%, 2/15/40		3,500	3,293,185
Green Bonds, 4.00%, 2/15/44		2,000	1,782,660
			$ 11,275,052
Senior Living/Life Care — 2.6%
Brookhaven Local Development Corp., NY, (Jefferson's Ferry):
4.00%, 11/1/45	$	1,650	$ 1,310,677
5.25%, 11/1/30		830	837,221
5.25%, 11/1/31		675	680,873
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/37		4,500	4,362,390
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.):
Series 2019A, 5.00%, 12/1/40		150	138,279
Series 2020B, 5.00%, 12/1/40		2,000	1,843,720
			$ 9,173,160
Special Tax Revenue — 25.7%
Metropolitan Transportation Authority, NY, (Payroll Mobility Tax Revenue), 5.00%, 5/15/52	$	2,000	$ 2,081,880

Security	Principal Amount (000's omitted)		Value
Special Tax Revenue (continued)
New York City Transitional Finance Authority, NY, 4.375%, 5/1/53	$	2,000	$ 1,832,000
New York City Transitional Finance Authority, NY, Future Tax Revenue:
4.00%, 11/1/40		2,000	1,854,040
4.00%, 5/1/41		3,000	2,763,210
4.00%, 2/1/43		4,000	3,632,440
4.00%, 8/1/48		2,000	1,763,180
5.00%, 8/1/39		4,250	4,314,855
5.00%, 11/1/46⁽¹⁾		5,000	5,102,650
5.00%, 2/1/51		1,500	1,519,740
5.50%, 11/1/45⁽¹⁾		5,000	5,351,150
New York Dormitory Authority, Personal Income Tax Revenue:
4.00%, 2/15/47		2,500	2,221,550
4.00%, 3/15/47		2,595	2,303,322
4.00%, 3/15/48		1,930	1,703,708
5.00%, 3/15/46		3,585	3,669,570
New York Dormitory Authority, Sales Tax Revenue:
4.00%, 3/15/43		2,500	2,252,875
4.00%, 3/15/48		2,000	1,760,280
5.00%, 3/15/35		1,960	2,001,062
5.00%, 3/15/45		4,000	4,056,162
(AMT), 5.00%, 3/15/33		890	927,878
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/45		4,250	3,764,523
New York State Urban Development Corp., Sales Tax Revenue:
4.00%, 3/15/39		7,500	7,070,550
4.00%, 3/15/45		2,000	1,788,720
New York Thruway Authority:
4.00%, 3/15/47		2,500	2,193,400
4.00%, 3/15/55		2,000	1,691,140
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58		6,445	5,846,131
Triborough Bridge and Tunnel Authority, NY:
4.00%, 5/15/46		1,455	1,286,787
5.00%, 5/15/47		2,500	2,550,425
5.00%, 5/15/51		6,000	6,097,560
Green Bonds, 5.25%, 5/15/47⁽¹⁾		3,000	3,129,720
Triborough Bridge and Tunnel Authority, NY, Sales Tax Revenue, 4.00%, 5/15/48		2,500	2,221,125
			$ 88,751,633
Transportation — 16.2%
Buffalo and Fort Erie Public Bridge Authority, NY, 5.00%, 1/1/37	$	200	$ 204,708

See Notes to Financial Statements.

Table of Contents

Eaton Vance

New York Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Transportation (continued)
Metropolitan Transportation Authority, NY:
5.00%, 11/15/42	$	1,935	$ 1,908,278
Green Bonds, 4.75%, 11/15/45		900	839,250
New York Thruway Authority:
4.00%, 1/1/45		3,000	2,616,330
5.00%, 1/1/37		775	802,358
Series 2016A, 5.00%, 1/1/33		3,125	3,174,906
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment):
(AMT), 5.00%, 7/1/41		2,150	2,094,917
(AMT), 5.00%, 7/1/46		9,100	8,661,562
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):
4.00%, 12/1/42		2,100	1,823,325
(AMT), 4.00%, 12/1/40		100	87,593
(AMT), 4.00%, 12/1/42		1,205	1,030,371
(AMT), 5.00%, 12/1/28		2,000	2,052,340
(AMT), 5.00%, 12/1/38		1,500	1,497,930
Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/26		1,210	1,209,758
Port Authority of New York and New Jersey:
4.00%, 11/1/41		3,250	3,001,440
4.00%, 11/1/49		3,000	2,653,410
6.125%, 6/1/94		2,500	2,518,125
(AMT), 4.00%, 9/1/38		1,000	909,030
(AMT), 5.00%, 10/15/35		1,520	1,540,307
(AMT), 5.00%, 7/15/38		2,550	2,639,122
(AMT), 5.00%, 1/15/47		2,000	2,005,500
(AMT), 5.50%, 8/1/52		2,000	2,082,540
Triborough Bridge and Tunnel Authority, NY:
3.00%, 11/15/46		4,000	2,781,560
5.00%, 11/15/49		7,545	7,644,519
			$ 55,779,179
Water and Sewer — 8.4%
New York City Municipal Water Finance Authority, NY, (Water and Sewer System):
4.00%, 6/15/51	$	5,260	$ 4,573,991
5.00%, 6/15/35		630	640,011
5.00%, 6/15/39		4,515	4,548,275
5.00%, 6/15/43⁽³⁾		2,500	2,611,475
5.00%, 6/15/47⁽¹⁾		2,000	2,050,020
5.00%, 6/15/50		3,025	3,079,329
5.00%, 6/15/51		5,000	5,090,650
(SPA: Barclays Bank PLC), 4.80%, 6/15/50⁽⁴⁾		4,280	4,280,000
(SPA: JPMorgan Chase Bank, N.A.), 4.75%, 6/15/43⁽⁴⁾		700	700,000

Security	Principal Amount (000's omitted)		Value
Water and Sewer (continued)
New York City Municipal Water Finance Authority, NY, (Water and Sewer System): (continued)
(SPA: JPMorgan Chase Bank, N.A.), 4.75%, 6/15/44⁽⁴⁾	$	1,300	$ 1,300,000
			$ 28,873,751
Total Tax-Exempt Municipal Obligations (identified cost $368,846,979)			$352,114,706

Taxable Municipal Obligations — 3.2%

Security	Principal Amount (000's omitted)		Value
General Obligations — 1.2%
New York, NY, 1.50%, 8/1/28	$	5,000	$ 4,204,400
			$ 4,204,400
Hospital — 0.3%
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.25%, 11/1/28	$	1,025	$ 953,793
			$ 953,793
Housing — 1.2%
New York Housing Finance Agency:
(LOC: TD Bank, N.A.), 5.35%, 5/1/44⁽⁵⁾	$	1,000	$ 1,000,000
(SPA: Barclays Bank PLC), 5.37%, 11/1/45⁽⁵⁾		3,000	3,000,000
			$ 4,000,000
Lease Revenue/Certificates of Participation — 0.5%
New York City Transitional Finance Authority, NY, (Building Aid), 3.23%, 7/15/24	$	1,805	$ 1,772,005
			$ 1,772,005
Total Taxable Municipal Obligations (identified cost $11,800,484)			$ 10,930,198
Total Investments — 105.5% (identified cost $382,911,391)			$364,259,485
Other Assets, Less Liabilities — (5.5)%			$ (19,041,391)
Net Assets — 100.0%			$345,218,094

See Notes to Financial Statements.

Table of Contents

Eaton Vance

New York Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
⁽¹⁾	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).
⁽²⁾	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 September 30, 2023, the aggregate value of these securities is $6,495,865 or 1.9% of the Fund's net assets.
⁽³⁾	When-issued security.
⁽⁴⁾	Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at September 30, 2023.

⁽⁵⁾

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 September 30, 2023.

The Fund invests primarily in debt securities issued by New York 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 September 30, 2023, 8.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 3.2% of total investments.

Futures Contracts
Description	Number of Contracts	Position	Expiration Date	Notional Amount	Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
U.S. Long Treasury Bond	(113)	Short	12/19/23	$(12,857,281)	$ 533,013
					$533,013

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.
SPA	– Standby Bond Purchase Agreement

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Ohio Municipal Income Fund

September 30, 2023

Portfolio of Investments

Tax-Exempt Municipal Obligations — 102.4%

Security	Principal Amount (000's omitted)		Value
Bond Bank — 5.6%
Ohio Water Development Authority:
4.00%, 6/1/36	$	1,500	$ 1,483,335
5.00%, 12/1/35		2,000	2,055,140
5.00%, 12/1/38		1,000	1,047,920
Green Bonds, 5.00%, 12/1/38		1,000	1,070,120
Sustainability Bonds, 5.00%, 12/1/40		2,000	2,117,240
Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 6/1/32		1,000	1,104,880
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		1,550	1,666,793
			$ 10,545,428
Education — 14.3%
Bowling Green State University, OH:
4.00%, 6/1/39	$	750	$ 676,702
4.00%, 6/1/45		1,300	1,105,260
Kent State University, OH:
5.00%, 5/1/37		215	221,994
5.00%, 5/1/38		250	256,223
5.00%, 5/1/39		265	270,947
5.00%, 5/1/40		405	413,481
Miami University, OH, 4.00%, 9/1/45		2,000	1,758,980
Ohio Higher Educational Facility Commission, (Case Western Reserve University):
5.00%, 12/1/26		350	362,982
5.00%, 12/1/27		300	310,161
5.00%, 12/1/40		1,000	1,008,940
Ohio Higher Educational Facility Commission, (Denison University):
4.00%, 11/1/39		115	105,424
5.00%, 11/1/48		2,250	2,292,232
5.25%, 11/1/46		1,355	1,376,517
Ohio Higher Educational Facility Commission, (Kenyon College), 4.00%, 7/1/40		1,000	893,040
Ohio Higher Educational Facility Commission, (Oberlin College), Green Bonds, 5.00%, 10/1/48		2,175	2,219,109
Ohio Higher Educational Facility Commission, (The College of Wooster), 5.00%, 9/1/36		1,000	1,040,660
Ohio Higher Educational Facility Commission, (University of Dayton):
5.00%, 12/1/32		550	559,834
5.00%, 2/1/38		1,200	1,247,232
Ohio State University:
5.00%, 12/1/29		1,060	1,147,726

Security	Principal Amount (000's omitted)		Value
Education (continued)
Ohio State University: (continued)
5.00%, 12/1/35	$	500	$ 512,820
5.25%, 12/1/46		2,000	2,142,460
Green Bonds, 4.00%, 12/1/43		1,725	1,566,403
Port of Greater Cincinnati Development Authority, OH, (St. Xavier High School, Inc.):
4.00%, 4/1/33		335	325,643
4.00%, 4/1/34		510	493,629
4.00%, 4/1/35		350	332,987
4.00%, 4/1/36		350	326,893
4.00%, 4/1/37		560	511,778
4.00%, 4/1/38		400	358,152
4.00%, 4/1/39		415	366,868
4.00%, 4/1/40		415	361,498
University of Cincinnati, OH:
5.00%, 6/1/34		585	598,847
5.00%, 6/1/47		2,000	2,014,200
			$ 27,179,622
Electric Utilities — 1.9%
American Municipal Power, Inc., OH, (Greenup Hydroelectric Facility), 5.00%, 2/15/46	$	1,000	$ 986,330
American Municipal Power, Inc., OH, (Meldahl Hydroelectric):
Green Bonds, 4.00%, 2/15/34		2,005	1,963,056
Green Bonds, 5.00%, 2/15/33		595	603,401
			$ 3,552,787
Escrowed/Prerefunded — 1.2%
Cuyahoga County, OH, Sales Tax Revenue, Prerefunded to 12/1/24, 5.00%, 12/1/35	$	1,000	$ 1,013,960
Northeast Ohio Regional Sewer District, Prerefunded to 11/15/24, 5.00%, 11/15/44		1,255	1,270,412
Ohio State University, Escrowed to Maturity, 5.00%, 12/1/29		45	48,672
Ohio, (Cleveland Clinic Health System), Prerefunded to 1/1/28, 4.00%, 1/1/43		20	20,314
			$ 2,353,358
General Obligations — 16.9%
Butler County, OH, Special Tax Assessment, 5.50%, 12/1/28	$	1,000	$ 1,001,040
Central Ohio Transit Authority, OH, 5.00%, 12/1/48⁽¹⁾		2,000	2,055,580
Cleveland, OH:
5.00%, 12/1/44		1,000	1,024,350
5.00%, 12/1/51		2,000	2,025,180

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Ohio Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
General Obligations (continued)
Columbus City School District, OH, 5.00%, 12/1/30	$	1,500	$ 1,544,280
Columbus, OH:
5.00%, 4/1/37		1,000	1,073,780
5.00%, 4/1/39		2,700	2,858,679
Cuyahoga Community College District, OH:
3.50%, 12/1/39		1,400	1,193,346
4.00%, 12/1/42		1,500	1,334,805
Hamilton, OH, 4.00%, 12/28/23		1,000	1,000,040
Mayfield Heights, OH, 4.00%, 12/1/48		1,250	1,081,138
North Olmsted City School District, OH, 5.00%, 10/15/48		2,500	2,510,300
Northwest Local School District, OH, Prerefunded to 12/1/23, 5.00%, 12/1/40		500	500,795
Ohio:
4.00%, 6/15/40		2,500	2,350,300
5.00%, 5/1/24		575	578,559
5.00%, 5/1/33		1,500	1,568,145
5.00%, 3/1/36		1,250	1,365,850
5.00%, 3/1/37		1,000	1,081,260
5.00%, 5/1/37		1,025	1,100,327
Streetsboro City School District, OH, 4.00%, 12/1/36		210	209,511
Summit County, OH, 5.00%, 12/1/43		1,000	1,038,550
Upper Arlington City School District, OH, 5.75%, 12/1/40		500	514,555
Worthington City School District, OH, 5.50%, 12/1/54		3,000	3,179,880
			$ 32,190,250
Hospital — 12.4%
Akron, Bath and Copley Joint Township Hospital District, OH, (Children's Hospital Medical Center of Akron), 4.00%, 11/15/42	$	1,250	$ 1,051,862
Akron, Bath and Copley Joint Township Hospital District, OH, (Summa Health Obligated Group):
4.00%, 11/15/35		500	449,515
4.00%, 11/15/37		525	451,096
Allen County, OH, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/40		1,000	901,580
Allen County, OH, (Mercy Health), 4.00%, 8/1/47⁽²⁾		5,150	4,381,105
Butler County, OH, (UC Health):
4.00%, 11/15/37		920	773,941
5.00%, 11/15/28		590	589,817
Franklin County, OH, (Nationwide Children's Hospital), 5.00%, 11/1/34		750	777,698
Franklin County, OH, (OhioHealth Corp.):
4.00%, 5/15/47		2,000	1,724,580
5.00%, 5/15/40		1,200	1,200,132
Franklin County, OH, (Trinity Health Credit Group), 5.00%, 12/1/47		2,180	2,154,145

Security	Principal Amount (000's omitted)		Value
Hospital (continued)
Hamilton County, OH, (UC Health), 5.00%, 9/15/45	$	1,125	$ 1,015,313
Miami County, OH, (Kettering Health Network Obligated Group), 5.00%, 8/1/38		1,000	1,011,160
Middleburg Heights, OH, (Southwest General Health Center), 4.00%, 8/1/47		2,000	1,577,720
Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33		460	429,497
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.00%, 1/15/39		1,100	997,700
Ohio, (Cleveland Clinic Health System):
4.00%, 1/1/36		2,055	1,997,193
4.00%, 1/1/43		2,165	1,954,475
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/24		215	213,207
			$ 23,651,736
Housing — 1.2%
Ohio Housing Finance Agency:
3.00%, 9/1/39	$	375	$ 297,161
(FHLMC), (FNMA), (GNMA), Social Bonds, 4.80%, 9/1/43		1,000	982,570
(FHLMC), (FNMA), (GNMA), Social Bonds, 5.50%, 3/1/53		1,000	1,027,450
			$ 2,307,181
Industrial Development Revenue — 3.3%
Cleveland, OH, (Continental Airlines), 5.375%, 9/15/27	$	1,630	$ 1,631,434
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38⁽³⁾		1,700	1,607,401
Ohio, (Republic Services, Inc.), 3.95% to 12/1/23 (Put Date), 11/1/35		3,000	2,998,320
			$ 6,237,155
Insured - Electric Utilities — 7.3%
Cleveland, OH, Public Power System Revenue:
(AGM), 4.00%, 11/15/36	$	1,000	$ 940,440
(AGM), 5.00%, 11/15/24		1,265	1,280,028
(NPFG), 0.00%, 11/15/27		2,540	2,130,755
Ohio Municipal Electric Generation Agency:
(NPFG), 0.00%, 2/15/26		3,000	2,707,530
(NPFG), 0.00%, 2/15/27		2,500	2,165,150
(NPFG), 0.00%, 2/15/28		4,750	3,949,863
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		770	761,222
			$ 13,934,988

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Ohio Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Insured - Escrowed/Prerefunded — 0.2%
Cleveland, OH, Public Power System Revenue, (AGM), Escrowed to Maturity, 5.00%, 11/15/24	$	235	$ 238,015
Warrensville Heights City School District, OH, (BAM), Prerefunded to 12/1/24, 5.00%, 12/1/44		215	217,879
			$ 455,894
Insured - General Obligations — 15.9%
Cincinnati City School District, OH, (AGM), 5.25%, 12/1/29⁽²⁾	$	7,500	$ 8,171,700
Cleveland, OH, (AMBAC), 5.50%, 10/1/23		2,105	2,105,000
Green Local School District, OH, (AGM), 4.625%, 11/1/47		1,020	971,754
Kettering City School District, OH, (AGM), 5.25%, 12/1/31		4,505	4,831,928
Mason City School District, OH, (AGM), 5.25%, 12/1/31		3,525	3,851,944
Springboro Community City School District, OH, (AGM), 5.25%, 12/1/30		5,000	5,412,450
Warrensville Heights City School District, OH, (BAM), 5.00%, 12/1/44		85	85,237
Westerville City School District, OH, (XLCA), 5.00%, 12/1/27		4,590	4,799,258
			$ 30,229,271
Insured - Hospital — 0.8%
Lucas County, OH, (ProMedica Healthcare Obligated Group), (AGM), 4.00%, 11/15/45	$	1,725	$ 1,425,212
			$ 1,425,212
Insured - Transportation — 2.2%
Cleveland, OH, Airport System Revenue, (AGM), (AMT), 5.00%, 1/1/43	$	1,000	$ 986,510
Ohio Turnpike Commission, (NPFG), 5.50%, 2/15/24		1,755	1,765,565
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/35		1,500	1,503,615
			$ 4,255,690
Insured - Water and Sewer — 2.0%
Newark, OH, Water System Revenue, (AGM), 5.00%, 12/1/39	$	3,680	$ 3,752,974
			$ 3,752,974
Other Revenue — 4.5%
Buckeye Tobacco Settlement Financing Authority, OH:
4.00%, 6/1/37	$	1,875	$ 1,799,456
5.00%, 6/1/32		2,000	2,112,240
Cuyahoga County, OH, (Cleveland Orchestra):
5.00%, 1/1/33		400	418,568
5.00%, 1/1/34		300	315,018

Security	Principal Amount (000's omitted)		Value
Other Revenue (continued)
Cuyahoga County, OH, (Cleveland Orchestra): (continued)
5.00%, 1/1/35	$	500	$ 525,360
5.00%, 1/1/41		725	739,152
Franklin County Convention Facilities Authority, OH, 5.00%, 12/1/26		1,000	1,011,470
Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27		1,560	1,537,801
			$ 8,459,065
Senior Living/Life Care — 2.0%
Butler County Port Authority, OH, (Community First Solutions), 4.00%, 5/15/46	$	650	$ 542,483
Franklin County, OH, (Ohio Living Communities):
4.00%, 7/1/40		1,000	792,750
5.25%, 7/1/41		1,500	1,387,275
Hamilton County, OH, (Life Enriching Communities Project), 5.50%, 1/1/43		500	484,380
Lorain County Port Authority, OH, (Kendal at Oberlin), Prerefunded to 11/15/23, 5.00%, 11/15/30		580	580,557
			$ 3,787,445
Special Tax Revenue — 4.5%
Akron, OH, Income Tax Revenue:
4.00%, 12/1/36	$	655	$ 614,829
4.00%, 12/1/37		520	481,062
American Samoa Economic Development Authority, 5.00%, 9/1/38⁽³⁾		200	182,070
Cuyahoga County, OH, Sales Tax Revenue, 4.00%, 1/1/37		575	559,441
Delaware County, OH, Sales Tax Revenue, 5.00%, 12/1/28		2,000	2,035,540
Franklin County, OH, Sales Tax Revenue, 5.00%, 6/1/43		1,000	1,026,470
Greater Cleveland Regional Transit Authority, OH, Sales Tax Revenue, Prerefunded to 12/1/26, 5.00%, 12/1/31		435	453,509
Hamilton County, OH, Sales Tax Revenue, 5.00%, 12/1/32		1,000	1,101,720
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58		2,285	2,072,678
			$ 8,527,319
Transportation — 1.4%
Cleveland, OH, Airport System Revenue, (AMT), 5.00%, 1/1/27	$	625	$ 635,369
Ohio, Major New State Infrastructure Project Revenue:
5.00%, 12/15/25		750	769,898
5.00%, 12/15/27		750	793,282
5.00%, 12/15/33		350	380,345
			$ 2,578,894

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Ohio Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Water and Sewer — 4.8%
Cleveland, OH, Water Pollution Control Revenue, Green Bonds, 5.00%, 11/15/41	$	945	$ 945,000
Columbus, OH, Sewerage System Revenue, 5.00%, 6/1/30		1,500	1,544,670
Lancaster, OH, Wastewater System Revenue, 4.00%, 12/1/33		1,265	1,264,861
Mahoning County, OH, Sewer System Revenue, 5.00%, 12/1/46		1,565	1,575,032
Ohio Water Development Authority, Water Pollution Control Loan Fund, Green Bonds, 4.00%, 12/1/46		2,000	1,805,060
Toledo, OH, Water System Revenue, 5.00%, 11/15/41		2,000	2,030,800
			$ 9,165,423
Total Tax-Exempt Municipal Obligations (identified cost $203,498,064)			$194,589,692

Trust Units — 0.5%

Security	Notional Amount (000's omitted)		Value
Transportation — 0.5%
HTA TRRB 2005L-745190R75 Assured Custodial Trust, 5.25%, 7/1/41	$	940	$ 922,290
Total Trust Units (identified cost $946,896)			$ 922,290
Total Investments — 102.9% (identified cost $204,444,960)			$195,511,982
Other Assets, Less Liabilities — (2.9)%			$ (5,485,605)
Net Assets — 100.0%			$190,026,377

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
⁽¹⁾	When-issued security.
⁽²⁾	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).
⁽³⁾	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 September 30, 2023, the aggregate value of these securities is $1,789,471 or 0.9% of the Fund's net assets.
The Fund invests primarily in debt securities issued by Ohio 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 September 30, 2023, 27.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.2% to 17.1% of total investments.

Futures Contracts
Description	Number of Contracts	Position	Expiration Date	Notional Amount	Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
U.S. Long Treasury Bond	(30)	Short	12/19/23	$(3,413,438)	$ 141,508
					$141,508

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Statements of Assets and Liabilities

	September 30, 2023
	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Assets
Investments:
Identified cost	$ 741,415,820	$ 154,938,329	$ 382,911,391	$ 204,444,960
Unrealized depreciation	(19,542,861)	(4,477,386)	(18,651,906)	(8,932,978)
Investments, at value	$721,872,959	$150,460,943	$364,259,485	$195,511,982
Cash	$ 16,084,472	$ 118,498	$ 2,087,994	$ 230
Deposits for derivatives collateral:
Futures contracts	—	—	501,038	140,837
Interest receivable	6,303,716	1,933,762	4,545,055	2,689,335
Receivable for investments sold	16,898,229	1,743,547	14,562,830	2,910,000
Receivable for Fund shares sold	2,862,247	78,663	2,198,939	23,691
Trustees' deferred compensation plan	65,848	57,411	90,282	54,671
Total assets	$764,087,471	$154,392,824	$388,245,623	$201,330,746
Liabilities
Payable for floating rate notes issued	$ —	$ 3,652,048	$ 15,202,232	$ 8,449,329
Demand note payable	—	—	—	20,000
Payable for investments purchased	3,957,792	—	13,316,900	—
Payable for when-issued securities	46,860,321	2,628,925	11,192,345	2,107,400
Payable for Fund shares redeemed	3,539,762	563,641	2,559,654	352,881
Payable for variation margin on open futures contracts	—	—	31,781	8,458
Distributions payable	389,068	96,504	121,455	39,455
Payable to affiliates:
Investment adviser fee	243,599	44,923	115,988	59,750
Distribution and service fees	38,949	15,934	37,380	16,940
Trustees' deferred compensation plan	65,848	57,411	90,282	54,671
Interest expense and fees payable	—	12,661	193,084	94,325
Accrued expenses	201,230	96,870	166,428	101,160
Total liabilities	$ 55,296,569	$ 7,168,917	$ 43,027,529	$ 11,304,369
Net Assets	$708,790,902	$147,223,907	$345,218,094	$190,026,377
Sources of Net Assets
Paid-in capital	$ 772,225,329	$ 161,735,100	$ 392,037,589	$ 211,167,305
Accumulated loss	(63,434,427)	(14,511,193)	(46,819,495)	(21,140,928)
Net Assets	$708,790,902	$147,223,907	$345,218,094	$190,026,377
Class A Shares
Net Assets	$ 116,041,333	$ 77,293,515	$ 177,163,724	$ 78,705,441
Shares Outstanding	11,985,417	10,132,732	20,207,369	9,923,330
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 9.68	$ 7.63	$ 8.77	$ 7.93
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share)	$ 10.01	$ 7.89	$ 9.06	$ 8.20
Class C Shares
Net Assets	$ 16,662,541	$ 3,580,592	$ 8,975,105	$ 4,561,456
Shares Outstanding	1,862,548	469,499	1,023,196	575,455
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding)	$ 8.95	$ 7.63	$ 8.77	$ 7.93

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Statements of Operations

	Year Ended September 30, 2023
	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Investment Income
Interest income	$ 24,942,058	$ 5,586,373	$ 14,035,451	$ 7,388,083
Total investment income	$ 24,942,058	$ 5,586,373	$ 14,035,451	$ 7,388,083
Expenses
Investment adviser fee	$ 2,591,048	$ 523,743	$ 1,415,550	$ 710,422
Distribution and service fees:
Class A	298,730	152,687	379,390	172,530
Class C	190,235	38,776	105,997	51,389
Trustees’ fees and expenses	40,632	10,023	24,340	13,108
Custodian fee	154,950	38,840	89,566	48,370
Transfer and dividend disbursing agent fees	196,980	60,259	165,233	85,778
Legal and accounting services	78,683	60,029	83,629	55,820
Printing and postage	32,340	8,830	22,502	14,781
Registration fees	2,525	13,197	5,998	8,848
Interest expense and fees	—	130,168	488,313	310,205
Miscellaneous	89,174	26,988	58,101	40,616
Total expenses	$ 3,675,297	$ 1,063,540	$ 2,838,619	$ 1,511,867
Net investment income	$ 21,266,761	$ 4,522,833	$ 11,196,832	$ 5,876,216
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions	$(11,710,004)	$ (1,746,218)	$ (13,342,089)	$ (2,031,189)
Futures contracts	2,186,362	—	2,275,915	604,162
Net realized loss	$ (9,523,642)	$(1,746,218)	$(11,066,174)	$(1,427,027)
Change in unrealized appreciation (depreciation):
Investments	$ 3,997,134	$ 697,654	$ 10,315,598	$ (694,074)
Futures contracts	—	—	(699,306)	(185,656)
Net change in unrealized appreciation (depreciation)	$ 3,997,134	$ 697,654	$ 9,616,292	$ (879,730)
Net realized and unrealized loss	$ (5,526,508)	$(1,048,564)	$ (1,449,882)	$(2,306,757)
Net increase in net assets from operations	$ 15,740,253	$ 3,474,269	$ 9,746,950	$ 3,569,459

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Statements of Changes in Net Assets

	Year Ended September 30, 2023
	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Increase (Decrease) in Net Assets
From operations:
Net investment income	$ 21,266,761	$ 4,522,833	$ 11,196,832	$ 5,876,216
Net realized loss	(9,523,642)	(1,746,218)	(11,066,174)	(1,427,027)
Net change in unrealized appreciation (depreciation)	3,997,134	697,654	9,616,292	(879,730)
Net increase in net assets from operations	$ 15,740,253	$ 3,474,269	$ 9,746,950	$ 3,569,459
Distributions to shareholders:
Class A	$ (3,715,593)	$ (2,272,650)	$ (5,607,350)	$ (2,515,854)
Class C	(447,384)	(90,608)	(244,518)	(117,013)
Class I	(16,695,418)	(2,135,702)	(5,196,140)	(3,188,149)
Total distributions to shareholders	$ (20,858,395)	$ (4,498,960)	$ (11,048,008)	$ (5,821,016)
Transactions in shares of beneficial interest:
Class A	$ (1,518,749)	$ 3,862,898	$ (7,192,578)	$ (10,434,074)
Class C	(3,026,717)	(889,526)	(3,968,790)	(2,141,255)
Class I	138,348,631	6,230,440	13,565,124	15,265,920
Net increase in net assets from Fund share transactions	$133,803,165	$ 9,203,812	$ 2,403,756	$ 2,690,591
Net increase in net assets	$128,685,023	$ 8,179,121	$ 1,102,698	$ 439,034
Net Assets
At beginning of year	$ 580,105,879	$ 139,044,786	$ 344,115,396	$ 189,587,343
At end of year	$708,790,902	$147,223,907	$345,218,094	$190,026,377

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Statements of Changes in Net Assets — continued

	Year Ended September 30, 2022
	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Increase (Decrease) in Net Assets
From operations:
Net investment income	$ 11,384,366	$ 3,769,265	$ 8,158,370	$ 5,143,739
Net realized loss	(34,443,989)	(7,982,128)	(17,198,372)	(1,631,333)
Net change in unrealized appreciation (depreciation)	(46,182,704)	(19,191,238)	(46,204,235)	(25,737,854)
Net decrease in net assets from operations	$ (69,242,327)	$ (23,404,101)	$ (55,244,237)	$ (22,225,448)
Distributions to shareholders:
Class A	$ (2,656,213)	$ (1,807,484)	$ (6,287,464)	$ (2,669,845)
Class C	(318,949)	(86,829)	(383,702)	(175,380)
Class I	(10,978,729)	(1,868,332)	(5,095,988)	(2,254,596)
Total distributions to shareholders	$ (13,953,891)	$ (3,762,645)	$ (11,767,154)	$ (5,099,821)
Transactions in shares of beneficial interest:
Class A	$ (10,725,103)	$ (9,174,665)	$ (29,731,129)	$ (7,535,722)
Class C	(8,027,012)	(3,004,910)	(6,615,735)	(3,094,393)
Class I	(66,858,446)	(26,255,727)	(16,581,861)	31,024,198
Net increase (decrease) in net assets from Fund share transactions	$ (85,610,561)	$ (38,435,302)	$ (52,928,725)	$ 20,394,083
Net decrease in net assets	$(168,806,779)	$ (65,602,048)	$(119,940,116)	$ (6,931,186)
Net Assets
At beginning of year	$ 748,912,658	$ 204,646,834	$ 464,055,512	$ 196,518,529
At end of year	$ 580,105,879	$139,044,786	$ 344,115,396	$189,587,343

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights

	California Opportunities Fund — Class A
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 9.660	$ 10.990	$ 10.930	$ 10.800	$ 10.210
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.316	$ 0.166	$ 0.136	$ 0.203	$ 0.258
Net realized and unrealized gain (loss)	0.014 ⁽²⁾	(1.291)	0.089	0.177	0.590
Total income (loss) from operations	$ 0.330	$ (1.125)	$ 0.225	$ 0.380	$ 0.848
Less Distributions
From net investment income	$ (0.310)	$ (0.168)	$ (0.136)	$ (0.214)	$ (0.258)
From net realized gain	—	(0.037)	(0.029)	(0.036)	—
Total distributions	$ (0.310)	$ (0.205)	$ (0.165)	$ (0.250)	$ (0.258)
Net asset value — End of year	$ 9.680	$ 9.660	$ 10.990	$ 10.930	$ 10.800
Total Return⁽³⁾	3.37%	(10.35)%	2.06%	3.58%	8.52%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$116,041	$117,491	$145,636	$147,662	$126,381
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	0.75%	0.71%	0.69%	0.71%	0.76%
Interest and fee expense⁽⁴⁾	—	—	—	0.01%	0.04%
Total expenses	0.75%	0.71%	0.69%	0.72%	0.80%
Net investment income	3.17%	1.59%	1.23%	1.88%	2.47%
Portfolio Turnover	171%	170%	104%	184%	235%

⁽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).

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	California Opportunities Fund — Class C
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 8.930	$10.150	$ 10.110	$ 9.990	$ 9.440
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.223	$ 0.078	$ 0.049	$ 0.113	$ 0.166
Net realized and unrealized gain (loss)	0.014 ⁽²⁾	(1.178)	0.069	0.166	0.550
Total income (loss) from operations	$ 0.237	$ (1.100)	$ 0.118	$ 0.279	$ 0.716
Less Distributions
From net investment income	$ (0.217)	$ (0.083)	$ (0.049)	$ (0.123)	$ (0.166)
From net realized gain	—	(0.037)	(0.029)	(0.036)	—
Total distributions	$ (0.217)	$ (0.120)	$ (0.078)	$ (0.159)	$ (0.166)
Net asset value — End of year	$ 8.950	$ 8.930	$10.150	$10.110	$ 9.990
Total Return⁽³⁾	2.62%	(10.92)%	1.16%	2.83%	7.66%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$16,663	$19,575	$ 30,823	$ 28,977	$27,616
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	1.50%	1.46%	1.44%	1.46%	1.51%
Interest and fee expense⁽⁴⁾	—	—	—	0.01%	0.04%
Total expenses	1.50%	1.46%	1.44%	1.47%	1.55%
Net investment income	2.42%	0.81%	0.48%	1.13%	1.72%
Portfolio Turnover	171%	170%	104%	184%	235%

⁽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).

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	California Opportunities Fund — Class I
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 9.670	$ 10.990	$ 10.940	$ 10.810	$ 10.210
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.342	$ 0.191	$ 0.162	$ 0.225	$ 0.282
Net realized and unrealized gain (loss)	0.013 ⁽²⁾	(1.280)	0.080	0.181	0.602
Total income (loss) from operations	$ 0.355	$ (1.089)	$ 0.242	$ 0.406	$ 0.884
Less Distributions
From net investment income	$ (0.335)	$ (0.194)	$ (0.163)	$ (0.240)	$ (0.284)
From net realized gain	—	(0.037)	(0.029)	(0.036)	—
Total distributions	$ (0.335)	$ (0.231)	$ (0.192)	$ (0.276)	$ (0.284)
Net asset value — End of year	$ 9.690	$ 9.670	$ 10.990	$ 10.940	$ 10.810
Total Return⁽³⁾	3.63%	(10.03)%	2.22%	3.82%	8.79%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$576,087	$443,039	$572,453	$410,090	$195,115
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	0.50%	0.46%	0.44%	0.46%	0.51%
Interest and fee expense⁽⁴⁾	—	—	—	0.01%	0.04%
Total expenses	0.50%	0.46%	0.44%	0.47%	0.55%
Net investment income	3.43%	1.83%	1.47%	2.08%	2.68%
Portfolio Turnover	171%	170%	104%	184%	235%

⁽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).

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	Massachusetts Fund — Class A
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 7.650	$ 8.970	$ 9.030	$ 8.980	$ 8.600
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.237	$ 0.176	$ 0.166	$ 0.206	$ 0.252
Net realized and unrealized gain (loss)	(0.021)	(1.320)	(0.055)	0.071	0.382
Total income (loss) from operations	$ 0.216	$ (1.144)	$ 0.111	$ 0.277	$ 0.634
Less Distributions
From net investment income	$ (0.236)	$ (0.176)	$ (0.171)	$ (0.227)	$ (0.254)
Total distributions	$ (0.236)	$ (0.176)	$ (0.171)	$ (0.227)	$ (0.254)
Net asset value — End of year	$ 7.630	$ 7.650	$ 8.970	$ 9.030	$ 8.980
Total Return⁽²⁾	2.75%	(12.89)%	1.23%	3.13%	7.48%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$77,294	$73,926	$96,499	$100,099	$93,288
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	0.70%	0.68%	0.65%	0.68%	0.71%
Interest and fee expense⁽³⁾	0.09%	0.02%	0.01%	0.03%	0.05%
Total expenses	0.79%	0.70%	0.66%	0.71%	0.76%
Net investment income	2.99%	2.09%	1.83%	2.30%	2.87%
Portfolio Turnover	39%	46%	26%	15%	49%

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

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	Massachusetts Fund — Class C
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 7.650	$ 8.960	$ 9.040	$ 8.990	$ 8.610
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.177	$ 0.111	$ 0.098	$ 0.140	$ 0.186
Net realized and unrealized gain (loss)	(0.021)	(1.308)	(0.072)	0.073	0.382
Total income (loss) from operations	$ 0.156	$(1.197)	$ 0.026	$ 0.213	$ 0.568
Less Distributions
From net investment income	$ (0.176)	$ (0.113)	$ (0.106)	$ (0.163)	$ (0.188)
Total distributions	$(0.176)	$(0.113)	$(0.106)	$(0.163)	$ (0.188)
Net asset value — End of year	$ 7.630	$ 7.650	$ 8.960	$ 9.040	$ 8.990
Total Return⁽²⁾	1.99%	(13.45)%	0.39%	2.40%	6.55%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$ 3,581	$ 4,452	$ 8,464	$ 9,811	$12,518
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	1.45%	1.43%	1.40%	1.43%	1.46%
Interest and fee expense⁽³⁾	0.09%	0.02%	0.01%	0.03%	0.05%
Total expenses	1.54%	1.45%	1.41%	1.46%	1.51%
Net investment income	2.24%	1.31%	1.08%	1.56%	2.12%
Portfolio Turnover	39%	46%	26%	15%	49%

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

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	Massachusetts Fund — Class I
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 7.660	$ 8.970	$ 9.030	$ 8.980	$ 8.600
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.253	$ 0.192	$ 0.184	$ 0.222	$ 0.268
Net realized and unrealized gain (loss)	(0.031)	(1.309)	(0.056)	0.071	0.384
Total income (loss) from operations	$ 0.222	$ (1.117)	$ 0.128	$ 0.293	$ 0.652
Less Distributions
From net investment income	$ (0.252)	$ (0.193)	$ (0.188)	$ (0.243)	$ (0.272)
Total distributions	$ (0.252)	$ (0.193)	$ (0.188)	$ (0.243)	$ (0.272)
Net asset value — End of year	$ 7.630	$ 7.660	$ 8.970	$ 9.030	$ 8.980
Total Return⁽²⁾	2.82%	(12.60)%	1.42%	3.31%	7.69%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$66,350	$60,667	$99,684	$96,780	$63,829
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	0.50%	0.48%	0.45%	0.48%	0.51%
Interest and fee expense⁽³⁾	0.09%	0.02%	0.01%	0.03%	0.05%
Total expenses	0.59%	0.50%	0.46%	0.51%	0.56%
Net investment income	3.19%	2.27%	2.03%	2.48%	3.05%
Portfolio Turnover	39%	46%	26%	15%	49%

⁽¹⁾	Computed using average shares outstanding.
⁽²⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽³⁾	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	New York Fund — Class A
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 8.790	$ 10.400	$ 10.470	$ 10.380	$ 9.800
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.275	$ 0.191	$ 0.162	$ 0.216	$ 0.265
Net realized and unrealized gain (loss)	(0.024)	(1.527)	0.179	0.103	0.580
Total income (loss) from operations	$ 0.251	$ (1.336)	$ 0.341	$ 0.319	$ 0.845
Less Distributions
From net investment income	$ (0.271)	$ (0.191)	$ (0.162)	$ (0.229)	$ (0.265)
From net realized gain	—	(0.083)	(0.249)	—	—
Total distributions	$ (0.271)	$ (0.274)	$ (0.411)	$ (0.229)	$ (0.265)
Net asset value — End of year	$ 8.770	$ 8.790	$ 10.400	$ 10.470	$ 10.380
Total Return⁽²⁾	2.77%	(13.09)%	3.30%	3.11%	8.74%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$177,164	$184,700	$250,441	$240,960	$235,528
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	0.71%	0.68%	0.65%	0.67%	0.69%
Interest and fee expense⁽³⁾	0.13%	0.00% ⁽⁴⁾	—	—	0.04%
Total expenses	0.84%	0.68%	0.65%	0.67%	0.73%
Net investment income	3.00%	1.96%	1.55%	2.07%	2.63%
Portfolio Turnover	54%	59%	63%	125%	114%

⁽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⁾	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).
⁽⁴⁾	Amount is less than 0.005%.

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	New York Fund — Class C
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 8.800	$10.400	$ 10.470	$ 10.390	$ 9.800
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.205	$ 0.116	$ 0.085	$ 0.139	$ 0.192
Net realized and unrealized gain (loss)	(0.033)	(1.515)	0.177	0.093	0.588
Total income (loss) from operations	$ 0.172	$ (1.399)	$ 0.262	$ 0.232	$ 0.780
Less Distributions
From net investment income	$ (0.202)	$ (0.118)	$ (0.083)	$ (0.152)	$ (0.190)
From net realized gain	—	(0.083)	(0.249)	—	—
Total distributions	$(0.202)	$ (0.201)	$ (0.332)	$ (0.152)	$ (0.190)
Net asset value — End of year	$ 8.770	$ 8.800	$10.400	$10.470	$10.390
Total Return⁽²⁾	1.89%	(13.65)%	2.53%	2.25%	8.03%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$ 8,975	$12,833	$ 22,375	$ 31,347	$ 40,711
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	1.46%	1.43%	1.40%	1.42%	1.44%
Interest and fee expense⁽³⁾	0.13%	0.00% ⁽⁴⁾	—	—	0.04%
Total expenses	1.59%	1.43%	1.40%	1.42%	1.48%
Net investment income	2.24%	1.19%	0.81%	1.33%	1.91%
Portfolio Turnover	54%	59%	63%	125%	114%

⁽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⁾	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).
⁽⁴⁾	Amount is less than 0.005%.

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	New York Fund — Class I
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 8.790	$ 10.390	$ 10.470	$ 10.380	$ 9.800
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.293	$ 0.210	$ 0.183	$ 0.236	$ 0.285
Net realized and unrealized gain (loss)	(0.024)	(1.517)	0.169	0.103	0.580
Total income (loss) from operations	$ 0.269	$ (1.307)	$ 0.352	$ 0.339	$ 0.865
Less Distributions
From net investment income	$ (0.289)	$ (0.210)	$ (0.183)	$ (0.249)	$ (0.285)
From net realized gain	—	(0.083)	(0.249)	—	—
Total distributions	$ (0.289)	$ (0.293)	$ (0.432)	$ (0.249)	$ (0.285)
Net asset value — End of year	$ 8.770	$ 8.790	$ 10.390	$ 10.470	$ 10.380
Total Return⁽²⁾	2.98%	(12.83)%	3.41%	3.30%	8.96%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$159,079	$146,582	$191,239	$165,573	$136,913
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	0.51%	0.48%	0.45%	0.47%	0.49%
Interest and fee expense⁽³⁾	0.13%	0.00% ⁽⁴⁾	—	—	0.04%
Total expenses	0.64%	0.48%	0.45%	0.47%	0.53%
Net investment income	3.20%	2.16%	1.74%	2.27%	2.83%
Portfolio Turnover	54%	59%	63%	125%	114%

⁽¹⁾	Computed using average shares outstanding.
⁽²⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽³⁾	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).
⁽⁴⁾	Amount is less than 0.005%.

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	Ohio Fund — Class A
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 8.020	$ 9.260	$ 9.320	$ 9.210	$ 8.700
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.244	$ 0.233	$ 0.244	$ 0.262	$ 0.276
Net realized and unrealized gain (loss)	(0.093)	(1.242)	(0.063)	0.111	0.506
Total income (loss) from operations	$ 0.151	$ (1.009)	$ 0.181	$ 0.373	$ 0.782
Less Distributions
From net investment income	$ (0.241)	$ (0.231)	$ (0.241)	$ (0.263)	$ (0.272)
Total distributions	$ (0.241)	$ (0.231)	$ (0.241)	$ (0.263)	$ (0.272)
Net asset value — End of year	$ 7.930	$ 8.020	$ 9.260	$ 9.320	$ 9.210
Total Return⁽²⁾	1.81%	(11.06)%	1.95%	4.11%	9.12%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$78,705	$89,734	$111,629	$105,917	$102,651
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	0.70%	0.70%	0.68%	0.69%	0.71%
Interest and fee expense⁽³⁾	0.16%	0.05%	0.03%	0.07%	0.13%
Total expenses	0.86%	0.75%	0.71%	0.76%	0.84%
Net investment income	2.95%	2.66%	2.60%	2.84%	3.08%
Portfolio Turnover	28%	17%	3%	11%	11%

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

See Notes to Financial Statements.

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Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	Ohio Fund — Class C
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 8.010	$ 9.260	$ 9.320	$ 9.200	$ 8.700
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.181	$ 0.168	$ 0.173	$ 0.193	$ 0.209
Net realized and unrealized gain (loss)	(0.082)	(1.252)	(0.062)	0.121	0.496
Total income (loss) from operations	$ 0.099	$(1.084)	$ 0.111	$ 0.314	$ 0.705
Less Distributions
From net investment income	$ (0.179)	$ (0.166)	$ (0.171)	$ (0.194)	$ (0.205)
Total distributions	$(0.179)	$(0.166)	$ (0.171)	$ (0.194)	$ (0.205)
Net asset value — End of year	$ 7.930	$ 8.010	$ 9.260	$ 9.320	$ 9.200
Total Return⁽²⁾	1.17%	(11.84)%	1.19%	3.45%	8.19%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$ 4,561	$ 6,697	$11,078	$10,805	$13,233
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	1.46%	1.45%	1.43%	1.44%	1.47%
Interest and fee expense⁽³⁾	0.16%	0.05%	0.03%	0.07%	0.13%
Total expenses	1.62%	1.50%	1.46%	1.51%	1.60%
Net investment income	2.19%	1.90%	1.85%	2.09%	2.35%
Portfolio Turnover	28%	17%	3%	11%	11%

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

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	Ohio Fund — Class I
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 8.020	$ 9.270	$ 9.330	$ 9.210	$ 8.710
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.261	$ 0.250	$ 0.262	$ 0.281	$ 0.293
Net realized and unrealized gain (loss)	(0.083)	(1.251)	(0.062)	0.121	0.498
Total income (loss) from operations	$ 0.178	$ (1.001)	$ 0.200	$ 0.402	$ 0.791
Less Distributions
From net investment income	$ (0.258)	$ (0.249)	$ (0.260)	$ (0.282)	$ (0.291)
Total distributions	$ (0.258)	$ (0.249)	$ (0.260)	$ (0.282)	$ (0.291)
Net asset value — End of year	$ 7.940	$ 8.020	$ 9.270	$ 9.330	$ 9.210
Total Return⁽²⁾	2.14%	(10.98)%	2.16%	4.43%	9.21%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$106,759	$93,156	$73,812	$63,267	$49,932
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	0.50%	0.50%	0.48%	0.49%	0.51%
Interest and fee expense⁽³⁾	0.16%	0.05%	0.03%	0.07%	0.13%
Total expenses	0.66%	0.55%	0.51%	0.56%	0.64%
Net investment income	3.15%	2.87%	2.80%	3.04%	3.26%
Portfolio Turnover	28%	17%	3%	11%	11%

⁽¹⁾	Computed using average shares outstanding.
⁽²⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽³⁾	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Municipals 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 Trust presently consists of eighteen funds, four of which, each non-diversified, are included in these financial statements. They include Eaton Vance California Municipal Opportunities Fund (California Opportunities Fund), Eaton Vance Massachusetts Municipal Income Fund (Massachusetts Fund), Eaton Vance New York Municipal Income Fund (New York Fund) and Eaton Vance Ohio Municipal Income Fund (Ohio Fund), (each individually referred to as the Fund, and collectively, the Funds). The investment objective of the Massachusetts Fund, New York Fund and Ohio Fund is to provide current income exempt from regular federal income tax and from particular state or local income or other taxes. The investment objective of the California Opportunities Fund is to seek to maximize 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 November 5, 2020, Class C shares 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.

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

Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated a Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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 September 30, 2023, 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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September 30, 2023

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 Floating Rate Notes Issued in Conjunction with Securities Held—The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a 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 a 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 Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their 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 September 30, 2023. Interest expense related to a 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 September 30, 2023, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

	Massachusetts Fund	New York Fund	Ohio Fund
Floating Rate Notes Outstanding	$3,652,048	$15,202,232	$ 8,449,329
Interest Rate or Range of Interest Rates (%)	4.01	4.01	4.07
Collateral for Floating Rate Notes Outstanding	$6,114,599	$19,787,900	$12,552,805

For the year ended September 30, 2023, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate including fees were as follows:

	Massachusetts Fund	New York Fund	Ohio Fund
Average Floating Rate Notes Outstanding	$3,640,000	$13,365,479	$ 8,435,000
Average Interest Rate	3.58%	3.65%	3.68%

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a 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 Funds had no shortfalls as of September 30, 2023.

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Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

The Funds 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 Funds' 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 Funds' investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Effective August 19, 2022, the Funds began operating under Rule 18f-4 under the 1940 Act, which, among other things, governs the use of derivative investments and certain financing transactions by registered investment companies. As of the date of this report, consistent with Rule 18f-4, the Funds have elected to treat its investments in residual interest bonds, along with similar financing transactions, as derivatives transactions subject to the Funds’ value-at-risk (VaR)-based limits on leverage risk. The Funds may change this election (and elect to treat these investments and other similar financing transactions like bank borrowings subject to the asset coverage requirements of Section 18 of the 1940 Act) at any time. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

I Futures Contracts—Upon entering into a futures contract, a 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 futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the 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.

J 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 September 30, 2023 and September 30, 2022 was as follows:

	Year Ended September 30, 2023
	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Tax-exempt income	$17,916,804	$4,379,717	$10,802,158	$5,821,016
Ordinary income	$ 2,941,591	$ 119,243	$ 245,850	$ —

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Eaton Vance

Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

	Year Ended September 30, 2022
	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Tax-exempt income	$10,181,029	$3,439,415	$7,914,759	$5,099,821
Ordinary income	$ 3,613,946	$ 323,230	$2,559,007	$ —
Long-term capital gains	$ 158,916	$ —	$1,293,388	$ —

During the year ended September 30, 2023, the following amounts were reclassified due to the tax treatment of distributions in excess of net tax-exempt income.

	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Change in:
Paid-in capital	$ —	$ —	$ —	$(3,453)
Accumulated loss	$ —	$ —	$ —	$ 3,453

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

As of September 30, 2023, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Undistributed tax-exempt income	$ 380,672	$ 96,506	$ 49,389	$ —
Deferred capital losses	(43,412,752)	(10,064,172)	(28,191,882)	(12,684,325)
Net unrealized depreciation	(20,013,279)	(4,447,023)	(18,555,547)	(8,417,148)
Distributions payable	(389,068)	(96,504)	(121,455)	(39,455)
Accumulated loss	$(63,434,427)	$(14,511,193)	$(46,819,495)	$(21,140,928)

At September 30, 2023, the following Funds, for federal income tax purposes, had deferred capital losses which would reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of a Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Deferred capital losses:
Short-term	$27,018,051	$3,951,959	$10,703,623	$7,026,966
Long-term	$16,394,701	$6,112,213	$17,488,259	$5,657,359

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Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of each Fund at September 30, 2023, as determined on a federal income tax basis, were as follows:

	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Aggregate cost	$ 741,886,238	$151,255,918	$ 367,612,800	$ 195,479,801
Gross unrealized appreciation	$ 1,118,468	$ 2,252,432	$ 1,767,922	$ 2,762,981
Gross unrealized depreciation	(21,131,747)	(6,699,455)	(20,323,469)	(11,180,129)
Net unrealized depreciation	$ (20,013,279)	$ (4,447,023)	$ (18,555,547)	$ (8,417,148)

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to each Fund. The investment adviser fee is based upon a percentage of total daily net assets plus a percentage of total daily gross income (i.e., income other than gains from the sale of securities) as follows and is payable monthly:

California Opportunities Fund

Total Daily Net Assets	Annual Asset Rate	Daily Income Rate
Up to $500 million	0.300%	3.000%
$500 million but less than $1 billion	0.275%	2.750%
$1 billion but less than $1.5 billion	0.250%	2.500%
$1.5 billion but less than $2 billion	0.225%	2.250%
$2 billion but less than $3 billion	0.200%	2.000%
$3 billion and over	0.175%	1.750%

Massachusetts Fund, New York Fund and Ohio Fund

Total Daily Net Assets	Annual Asset Rate	Daily Income Rate
Up to $20 million	0.100%	1.000%
$20 million but less than $40 million	0.200%	2.000%
$40 million but less than $500 million	0.300%	3.000%
$500 million but less than $1 billion	0.275%	2.750%
$1 billion but less than $1.5 billion	0.250%	2.500%
$1.5 billion but less than $2 billion	0.225%	2.250%
$2 billion but less than $3 billion	0.200%	2.000%
$3 billion and over	0.175%	1.750%

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Eaton Vance

Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

For the year ended September 30, 2023, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Investment Adviser Fee	$2,591,048	$523,743	$1,415,550	$710,422
Effective Annual Rate	0.41%	0.35%	0.39%	0.37%

Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, serves as the administrator of each Fund, but receives no compensation.

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 BMR, EVM and EVD, also received a portion of the sales charge on sales of Class A shares. 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 September 30, 2023 were as follows:

	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
EVM's Sub-Transfer Agent Fees	$13,541	$14,230	$37,152	$13,315
EVD's Class A Sales Charges	$13,436	$ 2,650	$ 9,081	$ 5,506
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges	$18,533	$ 1,975	$ 1,200	$ 257

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

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. The Class A Plan provides that each Fund will pay EVD a distribution and service fee not exceeding 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. The Trustees approved distribution and service fee payments equal to 0.20% (0.25% for California Opportunities Fund) per annum of each Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the year ended September 30, 2023 for Class A shares amounted to the following:

	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Class A Distribution and Service Fees	$298,730	$152,687	$379,390	$172,530

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Eaton Vance

Municipal Income Funds

September 30, 2023

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 Funds. For the year ended September 30, 2023, the Funds paid or accrued to EVD the following distribution fees:

	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Class C Distribution Fees	$142,676	$30,613	$83,682	$40,570

The Class C Plan also authorizes each Fund to make payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to Class C shares. The Trustees approved service fee payments equal to 0.20% (0.25% for California Opportunities Fund) per annum of each Fund’s 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 Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended September 30, 2023 amounted to the following:

	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Class C Service Fees	$47,559	$8,163	$22,315	$10,819

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 0.75% CDSC if redeemed within 12 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 September 30, 2023, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A and Class C shareholders:

	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Class A	$4,000	$ —	$1,000	$ —
Class C	$ 300	$ 300	$1,000	$ — ⁽¹⁾

⁽¹⁾	Amount is less than $100.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, for the year ended September 30, 2023 were as follows:

	California Opportunities Fund	Massachusetts Fund	New York Fund	Ohio Fund
Purchases	$1,219,538,280	$67,995,898	$235,314,298	$71,865,675
Sales	$1,058,306,332	$55,489,939	$198,767,892	$54,941,418

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Municipal Income Funds

September 30, 2023

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, including direct exchanges pursuant to share class conversions for all periods presented, were as follows:

California Opportunities Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
	Shares	Amount	Shares	Amount
Class A
Sales	3,210,174	$ 31,996,528	2,865,319	$ 29,784,114
Issued to shareholders electing to receive payments of distributions in Fund shares	309,870	3,083,987	221,379	2,301,810
Redemptions	(3,695,521)	(36,599,264)	(4,181,992)	(42,811,027)
Net decrease	(175,477)	$ (1,518,749)	(1,095,294)	$ (10,725,103)
Class C
Sales	201,530	$ 1,866,339	248,803	$ 2,384,374
Issued to shareholders electing to receive payments of distributions in Fund shares	47,024	432,478	31,844	307,813
Redemptions	(578,759)	(5,325,534)	(1,123,360)	(10,719,199)
Net decrease	(330,205)	$ (3,026,717)	(842,713)	$ (8,027,012)
Class I
Sales	40,461,257	$ 403,806,256	34,620,410	$ 352,099,265
Issued to shareholders electing to receive payments of distributions in Fund shares	1,383,987	13,777,277	940,490	9,799,673
Redemptions	(28,209,870)	(279,234,902)	(41,806,675)	(428,757,384)
Net increase (decrease)	13,635,374	$ 138,348,631	(6,245,775)	$ (66,858,446)

Massachusetts Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
	Shares	Amount	Shares	Amount
Class A
Sales	1,762,992	$ 14,075,617	603,311	$ 5,107,402
Issued to shareholders electing to receive payments of distributions in Fund shares	236,480	1,869,800	184,453	1,540,227
Redemptions	(1,524,746)	(12,082,519)	(1,893,233)	(15,822,294)
Net increase (decrease)	474,726	$ 3,862,898	(1,105,469)	$ (9,174,665)

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Eaton Vance

Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

Massachusetts Fund (continued)
	Year Ended September 30, 2023			Year Ended September 30, 2022
	Shares	Amount	Shares	Amount
Class C
Sales	19,774	$ 156,020	48,135	$ 410,310
Issued to shareholders electing to receive payments of distributions in Fund shares	10,292	81,356	9,091	76,060
Redemptions	(142,299)	(1,126,902)	(419,780)	(3,491,280)
Net decrease	(112,233)	$ (889,526)	(362,554)	$ (3,004,910)
Class I
Sales	4,263,610	$ 33,675,931	4,284,683	$ 35,540,066
Issued to shareholders electing to receive payments of distributions in Fund shares	196,992	1,558,745	177,318	1,489,753
Redemptions	(3,688,754)	(29,004,236)	(7,654,198)	(63,285,546)
Net increase (decrease)	771,848	$ 6,230,440	(3,192,197)	$(26,255,727)

New York Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
	Shares	Amount	Shares	Amount
Class A
Sales	2,956,765	$ 27,189,945	1,466,712	$ 13,811,896
Issued to shareholders electing to receive payments of distributions in Fund shares	539,993	4,935,256	567,175	5,573,542
Redemptions	(4,296,846)	(39,317,779)	(5,113,659)	(49,116,567)
Net decrease	(800,088)	$ (7,192,578)	(3,079,772)	$ (29,731,129)
Class C
Sales	136,187	$ 1,249,195	100,995	$ 981,241
Issued to shareholders electing to receive payments of distributions in Fund shares	23,669	216,342	34,602	343,265
Redemptions	(595,567)	(5,434,327)	(827,781)	(7,940,241)
Net decrease	(435,711)	$ (3,968,790)	(692,184)	$ (6,615,735)
Class I
Sales	8,667,264	$ 78,887,976	11,209,649	$ 106,409,144
Issued to shareholders electing to receive payments of distributions in Fund shares	490,416	4,483,152	435,523	4,268,922
Redemptions	(7,684,416)	(69,806,004)	(13,367,672)	(127,259,927)
Net increase (decrease)	1,473,264	$ 13,565,124	(1,722,500)	$ (16,581,861)

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Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

Ohio Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
	Shares	Amount	Shares	Amount
Class A
Sales	960,743	$ 7,945,502	1,086,563	$ 9,361,015
Issued to shareholders electing to receive payments of distributions in Fund shares	269,374	2,220,088	270,689	2,357,788
Redemptions	(2,499,974)	(20,599,664)	(2,215,283)	(19,254,525)
Net decrease	(1,269,857)	$(10,434,074)	(858,031)	$ (7,535,722)
Class C
Sales	63,311	$ 523,333	106,915	$ 950,983
Issued to shareholders electing to receive payments of distributions in Fund shares	13,162	108,413	18,880	164,959
Redemptions	(336,880)	(2,773,001)	(486,507)	(4,210,335)
Net decrease	(260,407)	$ (2,141,255)	(360,712)	$ (3,094,393)
Class I
Sales	7,075,687	$ 58,372,473	7,902,129	$ 67,364,457
Issued to shareholders electing to receive payments of distributions in Fund shares	360,288	2,972,355	235,800	2,042,397
Redemptions	(5,597,265)	(46,078,908)	(4,488,435)	(38,382,656)
Net increase	1,838,710	$ 15,265,920	3,649,494	$ 31,024,198

8 Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $725 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 24, 2023. 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 2022, 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. California Opportunities Fund, Massachusetts Fund and New York Fund did not have any significant borrowings or allocated fees during the year ended September 30, 2023. At September 30, 2023, Ohio Fund had a balance outstanding pursuant to this line of credit of $20,000 at an interest rate of 6.33%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at September 30, 2023. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 10) at September 30, 2023. Ohio Fund's average borrowings or allocated fees during the year ended September 30, 2023 were not significant.

Effective October 24, 2023, the Funds renewed their line of credit agreement, which expires October 22, 2024. In connection with the renewal, the borrowing limit was decreased to $650 million.

9 Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include 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 a 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 September 30, 2023 is included in the Portfolio of Investments. At September 30, 2023, the Ohio and New York Funds had sufficient cash and/or securities to cover commitments under these contracts.

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Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. During the year ended September 30, 2023, the California Opportunities, New York and Ohio Funds entered into U.S. Treasury futures contracts to hedge against changes in interest rates.

The fair values 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 September 30, 2023 was as follows:

	New York Fund	Ohio Fund
Asset Derivatives
Futures contracts	$533,013 ⁽¹⁾	$141,508 ⁽¹⁾

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statements of Operations and whose primary underlying risk exposure is interest rate risk for the year ended September 30, 2023 was as follows:

	California Opportunities Fund	New York Fund	Ohio Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$2,186,362 ⁽¹⁾	$2,275,915 ⁽¹⁾	$ 604,162⁽¹⁾
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$ —	$ (699,306)⁽²⁾	$(185,656) ⁽²⁾

⁽¹⁾	Statements of Operations location: Net realized gain (loss): Futures contracts.
⁽²⁾	Statements of Operations location: Change in unrealized appreciation (depreciation): Futures contracts.

The average notional cost of futures contracts outstanding during the year ended September 30, 2023, which is indicative of the volume of this derivative type, was approximately as follows:

	California Opportunities Fund	New York Fund	Ohio Fund
Average Notional Cost:
Futures Contracts — Short	$5,650,000	$14,353,000	$3,810,000

10 Fair Value Measurements

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

•	Level 1 – quoted prices in active markets for identical investments
•	Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•	Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)

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

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Eaton Vance

Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

At September 30, 2023, the hierarchy of inputs used in valuing the Funds' investments and open derivative instruments, which are carried at value, were as follows:

California Opportunities Fund
Asset Description	Level 1	Level 2	Level 3	Total
Corporate Bonds	$ —	$ 2,074,322	$ —	$ 2,074,322
Tax-Exempt Mortgage-Backed Securities	—	2,218,052	—	2,218,052
Tax-Exempt Municipal Obligations	—	581,068,904	—	581,068,904
Taxable Municipal Obligations	—	135,407,865	—	135,407,865
Trust Units	—	1,103,816	—	1,103,816
Total Investments	$ —	$721,872,959	$ —	$721,872,959

Massachusetts Fund
Asset Description	Level 1	Level 2	Level 3	Total
Tax-Exempt Municipal Obligations	$ —	$ 148,674,453	$ —	$ 148,674,453
Taxable Municipal Obligations	—	1,786,490	—	1,786,490
Total Investments	$ —	$150,460,943	$ —	$150,460,943

New York Fund
Asset Description	Level 1	Level 2	Level 3	Total
Corporate Bonds	$ —	$ 1,214,581	$ —	$ 1,214,581
Tax-Exempt Municipal Obligations	—	352,114,706	—	352,114,706
Taxable Municipal Obligations	—	10,930,198	—	10,930,198
Total Investments	$ —	$ 364,259,485	$ —	$364,259,485
Futures Contracts	$ 533,013	$ —	$ —	$ 533,013
Total	$ 533,013	$ 364,259,485	$ —	$364,792,498

Ohio Fund
Asset Description	Level 1	Level 2	Level 3	Total
Tax-Exempt Municipal Obligations	$ —	$ 194,589,692	$ —	$ 194,589,692
Trust Units	—	922,290	—	922,290
Total Investments	$ —	$ 195,511,982	$ —	$195,511,982
Futures Contracts	$ 141,508	$ —	$ —	$ 141,508
Total	$ 141,508	$ 195,511,982	$ —	$195,653,490

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Eaton Vance

Municipal Income Funds

September 30, 2023

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Municipals Trust and Shareholders of Eaton Vance California Municipal Opportunities Fund, Eaton Vance Massachusetts Municipal Income Fund, Eaton Vance New York Municipal Income Fund and Eaton Vance Ohio Municipal Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Eaton Vance California Municipal Opportunities Fund, Eaton Vance Massachusetts Municipal Income Fund, Eaton Vance New York Municipal Income Fund, and Eaton Vance Ohio Municipal Income Fund (collectively, the “Funds”) (certain of the funds constituting Eaton Vance Municipals Trust), including the portfolios of investments, as of September 30, 2023, 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 each of the Funds as of September 30, 2023, 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 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 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 September 30, 2023, 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
November 20, 2023

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

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Eaton Vance

Municipal Income Funds

September 30, 2023

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on June 8, 2023, the Boards of Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between April and June 2023, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each “Eaton Vance Fund” is referred to below as a “fund”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

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

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

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

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

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

• Information about the policies and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

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

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

Information about each Adviser and Sub-adviser

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

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

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

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Municipal Income Funds

September 30, 2023

Board of Trustees’ Contract Approval — continued

• Information regarding the adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent, as well as the ongoing unique environment presented by hybrid, remote and other alternative work arrangements;

• Information regarding the adviser’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage;

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

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

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

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

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

Other Relevant Information

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley’s acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to implement policies and procedures with respect to various recently adopted regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule) and Rule 2a-5 (the Fair Valuation Rule);

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates and other relevant matters;

• The risks which the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and

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

During the various meetings of the Board and its committees over the course of the year leading up to the June 8, 2023 meeting, the Board received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Board also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

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

Results of the Contract Review Process

• Eaton Vance California Municipal Opportunities Fund

• Eaton Vance Massachusetts Municipal Income Fund

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Eaton Vance

Municipal Income Funds

September 30, 2023

Board of Trustees’ Contract Approval — continued

• Eaton Vance New York Municipal Income Fund

• Eaton Vance Ohio Municipal Income Fund

(the “Funds”) and Boston Management and Research (the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for each Fund.

Nature, Extent and Quality of Services

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

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

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

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

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

Fund Performance

The Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices, and, for each Fund other than Eaton Vance California Municipal Opportunities Fund, assessed such Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data with respect to each Fund for the one-, three-, five- and ten-year periods ended December 31, 2022.

In this regard, the Board noted each Fund’s performance relative to its peer group, primary benchmark index and secondary benchmark index for the three-year period, as follows:

	Performance Relative to:
Fund	Median of Peer Group	Primary Index	Secondary Index
Eaton Vance California Municipal Opportunities Fund	Higher	Lower	Lower
Eaton Vance Massachusetts Municipal Income Fund	Consistent	Lower	Lower
Eaton Vance New York Municipal Income Fund	Higher	Lower	Lower
Eaton Vance Ohio Municipal Income Fund	Higher	Lower	Higher

With respect to Eaton Vance Massachusetts Municipal Income Fund, Eaton Vance New York Municipal Income Fund and Eaton Vance Ohio Municipal Income Fund, the Board considered, among other things, the Adviser’s efforts to generate competitive levels of tax-exempt current income over time through investments that, relative to comparable funds, focus on higher quality municipal bonds with longer maturities. With respect to all Funds, the Board concluded that the performance of each Fund was satisfactory.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Board of Trustees’ Contract Approval — continued

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered each Fund’s management fees and total expense ratio for the one-year period ended December 31, 2022, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on each Fund’s total expense ratio relative to comparable funds.

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

Profitability and “Fall-Out” Benefits

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

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

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

Economies of Scale

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

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Eaton Vance

Municipal Income Funds

September 30, 2023

Liquidity Risk Management Program

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

At a meeting of each Fund’s Board of Trustees/Directors on June 7, 2023, the Committee provided a written report to the Fund’s Board of Trustees/
Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2022 through December 31, 2022 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, each Fund met redemption requests on a timely basis.

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

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Eaton Vance

Municipal Income Funds

September 30, 2023

Management and Organization

Fund Management. The Trustees of Eaton Vance Municipals Trust (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 Funds' 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 Funds 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 Funds 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, “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management, "MSIM" refers to Morgan Stanley Investment Management Inc. and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. 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 127 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
Anchal Pachnanda⁽¹⁾ 1980	Trustee	Since 2023	Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None.
Noninterested Trustees
Alan C. Bowser 1962	Trustee	Since 2022	Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021).
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.

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Eaton Vance

Municipal Income Funds

September 30, 2023

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)
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 Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022).
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. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023).
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.
Nancy A. Wiser 1967	Trustee	Since 2022	Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). 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
Kenneth A. Topping 1966	President	Since 2023	Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management 'Classic’ (2009-2020).
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.

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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.

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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.

Tailored Shareholder Reports. Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Eaton Vance Funds.

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. Each 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, each Fund's adviser is registered with the CFTC as a commodity pool operator. Each adviser is also registered as a commodity trading advisor.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Management’s Discussion of Fund Performance^†

Economic and Market Conditions

However, in the final months of 2022, municipal bond performance rebounded. Despite the Fed’s fourth 0.75% rate hike in November, the Bloomberg Municipal Bond Index (the Index), rose 4.68% -- its best monthly performance since 1986. Drivers of the rally included Fed signals that future rate hikes might be smaller, as well as growing investor demand amid lower supplies of new municipal bond issues.

Fund Performance

For the 12-month period ended September 30, 2023, Eaton Vance AMT-Free Municipal Income Fund (the AMT-Free Fund) Class A shares at net asset value (NAV) underperformed its benchmark, the Bloomberg Municipal Bond Index (the Index), which returned 2.66%; while Eaton Vance National Municipal Income Fund (the National Fund) Class A shares at NAV outperformed the Index.

In pursuing their distinct performance objectives, the AMT-Free Fund and the National Fund normally acquire municipal obligations with maturities of 10 years or more.

Fund managers may attempt to hedge each portfolio against the potential risk of interest rate volatility at the long end of the yield curve by using U.S. Treasury futures and interest rate swaps. In a period when Treasury bonds generally declined in price as yields moved higher, the National Fund’s Treasury-futures hedging strategy contributed to relative returns versus the unhedged Index.

The AMT-Free Fund did not use an interest rate hedge during the period.

Fund-Specific Results

The AMT-Free Fund returned 1.29% for Class A shares at NAV, underperforming the Index, which returned 2.66% during the period.

Detractors from the AMT-Free Fund’s performance versus the Index included security selections in the health care sector, in 4% coupon bonds, and in AAA-rated bonds.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Management’s Discussion of Fund Performance^† — continued

In contrast, contributors to returns relative to the Index included security selections and an overweight position in Illinois bonds, security selections in the transportation sector, and an overweight position in zero-coupon bonds.

The National Fund returned 3.38% for Class A shares at NAV, outperforming the Index, which returned 2.66% during the period.

In addition to the National Fund’s futures hedging strategy, contributors to performance relative to the Index included security selections and an overweight position in the transportation sector, and security selections in bonds rated BBB and below.

In contrast, detractors from performance versus the Index included underweight positions in New York and California bonds; an underweight position in the leasing sector -- the best-performing sector within the Index during the period --and an out-of-Index allocation to taxable municipal bonds, which generally underperformed tax-exempt municipal bonds during the period.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2023

Performance

Portfolio Manager(s) Cynthia J. Clemson and Julie P. Callahan, CFA

% Average Annual Total Returns^1,2	Class Inception Date	Performance Inception Date	One Year	Five Years	Ten Years
Class A at NAV	01/06/1998	03/16/1978	1.29%	0.05%	2.25%
Class A with 3.25% Maximum Sales Charge	—	—	(1.99)	(0.61)	1.91
Class C at NAV	05/02/2006	03/16/1978	0.51	(0.71)	1.64
Class C with 1% Maximum Deferred Sales Charge	—	—	(0.46)	(0.71)	1.64
Class I at NAV	03/16/1978	03/16/1978	1.49	0.31	2.50

Bloomberg Municipal Bond Index	—	—	2.66%	1.05%	2.29%

% Total Annual Operating Expense Ratios³	Class A	Class C	Class I
	0.86%	1.61%	0.61%

% Distribution Rates/Yields⁴	Class A	Class C	Class I
Distribution Rate	3.97%	3.20%	4.22%
Taxable-Equivalent Distribution Rate	6.70	5.40	7.14
SEC 30-day Yield	3.58	2.94	3.96
Taxable-Equivalent SEC 30-day Yield	6.05	4.96	6.69

% Total Leverage⁵
Residual Interest Bond (RIB) Financing	3.40%

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	09/30/2013	$11,772	N.A.
Class I, at minimum investment	$1,000,000	09/30/2013	$1,280,135	N.A.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2023

Fund Profile

Credit Quality (% of total investments)^1,2

Footnotes:

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

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Eaton Vance

National Municipal Income Fund

September 30, 2023

Performance

Portfolio Manager(s) Craig R. Brandon, CFA and Christopher J. Eustance, CFA

% Average Annual Total Returns^1,2	Class Inception Date	Performance Inception Date	One Year	Five Years	Ten Years
Class A at NAV	04/05/1994	12/19/1985	3.38%	0.96%	3.01%
Class A with 3.25% Maximum Sales Charge	—	—	0.07	0.30	2.66
Class C at NAV	12/03/1993	12/19/1985	2.60	0.21	2.39
Class C with 1% Maximum Deferred Sales Charge	—	—	1.61	0.21	2.39
Class I at NAV	07/01/1999	12/19/1985	3.64	1.21	3.25

Bloomberg Municipal Bond Index	—	—	2.66%	1.05%	2.29%

% Total Annual Operating Expense Ratios³	Class A	Class C	Class I
	0.67%	1.42%	0.42%

% Distribution Rates/Yields⁴	Class A	Class C	Class I
Distribution Rate	3.99%	3.22%	4.25%
Taxable-Equivalent Distribution Rate	6.74	5.44	7.17
SEC 30-day Yield	3.83	3.19	4.22
Taxable-Equivalent SEC 30-day Yield	6.48	5.39	7.13

% Total Leverage⁵
RIB Financing	1.47%

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	09/30/2013	$12,672	N.A.
Class I, at minimum investment	$1,000,000	09/30/2013	$1,377,254	N.A.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

National Municipal Income Fund

September 30, 2023

Fund Profile

Credit Quality (% of total investments)^1,2

Footnotes:

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

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Eaton Vance

Municipal Income Funds

September 30, 2023

Endnotes and Additional Disclosures

†

¹	Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
²	Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. 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.
³	Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴

⁵

	Fund profiles 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.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Fund Expenses

Example

Actual Expenses

Hypothetical Example for Comparison Purposes

Eaton Vance AMT-Free Municipal Income Fund

	Beginning Account Value (4/1/23)	Ending Account Value (9/30/23)	Expenses Paid During Period* (4/1/23 – 9/30/23)	Annualized Expense Ratio
Actual
Class A	$1,000.00	$ 953.00	$4.75	0.97%
Class C	$1,000.00	$ 947.80	$8.40	1.72%
Class I	$1,000.00	$ 954.00	$3.53	0.72%

Hypothetical
(5% return per year before expenses)
Class A	$1,000.00	$1,020.21	$4.91	0.97%
Class C	$1,000.00	$1,016.45	$8.69	1.72%
Class I	$1,000.00	$1,021.46	$3.65	0.72%

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Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2023

Portfolio of Investments

Tax-Exempt Mortgage-Backed Securities — 0.4%

Security	Principal Amount (000's omitted)		Value
Housing — 0.4%
California Housing Finance Agency, Municipal Certificates, Series 2021-1, Class A, 3.50%, 11/20/35	$	1,016	$ 891,446
Total Tax-Exempt Mortgage-Backed Securities (identified cost $964,988)			$ 891,446

Tax-Exempt Municipal Obligations — 100.6%

Security	Principal Amount (000's omitted)		Value
Education — 3.2%
District of Columbia, (KIPP DC), 4.00%, 7/1/44	$	105	$ 88,482
Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45		25	19,409
Georgia Private Colleges and Universities Authority, (Savannah College of Art and Design), 4.00%, 4/1/40		1,400	1,289,764
Ohio Higher Educational Facility Commission, (Oberlin College), Green Bonds, 5.00%, 10/1/48		2,000	2,040,560
University of California, 5.25%, 5/15/35		3,555	3,580,276
			$ 7,018,491
Electric Utilities — 5.7%
Douglas County Public Utility District No. 1, WA, 3.00%, 9/1/52	$	1,355	$ 911,698
Georgia Municipal Electric Power Authority, 5.00%, 1/1/39		5,000	4,885,350
Seattle, WA, Municipal Light and Power Improvement Revenue, 4.00%, 7/1/47		2,500	2,224,375
Utility Debt Securitization Authority, NY:
5.00%, 12/15/33		2,895	2,898,300
Green Bonds, 5.00%, 12/15/49		1,500	1,566,435
			$ 12,486,158
Escrowed/Prerefunded — 3.9%
New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 12/15/28, 5.00%, 6/15/37	$	3,000	$ 3,225,990
San Joaquin Hills Transportation Corridor Agency, CA, Prerefunded to 1/15/25, 5.00%, 1/15/34		5,235	5,332,476
			$ 8,558,466

Security	Principal Amount (000's omitted)		Value
General Obligations — 19.8%
Chicago Board of Education, IL:
5.00%, 12/1/42	$	390	$ 359,841
5.00%, 12/1/44		2,000	1,836,360
Chicago, IL:
5.00%, 1/1/39		1,400	1,397,774
5.00%, 1/1/44		1,490	1,445,717
Del Valle Independent School District, TX, (PSF Guaranteed), 4.00%, 6/15/47		4,000	3,502,960
District of Columbia, 4.00%, 2/1/46		3,500	3,162,565
Hutto Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/53		3,000	3,104,250
Illinois:
4.00%, 11/1/40		1,000	875,280
5.00%, 5/1/35		2,000	1,980,200
5.50%, 5/1/39		205	213,989
5.50%, 3/1/42		2,300	2,401,361
5.75%, 5/1/45		210	219,049
Little Elm Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/46		4,225	4,295,135
New York, NY:
4.00%, 9/1/46		2,000	1,763,340
4.00%, 4/1/50		2,000	1,733,520
Northwest Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/47		3,000	2,654,970
Prosper Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/47		3,500	3,107,615
Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/24		1,220	1,185,791
Spring Branch Independent School District, TX, (PSF Guaranteed), 4.50%, 2/1/47		8,750	8,443,138
			$ 43,682,855
Hospital — 10.8%
Brevard County Health Facilities Authority, FL, (Health First Obligated Group):
5.00%, 4/1/47	$	2,500	$ 2,416,075
5.00%, 4/1/52		2,500	2,393,475
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34		3,000	3,007,410
Colorado Health Facilities Authority, (CommonSpirit Health), 5.25%, 11/1/52		1,000	979,830
Delaware Health Facilities Authority, (Beebe Medical Center):
5.00%, 6/1/36		3,730	3,757,900
5.00%, 6/1/37		1,000	1,001,230

See Notes to Financial Statements.

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Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Hospital (continued)
Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48	$	2,035	$ 1,752,461
New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52		1,475	1,472,227
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.00%, 1/15/39		2,100	1,904,700
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children's Medical Center), 5.25%, 12/1/39⁽¹⁾		5,000	5,009,100
			$ 23,694,408
Housing — 2.5%
Cuyahoga Metropolitan Housing Authority, OH, Social Bonds, 2.00%, 12/1/31	$	1,250	$ 1,051,563
Massachusetts Housing Finance Agency, (FHLMC), (FNMA), (GNMA), Social Bonds, 4.95%, 12/1/53		2,500	2,455,050
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University):
5.00%, 7/1/37		500	499,465
5.00%, 7/1/42		1,250	1,207,112
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06⁽²⁾		285	285,000
			$ 5,498,190
Insured - Education — 0.8%
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31	$	1,750	$ 1,857,940
			$ 1,857,940
Insured - Electric Utilities — 1.6%
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29	$	2,865	$ 2,281,600
Omaha Public Power District, NE, (AGM), 4.00%, 2/1/51		1,375	1,199,674
			$ 3,481,274
Insured - General Obligations — 2.4%
McCamey Independent School District, TX, (AGM), 4.00%, 2/15/53	$	3,500	$ 2,914,625
McCook, IL:
(AGM), 4.00%, 12/1/29		240	241,644
(AGM), 4.00%, 12/1/30		200	200,894
(AGM), 4.00%, 12/1/33		450	450,549
(AGM), 4.00%, 12/1/34		190	187,752

Security	Principal Amount (000's omitted)		Value
Insured - General Obligations (continued)
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38	$	1,500	$ 1,379,430
			$ 5,374,894
Insured - Lease Revenue/Certificates of Participation — 2.8%
Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AGM), 0.00%, 9/1/31	$	8,680	$ 6,154,814
			$ 6,154,814
Insured - Other Revenue — 0.5%
Hudson Yards Infrastructure Corp., NY, (AGM), 4.00%, 2/15/47	$	1,155	$ 1,038,045
			$ 1,038,045
Insured - Special Tax Revenue — 6.8%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	10,600	$ 5,867,524
Massachusetts, Dedicated Tax Revenue:
(NPFG), 5.50%, 1/1/27		6,000	6,333,900
(NPFG), 5.50%, 1/1/30		2,565	2,810,470
			$ 15,011,894
Insured - Transportation — 6.9%
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39	$	7,120	$ 3,160,995
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38		11,000	11,950,950
			$ 15,111,945
Insured - Water and Sewer — 0.9%
Michigan Finance Authority, (Detroit Water and Sewerage Department):
(AGM), 5.00%, 7/1/32	$	655	$ 658,871
(AGM), 5.00%, 7/1/33		565	568,339
(AGM), 5.00%, 7/1/35		280	281,350
(AGM), 5.00%, 7/1/37		565	566,571
			$ 2,075,131
Lease Revenue/Certificates of Participation — 4.7%
Maryland Stadium Authority, Built to Learn Revenue, 4.00%, 6/1/52	$	2,550	$ 2,181,015
New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47		4,000	4,144,320

See Notes to Financial Statements.

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Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Lease Revenue/Certificates of Participation (continued)
New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.00%, 6/15/50	$	2,500	$ 2,506,375
New Jersey Transportation Trust Fund Authority, (Transportation System), 4.00%, 6/15/36		1,665	1,596,618
			$ 10,428,328
Other Revenue — 3.1%
Black Belt Energy Gas District, AL, (Liq: Royal Bank of Canada), 4.00% to 12/1/31 (Put Date), 6/1/51	$	2,500	$ 2,358,800
Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55		1,605	1,384,585
California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53		750	755,730
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35⁽²⁾		1,200	216,000
Golden State Tobacco Securitization Corp., CA, 5.00%, 6/1/51		640	650,247
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 12/1/30 (Put Date), 12/1/54		1,500	1,486,860
			$ 6,852,222
Senior Living/Life Care — 3.3%
California Public Finance Authority, (Enso Village), Green Bonds, 2.375%, 11/15/28⁽³⁾	$	140	$ 133,056
Manhattan, KS, (Meadowlark Hills), 4.00%, 6/1/46		1,150	800,895
National Finance Authority, NH, (The Vista):
5.25%, 7/1/39⁽³⁾		265	230,266
5.625%, 7/1/46⁽³⁾		360	309,859
5.75%, 7/1/54⁽³⁾		775	659,184
New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven), 6.75%, 10/1/52		1,000	856,850
Pompano Beach, FL, (John Knox Village), 4.00%, 9/1/41		1,270	992,264
Saint Louis County Industrial Development Authority, MO, (St. Andrew's Resources for Seniors Obligated Group), 5.00%, 12/1/35		1,700	1,555,959
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/30⁽³⁾		1,730	1,628,795
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/34⁽³⁾		245	213,466
			$ 7,380,594
Special Tax Revenue — 10.2%
Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.25%, 7/1/42	$	2,250	$ 2,390,963
Dallas Area Rapid Transit, TX, Sales Tax Revenue, 4.00%, 12/1/51		2,500	2,143,925

Security	Principal Amount (000's omitted)		Value
Special Tax Revenue (continued)
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 4.00%, 7/1/51	$	1,405	$ 1,229,516
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 4.00%, 6/15/50		5,000	4,057,200
New York City Transitional Finance Authority, NY, Future Tax Revenue:
4.00%, 5/1/39		1,000	937,030
4.00%, 5/1/45		2,795	2,504,627
5.00%, 11/1/46⁽¹⁾		2,000	2,041,060
New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/39		3,000	2,815,590
New York Thruway Authority, Personal Income Tax Revenue, 4.00%, 3/15/44		1,000	897,000
Puerto Rico Sales Tax Financing Corp.:
0.00%, 7/1/51		4,500	839,295
5.00%, 7/1/58		2,817	2,555,244
			$ 22,411,450
Transportation — 6.3%
Atlanta, GA, Airport Revenue, Green Bonds, 5.00%, 7/1/48	$	2,000	$ 2,061,660
Charlotte, NC, (Charlotte Douglas International Airport), 5.00%, 7/1/48⁽¹⁾		2,000	2,061,660
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport):
5.25%, 11/1/30		1,100	1,100,946
5.25%, 11/1/31		1,455	1,456,251
Denver City and County, CO, Airport System Revenue, 5.25%, 11/15/53		2,000	2,094,820
Metropolitan Transportation Authority, NY, Green Bonds, 4.75%, 11/15/45		225	209,813
New Jersey Turnpike Authority, 5.25%, 1/1/52		1,000	1,040,150
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), 4.00%, 12/1/42		2,400	2,083,800
South Jersey Transportation Authority, NJ, 4.625%, 11/1/47		1,500	1,381,950
Texas Transportation Commission, 0.00%, 8/1/40		1,000	387,590
			$ 13,878,640
Water and Sewer — 4.4%
Austin, TX, Water and Wastewater System Revenue, 5.00%, 11/15/41	$	2,715	$ 2,823,329
New York City Municipal Water Finance Authority, NY, (Water and Sewer System):
4.00%, 6/15/41		4,500	4,164,390
4.00%, 6/15/51		2,000	1,739,160

See Notes to Financial Statements.

Table of Contents

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Water and Sewer (continued)
New York City Municipal Water Finance Authority, NY, (Water and Sewer System): (continued)
5.25%, 6/15/52⁽¹⁾	$	1,000	$ 1,043,900
			$ 9,770,779
Total Tax-Exempt Municipal Obligations (identified cost $228,694,776)			$ 221,766,518
Total Investments — 101.0% (identified cost $229,659,764)			$ 222,657,964
Other Assets, Less Liabilities — (1.0)%			$ (2,217,169)
Net Assets — 100.0%			$ 220,440,795

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
⁽¹⁾	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).
⁽²⁾	Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.
⁽³⁾	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 September 30, 2023, the aggregate value of these securities is $3,174,626 or 1.4% of the Fund's net assets.
At September 30, 2023, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

Texas	21.9%
New York	13.1%
Others, representing less than 10% individually	66.0%

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 September 30, 2023, 22.5% 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 10.0% to 15.1% of total investments.

Abbreviations:
AGM	– Assured Guaranty Municipal Corp.
FHLMC	– Federal Home Loan Mortgage Corp.
FNMA	– Federal National Mortgage Association
GNMA	– Government National Mortgage Association
Liq	– Liquidity Provider
NPFG	– National Public Finance Guarantee Corp.
PSF	– Permanent School Fund

See Notes to Financial Statements.

Table of Contents

Eaton Vance

National Municipal Income Fund

September 30, 2023

Portfolio of Investments

Corporate Bonds — 1.2%

Security	Principal Amount (000's omitted)		Value
Education — 0.6%
Chapman University, 1.867%, 4/1/29	$	5,160	$ 4,238,593
Grand Canyon University, 4.125%, 10/1/24		20,000	19,140,000
			$ 23,378,593
Hospital — 0.6%
Sutter Health, 5.164%, 8/15/33	$	14,000	$ 13,449,453
UPMC, 1.803%, 4/15/26		7,650	6,910,604
			$ 20,360,057
Total Corporate Bonds (identified cost $42,927,237)			$ 43,738,650

Tax-Exempt Municipal Obligations — 93.6%

Security	Principal Amount (000's omitted)		Value
Bond Bank — 0.6%
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.00%, 9/15/47⁽¹⁾	$	10,000	$ 10,385,900
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		9,850	10,592,198
			$ 20,978,098
Cogeneration — 0.1%
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23⁽²⁾	$	14,652	$ 2,637,417
			$ 2,637,417
Education — 4.9%
California Educational Facilities Authority, (Stanford University), Sustainability Bonds, 5.00%, 4/1/51	$	10,000	$ 10,742,400
Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45		45	34,937
Maryland Health and Higher Educational Facilities Authority, (Pooled Loan Program), (LOC: TD Bank, N.A.), 3.80%, 4/1/35⁽³⁾		2,000	2,000,000
Massachusetts Development Finance Agency, (Boston University), 5.00%, 10/1/46		11,855	11,988,132
Massachusetts Development Finance Agency, (Harvard University), 4.00%, 7/15/36		7,000	7,030,730
Minnesota Higher Education Facilities Authority, (Carleton College), 5.00%, 3/1/48		2,815	2,906,009

Security	Principal Amount (000's omitted)		Value
Education (continued)
New York Dormitory Authority, (New York University), 5.00%, 7/1/49	$	14,360	$ 14,589,329
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania), 4.00%, 2/15/43		5,000	4,552,000
Pennsylvania State University, 4.00%, 9/1/50		5,920	5,207,824
Philadelphia Authority for Industrial Development, PA, (Temple University), 5.00%, 4/1/45		5,000	5,004,550
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 4.00%, 4/1/54		3,500	2,593,185
University of California:
5.25%, 5/15/37		11,000	11,056,210
5.25%, 5/15/38		7,700	7,731,878
University of California Medical Center, 5.00%, 5/15/47		28,170	29,138,766
University of Massachusetts Building Authority, 5.00%, 11/1/52		20,000	20,588,600
University of Oregon, 5.00%, 4/1/50		12,500	12,746,250
University of Texas, 4.00%, 7/1/42		4,900	4,474,680
University of Utah, 5.00%, 8/1/44		12,240	12,487,860
Utah Board of Higher Education, (Dixie State University), 4.00%, 6/1/44		7,645	6,744,113
Vermont Educational and Health Buildings Financing Agency, (Middlebury College):
4.00%, 11/1/50		5,000	4,398,000
5.00%, 11/1/52		3,410	3,492,079
			$ 179,507,532
Electric Utilities — 2.8%
Colorado Springs, CO, Utilities System Revenue, (SPA: TD Bank, N.A.), 4.05%, 11/1/37⁽³⁾	$	9,530	$ 9,530,000
Douglas County Public Utility District No. 1, WA, 3.00%, 9/1/52		16,020	10,778,897
Long Island Power Authority, NY, Electric System Revenue, Green Bonds, 5.00%, 9/1/48		5,000	5,137,000
New York Power Authority, Green Bonds, 4.00%, 11/15/50		5,000	4,435,850
Omaha Public Power District, NE, 5.00%, 2/1/47		20,000	20,621,774
Philadelphia, PA, Gas Works Revenue:
(LOC: TD Bank, N.A.), 3.85%, 8/1/31⁽³⁾		7,700	7,700,000
(LOC: TD Bank, N.A.), 3.85%, 8/1/31⁽³⁾		10,900	10,900,000
(LOC: TD Bank, N.A.), 3.85%, 8/1/31⁽³⁾		4,610	4,610,000
Seattle, WA, Municipal Light and Power Improvement Revenue, 4.00%, 7/1/43		8,210	7,511,083
South Carolina Public Service Authority, 5.00%, 12/1/46		12,600	12,278,574
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33		10,000	10,174,500
			$ 103,677,678

See Notes to Financial Statements.

Table of Contents

Eaton Vance

National Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Escrowed/Prerefunded — 0.9%
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), Prerefunded 11/15/31, 5.00%, 5/15/46	$	65	$ 68,958
New Jersey Economic Development Authority, (School Facilities Construction):
Prerefunded to 12/15/28, 5.00%, 6/15/34		8,460	9,097,292
Prerefunded to 12/15/28, 5.00%, 6/15/35		13,300	14,301,889
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		9,170	9,189,624
			$ 32,657,763
General Obligations — 19.0%
Alamo Community College District, TX, 4.50%, 8/15/47	$	4,000	$ 3,909,520
Austin Independent School District, TX, 5.00%, 8/1/48		5,000	5,107,550
Bar Harbor, ME, 5.00%, 10/15/41		2,330	2,476,883
Beaverton School District No. 48J, OR, 5.00%, 6/15/52		15,000	15,334,800
California:
4.00%, 9/1/43		9,000	8,617,410
5.00%, 9/1/36		10,000	10,941,500
5.00%, 9/1/37		10,000	10,840,600
5.00%, 9/1/38		10,000	10,783,700
5.00%, 11/1/42		25,000	26,489,000
5.25%, 9/1/47		10,500	11,206,125
Centennial School District No. 28Jt, OR, 5.00%, 6/15/50		10,000	10,281,100
Chicago Board of Education, IL:
5.00%, 12/1/30		9,000	9,054,000
5.00%, 12/1/37		2,500	2,432,200
5.00%, 12/1/42		10,405	9,600,381
5.00%, 12/1/44		20,515	18,836,463
Chicago, IL:
4.00%, 1/1/35		2,500	2,286,350
5.00%, 1/1/40		1,500	1,489,065
5.00%, 1/1/44		12,350	11,982,958
5.25%, 1/1/38		6,750	6,844,500
5.50%, 1/1/39		5,000	5,141,350
Clark County, NV, 5.00%, 5/1/48		19,650	19,971,670
Crowley Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/48		3,000	3,115,620
Denton Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/48		12,545	13,148,916
District of Columbia, 4.00%, 2/1/46		17,450	15,767,645
Forney Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/48		5,000	5,132,900
Fort Worth Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/47		7,000	7,108,220

Security	Principal Amount (000's omitted)		Value
General Obligations (continued)
Galveston Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/47	$	16,500	$ 14,567,355
Hacienda La Puente Unified School District, CA, (Election of 2016), 5.00%, 8/1/47⁽⁴⁾		8,265	8,551,465
Harris County Flood Control District, TX:
Sustainability Bonds, 4.00%, 9/15/48		10,000	8,773,400
Sustainability Bonds, 4.25%, 10/1/47		10,940	10,159,103
Hays Consolidated Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48		10,855	11,138,098
Hermiston School District No. 8R, OR:
0.00%, 6/15/42		6,475	2,419,708
0.00%, 6/15/45		4,595	1,437,776
Illinois:
4.00%, 7/1/37		15,000	13,541,850
5.00%, 11/1/24		11,295	11,388,861
5.00%, 2/1/27		18,500	18,507,215
5.00%, 2/1/29		15,000	15,386,850
5.00%, 5/1/39		10,000	9,616,400
5.50%, 5/1/39		870	908,150
5.50%, 3/1/42		11,700	12,215,619
5.75%, 5/1/45		890	928,350
Klein Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/48		7,175	6,309,695
Massachusetts, 3.00%, 4/1/49		10,000	6,941,400
New York, 5.00%, 3/15/40⁽⁴⁾		4,865	5,192,609
New York, NY:
4.00%, 8/1/38		11,520	10,886,170
4.00%, 9/1/46		10,000	8,816,700
4.00%, 4/1/50		5,000	4,333,800
4.17%, 4/1/42⁽⁵⁾		1,700	1,700,000
5.00%, 8/1/47		22,350	22,707,823
5.25%, 5/1/42		3,335	3,503,117
5.25%, 4/1/47		5,000	5,208,000
(SPA: Barclays Bank PLC), 4.80%, 10/1/46⁽⁵⁾		7,000	7,000,000
(SPA: JPMorgan Chase Bank, N.A.), 4.75%, 3/1/40⁽⁵⁾		6,095	6,095,000
Northwest Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48		20,000	20,591,600
Norwalk, CT, 4.00%, 8/15/47		10,000	8,818,500
Norwood, MA, 4.00%, 9/15/47		11,065	9,910,810
Pasadena Independent School District, TX, (PSF Guaranteed):
4.00%, 2/15/52		10,000	8,697,400
5.00%, 2/15/48⁽⁴⁾		5,000	5,109,050
Prosper Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/52		8,000	6,975,600

See Notes to Financial Statements.

Table of Contents

Eaton Vance

National Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
General Obligations (continued)
Puerto Rico:
4.00%, 7/1/41	$	7,500	$ 6,051,600
5.625%, 7/1/29		10,762	11,136,478
5.75%, 7/1/31		13,891	14,533,590
Rice County, MN, 4.00%, 2/1/52		7,170	6,223,560
Royse City Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48⁽¹⁾		12,000	12,389,160
San Antonio Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/47		10,000	10,310,900
San Diego Unified School District, CA, (Election of 2022), Sustainability Bonds, 4.00%, 7/1/53⁽⁴⁾		8,500	7,793,395
San Luis Coastal Unified School District, CA, (Election of 2022), 4.00%, 8/1/46		11,230	10,413,018
Santa Clarita Community College District, CA, (Election of 2016), 5.25%, 8/1/48		10,000	10,496,600
Spring Branch Independent School District, TX, (PSF Guaranteed), 4.50%, 2/1/47		8,750	8,443,138
Temple Independent School District, TX, (PSF Guaranteed), 4.25%, 2/1/47		13,000	11,967,930
Waco Independent School District, TX, (PSF Guaranteed), 4.125%, 8/15/47		6,000	5,394,120
Washington:
5.00%, 6/1/40		5,350	5,512,052
5.00%, 6/1/41		5,465	5,631,792
5.00%, 6/1/42		5,950	6,101,904
Waxahachie Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48		10,000	10,303,500
Wisconsin, 4.00%, 5/1/41		7,090	6,640,990
Ysleta Independent School District, TX, (PSF Guaranteed):
4.25%, 8/15/56		11,000	9,942,790
5.00%, 8/15/56⁽¹⁾		5,000	5,069,650
			$ 700,594,067
Hospital — 11.7%
Brevard County Health Facilities Authority, FL, (Health First Obligated Group):
5.00%, 4/1/47	$	10,000	$ 9,664,300
5.00%, 4/1/52		10,000	9,573,900
California Health Facilities Financing Authority, (Cedars-Sinai Health System):
4.00%, 8/15/48		19,305	17,333,766
5.00%, 8/15/51		13,845	14,147,790
California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 4.00%, 8/15/36		10,000	9,617,900
Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), (SPA: JPMorgan Chase Bank, N.A.), 4.65%, 1/15/48⁽⁵⁾		3,500	3,500,000

Security	Principal Amount (000's omitted)		Value
Hospital (continued)
Colorado Health Facilities Authority, (AdventHealth Obligated Group):
3.00%, 11/15/51	$	10,000	$ 6,660,500
4.00%, 11/15/43		12,145	10,949,325
4.00%, 11/15/50		6,530	5,486,180
Colorado Health Facilities Authority, (Adventist Health System/Sunbelt Obligated Group), 4.00%, 11/15/46		9,715	8,523,067
Connecticut Health and Educational Facilities Authority, (Trinity Health Corp.), 5.00%, 12/1/41		5,295	5,314,697
Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48		13,055	11,242,444
Geisinger Authority, PA, (Geisinger Health System):
4.00%, 6/1/41		8,000	7,232,080
4.00%, 2/15/47		9,105	7,826,931
Greenville Health System, SC, 5.00%, 5/1/39		2,500	2,318,700
Harris County Cultural Education Facilities Finance Corp., TX, (Texas Children's Hospital), 4.00%, 10/1/47		10,805	9,384,034
Illinois Finance Authority, (Northwestern Memorial HealthCare), 4.00%, 7/15/47		12,500	10,823,375
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/26		7,500	7,672,200
Indiana Finance Authority, (Franciscan Alliance, Inc.), 5.00%, 11/1/41		5,000	5,003,700
Lancaster County Hospital Authority, PA, (Penn State Health), 5.00%, 11/1/46		10,500	10,341,765
Lehigh County General Purpose Authority, PA, (Lehigh Valley Health Network), 4.00%, 7/1/49		5,000	4,200,750
Maricopa County Industrial Development Authority, AZ, (Banner Health), Series 2019-E, 4.00%, 1/1/45		9,000	7,891,920
Maryland Health and Higher Educational Facilities Authority, (MedStar Health), 5.00%, 8/15/42		11,900	11,822,055
Massachusetts Development Finance Agency, (Partners HealthCare System), 4.00%, 7/1/41		8,500	7,795,690
Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), (LOC: TD Bank, N.A.), 3.85%, 7/1/40⁽³⁾		7,060	7,060,000
Michigan Finance Authority, (Beaumont Health Credit Group), 5.00%, 11/1/44		22,760	22,534,904
Michigan Finance Authority, (Henry Ford Health System), 4.00%, 11/15/50		11,795	9,803,650
Michigan Finance Authority, (Trinity Health Credit Group):
4.00%, 12/1/45		10,000	8,741,500
4.00%, 12/1/49		5,645	4,788,879
5.00%, 12/1/41		5,395	5,396,565
Minneapolis, MN, (Allina Health System), 4.00%, 11/15/39		6,405	5,883,313

See Notes to Financial Statements.

Table of Contents

Eaton Vance

National Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Hospital (continued)
Missouri Health and Educational Facilities Authority, (BJC Health System):
4.00%, 1/1/45	$	9,475	$ 8,419,959
5.00%, 1/1/44		6,000	6,002,640
Missouri Health and Educational Facilities Authority, (Children's Mercy Hospital), 4.00%, 5/15/48		15,475	13,004,571
Missouri Health and Educational Facilities Authority, (CoxHealth):
4.00%, 11/15/49		10,750	9,108,152
5.00%, 11/15/38		4,340	4,257,453
Missouri Health and Educational Facilities Authority, (SSM Health), 5.00% to 6/1/28 (Put Date), 6/1/39		3,000	3,105,240
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (LOC: TD Bank, N.A.), 3.85%, 7/1/43⁽³⁾		5,000	5,000,000
New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52		11,795	11,772,825
Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48		6,100	5,372,941
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/35		2,260	2,274,351
Oregon Health and Science University, Green Bonds, 4.00%, 7/1/51		4,035	3,514,687
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System):
4.00%, 8/15/38		2,000	1,896,100
4.00%, 8/15/42		5,010	4,559,551
Salem Hospital Facility Authority, OR, (Salem Health), 5.00%, 5/15/44		11,620	11,211,673
South Carolina Jobs-Economic Development Authority, (Anmed Health), 4.25%, 2/1/48		6,000	5,386,800
South Carolina Jobs-Economic Development Authority, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/44		5,520	4,830,552
South Dakota Health and Educational Facilities Authority, (Sanford Health), 5.00%, 11/1/44		10,000	9,685,000
Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 4.00%, 6/1/49		5,000	4,234,450
Tampa, FL, (Baycare Obligated Group), 4.00%, 11/15/46		5,715	4,935,474
Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00%, 11/15/45		8,000	8,020,800
Utah County, UT, (IHC Health Services, Inc.), 4.00%, 5/15/47		8,565	7,469,451
Washington Health Care Facilities Authority, (Seattle Children's Hospital), 4.00%, 10/1/45		5,000	4,311,200
Wisconsin Health and Educational Facilities Authority, (Ascension Health Alliance Senior Credit Group), 4.00%, 11/15/43		4,625	4,007,331

Security	Principal Amount (000's omitted)		Value
Hospital (continued)
Wisconsin Health and Educational Facilities Authority, (Ascension Senior Credit Group):
4.00%, 11/15/39	$	5,000	$ 4,582,150
4.00%, 11/15/46		8,600	7,301,228
Wisconsin Health and Educational Facilities Authority, (Children's Hospital of Wisconsin, Inc.), 4.00%, 8/15/42		10,000	8,905,400
			$ 431,705,859
Housing — 1.9%
California Community Housing Agency, (Summit at Sausalito Apartments), 3.00%, 2/1/57⁽⁶⁾	$	4,355	$ 2,676,583
CSCDA Community Improvement Authority, CA, (City of Orange Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 3/1/57⁽⁶⁾		25,275	15,769,325
CSCDA Community Improvement Authority, CA, (Pasadena Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 12/1/56⁽⁶⁾		9,930	6,162,558
Indiana Finance Authority, (CHF-Tippecanoe, LLC - Student Housing), 5.00%, 6/1/53		2,300	2,205,079
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue:
5.00%, 7/1/56		1,750	1,689,747
5.75%, 7/1/53		2,000	2,087,740
Massachusetts Housing Finance Agency, (Mill Road Apartments), 4.53%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48⁽⁷⁾		3,890	3,890,000
Missouri Housing Development Commission, SFMR:
(FHLMC), (FNMA), (GNMA), 3.30%, 12/1/47		1,395	1,243,246
(FHLMC), (FNMA), (GNMA), 3.40%, 11/1/46		2,332	2,152,283
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, (FHLMC), (FNMA), (GNMA), 4.45%, 9/1/48		1,490	1,353,918
New York City Housing Development Corp., NY, 2.60%, 11/1/46		3,000	1,899,570
North Carolina Housing Finance Agency, (FHLMC), (FNMA), (GNMA), Social Bonds, 4.35%, 7/1/43		4,000	3,736,000
Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 5.00%, 10/1/50		7,335	7,049,522
Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31⁽⁸⁾		10,640	10,427,200
Utah State University, 4.00%, 4/1/48		10,875	9,233,854
			$ 71,576,625
Industrial Development Revenue — 2.5%
Montgomery County Industrial Development Authority, PA, (Constellation Energy Generation, LLC), 4.10% to 4/3/28 (Put Date), 4/1/53	$	750	$ 748,170

See Notes to Financial Statements.

Table of Contents

Eaton Vance

National Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Industrial Development Revenue (continued)
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment):
(AMT), 4.375%, 10/1/45	$	31,500	$ 27,482,805
(AMT), 5.00%, 10/1/40		41,585	39,973,166
Pennsylvania Economic Development Financing Authority, (Republic Services, Inc.), (AMT), 4.10% to 10/16/23 (Put Date), 4/1/49		10,000	9,997,700
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38⁽⁶⁾		3,350	3,082,067
South Carolina Jobs-Economic Development Authority, (International Paper Co.), (AMT), 4.00% to 4/1/26 (Put Date), 4/1/33		5,000	4,956,700
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36⁽⁶⁾		475	464,165
Warren County, MS, (International Paper Co.), 1.375% to 6/16/25 (Put Date), 5/1/34		4,000	3,805,360
			$ 90,510,133
Insured - Electric Utilities — 0.2%
Brownsville, TX, Utility System Revenue, (BAM), 5.00%, 9/1/51	$	1,195	$ 1,187,065
Garland, TX, Electric Utility System Revenue, (AGM), 4.25%, 3/1/48		1,750	1,570,608
Omaha Public Power District, NE, (AGM), 4.00%, 2/1/51		4,080	3,559,759
			$ 6,317,432
Insured - Escrowed/Prerefunded — 1.0%
North Texas Tollway Authority, (AGC), Prerefunded to 1/1/25, 6.20%, 1/1/42	$	37,070	$ 38,057,174
			$ 38,057,174
Insured - General Obligations — 1.0%
Clark County School District, NV, (AGM), 4.25%, 6/15/41	$	5,000	$ 4,709,400
Ellis County Unified School District No. 489, KS, (AGM), 5.00%, 9/1/47		13,600	13,732,192
Lumberton Municipal Utility District, TX, (AGM), 3.00%, 8/15/52		5,045	3,194,847
Nassau County, NY, (AGM), 5.00%, 4/1/49		10,335	10,624,173
Waller Independent School District, TX, (BAM), 4.00%, 2/15/48		5,835	4,884,362
			$ 37,144,974

Security	Principal Amount (000's omitted)		Value
Insured - Hospital — 0.0%⁽⁹⁾
California Statewide Communities Development Authority, (Enloe Medical Center), (AGM), 5.25%, 8/15/52	$	800	$ 833,504
			$ 833,504
Insured - Lease Revenue/Certificates of Participation — 0.2%
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, (AGM), 4.00%, 6/1/39	$	8,000	$ 7,260,160
			$ 7,260,160
Insured - Other Revenue — 0.0%⁽⁹⁾
Hudson Yards Infrastructure Corp., NY, (AGM), 4.00%, 2/15/47	$	1,530	$ 1,375,072
			$ 1,375,072
Insured - Special Tax Revenue — 1.5%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	58,155	$ 32,191,119
Massachusetts, Dedicated Tax Revenue:
(NPFG), 5.50%, 1/1/29		11,000	11,953,480
(NPFG), 5.50%, 1/1/30		3,080	3,374,756
Metropolitan Pier and Exposition Authority, IL, (McCormick Place), (BAM), 4.00%, 12/15/42		10,440	9,101,383
			$ 56,620,738
Insured - Transportation — 1.1%
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37	$	13,335	$ 6,661,099
Houston, TX, Airport System Revenue, (AGM), (AMT), 5.25%, 7/1/48		12,000	12,216,240
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AGM), (AMT), 5.00%, 3/1/49		10,000	9,916,700
Love Field Airport Modernization Corp., TX, (AGM), (AMT), 4.00%, 11/1/37		4,000	3,677,800
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/48		8,900	7,784,652
			$ 40,256,491
Insured - Water and Sewer — 0.3%
Pittsburg Public Financing Authority, CA, Water Revenue, (AGM), 5.00%, 8/1/52	$	10,000	$ 10,195,900
			$ 10,195,900

See Notes to Financial Statements.

Table of Contents

Eaton Vance

National Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Lease Revenue/Certificates of Participation — 3.7%
Battery Park City Authority, NY, Sustainability Bonds, 5.00%, 11/1/48	$	12,000	$ 12,468,720
California Public Works Board, 5.00%, 9/1/35⁽⁴⁾		7,000	7,729,540
Colorado, Certificates of Participation, 6.00%, 12/15/40		5,045	5,722,443
Hampton Roads Transportation Accountability Commission, VA, 4.00%, 7/1/57		5,000	4,379,500
Maryland Stadium Authority, Built to Learn Revenue:
4.00%, 6/1/47		5,595	4,859,705
4.00%, 6/1/52		6,255	5,349,902
Michigan Building Authority, 5.00%, 10/15/45		7,160	7,212,340
New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47		12,700	13,158,216
New Jersey Transportation Trust Fund Authority, (Transportation Program):
4.25%, 6/15/44		3,600	3,313,692
5.00%, 6/15/50		20,500	20,552,275
2019 Series AA, 5.25%, 6/15/43		10,000	10,188,600
2019 Series BB, 4.00%, 6/15/50		17,575	14,902,721
2020 Series AA, 4.00%, 6/15/50		15,000	13,056,750
2022 Series CC, 5.25%, 6/15/43		5,750	6,012,545
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.00%, 6/15/38		5,000	5,229,450
Virginia College Building Authority, (21st Century College and Equipment Programs), 5.00%, 2/1/34		1,735	1,913,722
Virginia Port Authority, 5.00%, 7/1/41		1,690	1,802,317
			$ 137,852,438
Nursing Home — 0.1%
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	2,205	$ 2,207,271
			$ 2,207,271
Other Revenue — 3.3%
Black Belt Energy Gas District, AL, 5.25% to 10/1/30 (Put Date), 1/1/54	$	11,250	$ 11,363,625
Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55		38,960	33,609,623
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35⁽⁸⁾		250	45,000
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.25%, 12/1/38		750	724,838
Golden State Tobacco Securitization Corp., CA, 5.00%, 6/1/51		4,900	4,978,449
Kalispel Tribe of Indians, WA:
Series A, 5.25%, 1/1/38⁽⁶⁾		1,865	1,905,899
Series B, 5.25%, 1/1/38⁽⁶⁾		1,000	1,021,930

Security	Principal Amount (000's omitted)		Value
Other Revenue (continued)
Main Street Natural Gas, Inc., GA, Gas Supply Revenue:
5.00% to 9/1/30 (Put Date), 9/1/53	$	10,000	$ 10,110,166
5.00% to 12/1/30 (Put Date), 12/1/54		17,750	17,594,510
5.00% to 6/1/31 (Put Date), 12/1/53		12,500	12,649,875
Minnesota Municipal Gas Agency, (Liq: Royal Bank of Canada), 4.558%, (67% of SOFR + 1.00%), 12/1/52⁽⁷⁾		12,500	12,231,875
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54		4,750	4,784,010
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26		11,645	11,890,593
			$ 122,910,393
Senior Living/Life Care — 1.3%
California Public Finance Authority, (Enso Village):
Green Bonds, 2.125%, 11/15/27⁽⁶⁾	$	1,155	$ 1,107,876
Green Bonds, 2.375%, 11/15/28⁽⁶⁾		970	921,888
Clackamas County Hospital Facility Authority, OR, (Rose Villa):
5.25%, 11/15/50		250	217,812
5.375%, 11/15/55		225	196,175
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/47		8,000	6,687,600
Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27⁽⁶⁾		5,550	6,021,528
Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/1/56		4,440	3,035,140
Public Finance Authority, WI, (Searstone CCRC), 3.00%, 6/1/28⁽⁶⁾		17,410	15,821,512
South Carolina Jobs-Economic Development Authority, (Seafields Kiawah Island Project), 5.25%, 11/15/28		10,000	9,845,400
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks):
6.625%, 11/15/41		730	657,204
6.75%, 11/15/51		3,250	2,810,600
6.875%, 11/15/55		200	174,114
			$ 47,496,849
Special Tax Revenue — 10.0%
Central Puget Sound Regional Transit Authority, WA, Sales and Motor Vehicle Excise Tax Revenue:
Green Bonds, 4.00%, 11/1/46	$	11,825	$ 10,505,685
Green Bonds, 5.00%, 11/1/41		13,840	14,029,885
Dallas Area Rapid Transit, TX, Sales Tax Revenue:
3.00%, 12/1/47		7,825	5,325,617

See Notes to Financial Statements.

Table of Contents

Eaton Vance

National Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Special Tax Revenue (continued)
Dallas Area Rapid Transit, TX, Sales Tax Revenue: (continued)
4.00%, 12/1/51	$	3,820	$ 3,275,917
District of Columbia, Income Tax Revenue, 5.50%, 7/1/47		10,000	10,801,100
Houston, TX, Hotel Occupancy Tax and Special Revenue, 3.00%, 9/1/33		140	121,374
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 7/1/44		15,060	16,016,762
Massachusetts Bay Transportation Authority, Sales Tax Revenue:
4.00%, 7/1/48		5,405	4,811,477
4.00%, 7/1/51		12,705	11,118,145
5.00%, 7/1/44		9,500	9,518,240
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion):
4.00%, 6/15/50		12,060	9,785,966
5.00%, 6/15/50		2,465	2,383,113
5.00%, 6/15/57		2,000	1,916,180
Metropolitan Transportation Authority, NY, (Payroll Mobility Tax Revenue), 5.00%, 5/15/52		8,945	9,311,208
Michigan Trunk Line Fund:
4.00%, 11/15/45		9,925	8,936,669
5.00%, 11/15/46		18,000	18,592,920
New River Community Development District, FL, (Capital Improvements):
5.00%, 5/1/13⁽⁸⁾		230	0
5.35%, 5/1/38⁽⁸⁾		80	0
5.75%, 5/1/38		325	327,359
New York City Transitional Finance Authority, NY, Future Tax Revenue:
4.00%, 11/1/38		5,000	4,734,850
5.00%, 8/1/38		10,000	10,121,300
5.00%, 11/1/46		1,095	1,117,480
5.00%, 11/1/46⁽¹⁾		13,000	13,266,890
5.00%, 5/1/53		10,000	10,131,400
(SPA: JPMorgan Chase Bank, N.A.), 4.75%, 11/1/36⁽⁵⁾		7,000	7,000,000
(SPA: JPMorgan Chase Bank, N.A.), 4.75%, 8/1/39⁽⁵⁾		5,100	5,100,000
(SPA: JPMorgan Chase Bank, N.A.), 4.75%, 8/1/42⁽⁵⁾		7,300	7,300,000
(SPA: JPMorgan Chase Bank, N.A.), 4.75%, 2/1/45⁽⁵⁾		3,510	3,510,000
New York Dormitory Authority, Personal Income Tax Revenue:
4.00%, 3/15/39		10,000	9,385,000
4.00%, 3/15/40		10,000	9,303,500
4.00%, 2/15/47		15,220	13,524,796
New York Dormitory Authority, Sales Tax Revenue:
4.00%, 3/15/43		7,500	6,758,625

Security	Principal Amount (000's omitted)		Value
Special Tax Revenue (continued)
New York Dormitory Authority, Sales Tax Revenue: (continued)
4.00%, 3/15/49	$	5,000	$ 4,327,600
5.00%, 3/15/35		7,840	8,004,248
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/49		25,000	25,417,250
New York State Urban Development Corp., Sales Tax Revenue, 4.00%, 3/15/46		4,950	4,402,184
New York Thruway Authority, Personal Income Tax Revenue, 4.00%, 3/15/44		5,000	4,485,000
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 4.00%, 12/1/51		5,000	4,318,100
Puerto Rico Sales Tax Financing Corp.:
0.00%, 7/1/46		19,385	5,021,297
5.00%, 7/1/58		38,291	34,733,000
Southeastern Pennsylvania Transportation Authority, 5.25%, 6/1/47		13,000	13,593,320
Southern Hills Plantation I Community Development District, FL:
Series A1, 5.80%, 5/1/35		380	346,849
Series A2, 5.80%, 5/1/35⁽⁸⁾		310	202,287
Sterling Hill Community Development District, FL, 6.20%, 5/1/35⁽⁸⁾		1,532	781,140
Triborough Bridge and Tunnel Authority, NY, 5.00%, 5/15/47		8,240	8,406,201
Triborough Bridge and Tunnel Authority, NY, Sales Tax Revenue, 4.00%, 5/15/48		5,000	4,442,250
Washington Metropolitan Area Transit Authority, D.C., Sustainability Bonds, 5.25%, 7/15/53		10,000	10,493,400
			$ 367,005,584
Student Loan — 0.1%
New Jersey Higher Education Student Assistance Authority, Series 2015-1A, (AMT), 4.00%, 12/1/28	$	1,840	$ 1,836,430
			$ 1,836,430
Transportation — 21.2%
Allegheny County Airport Authority, PA, (Pittsburgh International Airport):
(AMT), 4.00%, 1/1/39	$	9,000	$ 8,012,610
(AMT), 5.00%, 1/1/51		12,775	12,540,195
Atlanta, GA, Airport Revenue:
Green Bonds, 5.00%, 7/1/44		7,000	7,276,640
Green Bonds, (AMT), 5.25%, 7/1/42		6,450	6,707,161

See Notes to Financial Statements.

Table of Contents

Eaton Vance

National Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Transportation (continued)
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/38	$	6,175	$ 6,202,911
Charlotte, NC, (Charlotte Douglas International Airport), 5.00%, 7/1/48⁽¹⁾		4,000	4,123,320
Chicago, IL, (Midway International Airport):
5.00%, 1/1/41		6,000	5,990,940
(AMT), 5.00%, 1/1/34		5,250	5,223,908
(AMT), 5.00%, 1/1/41		9,985	9,833,927
Chicago, IL, (O'Hare International Airport):
4.00%, 1/1/44		9,500	8,552,090
5.00%, 1/1/36		6,000	6,076,380
(AMT), 5.00%, 1/1/34		12,500	12,487,375
(AMT), 5.00%, 1/1/47		16,450	16,094,680
(AMT), 5.00%, 1/1/53		14,370	14,245,556
(AMT), 5.25%, 1/1/53		10,500	10,583,055
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport):
4.00%, 11/1/45		10,000	8,909,700
5.00%, 11/1/47		3,625	3,658,676
5.25%, 11/1/31		10,395	10,403,940
(AMT), 5.25%, 11/1/30		11,015	11,019,186
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40		5,000	5,003,450
Denver City and County, CO, Airport System Revenue:
(AMT), 4.00%, 12/1/43		5,000	4,369,050
(AMT), 5.00%, 12/1/35		5,000	5,083,050
(AMT), 5.00%, 12/1/38		10,000	10,016,200
(AMT), 5.00%, 11/15/42		9,575	9,655,717
(AMT), 5.00%, 11/15/53		5,835	5,783,944
Hawaii, Airports System Revenue:
(AMT), 5.00%, 7/1/43		3,900	3,837,093
(AMT), 5.00%, 7/1/45		18,575	18,508,873
(AMT), 5.00%, 7/1/47		12,500	12,461,750
Illinois Toll Highway Authority:
4.00%, 1/1/46		10,185	9,033,484
5.25%, 1/1/43		16,835	17,711,935
Indianapolis Local Public Improvement Bond Bank, IN, (Indianapolis Airport Authority):
(AMT), 5.25%, 1/1/40		5,000	5,143,600
(AMT), 5.25%, 1/1/41		3,255	3,337,352
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization):
(AMT), 5.00%, 3/1/38		13,500	13,495,950
(AMT), 5.00%, 3/1/46		6,400	6,290,688
(AMT), 5.00%, 3/1/54		4,835	4,726,454

Security	Principal Amount (000's omitted)		Value
Transportation (continued)
Lee County, FL, Airport Revenue, (AMT), 5.00%, 10/1/46	$	6,775	$ 6,657,996
Los Angeles Department of Airports, CA, (Los Angeles International Airport):
(AMT), 5.00%, 5/15/46		19,935	19,883,767
Green Bonds, (AMT), 5.00%, 5/15/47		17,855	17,922,849
Massachusetts Port Authority:
(AMT), 4.00%, 7/1/46		12,465	10,551,249
(AMT), 5.00%, 7/1/43		8,000	7,989,120
Massachusetts, (Rail Enhancement and Accelerated Bidge Program), 5.00%, 6/1/47		18,000	18,237,960
Massachusetts, (Rail Enhancement Program), Sustainablility Bonds, 5.00%, 6/1/53⁽¹⁾⁽⁴⁾		16,500	17,170,395
Metropolitan Nashville Airport Authority, TN:
(AMT), 5.00%, 7/1/49		10,500	10,307,850
(AMT), 5.25%, 7/1/47		10,750	10,936,297
Metropolitan Transportation Authority, NY, Green Bonds, 4.75%, 11/15/45		3,050	2,844,125
Metropolitan Washington Airports Authority, D.C.:
(LOC: TD Bank, N.A.), 3.90%, 10/1/39⁽³⁾		7,150	7,150,000
(LOC: TD Bank, N.A.), 3.90%, 10/1/40⁽³⁾		2,690	2,690,000
(AMT), 5.00%, 10/1/43		5,200	5,115,916
(AMT), 5.00%, 10/1/44		10,500	10,503,255
New Jersey Turnpike Authority, 4.50%, 1/1/48		8,000	7,705,440
New York Thruway Authority, 4.00%, 1/1/44		10,000	8,924,400
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment):
(AMT), 5.00%, 7/1/46		25,865	24,618,824
(AMT), 5.25%, 1/1/50		1,180	1,158,170
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), (AMT), 5.00%, 12/1/29		10,000	10,258,000
North Texas Tollway Authority:
4.125%, 1/1/39		10,215	9,636,627
5.00%, 1/1/48		10,000	9,847,800
Oregon Department of Transportation:
4.00%, 11/15/42		11,730	10,875,235
5.25%, 11/15/47		8,175	8,638,686
Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One), (AMT), 5.75%, 6/30/48		16,090	16,815,176
Pennsylvania Turnpike Commission:
5.00%, 12/1/44		4,845	4,849,554
5.00%, 12/1/48		10,000	10,253,500
(LOC: TD Bank, N.A.), 3.85%, 12/1/38⁽³⁾		10,000	10,000,000
(LOC: TD Bank, N.A.), 3.85%, 12/1/39⁽³⁾		8,700	8,700,000

See Notes to Financial Statements.

Table of Contents

Eaton Vance

National Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Transportation (continued)
Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/47	$	4,595	$ 4,512,152
Phoenix Civic Improvement Corp., AZ, Airport Revenue:
(AMT), 5.00%, 7/1/42		6,250	6,246,812
(AMT), 5.00%, 7/1/49		10,400	10,327,304
Port Authority of New York and New Jersey:
5.00%, 9/1/37		6,000	6,256,500
(AMT), 5.00%, 7/15/39		5,000	5,152,150
(AMT), 5.00%, 12/1/44		4,500	4,548,375
Port of Portland, OR, (Portland International Airport):
(AMT), 4.00%, 7/1/50		5,000	4,200,550
(AMT), 5.00%, 7/1/44		8,000	7,985,280
(AMT), 5.00%, 7/1/45		12,260	12,275,325
Green Bonds, (AMT), 5.25%, 7/1/43		17,000	17,402,050
Port of Seattle, WA:
(AMT), 4.00%, 5/1/43		5,000	4,340,450
(AMT), 5.00%, 5/1/43		5,500	5,425,915
(AMT), 5.00%, 4/1/44		9,870	9,817,097
Salt Lake City, UT, (Salt Lake City International Airport):
(AMT), 5.00%, 7/1/42		17,330	17,052,027
(AMT), 5.00%, 7/1/43		3,165	3,113,949
(AMT), 5.00%, 7/1/46		15,975	15,847,839
(AMT), 5.00%, 7/1/47		6,500	6,382,805
(AMT), 5.25%, 7/1/48		16,260	16,371,869
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/49		5,000	4,965,350
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Project), (AMT), 5.50%, 12/31/58		9,940	10,136,812
Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/41		9,000	9,091,170
Virginia Small Business Financing Authority, (95 Express Lanes, LLC), (AMT), 4.00%, 1/1/39		7,220	6,528,035
			$ 780,622,847
Water and Sewer — 4.2%
Austin, TX, Water and Wastewater System Revenue, 5.00%, 11/15/47	$	4,000	$ 4,095,560
Charleston, SC, Waterworks and Sewer System Revenue, 5.00%, 1/1/49		4,365	4,489,926
Corpus Christi, TX, Utility System Revenue, 4.00%, 7/15/48		5,305	4,523,308
District of Columbia Water and Sewer Authority, 4.00%, 10/1/51		10,935	9,717,935
Eugene, OR, Water Utility System Revenue, 5.00%, 8/1/48		5,440	5,630,672

Security	Principal Amount (000's omitted)		Value
Water and Sewer (continued)
Gilbert Water Resources Municipal Property Corp., AZ, Green Bonds, 4.00%, 7/15/47	$	3,000	$ 2,691,120
Kansas City, MO, Sanitary Sewer System Revenue, 4.00%, 1/1/48		4,000	3,508,280
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33		8,095	8,136,365
New York City Municipal Water Finance Authority, NY, (Water and Sewer System):
4.00%, 6/15/49		10,000	8,766,500
5.00%, 6/15/47⁽¹⁾		8,000	8,200,080
5.00%, 6/15/51		5,000	5,090,650
5.25%, 6/15/48⁽⁴⁾		13,500	14,192,280
(SPA: Barclays Bank PLC), 4.80%, 6/15/53⁽⁵⁾		1,600	1,600,000
(SPA: JPMorgan Chase Bank, N.A.), 4.75%, 6/15/43⁽⁵⁾		5,875	5,875,000
(SPA: JPMorgan Chase Bank, N.A.), 4.75%, 6/15/50⁽⁵⁾		5,330	5,330,000
(SPA: JPMorgan Chase Bank, N.A.), 4.75%, 6/15/50⁽⁵⁾		2,085	2,085,000
(SPA: State Street Bank & Trust Co.), 4.55%, 6/15/41⁽⁵⁾		1,500	1,500,000
Philadelphia, PA, Water and Wastewater Revenue, 5.00%, 10/1/43		5,000	5,083,750
San Mateo-Foster City Public Financing Authority, CA, (Clean Water Program), 5.00%, 8/1/49		23,445	24,262,293
Sarasota County, FL, Utility System Revenue, 5.25%, 10/1/52		15,000	15,873,450
Seattle, WA, Water System Revenue, Green Bonds, 5.00%, 9/1/52		8,610	8,887,070
Tacoma, WA, Sewer Revenue, 4.00%, 12/1/48		5,190	4,517,999
Texas Water Development Board, 4.00%, 10/15/49		2,500	2,198,125
			$ 156,255,363
Total Tax-Exempt Municipal Obligations (identified cost $3,554,314,044)			$3,448,093,792

Taxable Municipal Obligations — 6.8%

Security	Principal Amount (000's omitted)		Value
Cogeneration — 0.0%⁽⁹⁾
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23⁽²⁾	$	7,517	$ 1,353,032
			$ 1,353,032

See Notes to Financial Statements.

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Eaton Vance

National Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

Security	Principal Amount (000's omitted)		Value
Education — 0.1%
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word):
2.65%, 4/1/30	$	1,100	$ 873,070
3.15%, 4/1/37		1,750	1,221,833
			$ 2,094,903
General Obligations — 0.5%
Lakeside School District No. 9, AR:
1.65%, 4/1/36	$	1,115	$ 716,376
1.90%, 4/1/39		750	450,233
Los Angeles Community College District, CA, 1.806%, 8/1/30		15,000	12,236,550
Puerto Rico, GO Contingent Value Instrument, 0.00%, 11/1/43		7,122	3,703,381
			$ 17,106,540
Hospital — 1.1%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	34,250	$ 33,880,785
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), (SPA: JPMorgan Chase Bank, N.A.), 5.35%, 8/1/42⁽⁵⁾		5,000	5,000,000
			$ 38,880,785
Housing — 1.5%
Maine Housing Authority:
(SPA: Barclays Bank PLC), 5.37%, 11/15/52⁽³⁾	$	27,210	$ 27,210,000
(SPA: TD Bank, N.A.), 5.37%, 11/15/50⁽³⁾		7,140	7,140,000
North Dakota Housing Finance Agency, (SPA: TD Bank, N.A.), 5.35%, 1/1/47⁽³⁾		22,000	22,000,000
			$ 56,350,000
Industrial Development Revenue — 0.1%
JobsOhio Beverage System, OH, 4.433%, 1/1/33	$	5,000	$ 4,813,050
			$ 4,813,050
Insured - General Obligations — 0.0%⁽⁹⁾
Westland Tax Increment Finance Authority, MI:
(AGM), 2.31%, 4/1/33	$	1,165	$ 898,891
(AGM), 2.41%, 4/1/34		195	147,960
			$ 1,046,851
Insured - Transportation — 1.3%
Alameda Corridor Transportation Authority, CA:
(AMBAC), 0.00%, 10/1/26	$	22,500	$ 19,096,200

Security	Principal Amount (000's omitted)		Value
Insured - Transportation (continued)
Alameda Corridor Transportation Authority, CA: (continued)
(AMBAC), 0.00%, 10/1/27	$	34,390	$ 27,679,479
			$ 46,775,679
Lease Revenue/Certificates of Participation — 0.3%
New York City Transitional Finance Authority, NY, (Building Aid), 3.23%, 7/15/24	$	10,000	$ 9,817,200
			$ 9,817,200
Other Revenue — 0.6%
Golden State Tobacco Securitization Corp., CA, 3.714%, 6/1/41	$	28,000	$ 19,691,000
Santa Cruz County, CA, Pension Obligation Bonds, 2.291%, 6/1/33		3,000	2,232,120
			$ 21,923,120
Senior Living/Life Care — 0.0%⁽⁹⁾
Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 2.45%, 11/15/23	$	1,250	$ 1,244,463
			$ 1,244,463
Transportation — 0.4%
Foothill/Eastern Transportation Corridor Agency, CA, 4.094%, 1/15/49	$	20,856	$ 15,967,145
			$ 15,967,145
Water and Sewer — 0.9%
Metropolitan Water District of Southern California, (SPA: TD Bank, N.A.), 5.33%, 7/1/37⁽³⁾	$	33,350	$ 33,350,000
			$ 33,350,000
Total Taxable Municipal Obligations (identified cost $269,298,280)			$ 250,722,768
Total Investments — 101.6% (identified cost $3,866,539,561)			$3,742,555,210
Other Assets, Less Liabilities — (1.6)%			$ (59,424,425)
Net Assets — 100.0%			$3,683,130,785

See Notes to Financial Statements.

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Eaton Vance

National Municipal Income Fund

September 30, 2023

Portfolio of Investments — continued

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
⁽¹⁾	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).
⁽²⁾	Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.
⁽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 September 30, 2023.
⁽⁴⁾	When-issued security.
⁽⁵⁾	Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at September 30, 2023.
⁽⁶⁾	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 September 30, 2023, the aggregate value of these securities is $54,955,331 or 1.5% of the Fund's net assets.

⁽⁷⁾	Floating rate security. The stated interest rate represents the rate in effect at September 30, 2023.
⁽⁸⁾	Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.
⁽⁹⁾	Amount is less than 0.05%.
At September 30, 2023, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

New York	14.5%
California	13.9%
Texas	12.3%
Others, representing less than 10% individually	59.7%

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 September 30, 2023, 6.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 3.3% of total investments.

Futures Contracts
Description	Number of Contracts	Position	Expiration Date	Notional Amount	Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
U.S. Long Treasury Bond	(925)	Short	12/19/23	$(105,247,656)	$ 4,363,160
					$4,363,160

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.
FHLMC	– Federal Home Loan Mortgage Corp.
FNMA	– Federal National Mortgage Association
GNMA	– Government National Mortgage Association
Liq	– Liquidity Provider
LOC	– Letter of Credit
NPFG	– National Public Finance Guarantee Corp.
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

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Statements of Assets and Liabilities

	September 30, 2023
	AMT-Free Fund	National Fund
Assets
Investments:
Identified cost	$ 229,659,764	$ 3,866,539,561
Unrealized depreciation	(7,001,800)	(123,984,351)
Investments, at value	$222,657,964	$3,742,555,210
Cash	$ 2,173,356	$ 5,953,812
Deposits for derivatives collateral — futures contracts	—	4,053,599
Interest receivable	2,974,366	46,991,028
Receivable for investments sold	1,100,000	65,572,706
Receivable for Fund shares sold	82,064	18,051,327
Trustees' deferred compensation plan	95,316	394,044
Due from broker for floating rate notes issued	—	22,800,000
Total assets	$229,083,066	$3,906,371,726
Liabilities
Payable for floating rate notes issued	$ 7,749,960	$ 54,807,640
Due to broker for floating rate notes redeemed	—	28,000,000
Payable for investments purchased	—	48,844,717
Payable for when-issued securities	—	66,060,572
Payable for Fund shares redeemed	377,326	20,420,745
Payable for variation margin on open futures contracts	—	260,156
Distributions payable	106,828	2,161,527
Payable to affiliates:
Investment adviser fee	81,650	1,023,581
Distribution and service fees	24,057	276,175
Trustees' deferred compensation plan	95,316	394,044
Interest expense and fees payable	88,917	294,951
Accrued expenses	118,217	696,833
Total liabilities	$ 8,642,271	$ 223,240,941
Net Assets	$220,440,795	$3,683,130,785
Sources of Net Assets
Paid-in capital	$ 277,223,751	$ 4,231,258,722
Accumulated loss	(56,782,956)	(548,127,937)
Net Assets	$220,440,795	$3,683,130,785
Class A Shares
Net Assets	$ 100,834,733	$ 1,126,345,458
Shares Outstanding	13,230,691	128,746,049
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 7.62	$ 8.75
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share)	$ 7.88	$ 9.04
Class C Shares
Net Assets	$ 3,257,739	$ 45,669,945
Shares Outstanding	429,951	5,220,791
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding)	$ 7.58	$ 8.75

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Statements of Operations

	Year Ended September 30, 2023
	AMT-Free Fund	National Fund
Investment Income
Interest income	$ 10,893,239	$ 154,300,868
Total investment income	$10,893,239	$154,300,868
Expenses
Investment adviser fee	$ 1,039,448	$ 11,505,693
Distribution and service fees:
Class A	280,721	2,951,633
Class C	42,355	522,765
Trustees’ fees and expenses	16,255	108,500
Custodian fee	57,614	621,253
Transfer and dividend disbursing agent fees	89,809	1,438,663
Legal and accounting services	71,599	199,852
Printing and postage	10,935	143,922
Registration fees	77,293	305,021
Interest expense and fees	409,003	2,673,804
Miscellaneous	43,944	191,824
Total expenses	$ 2,138,976	$ 20,662,930
Net investment income	$ 8,754,263	$133,637,938
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions	$ (5,868,207)	$ (67,945,101)
Futures contracts	—	18,630,246
Net realized loss	$ (5,868,207)	$ (49,314,855)
Change in unrealized appreciation (depreciation):
Investments	$ 1,277,150	$ 10,167,551
Futures contracts	—	(5,724,409)
Net change in unrealized appreciation (depreciation)	$ 1,277,150	$ 4,443,142
Net realized and unrealized loss	$ (4,591,057)	$ (44,871,713)
Net increase in net assets from operations	$ 4,163,206	$ 88,766,225

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights

	AMT-Free Fund — Class A
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 7.790	$ 9.290	$ 9.250	$ 9.250	$ 8.870
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.280	$ 0.227	$ 0.236	$ 0.274	$ 0.317
Net realized and unrealized gain (loss)	(0.171)	(1.495)	0.053	0.011 ⁽²⁾	0.381
Total income (loss) from operations	$ 0.109	$ (1.268)	$ 0.289	$ 0.285	$ 0.698
Less Distributions
From net investment income	$ (0.279)	$ (0.232)	$ (0.249)	$ (0.285)	$ (0.318)
Total distributions	$ (0.279)	$ (0.232)	$ (0.249)	$ (0.285)	$ (0.318)
Net asset value — End of year	$ 7.620	$ 7.790	$ 9.290	$ 9.250	$ 9.250
Total Return⁽³⁾	1.29%	(13.85)%	3.14%	3.12%	8.02%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$100,835	$113,933	$157,981	$158,729	$150,853
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	0.83%	0.79%	0.76%	0.78%	0.81%
Interest and fee expense⁽⁴⁾	0.17%	0.07%	0.04%	0.14%	0.23%
Total expenses	1.00%	0.86%	0.80%	0.92%	1.04%
Net investment income	3.50%	2.61%	2.53%	2.97%	3.51%
Portfolio Turnover	53%	60%	32%	58%	33%

⁽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).

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	AMT-Free Fund — Class C
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 7.740	$ 9.240	$ 9.200	$ 9.200	$ 8.820
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.219	$ 0.159	$ 0.167	$ 0.204	$ 0.249
Net realized and unrealized gain (loss)	(0.162)	(1.493)	0.051	0.011 ⁽²⁾	0.380
Total income (loss) from operations	$ 0.057	$(1.334)	$ 0.218	$ 0.215	$ 0.629
Less Distributions
From net investment income	$ (0.217)	$ (0.166)	$ (0.178)	$ (0.215)	$ (0.249)
Total distributions	$(0.217)	$(0.166)	$(0.178)	$ (0.215)	$ (0.249)
Net asset value — End of year	$ 7.580	$ 7.740	$ 9.240	$ 9.200	$ 9.200
Total Return⁽³⁾	0.51%	(14.59)%	2.38%	2.36%	7.24%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$ 3,258	$ 4,906	$ 9,017	$15,094	$19,715
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	1.58%	1.54%	1.51%	1.53%	1.56%
Interest and fee expense⁽⁴⁾	0.17%	0.07%	0.04%	0.14%	0.23%
Total expenses	1.75%	1.61%	1.55%	1.67%	1.79%
Net investment income	2.74%	1.83%	1.80%	2.23%	2.78%
Portfolio Turnover	53%	60%	32%	58%	33%

⁽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).

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	AMT-Free Fund — Class I
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 8.500	$ 10.150	$ 10.110	$ 10.100	$ 9.680
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.328	$ 0.271	$ 0.283	$ 0.323	$ 0.370
Net realized and unrealized gain (loss)	(0.182)	(1.644)	0.055	0.023 ⁽²⁾	0.422
Total income (loss) from operations	$ 0.146	$ (1.373)	$ 0.338	$ 0.346	$ 0.792
Less Distributions
From net investment income	$ (0.326)	$ (0.277)	$ (0.298)	$ (0.336)	$ (0.372)
Total distributions	$ (0.326)	$ (0.277)	$ (0.298)	$ (0.336)	$ (0.372)
Net asset value — End of year	$ 8.320	$ 8.500	$ 10.150	$ 10.110	$ 10.100
Total Return⁽³⁾	1.49%	(13.64)%	3.36%	3.48%	8.34%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$116,348	$119,467	$184,002	$168,113	$145,788
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	0.58%	0.54%	0.51%	0.53%	0.56%
Interest and fee expense⁽⁴⁾	0.17%	0.07%	0.04%	0.14%	0.23%
Total expenses	0.75%	0.61%	0.55%	0.67%	0.79%
Net investment income	3.75%	2.84%	2.77%	3.21%	3.76%
Portfolio Turnover	53%	60%	32%	58%	33%

⁽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).

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	National Fund — Class A
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 8.780	$ 10.310	$ 10.240	$ 10.140	$ 9.650
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.340	$ 0.224	$ 0.223	$ 0.265	$ 0.322
Net realized and unrealized gain (loss)	(0.037)	(1.507)	0.082	0.119	0.491
Total income (loss) from operations	$ 0.303	$ (1.283)	$ 0.305	$ 0.384	$ 0.813
Less Distributions
From net investment income	$ (0.333)	$ (0.247)	$ (0.235)	$ (0.284)	$ (0.323)
Total distributions	$ (0.333)	$ (0.247)	$ (0.235)	$ (0.284)	$ (0.323)
Net asset value — End of year	$ 8.750	$ 8.780	$ 10.310	$ 10.240	$ 10.140
Total Return⁽²⁾	3.38%	(12.62)%	2.99%	3.84%	8.57%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$1,126,345	$1,179,909	$1,558,418	$1,620,505	$1,605,407
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	0.67%	0.64%	0.61%	0.64%	0.68%
Interest and fee expense⁽³⁾	0.08%	0.03%	0.02%	0.05%	0.12%
Total expenses	0.75%	0.67%	0.63%	0.69%	0.80%
Net investment income	3.73%	2.30%	2.15%	2.61%	3.26%
Portfolio Turnover	86%	151%	56%	105%	89%

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

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	National Fund — Class C
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 8.780	$10.310	$ 10.240	$ 10.140	$ 9.650
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.271	$ 0.148	$ 0.146	$ 0.190	$ 0.252
Net realized and unrealized gain (loss)	(0.036)	(1.504)	0.081	0.119	0.488
Total income (loss) from operations	$ 0.235	$ (1.356)	$ 0.227	$ 0.309	$ 0.740
Less Distributions
From net investment income	$ (0.265)	$ (0.174)	$ (0.157)	$ (0.209)	$ (0.250)
Total distributions	$ (0.265)	$ (0.174)	$ (0.157)	$ (0.209)	$ (0.250)
Net asset value — End of year	$ 8.750	$ 8.780	$10.310	$ 10.240	$ 10.140
Total Return⁽²⁾	2.60%	(13.28)%	2.22%	3.08%	7.77%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$45,670	$55,558	$ 94,851	$131,330	$172,417
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	1.42%	1.39%	1.36%	1.39%	1.43%
Interest and fee expense⁽³⁾	0.08%	0.03%	0.02%	0.05%	0.12%
Total expenses	1.50%	1.42%	1.38%	1.44%	1.55%
Net investment income	2.98%	1.52%	1.41%	1.87%	2.57%
Portfolio Turnover	86%	151%	56%	105%	89%

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

See Notes to Financial Statements.

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Financial Highlights — continued

	National Fund — Class I
	Year Ended September 30,
	2023	2022	2021	2020	2019
Net asset value — Beginning of year	$ 8.780	$ 10.310	$ 10.240	$ 10.140	$ 9.650
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.363	$ 0.248	$ 0.248	$ 0.289	$ 0.341
Net realized and unrealized gain (loss)	(0.037)	(1.507)	0.082	0.120	0.495
Total income (loss) from operations	$ 0.326	$ (1.259)	$ 0.330	$ 0.409	$ 0.836
Less Distributions
From net investment income	$ (0.356)	$ (0.271)	$ (0.260)	$ (0.309)	$ (0.346)
Total distributions	$ (0.356)	$ (0.271)	$ (0.260)	$ (0.309)	$ (0.346)
Net asset value — End of year	$ 8.750	$ 8.780	$ 10.310	$ 10.240	$ 10.140
Total Return⁽²⁾	3.64%	(12.40)%	3.24%	4.10%	8.83%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$2,511,115	$1,891,224	$2,347,177	$1,797,038	$1,348,563
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees	0.42%	0.39%	0.36%	0.39%	0.43%
Interest and fee expense⁽³⁾	0.08%	0.03%	0.02%	0.05%	0.12%
Total expenses	0.50%	0.42%	0.38%	0.44%	0.55%
Net investment income	3.98%	2.55%	2.39%	2.85%	3.45%
Portfolio Turnover	86%	151%	56%	105%	89%

⁽¹⁾	Computed using average shares outstanding.
⁽²⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽³⁾	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance AMT-Free Municipal Income Fund (AMT-Free Fund) and Eaton Vance National Municipal Income Fund (National Fund) (each individually referred to as the Fund, and collectively, the Funds) are a diversified series of Eaton Vance Mutual Funds Trust and Eaton Vance Municipals Trust, respectively (collectively, the Trusts). The Trusts are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Each Fund’s 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 November 5, 2020, Class C shares 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.

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

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

Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated a Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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.

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. For National Fund, 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.

D Expenses—The majority of expenses of the Trusts 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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Eaton Vance

Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

G Indemnifications—Under each 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 a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each 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.

	AMT-Free Fund	National Fund
Floating Rate Notes Outstanding	$ 7,749,960	$54,807,640
Interest Rate or Range of Interest Rates (%)	4.01 - 4.02	4.01 - 4.02
Collateral for Floating Rate Notes Outstanding	$10,155,720	$70,404,755

For the year ended September 30, 2023, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate including fees were as follows:

	AMT-Free Fund	National Fund
Average Floating Rate Notes Outstanding	$11,370,986	$75,813,973
Average Interest Rate	3.60%	3.53%

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Eaton Vance

Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

The Funds’ 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 Funds’ investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Effective August 19, 2022, the Funds began operating under Rule 18f-4 under the 1940 Act, which, among other things, governs the use of derivative investments and certain financing transactions by registered investment companies. As of the date of this report, consistent with Rule 18f-4, the Funds have elected to treat their investments in residual interest bonds, along with similar financing transactions, as derivatives transactions subject to the Funds' value-at-risk (VaR)-based limits on leverage risk. The Funds may change this election (and elect to treat these investments and other similar financing transactions like bank borrowings subject to the asset coverage requirements of Section 18 of the 1940 Act) at any time. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

2 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended September 30, 2023 and September 30, 2022 was as follows:

	AMT-Free Fund		National Fund
	Year Ended September 30,		Year Ended September 30,
	2023	2022	2023	2022
Tax-exempt income	$8,697,559	$8,322,283	$121,388,863	$87,321,107
Ordinary income	$ 22	$ —	$ 9,797,819	$ 7,952,420

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Eaton Vance

Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

As of September 30, 2023, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

	AMT-Free Fund	National Fund
Undistributed tax-exempt income	$ 733,055	$ 2,377,573
Deferred capital losses	(50,463,234)	(418,278,332)
Net unrealized depreciation	(6,945,949)	(130,065,651)
Distributions payable	(106,828)	(2,161,527)
Accumulated loss	$(56,782,956)	$(548,127,937)

	AMT-Free Fund	National Fund
Deferred capital losses:
Short-term	$26,756,879	$294,364,229
Long-term	$23,706,355	$123,914,103

	AMT-Free Fund	National Fund
Aggregate cost	$ 221,853,953	$3,817,813,221
Gross unrealized appreciation	$ 3,474,662	$ 20,837,754
Gross unrealized depreciation	(10,420,611)	(150,903,405)
Net unrealized depreciation	$ (6,945,949)	$ (130,065,651)

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Eaton Vance

Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, for AMT-Free Fund and Boston Management and Research (BMR), an affiliate of EVM, for National Fund as compensation for management and investment advisory services rendered to each Fund. The investment adviser fee is based upon a percentage of total daily net assets plus a percentage of total daily gross income (i.e., income other than gains from the sale of securities) as follows and is payable monthly:

Total Daily Net Assets	Annual Asset Rate	Daily Income Rate
Up to $500 million	0.300%	3.000%
$500 million but less than $1 billion	0.275%	2.750%
$1 billion but less than $1.5 billion	0.250%	2.500%
$1.5 billion but less than $2 billion	0.225%	2.250%
$2 billion but less than $3 billion	0.200%	2.000%
$3 billion and over	0.175%	1.750%

For the year ended September 30, 2023, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	AMT-Free Fund	National Fund
Investment Adviser Fee	$1,039,448	$11,505,693
Effective Annual Rate	0.43%	0.33%

EVM serves as the administrator of each Fund, but receives no compensation.

	AMT-Free Fund	National Fund
EVM's Sub-Transfer Agent Fees	$13,377	$189,989
EVD's Class A Sales Charges	$ 1,218	$ 50,332
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges	$ —	$ 20,268

Trustees and officers of the Funds who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment advisers 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. Certain officers and Trustees of the Funds are officers of the above organizations.

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Eaton Vance

Municipal Income Funds

September 30, 2023

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 September 30, 2023 for Class A shares amounted to the following:

	AMT-Free Fund	National Fund
Class A Distribution and Service Fees	$280,721	$2,951,633

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 September 30, 2023, the Funds paid or accrued to EVD the following distribution fees:

	AMT-Free Fund	National Fund
Class C Distribution Fees	$31,766	$392,074

The Class C Plan also authorizes each Fund to 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 Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended September 30, 2023 amounted to the following:

	AMT-Free Fund	National Fund
Class C Service Fees	$10,589	$130,691

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

5 Contingent Deferred Sales Charges

	AMT-Free Fund	National Fund
Class A	$ 200	$13,000
Class C	$ —	$ 3,000

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Eaton Vance

Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, for the year ended September 30, 2023 were as follows:

	AMT-Free Fund	National Fund
Purchases	$130,144,878	$3,612,006,781
Sales	$145,436,771	$2,957,270,833

7 Shares of Beneficial Interest

AMT-Free Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
	Shares	Amount	Shares	Amount
Class A
Sales	1,888,917	$ 14,993,570	1,383,193	$ 11,828,411
Issued to shareholders electing to receive payments of distributions in Fund shares	412,323	3,293,503	360,010	3,096,193
Redemptions	(3,699,939)	(29,564,513)	(4,119,650)	(35,134,920)
Net decrease	(1,398,699)	$(11,277,440)	(2,376,447)	$(20,210,316)
Class C
Sales	132,801	$ 1,060,779	35,647	$ 317,123
Issued to shareholders electing to receive payments of distributions in Fund shares	13,573	107,806	15,751	134,955
Redemptions	(350,028)	(2,803,687)	(393,912)	(3,344,737)
Net decrease	(203,654)	$ (1,635,102)	(342,514)	$ (2,892,659)
Class I
Sales	7,686,554	$ 67,351,799	5,504,437	$ 51,653,218
Issued to shareholders electing to receive payments of distributions in Fund shares	462,122	4,032,283	410,806	3,874,689
Redemptions	(8,214,826)	(71,802,602)	(10,004,257)	(93,270,999)
Net decrease	(66,150)	$ (418,520)	(4,089,014)	$(37,743,092)

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Eaton Vance

Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

National Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
	Shares	Amount	Shares	Amount
Class A
Sales	17,509,254	$ 159,744,009	10,084,810	$ 96,476,496
Issued to shareholders electing to receive payments of distributions in Fund shares	4,046,834	36,759,694	3,099,907	29,725,930
Redemptions	(27,121,465)	(246,291,872)	(29,993,424)	(288,815,393)
Net decrease	(5,565,377)	$ (49,788,169)	(16,808,707)	$ (162,612,967)
Class C
Sales	1,180,431	$ 10,743,048	590,143	$ 5,726,338
Issued to shareholders electing to receive payments of distributions in Fund shares	151,181	1,373,270	124,890	1,197,694
Redemptions	(2,435,564)	(22,168,619)	(3,588,913)	(34,592,881)
Net decrease	(1,103,952)	$ (10,052,301)	(2,873,880)	$ (27,668,849)
Class I
Sales	195,677,015	$ 1,778,704,708	138,884,926	$ 1,320,089,504
Issued to shareholders electing to receive payments of distributions in Fund shares	7,485,180	67,982,627	4,908,694	47,139,306
Redemptions	(131,390,441)	(1,187,986,860)	(156,108,342)	(1,486,157,857)
Net increase (decrease)	71,771,754	$ 658,700,475	(12,314,722)	$ (118,929,047)

8 Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include 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 a 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 September 30, 2023 is included in the Portfolio of Investments. At September 30, 2023, National Fund had sufficient cash and/or securities to cover commitments under these contracts.

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. During the year ended September 30, 2023, National Fund entered 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 September 30, 2023 was as follows:

	National Fund
Asset Derivatives
Futures contracts	$4,363,160 ⁽¹⁾

⁽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 futures contracts, as applicable.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Notes to Financial Statements — continued

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 September 30, 2023 was as follows:

	National Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$18,630,246 ⁽¹⁾
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$ (5,724,409)⁽²⁾

⁽¹⁾	Statement of Operations location: Net realized gain (loss): Futures contracts.
⁽²⁾	Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts.

The average notional cost of futures contracts outstanding during the year ended September 30, 2023, which is indicative of the volume of this derivative type, was approximately as follows:

	National Fund
Average Notional Cost:
Futures Contracts — Short	$117,488,000

9 Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $725 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 24, 2023. 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 2022, 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 September 30, 2023. Effective October 24, 2023, the Funds renewed their line of credit agreement, which expires October 22, 2024. In connection with the renewal, the borrowing limit was decreased to $650 million.

10 Fair Value Measurements

•	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)

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Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2023

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance AMT-Free Municipal Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance AMT-Free Municipal Income Fund (the "Fund") (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of September 30, 2023, 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 September 30, 2023, 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.

/s/ Deloitte & Touche LLP
Boston, Massachusetts
November 20, 2023

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

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Eaton Vance

National Municipal Income Fund

September 30, 2023

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Municipals Trust and Shareholders of Eaton Vance National Municipal Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance National Municipal Income Fund (the "Fund") (one of the funds constituting Eaton Vance Municipals Trust), including the portfolio of investments, as of September 30, 2023, 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 September 30, 2023, 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

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.

/s/ Deloitte & Touche LLP
Boston, Massachusetts
November 20, 2023

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

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Eaton Vance

Municipal Income Funds

September 30, 2023

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Information about Fees, Performance and Expenses

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

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

• Information about the policies and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

Information about each Adviser and Sub-adviser

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

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Eaton Vance

Municipal Income Funds

September 30, 2023

Board of Trustees’ Contract Approval — continued

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

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

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

Other Relevant Information

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

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

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that (i) the continuation of the investment advisory agreement between Eaton Vance AMT-Free Municipal Income Fund (the “AMT-Free Muni Income Fund”) and Eaton Vance Management (“EVM”) and (ii) the continuation of the investment advisory agreement between Eaton Vance National Municipal Income Fund (the “National Muni Income Fund”, together with the AMT-Free Muni Income Fund, the “Funds” and each, a “Fund”) and Boston Management and Research (“BMR”) (EVM, with respect to the AMT-Free Muni Income Fund, and BMR, with respect to the National

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Eaton Vance

Municipal Income Funds

September 30, 2023

Board of Trustees’ Contract Approval — continued

Muni Income Fund, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for each Fund.

Nature, Extent and Quality of Services

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

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

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

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

Fund Performance

The Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index, and assessed each Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data with respect to each Fund for the one-, three-, five- and ten-year periods ended September 30, 2022.

In this regard, the Board noted each Fund’s performance relative to its peer group and benchmark index for the three-year period, as follows:

	Performance Relative to:
Fund	Median of Peer Group	Benchmark Index
Eaton Vance AMT-Free Municipal Income Fund	Lower	Lower
Eaton Vance National Municipal Income Fund	Higher	Lower

The Board considered, among other things, each Adviser’s efforts to generate competitive levels of tax-exempt current income over time through investments that, relative to comparable funds, focus on higher quality municipal bonds with longer maturities. With respect to the Eaton Vance AMT-Free Municipal Income Fund, the Board also considered that, in response to inquiries from the Contract Review Committee, the Fund’s underperformance relative to its benchmark was largely attributed to overweight allocations to longer duration securities, which underperformed during the final year of the three-year period. The Board also noted that the income return of the Fund was higher than the median income return of the Fund’s peer group for the three-year period. On the basis of the foregoing and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board determined to continue to monitor the performance of the Fund. With respect to the Eaton Vance National Municipal Income Fund, the Board concluded that the performance of the Fund was satisfactory.

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Eaton Vance

Municipal Income Funds

September 30, 2023

Board of Trustees’ Contract Approval — continued

Management Fees and Expenses

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

Profitability and “Fall-Out” Benefits

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

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

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

Economies of Scale

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

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Eaton Vance

Municipal Income Funds

September 30, 2023

Liquidity Risk Management Program

Table of Contents

Eaton Vance

Municipal Income Funds

September 30, 2023

Management and Organization

Fund Management. The Trustees of Eaton Vance Municipals Trust and Eaton Vance Mutual Funds Trust (collectively, the Trusts) 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 Funds 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 Funds to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trusts, 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, “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management, “MSIM” refers to Morgan Stanley Investment Management Inc. and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. 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 127 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
Anchal Pachnanda⁽¹⁾ 1980	Trustee	Since 2023	Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trusts. Other Directorships. None.
Noninterested Trustees
Alan C. Bowser 1962	Trustee	Since 2022	Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021).
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.

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Eaton Vance

Municipal Income Funds

September 30, 2023

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)
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 Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022).
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. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023).
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.
Nancy A. Wiser 1967	Trustee	Since 2022	Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). 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
Kenneth A. Topping 1966	President	Since 2023	Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management ‘Classic’ (2009-2020).
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.

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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

Table of Contents

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.

Table of Contents

Eaton Vance Funds

IMPORTANT NOTICES

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.

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman 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. 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).

Eaton Vance California Municipal Opportunities Fund, Eaton Vance Massachusetts Municipal Income Fund, Eaton Vance National Municipal Income Fund, Eaton Vance New York Municipal Income Fund and Eaton Vance Ohio Municipal Income Fund (the “Fund(s)”) are series of Eaton Vance Municipals Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 18 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.

The following tables present the aggregate fees billed to each Fund for the Funds’ fiscal years ended September 30, 2022 and September 30, 2023 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Funds’ annual financial statements and fees billed for other services rendered by D&T during those periods.

The Series comprising the Trust have varying fiscal year ends (July 31, August 31, and September 30). 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.

(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.

(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 for services rendered to the Eaton Vance organization by D&T for the last two fiscal years of each Series.

(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.

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

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

(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

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.

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.

Table of Contents
Management’s Discussion of Fund Performance	2
Performance and Fund Profile
California Municipal Opportunities Fund	4
Massachusetts Municipal Income Fund	6
New York Municipal Income Fund	8
Ohio Municipal Income Fund	10
Endnotes and Additional Disclosures	12
Fund Expenses	13
Financial Statements	16
Report of Independent Registered Public Accounting Firm	65
Federal Tax Information	66
Board of Trustees’ Contract Approval	67
Liquidity Risk Management Program	71
Management and Organization	72
Privacy Notice	75
Important Notices	77

On sales of $100,000 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.

California Municipal Opportunities Fund	85.90%
Massachusetts Municipal Income Fund	97.35%
New York Municipal Income Fund	97.77%
Ohio Municipal Income Fund	100.00%


Fiscal Years Ended	9/30/22		9/30/23
Audit Fees	$	59,250	$	59,700
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	1,650	$	0
All Other Fees⁽³⁾	$	0	$	0

Total	$	60,900	$	59,700


Fiscal Years Ended	7/31/22		8/31/22		9/30/22		7/31/23		8/31/23		9/30/23
Audit Fees	$	276,300	$	286,950	$	321,150	$	284,000	$	290,100	$	323,400
Audit-Related Fees⁽¹⁾	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees⁽²⁾	$	3,400	$	350	$	3,650	$	0	$	0	$	0
All Other Fees⁽³⁾	$	0	$	0	$	0	$	0	$	0	$	0

Total	$	279,700	$	287,300	$	324,800	$	284,000	$	290,100	$	323,400


(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.


Eaton Vance Municipals Trust

By:		/s/ Kenneth A. Topping
		Kenneth A. Topping
		President