# EDGAR Filing Document

**Accession Number:** 0000778365
**File Stem:** 0001193125-26-132413
**Filing Date:** 2026-3
**Character Count:** 623128
**Document Hash:** 2f854bd5595be8fb22b6669f78583b00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-132413.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001193125-26-132413

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260330

**EFFECTIVENESS DATE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eaton Vance Municipals Trust
- **CENTRAL INDEX KEY:** 0000778365

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04409
- **FILM NUMBER:** 26815482

**BUSINESS ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-482-8260

**MAIL ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE MUNICIPALS TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE HIGH YIELD MUNICIPALS TRUST
- **DATE OF NAME CHANGE:** 19910203

## Series and Classes Contracts Data

### Eaton Vance Minnesota Municipal Income Fund (Series ID: S000004843)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000013114 | Eaton Vance Minnesota Municipal Income Fund Class A | ETMNX           |
| C000013116 | Eaton Vance Minnesota Municipal Income Fund Class C | ECMNX           |
| C000092718 | Eaton Vance Minnesota Municipal Income Fund Class I | EIMNX           |

### Eaton Vance New Jersey Municipal Income Fund (Series ID: S000004847)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000013127 | Eaton Vance New Jersey Municipal Income Fund Class A | ETNJX           |
| C000013129 | Eaton Vance New Jersey Municipal Income Fund Class C | ECNJX           |
| C000063948 | Eaton Vance New Jersey Municipal Income Fund Class I | EINJX           |

### Eaton Vance Arizona Municipal Income Fund (Series ID: S000004849)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000013133 | Eaton Vance Arizona Municipal Income Fund Class A | ETAZX           |
| C000013135 | Eaton Vance Arizona Municipal Income Fund Class C | ECAZX           |
| C000092720 | Eaton Vance Arizona Municipal Income Fund Class I | EIAZX           |

### Eaton Vance Pennsylvania Municipal Income Fund (Series ID: S000004853)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000013145 | Eaton Vance Pennsylvania Municipal Income Fund Class A | ETPAX           |
| C000013147 | Eaton Vance Pennsylvania Municipal Income Fund Class C | ECPAX           |
| C000063951 | Eaton Vance Pennsylvania Municipal Income Fund Class I | EIPAX           |

### Eaton Vance Connecticut Municipal Income Fund (Series ID: S000004862)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000013172 | Eaton Vance Connecticut Municipal Income Fund Class C | ECCTX           |
| C000013173 | Eaton Vance Connecticut Municipal Income Fund Class A | ETCTX           |
| C000063955 | Eaton Vance Connecticut Municipal Income Fund Class I | EICTX           |

### Eaton Vance Municipal Opportunities Fund (Series ID: S000032714)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000100969 | Eaton Vance Municipal Opportunities Fund Class A | EMOAX           |
| C000100970 | Eaton Vance Municipal Opportunities Fund Class C | EMOCX           |
| C000100971 | Eaton Vance Municipal Opportunities Fund Class I | EMOIX           |

?xml version='1.0' encoding='ASCII'? Eaton Vance Municipals Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act File Number: 811-04409

## Eaton Vance Municipals Trust

#### (Exact Name of Registrant as Specified in Charter)

#### One Post Office Square, Boston, Massachusetts 02109

#### (Address of Principal Executive Offices)

#### Deidre E. Walsh

#### One Post Office Square, Boston, Massachusetts 02109

#### (Name and Address of Agent for Services)
(617) 482-8260

#### (Registrant's Telephone Number)

#### July 31

#### Date of Fiscal Year End

#### January 31, 2026

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) ![Image](g114809g99v47.jpg)

# Eaton Vance Arizona Municipal Income Fund

# Class A ETAZX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Arizona Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.73%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $113053069 |
| # of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g51d41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.6% |
| Electric Utilities | 3.3% |
| Short-Term Investments | 3.7% |
| Transportation | 4.1% |
| Industrial Development Revenue | 5.8% |
| Housing | 6.9% |
| Water and Sewer | 7.7% |
| Hospital | 11.5% |
| Education | 12.5% |
| Special Tax Revenue | 13.9% |
| General Obligations | 25.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g91b16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.1% |
| BB | 2.7% |
| BBB | 8.2% |
| A | 10.5% |
| AA | 55.5% |
| AAA | 18.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# ETAZX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Arizona Municipal Income Fund

# Class C ECAZX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Arizona Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $77 | 1.48%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $113053069 |
| # of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g51d41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.6% |
| Electric Utilities | 3.3% |
| Short-Term Investments | 3.7% |
| Transportation | 4.1% |
| Industrial Development Revenue | 5.8% |
| Housing | 6.9% |
| Water and Sewer | 7.7% |
| Hospital | 11.5% |
| Education | 12.5% |
| Special Tax Revenue | 13.9% |
| General Obligations | 25.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g91b16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.1% |
| BB | 2.7% |
| BBB | 8.2% |
| A | 10.5% |
| AA | 55.5% |
| AAA | 18.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# ECAZX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Arizona Municipal Income Fund

# Class I EIAZX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Arizona Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $28 | 0.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $113053069 |
| # of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g51d41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.6% |
| Electric Utilities | 3.3% |
| Short-Term Investments | 3.7% |
| Transportation | 4.1% |
| Industrial Development Revenue | 5.8% |
| Housing | 6.9% |
| Water and Sewer | 7.7% |
| Hospital | 11.5% |
| Education | 12.5% |
| Special Tax Revenue | 13.9% |
| General Obligations | 25.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g91b16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.1% |
| BB | 2.7% |
| BBB | 8.2% |
| A | 10.5% |
| AA | 55.5% |
| AAA | 18.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# EIAZX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Connecticut Municipal Income Fund

# Class A ETCTX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Connecticut Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.72%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $159850068 |
| # of Portfolio Holdings | 234 |
| Portfolio Turnover Rate | 57% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g81a71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.6% |
| Short-Term Investments | 5.0% |
| Special Tax Revenue | 5.6% |
| Hospital | 12.0% |
| Housing | 13.2% |
| Education | 25.0% |
| General Obligations | 32.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g50g50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.4% |
| BB | 1.2% |
| BBB | 4.3% |
| A | 19.2% |
| AA | 46.1% |
| AAA | 22.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# ETCTX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Connecticut Municipal Income Fund

# Class C ECCTX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Connecticut Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $77 | 1.47%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $159850068 |
| # of Portfolio Holdings | 234 |
| Portfolio Turnover Rate | 57% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g81a71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.6% |
| Short-Term Investments | 5.0% |
| Special Tax Revenue | 5.6% |
| Hospital | 12.0% |
| Housing | 13.2% |
| Education | 25.0% |
| General Obligations | 32.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g50g50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.4% |
| BB | 1.2% |
| BBB | 4.3% |
| A | 19.2% |
| AA | 46.1% |
| AAA | 22.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# ECCTX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Connecticut Municipal Income Fund

# Class I EICTX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Connecticut Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $27 | 0.52%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $159850068 |
| # of Portfolio Holdings | 234 |
| Portfolio Turnover Rate | 57% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g81a71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.6% |
| Short-Term Investments | 5.0% |
| Special Tax Revenue | 5.6% |
| Hospital | 12.0% |
| Housing | 13.2% |
| Education | 25.0% |
| General Obligations | 32.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g50g50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.4% |
| BB | 1.2% |
| BBB | 4.3% |
| A | 19.2% |
| AA | 46.1% |
| AAA | 22.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# EICTX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Minnesota Municipal Income Fund

# Class A ETMNX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Minnesota Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $36 | 0.68%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $245137797 |
| # of Portfolio Holdings | 152 |
| Portfolio Turnover Rate | 27% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g79i39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 8.8% |
| Special Tax Revenue | 3.6% |
| Housing | 4.6% |
| Transportation | 6.5% |
| Electric Utilities | 10.0% |
| Education | 10.2% |
| Hospital | 19.7% |
| General Obligations | 36.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g70l99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.2% |
| BB | 0.6% |
| BBB | 1.2% |
| A | 18.9% |
| AA | 53.3% |
| AAA | 21.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# ETMNX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Minnesota Municipal Income Fund

# Class C ECMNX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Minnesota Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $75 | 1.43%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $245137797 |
| # of Portfolio Holdings | 152 |
| Portfolio Turnover Rate | 27% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g79i39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 8.8% |
| Special Tax Revenue | 3.6% |
| Housing | 4.6% |
| Transportation | 6.5% |
| Electric Utilities | 10.0% |
| Education | 10.2% |
| Hospital | 19.7% |
| General Obligations | 36.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g70l99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.2% |
| BB | 0.6% |
| BBB | 1.2% |
| A | 18.9% |
| AA | 53.3% |
| AAA | 21.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# ECMNX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Minnesota Municipal Income Fund

# Class I EIMNX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Minnesota Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $25 | 0.48%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $245137797 |
| # of Portfolio Holdings | 152 |
| Portfolio Turnover Rate | 27% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g79i39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 8.8% |
| Special Tax Revenue | 3.6% |
| Housing | 4.6% |
| Transportation | 6.5% |
| Electric Utilities | 10.0% |
| Education | 10.2% |
| Hospital | 19.7% |
| General Obligations | 36.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g70l99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.2% |
| BB | 0.6% |
| BBB | 1.2% |
| A | 18.9% |
| AA | 53.3% |
| AAA | 21.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# EIMNX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Municipal Opportunities Fund

# Class A EMOAX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Municipal Opportunities Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $48 | 0.92%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $807016393 |
| # of Portfolio Holdings | 590 |
| Portfolio Turnover Rate | 53% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g88a66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.6% |
| Lease Rev./Cert. of Participation | 3.3% |
| Other Revenue | 3.5% |
| Industrial Development Revenue | 4.3% |
| Water and Sewer | 4.5% |
| Special Tax Revenue | 5.2% |
| Short-Term Investments | 5.2% |
| Senior Living/Life Care | 6.9% |
| Education | 8.6% |
| Hospital | 9.0% |
| Transportation | 9.8% |
| Housing | 11.3% |
| General Obligations | 25.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g51c36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.0% |
| B | 0.7% |
| BB | 7.3% |
| BBB | 5.6% |
| A | 16.5% |
| AA | 50.1% |
| AAA | 13.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# EMOAX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Municipal Opportunities Fund

# Class C EMOCX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Municipal Opportunities Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $87 | 1.67%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $807016393 |
| # of Portfolio Holdings | 590 |
| Portfolio Turnover Rate | 53% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g88a66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.6% |
| Lease Rev./Cert. of Participation | 3.3% |
| Other Revenue | 3.5% |
| Industrial Development Revenue | 4.3% |
| Water and Sewer | 4.5% |
| Special Tax Revenue | 5.2% |
| Short-Term Investments | 5.2% |
| Senior Living/Life Care | 6.9% |
| Education | 8.6% |
| Hospital | 9.0% |
| Transportation | 9.8% |
| Housing | 11.3% |
| General Obligations | 25.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g51c36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.0% |
| B | 0.7% |
| BB | 7.3% |
| BBB | 5.6% |
| A | 16.5% |
| AA | 50.1% |
| AAA | 13.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# EMOCX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Municipal Opportunities Fund

# Class I EMOIX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Municipal Opportunities Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $35 | 0.67%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $807016393 |
| # of Portfolio Holdings | 590 |
| Portfolio Turnover Rate | 53% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g88a66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.6% |
| Lease Rev./Cert. of Participation | 3.3% |
| Other Revenue | 3.5% |
| Industrial Development Revenue | 4.3% |
| Water and Sewer | 4.5% |
| Special Tax Revenue | 5.2% |
| Short-Term Investments | 5.2% |
| Senior Living/Life Care | 6.9% |
| Education | 8.6% |
| Hospital | 9.0% |
| Transportation | 9.8% |
| Housing | 11.3% |
| General Obligations | 25.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g51c36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.0% |
| B | 0.7% |
| BB | 7.3% |
| BBB | 5.6% |
| A | 16.5% |
| AA | 50.1% |
| AAA | 13.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# EMOIX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance New Jersey Municipal Income Fund

# Class A ETNJX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance New Jersey Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.73%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $151752711 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 33% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g74i94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 8.3% |
| Short-Term Investments | 5.0% |
| Industrial Development Revenue | 5.7% |
| Housing | 6.1% |
| Hospital | 8.8% |
| Lease Rev./Cert. of Participation | 10.7% |
| Special Tax Revenue | 11.3% |
| Education | 11.6% |
| General Obligations | 15.3% |
| Transportation | 17.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g32t73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.2% |
| BB | 0.6% |
| BBB | 11.9% |
| A | 22.3% |
| AA | 54.6% |
| AAA | 6.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# ETNJX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance New Jersey Municipal Income Fund

# Class C ECNJX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance New Jersey Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $77 | 1.48%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $151752711 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 33% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g74i94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 8.3% |
| Short-Term Investments | 5.0% |
| Industrial Development Revenue | 5.7% |
| Housing | 6.1% |
| Hospital | 8.8% |
| Lease Rev./Cert. of Participation | 10.7% |
| Special Tax Revenue | 11.3% |
| Education | 11.6% |
| General Obligations | 15.3% |
| Transportation | 17.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g32t73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.2% |
| BB | 0.6% |
| BBB | 11.9% |
| A | 22.3% |
| AA | 54.6% |
| AAA | 6.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# ECNJX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance New Jersey Municipal Income Fund

# Class I EINJX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance New Jersey Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $28 | 0.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $151752711 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 33% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g74i94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 8.3% |
| Short-Term Investments | 5.0% |
| Industrial Development Revenue | 5.7% |
| Housing | 6.1% |
| Hospital | 8.8% |
| Lease Rev./Cert. of Participation | 10.7% |
| Special Tax Revenue | 11.3% |
| Education | 11.6% |
| General Obligations | 15.3% |
| Transportation | 17.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g32t73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.2% |
| BB | 0.6% |
| BBB | 11.9% |
| A | 22.3% |
| AA | 54.6% |
| AAA | 6.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# EINJX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Pennsylvania Municipal Income Fund

# Class A ETPAX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Pennsylvania Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $39 | 0.74%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $174438222 |
| # of Portfolio Holdings | 141 |
| Portfolio Turnover Rate | 25% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g25w87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.2% |
| Bond Bank | 3.6% |
| Lease Rev./Cert. of Participation | 4.0% |
| Electric Utilities | 4.0% |
| Special Tax Revenue | 4.5% |
| Housing | 5.0% |
| Senior Living/Life Care | 7.2% |
| Water and Sewer | 9.4% |
| Hospital | 10.3% |
| Transportation | 13.9% |
| Education | 15.2% |
| General Obligations | 20.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g54i00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.2% |
| B | 0.4% |
| BB | 0.9% |
| BBB | 10.7% |
| A | 22.1% |
| AA | 60.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# ETPAX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Pennsylvania Municipal Income Fund

# Class C ECPAX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Pennsylvania Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $77 | 1.49%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $174438222 |
| # of Portfolio Holdings | 141 |
| Portfolio Turnover Rate | 25% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g25w87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.2% |
| Bond Bank | 3.6% |
| Lease Rev./Cert. of Participation | 4.0% |
| Electric Utilities | 4.0% |
| Special Tax Revenue | 4.5% |
| Housing | 5.0% |
| Senior Living/Life Care | 7.2% |
| Water and Sewer | 9.4% |
| Hospital | 10.3% |
| Transportation | 13.9% |
| Education | 15.2% |
| General Obligations | 20.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g54i00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.2% |
| B | 0.4% |
| BB | 0.9% |
| BBB | 10.7% |
| A | 22.1% |
| AA | 60.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# ECPAX-TSR-SAR
![Image](g114809g99v47.jpg)

# Eaton Vance Pennsylvania Municipal Income Fund

# Class I EIPAX

#### Semi-Annual Shareholder Report January 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Pennsylvania Municipal Income Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $28 | 0.54%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $174438222 |
| # of Portfolio Holdings | 141 |
| Portfolio Turnover Rate | 25% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g114809g25w87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.2% |
| Bond Bank | 3.6% |
| Lease Rev./Cert. of Participation | 4.0% |
| Electric Utilities | 4.0% |
| Special Tax Revenue | 4.5% |
| Housing | 5.0% |
| Senior Living/Life Care | 7.2% |
| Water and Sewer | 9.4% |
| Hospital | 10.3% |
| Transportation | 13.9% |
| Education | 15.2% |
| General Obligations | 20.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g114809g54i00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.2% |
| B | 0.4% |
| BB | 0.9% |
| BBB | 10.7% |
| A | 22.1% |
| AA | 60.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g114809g82z66.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report January 31, 2026

# EIPAX-TSR-SAR

------

(b) Not applicable.

#### Item 2. Code of Ethics
Not required in this filing.

#### Item 3. Audit Committee Financial Expert
Not required in this filing.

#### Item 4. Principal Accountant Fees and Services
Not required in this filing.

------

#### Item 5. Audit Committee of Listed Registrants
Not applicable.

#### Item 6. Schedule of Investments
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

## Eaton Vance

## Municipals Trust

## Semi-Annual Financial Statements and Additional Information
January 31, 2026

------

Arizona&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Connecticut&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Minnesota&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;New Jersey&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania

![](g114809img43b17f731.gif)

------

**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Semi-Annual Financial Statements and Additional Information January 31, 2026
Eaton Vance

Municipal Income Funds

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_0a2a2ea0-758f-4ec5-8a47-7cb524e2d044_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_6e6ca51b-bb6d-42f8-bd2d-baf3d15b7c1d_1) | [Items 6 and 7 of Form N-CSR:](#xx_6e6ca51b-bb6d-42f8-bd2d-baf3d15b7c1d_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_6e6ca51b-bb6d-42f8-bd2d-baf3d15b7c1d_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_6e6ca51b-bb6d-42f8-bd2d-baf3d15b7c1d_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Arizona Municipal Income Fund](#xx_6e6ca51b-bb6d-42f8-bd2d-baf3d15b7c1d_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Connecticut Municipal Income Fund](#xx_6e6ca51b-bb6d-42f8-bd2d-baf3d15b7c1d_6) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Minnesota Municipal Income Fund](#xx_6e6ca51b-bb6d-42f8-bd2d-baf3d15b7c1d_11) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[New Jersey Municipal Income Fund](#xx_6e6ca51b-bb6d-42f8-bd2d-baf3d15b7c1d_15) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pennsylvania Municipal Income Fund](#xx_6e6ca51b-bb6d-42f8-bd2d-baf3d15b7c1d_19) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_8dd43bcf-4916-4dc4-adf6-a8113481a122_1) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_8dd43bcf-4916-4dc4-adf6-a8113481a122_3) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_8dd43bcf-4916-4dc4-adf6-a8113481a122_5) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_f44bd0dc-9049-4572-bee6-a26fdd7600d5_1) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_425a9e64-e418-4401-8dbd-6712dc5fb548_1) | 47 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Arizona Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 94.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 12.2% | Education — 12.2% | Education — 12.2% |
| Arizona Industrial Development Authority, (Academies of Math & Science): |  |  |
| &nbsp;&nbsp;&nbsp;4.875% to 7/1/35 (Put Date), 7/1/60<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$248701 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 251826 |
| Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp; 1467509 |
| Arizona Industrial Development Authority, (Equitable School Revolving Fund LLC), 5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 123337 |
| Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 48663 |
| Arizona Industrial Development Authority, (Somerset Academy of Las Vegas), 3.00%, 12/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 525766 |
| Glendale Industrial Development Authority, AZ, (Midwestern University Foundation), (AMT), 2.125%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 217088 |
| Kayenta Unified School District No. 27, AZ, 6.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp; 2642491 |
| La Paz County Industrial Development Authority, AZ, (Harmony Public Schools), 4.00%, 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 799007 |
| Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/41<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 457723 |
| &nbsp;&nbsp;&nbsp;4.25%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 439047 |
| Northern Arizona University, 5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004343 |
| Phoenix Industrial Development Authority, AZ, (Legacy Traditional Schools), 5.00%, 7/1/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 476149 |
| Sierra Vista Industrial Development Authority, AZ, (American Leadership Academy), 5.00%, 6/15/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 940801 |
| University of Arizona: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1630472 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1507210 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036504 |
|  |  | &nbsp;&nbsp;**$13816637** |
| Electric Utilities — 2.9% | Electric Utilities — 2.9% | Electric Utilities — 2.9% |
| Mesa, AZ, Utility Systems Revenue, 4.00%, 7/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;$1475556 |
| Salt River Project Agricultural Improvement and Power District, AZ, 5.25%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp; 1810563 |
|  |  | &nbsp;&nbsp;**$3286119** |
| General Obligations — 12.8% | General Obligations — 12.8% | General Obligations — 12.8% |
| Buckeye Elementary School District No. 33, AZ, 5.00%, 7/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;$374602 |
| Chandler Unified School District No. 80, AZ, 4.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 770327 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Chandler, AZ, 4.00%, 7/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1516570 |
| Flagstaff Unified School District No. 1, AZ, 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 272560 |
| Glendale, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 712904 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 197742 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 666440 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 410638 |
| Lake Havasu City, AZ, Wastewater System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 689821 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1374227 |
| Laveen Elementary School District No. 59, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 390925 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 326545 |
| Litchfield Elementary County Elementary School District No. 79, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 421214 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 538333 |
| Paradise Valley Unified School District No. 69, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 380130 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130420 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2185851 |
| Pendergast Elementary County Elementary School District No. 92, AZ, 5.00%, 7/1/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 464176 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 549795 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062817 |
|  |  | &nbsp;&nbsp;**$14436037** |
| Hospital — 10.1% | Hospital — 10.1% | Hospital — 10.1% |
| Arizona Health Facilities Authority, (Banner Health), (LOC: Bank of America, N.A.), 3.25%, 1/1/46<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;$660000 |
| Arizona Industrial Development Authority, (Phoenix Children's Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1199456 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 3.20%, 2/1/48<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 670000 |
| Maricopa County Industrial Development Authority, AZ, (Banner Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 435805 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2090084 |
| Maricopa County Industrial Development Authority, AZ, (HonorHealth), 5.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 423417 |
| Phoenix Industrial Development Authority, AZ, (Mayo Clinic): |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 11/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 839042 |
| &nbsp;&nbsp;&nbsp;(SPA: Northern Trust Co.), 2.70%, 11/15/52<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Arizona Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1084514 |
|  |  | &nbsp;&nbsp;**$11402318** |
| Housing — 7.0% | Housing — 7.0% | Housing — 7.0% |
| Arizona Industrial Development Authority, (FHLMC), (FNMA), (GNMA), 5.00%, 10/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$816143 |
| Arizona Industrial Development Authority, (Hacienda Del Rio), (FNMA), 4.50%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 1030951 |
| Arizona Industrial Development Authority, (University at West Glendale), 5.00% to 9/1/26 (Put Date), 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005616 |
| Maricopa County and Phoenix Industrial Development Authorities, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.10%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 433031 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.65%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 966900 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.85%, 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175622 |
| &nbsp;&nbsp;&nbsp;(GNMA), 4.45%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 959780 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 508442 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250151 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 423692 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 508319 |
| Pima County Industrial Development Authority, AZ, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;(GNMA), 4.45%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 372086 |
| &nbsp;&nbsp;&nbsp;(GNMA), 4.60%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 468376 |
|  |  | &nbsp;&nbsp;**$7919109** |
| Industrial Development Revenue — 6.0% | Industrial Development Revenue — 6.0% | Industrial Development Revenue — 6.0% |
| Chandler Industrial Development Authority, AZ, (Intel Corp.), (AMT), 5.00% to 9/1/27 (Put Date), 9/1/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2551645 |
| Maricopa County Industrial Development Authority, AZ, (Commercial Metals Co.), (AMT), 4.00%, 10/15/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 851776 |
| Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 850076 |
| Yavapai County Industrial Development Authority, AZ, (Republic Services, Inc.), 3.00% to 6/1/26 (Put Date), 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 425000 |
| Yavapai County Industrial Development Authority, AZ, (Waste Management, Inc.), (AMT), 4.25%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2042021 |
|  |  | &nbsp;&nbsp;**$6720518** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Electric Utilities — 0.4% | Insured - Electric Utilities — 0.4% | Insured - Electric Utilities — 0.4% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;$492080 |
|  |  | &nbsp;&nbsp;**$492080** |
| Insured - General Obligations — 12.6% | Insured - General Obligations — 12.6% | Insured - General Obligations — 12.6% |
| Buckeye Union High School District No. 201, AZ, (AG), 5.00%, 7/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$885310 |
| Cartwright Elementary School District No. 83, AZ, (AG), 5.25%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp; 1477579 |
| Festival Ranch Community Facilities District, AZ, (AG), 4.50%, 7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 997369 |
| Glendale Union High School District No. 205, AZ, (AG), 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1194893 |
| Liberty Elementary School District No. 25, AZ, (AG), 4.375%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 338215 |
| Marana Unified School District No. 6, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 815947 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 780161 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 822910 |
| Maricopa County School District No. 66, AZ, Roosevelt Elementary, (BAM), 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081102 |
| Osborn Elementary School District No. 8, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 936718 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1343871 |
| Phoenix Elementary School District No. 1, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 323715 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1230672 |
| Washington Elementary School District No. 6, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 654856 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 554401 |
| Wilson Elementary School District No. 7, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 401131 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 227835 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 225767 |
|  |  | &nbsp;&nbsp;**$14292452** |
| Insured - Hospital — 0.3% | Insured - Hospital — 0.3% | Insured - Hospital — 0.3% |
| Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), (AG), 4.00%, 8/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$363904 |
|  |  | &nbsp;&nbsp;**$363904** |
| Insured - Lease Revenue/Certificates of Participation — 0.6% | Insured - Lease Revenue/Certificates of Participation — 0.6% | Insured - Lease Revenue/Certificates of Participation — 0.6% |
| Higley Unified School District No. 60, AZ, Certificates of Participation: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.125%, 6/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$504727 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Arizona Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Lease Revenue/Certificates of Participation (continued) | Insured - Lease Revenue/Certificates of Participation (continued) | Insured - Lease Revenue/Certificates of Participation (continued) |
| Higley Unified School District No. 60, AZ, Certificates of Participation: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.25%, 6/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;$149188 |
|  |  | &nbsp;&nbsp;**$653915** |
| Insured - Special Tax Revenue — 3.1% | Insured - Special Tax Revenue — 3.1% | Insured - Special Tax Revenue — 3.1% |
| Phoenix Civic Improvement Corp., AZ, (Civic Plaza), (NPFG), 5.50%, 7/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;$2012855 |
| Pinal County, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 759254 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 714085 |
|  |  | &nbsp;&nbsp;**$3486194** |
| Insured - Water and Sewer — 0.9% | Insured - Water and Sewer — 0.9% | Insured - Water and Sewer — 0.9% |
| Goodyear, AZ, Water and Sewer Revenue, (AG), 5.00%, 7/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;$1033799 |
|  |  | &nbsp;&nbsp;**$1033799** |
| Lease Revenue/Certificates of Participation — 0.8% | Lease Revenue/Certificates of Participation — 0.8% | Lease Revenue/Certificates of Participation — 0.8% |
| Queen Creek, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/44<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$432740 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 490825 |
|  |  | &nbsp;&nbsp;**$923565** |
| Other Revenue — 1.3% | Other Revenue — 1.3% | Other Revenue — 1.3% |
| Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;$1488177 |
|  |  | &nbsp;&nbsp;**$1488177** |
| Senior Living/Life Care — 2.1% | Senior Living/Life Care — 2.1% | Senior Living/Life Care — 2.1% |
| Glendale Industrial Development Authority, AZ, (Royal Oaks - Inspirata Pointe), 5.00%, 5/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$595944 |
| Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 4.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150447 |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 387589 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 512140 |
| Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.00%, 10/1/37<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 680858 |
|  |  | &nbsp;&nbsp;**$2326978** |
| Special Tax Revenue — 10.0% | Special Tax Revenue — 10.0% | Special Tax Revenue — 10.0% |
| American Samoa Economic Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/35<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;$294257 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 205502 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Buckeye, AZ, Excise Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$586101 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 667892 |
| Bullhead City, AZ, Excise Taxes Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;1.30%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 479204 |
| &nbsp;&nbsp;&nbsp;2.10%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 505238 |
| &nbsp;&nbsp;&nbsp;2.55%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1417363 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 283650 |
| &nbsp;&nbsp;&nbsp;4.25%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 844485 |
| Marana, AZ, Pledged Excise Tax Revenue, 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 994230 |
| Maricopa, AZ, Pledged Revenue, 5.25%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 671740 |
| Phoenix Civic Improvement Corp., AZ, Excise Tax Revenue, 4.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 708301 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 980425 |
| Queen Creek, AZ, Excise Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1015918 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045441 |
| Yuma, AZ, 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 621394 |
|  |  | &nbsp;&nbsp;**$11321141** |
| Transportation — 4.1% | Transportation — 4.1% | Transportation — 4.1% |
| Phoenix Civic Improvement Corp., AZ, Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 7/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1505870 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002612 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1055164 |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089796 |
|  |  | &nbsp;&nbsp;**$4653442** |
| Water and Sewer — 7.0% | Water and Sewer — 7.0% | Water and Sewer — 7.0% |
| Central Arizona Water Conservation District, 5.00%, 1/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1504012 |
| Gilbert Water Resources Municipal Property Corp., AZ, Green Bonds, 4.00%, 7/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 990906 |
| Phoenix Civic Improvement Corp., AZ, Wastewater System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 861927 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 898837 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1937510 |
| Tucson, AZ, Water System Revenue, 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1668293 |
|  |  | &nbsp;&nbsp;**$7861485** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $104,625,567) |  | &nbsp;&nbsp;**$106477870** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Arizona Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

Taxable Municipal Obligations — 3.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 0.5% | Education — 0.5% | Education — 0.5% |
| Maricopa County Industrial Development Authority, AZ, (Grand Canyon University), 7.375%, 10/1/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$533231 |
|  |  | &nbsp;&nbsp;**$533231** |
| Hospital — 1.2% | Hospital — 1.2% | Hospital — 1.2% |
| Maricopa County Industrial Development Authority, AZ, (Banner Health), 3.73%, 1/1/61<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;$1400000 |
|  |  | &nbsp;&nbsp;**$1400000** |
| Insured - Special Tax Revenue — 0.4% | Insured - Special Tax Revenue — 0.4% | Insured - Special Tax Revenue — 0.4% |
| Pinal County, AZ, (BAM), 5.165%, 8/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$420661 |
|  |  | &nbsp;&nbsp;**$420661** |
| Other Revenue — 0.9% | Other Revenue — 0.9% | Other Revenue — 0.9% |
| Arizona Industrial Development Authority, (The Reinvestment Fund, Inc.), 4.936%, 10/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1009850 |
|  |  | &nbsp;&nbsp;**$1009850** |
| Special Tax Revenue — 0.6% | Special Tax Revenue — 0.6% | Special Tax Revenue — 0.6% |
| Cottonwood, AZ, Pledged Revenue, 2.625%, 7/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;$714366 |
|  |  | &nbsp;&nbsp;**$714366** |
| Total Taxable Municipal Obligations<br> (identified cost $4,150,000) |  | &nbsp;&nbsp;**$4078108** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Short-Term Investments — 3.7% |
| Money Market Fund — 1.1% |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.03%<sup>(5)</sup> | 1235314 | &nbsp;&nbsp;$1235438 |
| Total Money Market Fund<br> (identified cost $1,235,438) |  | &nbsp;&nbsp;**$1235438** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 2.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/5/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1999402 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 998496 |
| Total U.S. Treasury Obligations<br> (identified cost $2,997,589) |  | &nbsp;&nbsp;**$2997898** |
| Total Short-Term Investments<br> (identified cost $4,233,027) |  | &nbsp;&nbsp;**$4233336** |
| Total Investments — 101.5%<br> (identified cost $113,008,594) |  | &nbsp;&nbsp;**$114789314** |
| Other Assets, Less Liabilities — (1.5)% |  | &nbsp;&nbsp;**$(1736245)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$113053069** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2026, the aggregate value of these securities is $6,982,762 or 6.2% of the Fund's net assets. |
| <sup>(2)</sup> | When-issued security. |
| <sup>(3)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at January 31, 2026. |
| <sup>(4)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2026. |
| <sup>(5)</sup> | The rate shown is the annualized seven-day yield as of January 31, 2026. |
| The Fund invests primarily in debt securities issued by Arizona municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2026, 15.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 7.0% to 8.9% of total investments. | The Fund invests primarily in debt securities issued by Arizona municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2026, 15.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 7.0% to 8.9% of total investments. |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Arizona Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, 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 |
| NPFG | – National Public Finance Guarantee Corp. |
| SFMR | – Single Family Mortgage Revenue |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 91.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 1.3% | Bond Bank — 1.3% | Bond Bank — 1.3% |
| Connecticut, (Revolving Fund): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 5/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1028671 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 1008683 |
|  |  | &nbsp;&nbsp;**$2037354** |
| Education — 22.0% | Education — 22.0% | Education — 22.0% |
| Connecticut Health and Educational Facilities Authority, (Area Cooperative Educational Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$57000 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 559286 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108165 |
| Connecticut Health and Educational Facilities Authority, (Avon Old Farms School): |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 429471 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 174333 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 133596 |
| Connecticut Health and Educational Facilities Authority, (Brunswick School): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 600326 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 421183 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 278946 |
| Connecticut Health and Educational Facilities Authority, (Connecticut College): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1227967 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 157955 |
| Connecticut Health and Educational Facilities Authority, (Fairfield University): |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 224230 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp; 2079149 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 213129 |
| Connecticut Health and Educational Facilities Authority, (Hopkins School), 5.25%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 700334 |
| Connecticut Health and Educational Facilities Authority, (Quinnipiac University): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp; 1765278 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 282840 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1387932 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 596039 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 318812 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107075 |
| Connecticut Health and Educational Facilities Authority, (Sacred Heart University): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp; 1663407 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 828783 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2189681 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Connecticut Health and Educational Facilities Authority, (Sacred Heart University): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;$804971 |
| Connecticut Health and Educational Facilities Authority, (The Taft School): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 140393 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129937 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 444450 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1164787 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 572945 |
| Connecticut Health and Educational Facilities Authority, (Trinity College): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 140702 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77529 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79340 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110400 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 87248 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880 | &nbsp;&nbsp;&nbsp;&nbsp; 2970315 |
| Connecticut Health and Educational Facilities Authority, (University of New Haven): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 828116 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 866685 |
| Connecticut Health and Educational Facilities Authority, (Wesleyan University), 2.29%, 7/1/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;&nbsp;&nbsp; 3850000 |
| Connecticut Health and Educational Facilities Authority, (Yale University): |  |  |
| &nbsp;&nbsp;&nbsp;2.00% to 7/1/26 (Put Date), 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp; 2281557 |
| &nbsp;&nbsp;&nbsp;2.80% to 2/10/26 (Put Date), 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500223 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 802562 |
| University of Connecticut: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 4924 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37745 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 747974 |
|  |  | &nbsp;&nbsp;**$35147720** |
| General Obligations — 24.4% | General Obligations — 24.4% | General Obligations — 24.4% |
| Beacon Falls, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;$215921 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 274393 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 271861 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 261118 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 204888 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55842 |
| Branford, CT, 4.00%, 10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 978875 |
| Cheshire, CT, 2.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 21866 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Colchester, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;$440655 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 390155 |
| Connecticut: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 149278 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 847333 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207049 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 390527 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 333333 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 448919 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1132746 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 295469 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 2.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 16622 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 705130 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 495885 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.00%, 1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 26616 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 718608 |
| Cromwell, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 4/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1341384 |
| &nbsp;&nbsp;&nbsp;4.25%, 4/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30212 |
| Darien, CT, 4.00%, 4/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 580031 |
| East Haddam, CT, 3.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 180695 |
| Ellington, CT, 3.00%, 9/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 84392 |
| Enfield, CT, 3.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp; 934026 |
| Fairfield, CT: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 358383 |
| &nbsp;&nbsp;&nbsp;2.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 165973 |
| Groton, CT: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 1011602 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.125%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1439993 |
| Guilford, CT, 4.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 195366 |
| Manchester, CT: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 148322 |
| &nbsp;&nbsp;&nbsp;3.25%, 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 49365 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 513240 |
| Metropolitan District, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023319 |
| &nbsp;&nbsp;&nbsp;4.125%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 975983 |
| Montville, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47631 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125706 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 123990 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122920 |
| Naugatuck, CT, 5.25%, 10/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54567 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| New Canaan, CT: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 3/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;$1109809 |
| &nbsp;&nbsp;&nbsp;3.00%, 3/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp; 764596 |
| New Haven, CT, 5.50%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 908861 |
| New Milford, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161772 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 187329 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100848 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105334 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156793 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 284420 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122991 |
| &nbsp;&nbsp;&nbsp;4.125%, 7/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10239 |
| North Branford, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 521639 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 569055 |
| &nbsp;&nbsp;&nbsp;4.125%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 459568 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 769713 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 502482 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp; 565534 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1328521 |
| Regional School District No. 4, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 281511 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 304051 |
| &nbsp;&nbsp;&nbsp;4.125%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20257 |
| &nbsp;&nbsp;&nbsp;4.125%, 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40207 |
| South Windsor, CT: |  |  |
| &nbsp;&nbsp;&nbsp;1.375%, 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 293605 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1450146 |
| Stamford, CT: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp; 1665827 |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75003 |
| Thomaston, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5260 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104578 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 181180 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 205001 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 162587 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95798 |
| Trumbull, CT, 2.50%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 132794 |
| Washington, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 250382 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 238031 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87867 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Washington, CT: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;$238134 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161289 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 160058 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 158728 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 307310 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 316175 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 162346 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76740 |
| Waterbury, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1304161 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1286674 |
| West Hartford, CT, 2.00%, 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 51500 |
| West Haven, CT, 4.00%, 9/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022181 |
| Windsor Locks, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 665229 |
| &nbsp;&nbsp;&nbsp;4.25%, 7/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 425503 |
|  |  | &nbsp;&nbsp;**$38949806** |
| Hospital — 11.4% | Hospital — 11.4% | Hospital — 11.4% |
| Connecticut Health and Educational Facilities Authority, (Connecticut Children's Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;$1266008 |
| &nbsp;&nbsp;&nbsp;4.25%, 7/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1882935 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 739154 |
| Connecticut Health and Educational Facilities Authority, (Greenwich Hospital), 2.10%, 7/1/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 |
| Connecticut Health and Educational Facilities Authority, (Hartford HealthCare): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 261582 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 289471 |
| &nbsp;&nbsp;&nbsp;5.50%, 7/1/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2672335 |
| Connecticut Health and Educational Facilities Authority, (Nuvance Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp; 1244004 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1322203 |
| Connecticut Health and Educational Facilities Authority, (Stamford Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 905986 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1452914 |
| Connecticut Health and Educational Facilities Authority, (Trinity Health Corp.), 5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp;&nbsp;&nbsp; 1954165 |
| Connecticut Health and Educational Facilities Authority, (Yale New Haven Health), 2.10%, 7/1/60<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53010 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 7/1/29 (Put Date), 7/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$538698 |
|  |  | &nbsp;&nbsp;**$18182465** |
| Housing — 13.3% | Housing — 13.3% | Housing — 13.3% |
| Connecticut Housing Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;3.95%, 5/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;$610062 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 751862 |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 2.27%, 11/15/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 2.80%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 56964 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 2.80%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 23567 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.20%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 446096 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.00%, 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 324932 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.45%, 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1305066 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 1017413 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 4.05%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 560846 |
| Connecticut Housing Finance Authority, (Augustus Manor Associates), (FNMA), 4.80%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2156892 |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance Program): |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 986648 |
| &nbsp;&nbsp;&nbsp;2.00%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 126940 |
| &nbsp;&nbsp;&nbsp;3.85%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175836 |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 2.27%, 11/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp; 2470000 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, (SPA: TD Bank, N.A.), 2.27%, 11/15/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 |
| Connecticut Housing Finance Authority, (Kimberly Place Apartments), (FNMA), 4.80%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1549327 |
| New Canaan Housing Authority, CT, (HANC Lakeview LLC), (FNMA), 4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 929088 |
| Norwalk Housing Authority, CT, (Monterey Village Apartments), (FNMA), 4.40%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1631967 |
| Waterbury Housing Authority, CT, Social Bonds, (FNMA), 4.25%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp; 2044132 |
| Waterbury Housing Authority, CT, (Laurel Estates Preservation LLC), (FHLMC), 4.50%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp; 1566525 |
|  |  | &nbsp;&nbsp;**$21259163** |
| Insured - Education — 2.8% | Insured - Education — 2.8% | Insured - Education — 2.8% |
| Connecticut Health and Educational Facilities Authority, (Loomis Chaffee School): |  |  |
| &nbsp;&nbsp;&nbsp;(AMBAC), Escrowed to Maturity, 5.25%, 7/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;$2178225 |
| &nbsp;&nbsp;&nbsp;(AMBAC), Escrowed to Maturity, 5.25%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2335080 |
|  |  | &nbsp;&nbsp;**$4513305** |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations — 4.6% | Insured - General Obligations — 4.6% | Insured - General Obligations — 4.6% |
| Bridgeport, CT: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;$2337733 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 145716 |
| Hamden, CT, (BAM), 5.00%, 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1576094 |
| New Britain, CT, (BAM), 5.00%, 3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25845 |
| New Haven, CT: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 289330 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114687 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 170723 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 282486 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 788680 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 656002 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 512521 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80028 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.25%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108390 |
| West Haven, CT, (AG), 5.00%, 3/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 282102 |
|  |  | &nbsp;&nbsp;**$7370337** |
| Insured - Hospital — 0.6% | Insured - Hospital — 0.6% | Insured - Hospital — 0.6% |
| Connecticut Health and Educational Facilities Authority, (Hartford HealthCare Obligated Group), (AG), 4.00%, 7/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1022010 |
|  |  | &nbsp;&nbsp;**$1022010** |
| Insured - Transportation — 0.5% | Insured - Transportation — 0.5% | Insured - Transportation — 0.5% |
| Connecticut Airport Authority, (Bradley International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), (AMT), 4.00%, 7/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$451769 |
| &nbsp;&nbsp;&nbsp;(BAM), (AMT), 5.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 312380 |
|  |  | &nbsp;&nbsp;**$764149** |
| Senior Living/Life Care — 2.3% | Senior Living/Life Care — 2.3% | Senior Living/Life Care — 2.3% |
| Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$965877 |
| Connecticut Health and Educational Facilities Authority, (Covenant Home, Inc.), 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030184 |
| Connecticut Health and Educational Facilities Authority, (Jerome Home), 4.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 237314 |
| Connecticut Health and Educational Facilities Authority, (McLean Affiliates, Inc.), 5.00%, 1/1/45<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 449196 |
| Stamford Housing Authority, CT, (Mozaic Concierge Living): |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 532340 |
| &nbsp;&nbsp;&nbsp;6.25%, 10/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 536214 |
|  |  | &nbsp;&nbsp;**$3751125** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue — 5.6% | Special Tax Revenue — 5.6% | Special Tax Revenue — 5.6% |
| American Samoa Economic Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/35<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;$262156 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 205502 |
| Connecticut, Special Tax Obligation Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp; 1496981 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 829996 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62335 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 570838 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 339177 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 1001000 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | &nbsp;&nbsp;&nbsp;&nbsp; 2917189 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp; 1333378 |
|  |  | &nbsp;&nbsp;**$9018552** |
| Student Loan — 2.0% | Student Loan — 2.0% | Student Loan — 2.0% |
| Connecticut Higher Education Supplemental Loan Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 11/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;$520191 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.125%, 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp; 1004948 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.25%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 607413 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 262134 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 205862 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 673176 |
|  |  | &nbsp;&nbsp;**$3273724** |
| Transportation — 0.3% | Transportation — 0.3% | Transportation — 0.3% |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;$439457 |
|  |  | &nbsp;&nbsp;**$439457** |
| Water and Sewer — 0.1% | Water and Sewer — 0.1% | Water and Sewer — 0.1% |
| South Central Connecticut Regional Water Authority, CT, 3.00%, 8/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;$125342 |
|  |  | &nbsp;&nbsp;**$125342** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $143,080,235) |  | &nbsp;&nbsp;**$145854509** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

Taxable Municipal Obligations — 4.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 0.3% | Education — 0.3% | Education — 0.3% |
| Connecticut Health and Educational Facilities Authority, (Trinity College), 5.894%, 6/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;$530287 |
|  |  | &nbsp;&nbsp;**$530287** |
| General Obligations — 2.8% | General Obligations — 2.8% | General Obligations — 2.8% |
| Connecticut: |  |  |
| &nbsp;&nbsp;&nbsp;4.124%, 8/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1001782 |
| &nbsp;&nbsp;&nbsp;4.807%, 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035480 |
| Naugatuck, CT: |  |  |
| &nbsp;&nbsp;&nbsp;1.14%, 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 196854 |
| &nbsp;&nbsp;&nbsp;1.40%, 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 240729 |
| &nbsp;&nbsp;&nbsp;1.60%, 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 240675 |
| &nbsp;&nbsp;&nbsp;1.79%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 695289 |
| Norwalk, CT, 1.381%, 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 923257 |
| Watertown, CT, 2.25%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 168102 |
|  |  | &nbsp;&nbsp;**$4502168** |
| Insured - General Obligations — 1.0% | Insured - General Obligations — 1.0% | Insured - General Obligations — 1.0% |
| New Britain, CT, (BAM), 4.382%, 3/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1502003 |
|  |  | &nbsp;&nbsp;**$1502003** |
| Total Taxable Municipal Obligations<br> (identified cost $6,525,109) |  | &nbsp;&nbsp;**$6534458** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Short-Term Investments — 5.1% |
| Money Market Fund — 1.3% |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.03%<sup>(4)</sup> | 2068737 | &nbsp;&nbsp;$2068944 |
| Total Money Market Fund<br> (identified cost $2,068,944) |  | &nbsp;&nbsp;**$2068944** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 3.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/5/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1999402 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998413 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/17/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1996992 |
| Total U.S. Treasury Obligations<br> (identified cost $5,994,170) |  | &nbsp;&nbsp;**$5994807** |
| Total Short-Term Investments<br> (identified cost $8,063,114) |  | &nbsp;&nbsp;**$8063751** |
| Total Investments — 100.4%<br> (identified cost $157,668,458) |  | &nbsp;&nbsp;**$160452718** |
| Other Assets, Less Liabilities — (0.4)% |  | &nbsp;&nbsp;**$(602650)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$159850068** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2026. |
| <sup>(2)</sup> | When-issued security. |
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2026, the aggregate value of these securities is $1,882,731 or 1.2% of the Fund's net assets. |
| <sup>(4)</sup> | The rate shown is the annualized seven-day yield as of January 31, 2026. |
| The Fund invests primarily in debt securities issued by Connecticut municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2026, 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 2.6% to 4.1% of total investments. | The Fund invests primarily in debt securities issued by Connecticut municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2026, 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 2.6% to 4.1% of total investments. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| 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 |
| SPA | – Standby Bond Purchase Agreement |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 99.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 10.1% | Education — 10.1% | Education — 10.1% |
| Minneapolis, MN, (University Gateway): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2347765 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2678068 |
| Minnesota Higher Education Facilities Authority, (Carleton College): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2878721 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1300223 |
| Minnesota Higher Education Facilities Authority, (Macalester College), 5.00%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1011202 |
| Minnesota Higher Education Facilities Authority, (St. Olaf College): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 41178 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 867727 |
| Minnesota Higher Education Facilities Authority, (University of St. Thomas): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1827640 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp; 1755088 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp; 2715227 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1536739 |
| St. Paul Housing and Redevelopment Authority, MN, (Hmong College Prep Academy), 5.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1188285 |
| University of Minnesota: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1540355 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025540 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2116639 |
|  |  | &nbsp;&nbsp;**$24830397** |
| Electric Utilities — 8.6% | Electric Utilities — 8.6% | Electric Utilities — 8.6% |
| Hutchinson, MN, Public Utility Revenue, 5.00%, 12/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;$350717 |
| Minnesota Municipal Power Agency: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp; 2417249 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250426 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250399 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200293 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930 | &nbsp;&nbsp;&nbsp;&nbsp; 3944532 |
| Northern Municipal Power Agency, MN, 5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 653938 |
| Rochester, MN, Electric Utility Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp; 3714034 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2067317 |
| St. Paul Housing and Redevelopment Authority, MN, District Energy Revenue, 4.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp; 898878 |
| St. Paul Port Authority, MN, District Energy Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-3, 4.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1187545 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| St. Paul Port Authority, MN, District Energy Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-4, (AMT), 4.00%, 10/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;$832247 |
| &nbsp;&nbsp;&nbsp;Series 2021-2, (AMT), 4.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1052266 |
| Western Minnesota Municipal Power Agency: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 824524 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 703155 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 885714 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 823049 |
|  |  | &nbsp;&nbsp;**$21056283** |
| General Obligations — 36.5% | General Obligations — 36.5% | General Obligations — 36.5% |
| Apple Valley, MN, 4.00%, 12/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;$777411 |
| Beltrami County, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp; 2370829 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1913282 |
| Bloomington Independent School District No. 271, MN, 5.00%, 2/1/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 | &nbsp;&nbsp;&nbsp;&nbsp; 4362431 |
| Blue Earth County, MN, 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1665008 |
| Brooklyn Center Independent School District No. 286, MN, 4.00%, 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010335 |
| Cass Lake-Bena Independent School District No. 115, MN, 4.00%, 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1382447 |
| Eden Prairie, MN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp; 1568615 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1625562 |
| Edgerton Independent School District No. 581, MN, 4.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 795778 |
| Edina, MN, 4.00%, 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp; 1056605 |
| Fergus Falls, MN, 5.00%, 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1460516 |
| Forest Lake Independent School District No. 831, MN, 4.00%, 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1274336 |
| GFW Independent School District No. 2365, MN, 4.125%, 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 132497 |
| Hawley Independent School District No. 150, MN, 4.25%, 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1625714 |
| Hennepin County, MN, 5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp; 2150671 |
| Jordan Independent School District No. 717, MN, 4.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 403983 |
| Lakeville, MN, 4.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 737252 |
| Madelia Independent School District No. 837, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 631485 |
| &nbsp;&nbsp;&nbsp;4.125%, 2/1/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 701784 |
| Maple River Independent School District No. 2135, MN, 4.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 396765 |
| Martin County West Independent School District No. 2448, MN, 5.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1676653 |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Minneapolis Special School District No. 1, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255 | &nbsp;&nbsp;$1284560 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1413528 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515 | &nbsp;&nbsp;&nbsp;&nbsp; 2696087 |
| Minneapolis, MN: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4570 | &nbsp;&nbsp;&nbsp;&nbsp; 3945328 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770 | &nbsp;&nbsp;&nbsp;&nbsp; 4123764 |
| Minneapolis-St. Paul Metropolitan Council, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845 | &nbsp;&nbsp;&nbsp;&nbsp; 2872080 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 4.00%, 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855 | &nbsp;&nbsp;&nbsp;&nbsp; 1878461 |
| Minnesota: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp; 1645899 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1613890 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1558571 |
| Moorhead, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 704296 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1218127 |
| Pequot Lakes Independent School District No. 186, MN, 5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093422 |
| Puerto Rico, 5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1594225 |
| Ramsey County, MN, 4.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525 | &nbsp;&nbsp;&nbsp;&nbsp; 2551471 |
| Rice County, MN, 4.00%, 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 311133 |
| Rosemount, MN, 4.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385 | &nbsp;&nbsp;&nbsp;&nbsp; 2386317 |
| Rosemount-Apple Valley-Eagan Independent School District No. 196, MN, 4.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1479244 |
| Round Lake-Brewster Independent School District No. 2907, MN, 4.00%, 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp; 1961312 |
| Sartell-St. Stephen Independent School District No. 748, MN: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1086995 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 947634 |
| &nbsp;&nbsp;&nbsp;4.50%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1077282 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 704123 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 880068 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 294428 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 420684 |
| South Washington County Independent School District No. 833, MN, 4.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2136480 |
| St. Cloud, MN, 5.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp; 1873751 |
| St. Francis, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 320047 |
| &nbsp;&nbsp;&nbsp;4.125%, 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 188540 |
| St. Louis County, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033775 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp; 2128246 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| St. Paul Independent School District No. 625, MN, 4.00%, 2/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620 | &nbsp;&nbsp;$2587029 |
| St. Peter Independent School District No. 508, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24798 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1328022 |
| Stillwater Independent School District No. 834, 4.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp; 1325973 |
| Walker-Hackensack-Akeley Independent School District No. 113, MN, 4.00%, 2/1/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp; 1066467 |
| Washington County, MN, 5.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106091 |
| Watertown-Mayer Independent School District No. 111, MN, 0.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 659719 |
| Westonka Independent School District No. 277, MN, 4.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp; 1174304 |
|  |  | &nbsp;&nbsp;**$89416130** |
| Hospital — 18.9% | Hospital — 18.9% | Hospital — 18.9% |
| Duluth Economic Development Authority, MN, (Essentia Health Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 2/15/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095 | &nbsp;&nbsp;$4027179 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4014731 |
| Duluth Economic Development Authority, MN, (St. Luke's Hospital of Duluth Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1287593 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2061251 |
| Minneapolis, MN, (Allina Health System), 4.00%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085 | &nbsp;&nbsp;&nbsp;&nbsp; 3111747 |
| Minneapolis, MN, (Fairview Health Services), 5.00%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1400950 |
| Minnesota Agricultural and Economic Development Board, (HealthPartners Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp; 1784331 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2618748 |
| Rochester, MN, (Mayo Clinic): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935 | &nbsp;&nbsp;&nbsp;&nbsp; 2807367 |
| &nbsp;&nbsp;&nbsp;4.25%, 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 221809 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2558408 |
| &nbsp;&nbsp;&nbsp;(LOC: Barclays Bank PLC), 2.50%, 11/15/64<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp; 11700000 |
| St. Cloud, MN, (CentraCare Health System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485 | &nbsp;&nbsp;&nbsp;&nbsp; 3082447 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2141696 |
| St. Paul Housing and Redevelopment Authority, MN, (Children's Health Care): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1611735 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1328157 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$515371 |
|  |  | &nbsp;&nbsp;**$46273520** |
| Housing — 4.5% | Housing — 4.5% | Housing — 4.5% |
| Dakota County Community Development Agency, MN, (Heart of the City Apartments), (FNMA), 4.20%, 5/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;$1597562 |
| Minnesota Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 614762 |
| &nbsp;&nbsp;&nbsp;4.125%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1184239 |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 489623 |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 290923 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 2.40%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 543134 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.15%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 273548 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), (SPA: Royal Bank of Canada), 2.26%, 7/1/41<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 517678 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.85%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp; 3203142 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 6.00%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 936546 |
|  |  | &nbsp;&nbsp;**$11151157** |
| Insured - Electric Utilities — 1.4% | Insured - Electric Utilities — 1.4% | Insured - Electric Utilities — 1.4% |
| Northern Municipal Power Agency, MN: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;$497282 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1097071 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 640014 |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1171324 |
|  |  | &nbsp;&nbsp;**$3405691** |
| Insured - Hospital — 0.8% | Insured - Hospital — 0.8% | Insured - Hospital — 0.8% |
| Minneapolis, MN, (Fairview Health Services), (AG), 5.00%, 11/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2000427 |
|  |  | &nbsp;&nbsp;**$2000427** |
| Lease Revenue/Certificates of Participation — 2.2% | Lease Revenue/Certificates of Participation — 2.2% | Lease Revenue/Certificates of Participation — 2.2% |
| Anoka-Hennepin Independent School District No. 11, MN, 5.00%, 2/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1007707 |
| Big Lake Economic Development Authority, MN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 790915 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1537525 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) |
| Minnesota Housing Finance Agency, 4.00%, 8/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;$2061038 |
|  |  | &nbsp;&nbsp;**$5397185** |
| Other Revenue — 2.1% | Other Revenue — 2.1% | Other Revenue — 2.1% |
| Center City, MN, (Hazelden Betty Ford Foundation), 5.00%, 11/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1022470 |
| Minnesota Municipal Gas Agency: |  |  |
| &nbsp;&nbsp;&nbsp;(Liq: Royal Bank of Canada), 3.452%, (67% of SOFR + 1.00%), 12/1/52<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005770 |
| &nbsp;&nbsp;&nbsp;(Liq: Royal Bank of Canada), 4.00% to 12/1/27 (Put Date), 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036611 |
|  |  | &nbsp;&nbsp;**$5064851** |
| Senior Living/Life Care — 1.9% | Senior Living/Life Care — 1.9% | Senior Living/Life Care — 1.9% |
| Apple Valley, MN, (PHS Apple Valley Senior Housing, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 9/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;$803838 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 999927 |
| &nbsp;&nbsp;&nbsp;5.375%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 482429 |
| &nbsp;&nbsp;&nbsp;5.50%, 9/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 606656 |
| North Oaks, MN, (Waverly Gardens), 4.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp; 1683884 |
|  |  | &nbsp;&nbsp;**$4576734** |
| Special Tax Revenue — 3.6% | Special Tax Revenue — 3.6% | Special Tax Revenue — 3.6% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$205501 |
| Bloomington, MN, Sales Tax Revenue, 5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1420545 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2941276 |
| St. Paul, MN, Sales Tax Revenue, (Neighborhood and Economic Development): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 2065745 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2192742 |
|  |  | &nbsp;&nbsp;**$8825809** |
| Student Loan — 1.4% | Student Loan — 1.4% | Student Loan — 1.4% |
| Minnesota Office of Higher Education, Supplemental Student Loan Program Revenue, (AMT), 4.00%, 11/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3430 | &nbsp;&nbsp;$3348616 |
|  |  | &nbsp;&nbsp;**$3348616** |
| Transportation — 6.4% | Transportation — 6.4% | Transportation — 6.4% |
| Minneapolis-St. Paul Metropolitan Airports Commission, MN: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp;$2674173 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004304 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3478229 |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Minneapolis-St. Paul Metropolitan Airports Commission, MN: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 1/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;$3599043 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985 | &nbsp;&nbsp;&nbsp;&nbsp; 3068018 |
|  |  | &nbsp;&nbsp;**$15823767** |
| Water and Sewer — 1.4% | Water and Sewer — 1.4% | Water and Sewer — 1.4% |
| St. Paul, MN, Water Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645 | &nbsp;&nbsp;$2592474 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.50%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 789747 |
|  |  | &nbsp;&nbsp;**$3382221** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $243,049,644) |  | &nbsp;&nbsp;**$244552788** |
| Total Investments — 99.8%<br> (identified cost $243,049,644) |  | &nbsp;&nbsp;**$244552788** |
| Other Assets, Less Liabilities — 0.2% |  | &nbsp;&nbsp;**$585009** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$245137797** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | When-issued security. |
| <sup>(2)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at January 31, 2026. |
| <sup>(3)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2026. |
| <sup>(4)</sup> | Floating rate security. The stated interest rate represents the rate in effect at January 31, 2026. |
| <sup>(5)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2026, the aggregate value of these securities is $205,501 or 0.1% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by Minnesota municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2026, 2.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 1.7% of total investments. | The Fund invests primarily in debt securities issued by Minnesota municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2026, 2.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 1.7% of total investments. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| 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. |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 91.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 6.7% | Education — 6.7% | Education — 6.7% |
| Essex County Improvement Authority, NJ, (North Star Academy Charter School of Newark, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/40<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;$383932 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 489316 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/64<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 743826 |
| New Jersey Economic Development Authority, (Central Jersey College Prep Charter School): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 680126 |
| &nbsp;&nbsp;&nbsp;5.125%, 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 702589 |
| New Jersey Educational Facilities Authority, (Institute for Advanced Study), (SPA: TD Bank, N.A.), 2.30%, 7/1/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 |
| New Jersey Educational Facilities Authority, (Princeton University), 2.00%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565 | &nbsp;&nbsp;&nbsp;&nbsp; 2902325 |
| Passaic County Improvement Authority, NJ, (Paterson Charter School for Science and Technology, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 719695 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014475 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 505250 |
|  |  | &nbsp;&nbsp;**$10191534** |
| General Obligations — 10.8% | General Obligations — 10.8% | General Obligations — 10.8% |
| Cherry Hill Township School District, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;$1332682 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 | &nbsp;&nbsp;&nbsp;&nbsp; 2148082 |
| Elizabeth, NJ, 4.00%, 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5146 |
| Freehold Township Board Of Education, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp; 1854370 |
| &nbsp;&nbsp;&nbsp;4.25%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | &nbsp;&nbsp;&nbsp;&nbsp; 2879978 |
| Lawrence Township School District, NJ, 4.25%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp; 1978786 |
| Manalapan-Englishtown Regional Board Of Education, NJ, 4.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 357811 |
| Monmouth County Improvement Authority, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 513782 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 9988 |
| North Brunswick Township Board of Education, NJ, 4.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp; 3298257 |
| Passaic County Improvement Authority, NJ, (Senior Housing), 4.125%, 11/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 723449 |
| Puerto Rico, 5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062817 |
| Woolwich Township, NJ, 4.125%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 251484 |
|  |  | &nbsp;&nbsp;**$16416632** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital — 8.7% | Hospital — 8.7% | Hospital — 8.7% |
| New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;$65136 |
| New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp; 1919638 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056468 |
| New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health), 4.25%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3278250 |
| New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 614081 |
| &nbsp;&nbsp;&nbsp;3.125%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 775617 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820 | &nbsp;&nbsp;&nbsp;&nbsp; 2409993 |
| New Jersey Health Care Facilities Financing Authority, (Virtua Health), (LOC: JPMorgan Chase Bank, N.A.), 2.20%, 7/1/43<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115 | &nbsp;&nbsp;&nbsp;&nbsp; 3115000 |
|  |  | &nbsp;&nbsp;**$13234183** |
| Housing — 6.1% | Housing — 6.1% | Housing — 6.1% |
| New Jersey Housing and Mortgage Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.75%, 10/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2097976 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, (FHLMC), (FNMA), (GNMA), 4.85%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2106961 |
| New Jersey Housing and Mortgage Finance Agency, (701 Newark Avenue LLC), 3.15% to 12/1/28 (Put Date), 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010965 |
| New Jersey Housing and Mortgage Finance Agency, (Montgomery Gateway Apartments), (FNMA), 4.55%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 1045165 |
| New Jersey Housing and Mortgage Finance Agency, SFMR, Social Bonds, 4.50%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp; 2013321 |
|  |  | &nbsp;&nbsp;**$9274388** |
| Industrial Development Revenue — 5.6% | Industrial Development Revenue — 5.6% | Industrial Development Revenue — 5.6% |
| New Jersey Economic Development Authority, (Middlesex Water Co.), (AMT), 5.00%, 8/1/59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025 | &nbsp;&nbsp;$3060349 |
| New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 1.10% to 12/1/27 (Put Date), 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1898858 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.75% to 6/1/28 (Put Date), 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 760739 |
| New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), 3.375%, 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2831020 |
|  |  | &nbsp;&nbsp;**$8550966** |
| Insured - Education — 3.5% | Insured - Education — 3.5% | Insured - Education — 3.5% |
| Gloucester County Improvement Authority, NJ, (Rowan University), (BAM), 5.00%, 7/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3106551 |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Education (continued) | Insured - Education (continued) | Insured - Education (continued) |
| New Jersey Educational Facilities Authority, (Montclair State University), (AG), 5.00%, 7/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1096566 |
| New Jersey Institute of Technology, (BAM), 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073837 |
|  |  | &nbsp;&nbsp;**$5276954** |
| Insured - Electric Utilities — 2.0% | Insured - Electric Utilities — 2.0% | Insured - Electric Utilities — 2.0% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020 | &nbsp;&nbsp;$3066811 |
|  |  | &nbsp;&nbsp;**$3066811** |
| Insured - Escrowed/Prerefunded — 0.3% | Insured - Escrowed/Prerefunded — 0.3% | Insured - Escrowed/Prerefunded — 0.3% |
| New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (NPFG), Escrowed to Maturity, 5.25%, 7/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;$384463 |
|  |  | &nbsp;&nbsp;**$384463** |
| Insured - General Obligations — 2.6% | Insured - General Obligations — 2.6% | Insured - General Obligations — 2.6% |
| Paramus, NJ, (AG), 2.00%, 10/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;$1672762 |
| Willingboro Township School District, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.125%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1274930 |
| &nbsp;&nbsp;&nbsp;(AG), 4.25%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 983360 |
|  |  | &nbsp;&nbsp;**$3931052** |
| Insured - Special Tax Revenue — 9.4% | Insured - Special Tax Revenue — 9.4% | Insured - Special Tax Revenue — 9.4% |
| Casino Reinvestment Development Authority, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.00%, 11/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1428271 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1825689 |
| New Jersey Economic Development Authority, (Motor Vehicle Surcharges): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6420451 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1820982 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1636020 |
| Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AG), 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085157 |
|  |  | &nbsp;&nbsp;**$14216570** |
| Insured - Transportation — 1.3% | Insured - Transportation — 1.3% | Insured - Transportation — 1.3% |
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AG), (AMT), 5.00%, 1/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;$2027625 |
|  |  | &nbsp;&nbsp;**$2027625** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Water and Sewer — 0.0%<sup>†</sup> | Insured - Water and Sewer — 0.0%<sup>†</sup> | Insured - Water and Sewer — 0.0%<sup>†</sup> |
| Passaic Valley Water Commission, NJ, Water Supply System Revenue, (AG), 4.00%, 12/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$71930 |
|  |  | &nbsp;&nbsp;**$71930** |
| Lease Revenue/Certificates of Participation — 10.7% | Lease Revenue/Certificates of Participation — 10.7% | Lease Revenue/Certificates of Participation — 10.7% |
| Hudson County Improvement Authority, NJ, (BayFront Promenade): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;$1102392 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1331182 |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1790862 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014687 |
| &nbsp;&nbsp;&nbsp;4.125%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 | &nbsp;&nbsp;&nbsp;&nbsp; 2102010 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107306 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104974 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1570650 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1553553 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2127309 |
| &nbsp;&nbsp;&nbsp;2023 Series AA, 5.00%, 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1118466 |
| Passaic County Improvement Authority, NJ, (Borough of North Haledon): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 140158 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5667 |
| Passaic County Improvement Authority, NJ, (Little Falls Board of Education), 4.125%, 9/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 125601 |
|  |  | &nbsp;&nbsp;**$16194817** |
| Other Revenue — 2.6% | Other Revenue — 2.6% | Other Revenue — 2.6% |
| Tobacco Settlement Financing Corp., NJ, 5.25%, 6/1/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965 | &nbsp;&nbsp;$3954998 |
|  |  | &nbsp;&nbsp;**$3954998** |
| Special Tax Revenue — 1.8% | Special Tax Revenue — 1.8% | Special Tax Revenue — 1.8% |
| American Samoa Economic Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;$361921 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 267384 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 205502 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp; 1955948 |
|  |  | &nbsp;&nbsp;**$2790755** |
| Student Loan — 2.5% | Student Loan — 2.5% | Student Loan — 2.5% |
| New Jersey Higher Education Student Assistance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;3.576%, (90-day SOFR Average + 0. 95%), 6/1/36<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;$566081 |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Student Loan (continued) | Student Loan (continued) | Student Loan (continued) |
| New Jersey Higher Education Student Assistance Authority: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1054574 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp; 2105592 |
|  |  | &nbsp;&nbsp;**$3726247** |
| Transportation — 15.8% | Transportation — 15.8% | Transportation — 15.8% |
| Delaware River and Bay Authority of Delaware and New Jersey: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;$984836 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1185846 |
| Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141848 |
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.375%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 275317 |
| New Jersey Turnpike Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 719307 |
| &nbsp;&nbsp;&nbsp;4.50%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 186604 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp; 1519082 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 980700 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1625459 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1608406 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp; 1219624 |
| Port Authority of New York and New Jersey: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2024368 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092889 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1497569 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019044 |
| South Jersey Port Corp., NJ, (AMT), 5.00%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590 | &nbsp;&nbsp;&nbsp;&nbsp; 3595181 |
| South Jersey Transportation Authority, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1796728 |
| &nbsp;&nbsp;&nbsp;4.625%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1508376 |
|  |  | &nbsp;&nbsp;**$23981184** |
| Water and Sewer — 0.9% | Water and Sewer — 0.9% | Water and Sewer — 0.9% |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 4.00%, 6/15/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;$1310899 |
|  |  | &nbsp;&nbsp;**$1310899** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $136,654,536) |  | &nbsp;&nbsp;**$138602008** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Taxable Municipal Obligations — 3.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 1.3% | Education — 1.3% | Education — 1.3% |
| Rutgers University, NJ, 2.888%, 5/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170 | &nbsp;&nbsp;$2034666 |
|  |  | &nbsp;&nbsp;**$2034666** |
| General Obligations — 1.8% | General Obligations — 1.8% | General Obligations — 1.8% |
| Atlantic City, NJ, 7.50%, 3/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;$525807 |
| Monroe Township Board of Education, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;1.126%, 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 558843 |
| &nbsp;&nbsp;&nbsp;1.357%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 487656 |
| &nbsp;&nbsp;&nbsp;1.547%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 477756 |
| &nbsp;&nbsp;&nbsp;2.729%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 622004 |
|  |  | &nbsp;&nbsp;**$2672066** |
| Total Taxable Municipal Obligations<br> (identified cost $4,795,888) |  | &nbsp;&nbsp;**$4706732** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 5.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.03%<sup>(5)</sup> | 7578928 | &nbsp;&nbsp;$7579686 |
| Total Short-Term Investments<br> (identified cost $7,579,686) |  | &nbsp;&nbsp;**$7579686** |
| Total Investments — 99.4%<br> (identified cost $149,030,110) |  | &nbsp;&nbsp;**$150888426** |
| Other Assets, Less Liabilities — 0.6% |  | &nbsp;&nbsp;**$864285** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$151752711** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2026, the aggregate value of these securities is $2,451,881 or 1.6% of the Fund's net assets. |
| <sup>(2)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2026. |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | |
|:---|:---|
| <sup>(3)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at January 31, 2026. |
| <sup>(4)</sup> | Floating rate security. The stated interest rate represents the rate in effect at January 31, 2026. |
| <sup>(5)</sup> | The rate shown is the annualized seven-day yield as of January 31, 2026. |
| The Fund invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2026, 19.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.8% to 13.1% of total investments. | The Fund invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2026, 19.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.8% to 13.1% of total investments. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, 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. |
| SFMR | – Single Family Mortgage Revenue |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 104.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 3.8% | Bond Bank — 3.8% | Bond Bank — 3.8% |
| Delaware Valley Regional Finance Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;$5310630 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.30%, 3/1/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 |
|  |  | &nbsp;&nbsp;**$6675630** |
| Cogeneration — 0.3% | Cogeneration — 0.3% | Cogeneration — 0.3% |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 6/30/27<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | &nbsp;&nbsp;$582311 |
|  |  | &nbsp;&nbsp;**$582311** |
| Education — 15.7% | Education — 15.7% | Education — 15.7% |
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), (SPA: Bank of New York Mellon), 3.00%, 12/1/37<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715 | &nbsp;&nbsp;$6715000 |
| Allegheny County Higher Education Building Authority, PA, (Duquesne University): |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 3/1/50<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1438868 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/45<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100791 |
| Bethlehem Redevelopment Authority, PA, (Moravian University), 5.25%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1606363 |
| Bucks County Industrial Development Authority, PA, (George School): |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 754286 |
| &nbsp;&nbsp;&nbsp;3.75%, 9/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 575959 |
| Delaware County Authority, PA, (Haverford College), 5.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1087882 |
| Lehigh County General Purpose Authority, PA, (Lehigh Valley Academy Regional Charter School), 4.00%, 6/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445 | &nbsp;&nbsp;&nbsp;&nbsp; 2731152 |
| Northampton County General Purpose Authority, PA, (Lehigh University), (SPA: TD Bank, N.A.), 2.27%, 11/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| Pennsylvania Economic Development Financing Authority, (Villanova University), 4.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp; 2612164 |
| Pennsylvania Higher Educational Facilities Authority, (Bryn Mawr College), 4.00%, 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410 | &nbsp;&nbsp;&nbsp;&nbsp; 2232220 |
| Pennsylvania State University, 5.00%, 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875 | &nbsp;&nbsp;&nbsp;&nbsp; 2943285 |
| Scranton-Lackawanna Health and Welfare Authority, PA, (University of Scranton), 5.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 448304 |
| Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 440018 |
| University of Pittsburgh, PA, 4.00%, 9/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1371638 |
|  |  | &nbsp;&nbsp;**$27357930** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities — 3.6% | Electric Utilities — 3.6% | Electric Utilities — 3.6% |
| Philadelphia, PA, Gas Works Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3029459 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 | &nbsp;&nbsp;&nbsp;&nbsp; 2256874 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.27%, 8/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp;**$6286333** |
| General Obligations — 15.3% | General Obligations — 15.3% | General Obligations — 15.3% |
| Abington Heights School District, PA, 5.25%, 9/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;$925107 |
| Allegheny County, PA, 5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1743097 |
| Bethel Park School District, PA, 5.25%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2263979 |
| Canon McMillan School District, PA, 5.25%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp; 1997520 |
| Central Dauphin School District, PA, 5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1207776 |
| Cornwall-Lebanon School District, PA, 4.00%, 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1188926 |
| Delaware County, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1373751 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp; 1082484 |
| Ephrata Area School District, PA, 5.00%, 3/1/37<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1402947 |
| Haverford Township School District, PA, 5.00%, 3/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 464642 |
| Methacton School District, PA, 5.25%, 7/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 293755 |
| Moon Area School District, PA, 5.00%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1369391 |
| Muhlenberg School District, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029837 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 983605 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 902039 |
| Norristown Area School District, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065349 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1265695 |
| Northampton County, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 122949 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 160869 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 614425 |
| Parkland School District, PA, 5.00%, 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1140768 |
| Pennsbury School District, PA, 5.00%, 8/1/46<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 209846 |
| Philadelphia, PA, 5.25%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 551660 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 531408 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 828400 |
| Wilson School District, PA, 5.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp; 1892128 |
|  |  | &nbsp;&nbsp;**$26612353** |
| Hospital — 9.7% | Hospital — 9.7% | Hospital — 9.7% |
| Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;$1612802 |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;$1412176 |
| Centre County Hospital Authority, PA, (Mount Nittany Medical Center), Series 2018A, 4.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 450098 |
| Chester County Health and Education Facilities Authority, PA, (Main Line Health System), 4.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp; 1215979 |
| Geisinger Authority, PA, (Geisinger Health System), 5.00%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201528 |
| Lehigh County General Purpose Authority, PA, (Lehigh Valley Health Network), 4.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1731196 |
| Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 5.00%, 5/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp; 1786784 |
| Pennsylvania Economic Development Financing Authority, (UPMC): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp; 1727171 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 863464 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055892 |
| Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1790209 |
| Philadelphia Authority for Industrial Development, PA, (Children's Hospital of Philadelphia), 4.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp; 1761119 |
| Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 4.00%, 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1343517 |
|  |  | &nbsp;&nbsp;**$16951935** |
| Housing — 4.0% | Housing — 4.0% | Housing — 4.0% |
| Pennsylvania Housing Finance Agency, (Darby Townhouses), (FNMA), 4.90%, 6/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;$669716 |
| Pennsylvania Housing Finance Agency, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 999049 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 986932 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.40%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037235 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 695882 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.15%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 1009972 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.45%, 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1552522 |
|  |  | &nbsp;&nbsp;**$6951308** |
| Industrial Development Revenue — 1.7% | Industrial Development Revenue — 1.7% | Industrial Development Revenue — 1.7% |
| Luzerne County Industrial Development Authority, PA, (Pennsylvania-American Water Co.), (AMT), 2.45% to 12/3/29 (Put Date), 12/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;$681508 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue (continued) | Industrial Development Revenue (continued) | Industrial Development Revenue (continued) |
| Pennsylvania Economic Development Financing Authority, (Covanta), Green Bonds, (AMT), 3.25%, 8/1/39<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$802169 |
| Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 3.45% to 3/2/26 (Put Date), 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500343 |
|  |  | &nbsp;&nbsp;**$2984020** |
| Insured - Education — 0.4% | Insured - Education — 0.4% | Insured - Education — 0.4% |
| State Public School Building Authority, PA, (Delaware County Community College), (BAM), 4.125%, 10/1/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;$620907 |
|  |  | &nbsp;&nbsp;**$620907** |
| Insured - Electric Utilities — 0.7% | Insured - Electric Utilities — 0.7% | Insured - Electric Utilities — 0.7% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;$1147515 |
|  |  | &nbsp;&nbsp;**$1147515** |
| Insured - General Obligations — 6.5% | Insured - General Obligations — 6.5% | Insured - General Obligations — 6.5% |
| Bristol Township School District, PA, (BAM), 5.00%, 6/1/47<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065 | &nbsp;&nbsp;$3183384 |
| Hanover Area School District, PA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 240828 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 270366 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 266968 |
| Hopewell School District, PA, (AG), 0.00%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 693074 |
| Lake-Lehman School District, PA, (NPFG), 0.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp; 1308194 |
| Lancaster School District, PA, (AG), 4.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35647 |
| Middletown Area School District, PA, (BAM), 5.00%, 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1154585 |
| Northern Lebanon School District, PA, (BAM), 3.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp; 1812782 |
| Steel Valley School District, PA, (BAM), 4.50%, 11/1/51<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2444588 |
|  |  | &nbsp;&nbsp;**$11410416** |
| Insured - Hospital — 1.1% | Insured - Hospital — 1.1% | Insured - Hospital — 1.1% |
| Northampton County General Purpose Authority, PA, (St. Luke's University Health Network), (AG), 5.00%, 8/15/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;$194358 |
| Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), (AG), 4.25%, 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp; 1804108 |
|  |  | &nbsp;&nbsp;**$1998466** |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Housing — 1.3% | Insured - Housing — 1.3% | Insured - Housing — 1.3% |
| Chester County Industrial Development Authority, PA, (University Student Housing LLC), (BAM), 4.00%, 8/1/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2256906 |
|  |  | &nbsp;&nbsp;**$2256906** |
| Insured - Transportation — 6.2% | Insured - Transportation — 6.2% | Insured - Transportation — 6.2% |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 1/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765 | &nbsp;&nbsp;$5108323 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.50%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 1031939 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.50%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 901732 |
| Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One), (AG), (AMT), 5.50%, 6/30/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1618758 |
| Pennsylvania Turnpike Commission, (AG), 6.375%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2114347 |
|  |  | &nbsp;&nbsp;**$10775099** |
| Insured - Water and Sewer — 6.5% | Insured - Water and Sewer — 6.5% | Insured - Water and Sewer — 6.5% |
| Bucks County Water and Sewer Authority, PA, (AG), 4.25%, 12/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;$676453 |
| Canonsburg-Houston Joint Authority, PA, (AG), 5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1650782 |
| Erie Sewer Authority, PA, (BAM), 5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp; 2385245 |
| Pittsburgh Water and Sewer Authority, PA, (AG), 5.50%, 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;&nbsp;&nbsp; 4121194 |
| Tamaqua Borough Authority, PA, (AG), 4.00%, 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp; 1218344 |
| Westmoreland County Municipal Authority, PA, (AG), 5.00%, 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1319351 |
|  |  | &nbsp;&nbsp;**$11371369** |
| Lease Revenue/Certificates of Participation — 3.4% | Lease Revenue/Certificates of Participation — 3.4% | Lease Revenue/Certificates of Participation — 3.4% |
| Commonwealth Financing Authority, PA, 5.00%, 6/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950 | &nbsp;&nbsp;$3080759 |
| Pennsylvania Economic Development Financing Authority, (Pennsylvania Rapid Bridge Replacement), 5.00%, 12/31/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp; 2932412 |
|  |  | &nbsp;&nbsp;**$6013171** |
| Senior Living/Life Care — 7.6% | Senior Living/Life Care — 7.6% | Senior Living/Life Care — 7.6% |
| Adams County General Authority, PA, (The Brethren Home Community), 5.00%, 6/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;$2361069 |
| Chester County Health and Education Facilities Authority, PA, (Tel Hai Retirement Community), 5.125%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016327 |
| Cumberland County Municipal Authority, PA, (Messiah Village), 5.25%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055488 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;$831135 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 463239 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 463060 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 503741 |
| Lancaster County Hospital Authority, PA, (Brethren Village), 5.25%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1136693 |
| Lancaster Municipal Authority, PA, (Garden Spot Village), 5.00%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp; 2165810 |
| Lancaster Municipal Authority, PA, (Luthercare), 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007118 |
| Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 190027 |
| Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008942 |
|  |  | &nbsp;&nbsp;**$13202649** |
| Special Tax Revenue — 4.7% | Special Tax Revenue — 4.7% | Special Tax Revenue — 4.7% |
| American Samoa Economic Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/35<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;$240756 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 205502 |
| Delaware Valley Regional Finance Authority, PA, (LOC: TD Bank, N.A.), 3.20%, 9/1/59<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| Pennsylvania Turnpike Commission, 4.00%, 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 899671 |
| Puerto Rico Sales Tax Financing Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp; 22918 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp; 30436 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp; 35661 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 45980 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 174125 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp; 102350 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100016 |
| &nbsp;&nbsp;&nbsp;4.536%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 4615 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 | &nbsp;&nbsp;&nbsp;&nbsp; 2483417 |
| Southeastern Pennsylvania Transportation Authority, 5.25%, 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp; 2421706 |
|  |  | &nbsp;&nbsp;**$8267153** |
| Student Loan — 0.0%<sup>†</sup> | Student Loan — 0.0%<sup>†</sup> | Student Loan — 0.0%<sup>†</sup> |
| Pennsylvania Higher Education Assistance Agency, (AMT), 5.00%, 6/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10902 |
|  |  | &nbsp;&nbsp;**$10902** |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation — 8.4% | Transportation — 8.4% | Transportation — 8.4% |
| Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One), (AMT), 5.25%, 6/30/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1010716 |
| Pennsylvania Turnpike Commission: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1167176 |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1350953 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1111210 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp; 822113 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2058347 |
| Philadelphia, PA, Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 226407 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570 | &nbsp;&nbsp;&nbsp;&nbsp; 2826390 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097763 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3024186 |
|  |  | &nbsp;&nbsp;**$14695261** |
| Water and Sewer — 3.4% | Water and Sewer — 3.4% | Water and Sewer — 3.4% |
| Allegheny County Sanitary Authority, PA, Sewer Revenue, 4.125%, 12/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;$514758 |
| Clairton Municipal Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010940 |
| &nbsp;&nbsp;&nbsp;4.375%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp; 1818316 |
| Philadelphia, PA, Water and Wastewater Revenue, 5.50%, 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365 | &nbsp;&nbsp;&nbsp;&nbsp; 2529377 |
|  |  | &nbsp;&nbsp;**$5873391** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $180,552,910) |  | &nbsp;&nbsp;**$182045025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Taxable Municipal Obligations — 0.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cogeneration — 0.1% | Cogeneration — 0.1% | Cogeneration — 0.1% |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 6/30/27<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;$131215 |
|  |  | &nbsp;&nbsp;**$131215** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation — 0.8% | Lease Revenue/Certificates of Participation — 0.8% | Lease Revenue/Certificates of Participation — 0.8% |
| Commonwealth Financing Authority, PA, 3.864%, 6/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1393747 |
|  |  | &nbsp;&nbsp;**$1393747** |
| Total Taxable Municipal Obligations<br> (identified cost $2,074,792) |  | &nbsp;&nbsp;**$1524962** |
| Total Investments — 105.2%<br> (identified cost $182,627,702) |  | &nbsp;&nbsp;**$183569987** |
| Other Assets, Less Liabilities — (5.2)% |  | &nbsp;&nbsp;**$(9131765)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$174438222** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2026. |
| <sup>(2)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <sup>(3)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at January 31, 2026. |
| <sup>(4)</sup> | When-issued security. |
| <sup>(5)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2026, the aggregate value of these securities is $1,248,427 or 0.7% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2026, 21.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.3% to 12.3% of total investments. | The Fund invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2026, 21.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.3% to 12.3% of total investments. |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, 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. |
| FNMA | – Federal National Mortgage Association |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SFMR | – Single Family Mortgage Revenue |
| SPA | – Standby Bond Purchase Agreement |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Statements of Assets and Liabilities (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2026** | &nbsp;&nbsp;&nbsp;**January 31, 2026** | &nbsp;&nbsp;&nbsp;**January 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund** | &nbsp;&nbsp;&nbsp;**Connecticut Fund** | &nbsp;&nbsp;&nbsp;**Minnesota Fund** |
| Assets |  |  |  |
| Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Identified cost | &nbsp;&nbsp;$113008594 | &nbsp;&nbsp;$157668458 | &nbsp;&nbsp;$243049644 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503144 |
| **Investments, at value** | &nbsp;&nbsp;**$114789314** | &nbsp;&nbsp;**$160452718** | &nbsp;&nbsp;**$244552788** |
| Cash | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11567279 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959644 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158564 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29897 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23320 |
| **Total assets** | &nbsp;&nbsp;**$115832857** | &nbsp;&nbsp;**$164251890** | &nbsp;&nbsp;**$259291492** |
| Liabilities |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp;$— | &nbsp;&nbsp;$45606 | &nbsp;&nbsp;$— |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13436433 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471843 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76729 |
| Payable to affiliates: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77533 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13481 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23320 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51132 |
| **Total liabilities** | &nbsp;&nbsp;**$2779788** | &nbsp;&nbsp;**$4401822** | &nbsp;&nbsp;**$14153695** |
| **Net Assets** | &nbsp;&nbsp;**$113053069** | &nbsp;&nbsp;**$159850068** | &nbsp;&nbsp;**$245137797** |
| Sources of Net Assets |  |  |  |
| Paid-in capital | &nbsp;&nbsp;$113554526 | &nbsp;&nbsp;$159084114 | &nbsp;&nbsp;$253873650 |
| Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8735853) |
| **Net Assets** | &nbsp;&nbsp;**$113053069** | &nbsp;&nbsp;**$159850068** | &nbsp;&nbsp;**$245137797** |
| Class A Shares |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$43207392 | &nbsp;&nbsp;$41288048 | &nbsp;&nbsp;$68745764 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4276064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7637679 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.06 | &nbsp;&nbsp;$9.66 | &nbsp;&nbsp;$9.00 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$9.36 | &nbsp;&nbsp;$9.98 | &nbsp;&nbsp;$9.30 |
| Class C Shares |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$1337698 | &nbsp;&nbsp;$1791206 | &nbsp;&nbsp;$2321412 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239803 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.07 | &nbsp;&nbsp;$9.62 | &nbsp;&nbsp;$9.68 |
| Class I Shares |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$68507979 | &nbsp;&nbsp;$116770814 | &nbsp;&nbsp;$174070621 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7562089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12090234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19340387 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.06 | &nbsp;&nbsp;$9.66 | &nbsp;&nbsp;$9.00 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | 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. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Statements of Assets and Liabilities (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2026** | &nbsp;&nbsp;&nbsp;**January 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund** |
| Assets |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;Identified cost | &nbsp;&nbsp;$149030110 | &nbsp;&nbsp;$182627702 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942285 |
| **Investments, at value** | &nbsp;&nbsp;**$150888426** | &nbsp;&nbsp;**$183569987** |
| Cash | &nbsp;&nbsp;$— | &nbsp;&nbsp;$15729 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046449 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23052 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27236 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76037 |
| **Total assets** | &nbsp;&nbsp;**$152181395** | &nbsp;&nbsp;**$185760173** |
| Liabilities |  |  |
| Payable for when-issued securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10747379 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251336 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93959 |
| Payable to affiliates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56571 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17786 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76037 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36870 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35768 |
| **Total liabilities** | &nbsp;&nbsp;**$428684** | &nbsp;&nbsp;**$11321951** |
| **Net Assets** | &nbsp;&nbsp;**$151752711** | &nbsp;&nbsp;**$174438222** |
| Sources of Net Assets |  |  |
| Paid-in capital | &nbsp;&nbsp;$161059353 | &nbsp;&nbsp;$193550294 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9306642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19112072) |
| **Net Assets** | &nbsp;&nbsp;**$151752711** | &nbsp;&nbsp;**$174438222** |
| Class A Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$71309903 | &nbsp;&nbsp;$83269862 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8264907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10821226 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.63 | &nbsp;&nbsp;$7.70 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$8.92 | &nbsp;&nbsp;$7.96 |
| Class C Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$3003322 | &nbsp;&nbsp;$4138845 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519333 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.99 | &nbsp;&nbsp;$7.97 |
| Class I Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$77439486 | &nbsp;&nbsp;$87029515 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8957898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11266634 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$7.72 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | 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. |

---

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Statements of Operations (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended January 31, 2026** | &nbsp;&nbsp;&nbsp;**Six Months Ended January 31, 2026** | &nbsp;&nbsp;&nbsp;**Six Months Ended January 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund** | &nbsp;&nbsp;&nbsp;**Connecticut Fund** | &nbsp;&nbsp;&nbsp;**Minnesota Fund** |
| Investment Income |  |  |  |
| Dividend income | &nbsp;&nbsp;$680 | &nbsp;&nbsp;$1542 | &nbsp;&nbsp;$— |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;2134995 | &nbsp;&nbsp;&nbsp;&nbsp;2690986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668386 |
| **Total investment income** | &nbsp;&nbsp;**$2135675** | &nbsp;&nbsp;**$2692528** | &nbsp;&nbsp;**$4668386** |
| Expenses |  |  |  |
| Investment adviser fee | &nbsp;&nbsp;$177818 | &nbsp;&nbsp;$250577 | &nbsp;&nbsp;$449181 |
| Distribution and service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67632 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10061 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6848 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30328 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30864 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35660 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9281 |
| **Total expenses** | &nbsp;&nbsp;**$325094** | &nbsp;&nbsp;**$419511** | &nbsp;&nbsp;**$645943** |
| **Net investment income** | &nbsp;&nbsp;**$1810581** | &nbsp;&nbsp;**$2273017** | &nbsp;&nbsp;**$4022443** |
| Realized and Unrealized Gain (Loss) |  |  |  |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$203557 | &nbsp;&nbsp;$1300584 | &nbsp;&nbsp;$(556784) |
| **Net realized gain (loss)** | &nbsp;&nbsp;**$203557** | &nbsp;&nbsp;**$1300584** | &nbsp;&nbsp;**$(556784)** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$4806798 | &nbsp;&nbsp;$5842174 | &nbsp;&nbsp;$12676517 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$4806798** | &nbsp;&nbsp;**$5842174** | &nbsp;&nbsp;**$12676517** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$5010355** | &nbsp;&nbsp;**$7142758** | &nbsp;&nbsp;**$12119733** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$6820936** | &nbsp;&nbsp;**$9415775** | &nbsp;&nbsp;**$16142176** |

---

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Statements of Operations (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended January 31, 2026** | &nbsp;&nbsp;&nbsp;**Six Months Ended January 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund** |
| Investment Income |  |  |
| Dividend income | &nbsp;&nbsp;$3988 | &nbsp;&nbsp;$1683 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;3080239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3831872 |
| **Total investment income** | &nbsp;&nbsp;**$3084227** | &nbsp;&nbsp;**$3833555** |
| Expenses |  |  |
| Investment adviser fee | &nbsp;&nbsp;$270440 | &nbsp;&nbsp;$328478 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85415 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20351 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5057 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26696 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37100 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43532 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22312 |
| **Total expenses** | &nbsp;&nbsp;**$478787** | &nbsp;&nbsp;**$572273** |
| **Net investment income** | &nbsp;&nbsp;**$2605440** | &nbsp;&nbsp;**$3261282** |
| Realized and Unrealized Gain (Loss) |  |  |
| Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(39336) | &nbsp;&nbsp;$551130 |
| **Net realized gain (loss)** | &nbsp;&nbsp;**$(39336)** | &nbsp;&nbsp;**$551130** |
| Change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$6920138 | &nbsp;&nbsp;$7175250 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$6920138** | &nbsp;&nbsp;**$7175250** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$6880802** | &nbsp;&nbsp;**$7726380** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$9486242** | &nbsp;&nbsp;**$10987662** |

---

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Statements of Changes in Net Assets

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended January 31, 2026 (Unaudited)** | &nbsp;&nbsp;&nbsp;**Six Months Ended January 31, 2026 (Unaudited)** | &nbsp;&nbsp;&nbsp;**Six Months Ended January 31, 2026 (Unaudited)** |
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund** | &nbsp;&nbsp;&nbsp;**Connecticut Fund** | &nbsp;&nbsp;&nbsp;**Minnesota Fund** |
| Increase (Decrease) in Net Assets |  |  |  |
| From operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$1810581 | &nbsp;&nbsp;$2273017 | &nbsp;&nbsp;$4022443 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556784) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5842174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12676517 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$6820936** | &nbsp;&nbsp;**$9415775** | &nbsp;&nbsp;**$16142176** |
| Distributions to shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(701915) | &nbsp;&nbsp;$(597250) | &nbsp;&nbsp;$(1099725) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26489) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1065017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1609772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2847185) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(1784067)** | &nbsp;&nbsp;**$(2227497)** | &nbsp;&nbsp;**$(3973399)** |
| Transactions in shares of beneficial interest: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$937820 | &nbsp;&nbsp;$3641534 | &nbsp;&nbsp;$1542471 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233615 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12946051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25535715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12072757 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$13842842** | &nbsp;&nbsp;**$29198484** | &nbsp;&nbsp;**$13848843** |
| **Net increase in net assets** | &nbsp;&nbsp;**$18879711** | &nbsp;&nbsp;**$36386762** | &nbsp;&nbsp;**$26017620** |
| Net Assets |  |  |  |
| At beginning of period | &nbsp;&nbsp;$94173358 | &nbsp;&nbsp;$123463306 | &nbsp;&nbsp;$219120177 |
| **At end of period** | &nbsp;&nbsp;**$113053069** | &nbsp;&nbsp;**$159850068** | &nbsp;&nbsp;**$245137797** |

---

*28*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Statements of Changes in Net Assets — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended January 31, 2026 (Unaudited)** | &nbsp;&nbsp;&nbsp;**Six Months Ended January 31, 2026 (Unaudited)** |
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$2605440 | &nbsp;&nbsp;$3261282 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551130 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6920138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7175250 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$9486242** | &nbsp;&nbsp;**$10987662** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1189923) | &nbsp;&nbsp;$(1571008) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62740) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1293603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1596049) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(2529039)** | &nbsp;&nbsp;**$(3229797)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(244204) | &nbsp;&nbsp;$(1574443) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(818938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10094) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6551559 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$376971** | &nbsp;&nbsp;**$4967022** |
| **Net increase in net assets** | &nbsp;&nbsp;**$7334174** | &nbsp;&nbsp;**$12724887** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$144418537 | &nbsp;&nbsp;$161713335 |
| **At end of period** | &nbsp;&nbsp;**$151752711** | &nbsp;&nbsp;**$174438222** |

---

*29*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Statements of Changes in Net Assets — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund** | &nbsp;&nbsp;&nbsp;**Connecticut Fund** | &nbsp;&nbsp;&nbsp;**Minnesota Fund** |
| Increase (Decrease) in Net Assets |  |  |  |
| From operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$3088061 | &nbsp;&nbsp;$3876813 | &nbsp;&nbsp;$8253761 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(618017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1843296) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4138940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3842440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12356349) |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(1420104)** | &nbsp;&nbsp;**$(583644)** | &nbsp;&nbsp;**$(5945884)** |
| Distributions to shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1300481) | &nbsp;&nbsp;$(1189941) | &nbsp;&nbsp;$(2178113) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57036) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1708000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2651245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5989957) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(3044165)** | &nbsp;&nbsp;**$(3890444)** | &nbsp;&nbsp;**$(8225106)** |
| Transactions in shares of beneficial interest: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$8709910 | &nbsp;&nbsp;$(3612959) | &nbsp;&nbsp;$1072751 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6230 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;10830795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16699440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15497382) |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$19259803** | &nbsp;&nbsp;**$12546507** | &nbsp;&nbsp;**$(14418401)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$14795534** | &nbsp;&nbsp;**$8072419** | &nbsp;&nbsp;**$(28589391)** |
| Net Assets |  |  |  |
| At beginning of year | &nbsp;&nbsp;$79377824 | &nbsp;&nbsp;$115390887 | &nbsp;&nbsp;$247709568 |
| **At end of year** | &nbsp;&nbsp;**$94173358** | &nbsp;&nbsp;**$123463306** | &nbsp;&nbsp;**$219120177** |

---

*30*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Statements of Changes in Net Assets — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$5259638 | &nbsp;&nbsp;$6239227 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2231784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123253 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5520906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9521994) |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(2493052)** | &nbsp;&nbsp;**$(3159514)** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(2386677) | &nbsp;&nbsp;$(3107741) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110572) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2641362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3085742) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(5134519)** | &nbsp;&nbsp;**$(6304055)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(4090143) | &nbsp;&nbsp;$1020008 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(705768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667215 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5756871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195223 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$960960** | &nbsp;&nbsp;**$5882446** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(6666611)** | &nbsp;&nbsp;**$(3581123)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$151085148 | &nbsp;&nbsp;$165294458 |
| **At end of year** | &nbsp;&nbsp;**$144418537** | &nbsp;&nbsp;**$161713335** |

---

*31*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class A** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class A** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class A** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class A** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class A** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.62 | &nbsp;&nbsp;$9.03 | &nbsp;&nbsp;$8.86 | &nbsp;&nbsp;$9.08 | &nbsp;&nbsp;$9.93 | &nbsp;&nbsp;$9.91 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.59** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$0.45** | &nbsp;&nbsp;**$0.02** | &nbsp;&nbsp;**$(0.65)** | &nbsp;&nbsp;**$0.24** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.22) |
| **Total distributions** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.22)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.06** | &nbsp;&nbsp;**$8.62** | &nbsp;&nbsp;**$9.03** | &nbsp;&nbsp;**$8.86** | &nbsp;&nbsp;**$9.08** | &nbsp;&nbsp;**$9.93** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.86%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.40)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.59)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.44%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$43207 | &nbsp;&nbsp;$40180 | &nbsp;&nbsp;$33451 | &nbsp;&nbsp;$29664 | &nbsp;&nbsp;$31125 | &nbsp;&nbsp;$41643 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class C** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class C** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class C** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class C** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class C** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.58 | &nbsp;&nbsp;$10.04 | &nbsp;&nbsp;$9.85 | &nbsp;&nbsp;$10.10 | &nbsp;&nbsp;$11.04 | &nbsp;&nbsp;$11.02 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.62** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$0.42** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$(0.80)** | &nbsp;&nbsp;**$0.18** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.16) |
| **Total distributions** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.16)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$10.07** | &nbsp;&nbsp;**$9.58** | &nbsp;&nbsp;**$10.04** | &nbsp;&nbsp;**$9.85** | &nbsp;&nbsp;**$10.10** | &nbsp;&nbsp;**$11.04** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.47%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.17)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.37%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.57)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(7.24)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.67%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$1338 | &nbsp;&nbsp;$1312 | &nbsp;&nbsp;$1656 | &nbsp;&nbsp;$2012 | &nbsp;&nbsp;$2384 | &nbsp;&nbsp;$3684 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*33*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class I** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class I** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class I** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class I** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class I** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.62 | &nbsp;&nbsp;$9.03 | &nbsp;&nbsp;$8.86 | &nbsp;&nbsp;$9.08 | &nbsp;&nbsp;$9.93 | &nbsp;&nbsp;$9.91 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.60** | &nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;**$0.46** | &nbsp;&nbsp;**$0.04** | &nbsp;&nbsp;**$(0.63)** | &nbsp;&nbsp;**$0.26** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.24) |
| **Total distributions** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.06** | &nbsp;&nbsp;**$8.62** | &nbsp;&nbsp;**$9.03** | &nbsp;&nbsp;**$8.86** | &nbsp;&nbsp;**$9.08** | &nbsp;&nbsp;**$9.93** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.97%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.36%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.43%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.40)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.64%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$68508 | &nbsp;&nbsp;$52682 | &nbsp;&nbsp;$44271 | &nbsp;&nbsp;$45637 | &nbsp;&nbsp;$32995 | &nbsp;&nbsp;$36212 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*34*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class A** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class A** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class A** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class A** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class A** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.16 | &nbsp;&nbsp;$9.48 | &nbsp;&nbsp;$9.33 | &nbsp;&nbsp;$9.54 | &nbsp;&nbsp;$10.41 | &nbsp;&nbsp;$10.35 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.64** | &nbsp;&nbsp;**$(0.03)** | &nbsp;&nbsp;**$0.43** | &nbsp;&nbsp;**$0.04** | &nbsp;&nbsp;**$(0.66)** | &nbsp;&nbsp;**$0.30** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.24) |
| **Total distributions** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.66** | &nbsp;&nbsp;**$9.16** | &nbsp;&nbsp;**$9.48** | &nbsp;&nbsp;**$9.33** | &nbsp;&nbsp;**$9.54** | &nbsp;&nbsp;**$10.41** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.06%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.36)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.41%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.36)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.95%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$41288 | &nbsp;&nbsp;$35606 | &nbsp;&nbsp;$40578 | &nbsp;&nbsp;$46055 | &nbsp;&nbsp;$47639 | &nbsp;&nbsp;$52924 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*35*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class C** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class C** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class C** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class C** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class C** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.12 | &nbsp;&nbsp;$9.45 | &nbsp;&nbsp;$9.30 | &nbsp;&nbsp;$9.51 | &nbsp;&nbsp;$10.37 | &nbsp;&nbsp;$10.31 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.61** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$(0.72)** | &nbsp;&nbsp;**$0.22** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.16) |
| **Total distributions** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.16)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.62** | &nbsp;&nbsp;**$9.12** | &nbsp;&nbsp;**$9.45** | &nbsp;&nbsp;**$9.30** | &nbsp;&nbsp;**$9.51** | &nbsp;&nbsp;**$10.37** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.69%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.22)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.89%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.34)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(6.99)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$1791 | &nbsp;&nbsp;$1675 | &nbsp;&nbsp;$2292 | &nbsp;&nbsp;$2663 | &nbsp;&nbsp;$2926 | &nbsp;&nbsp;$3815 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*36*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class I** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class I** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class I** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class I** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class I** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.16 | &nbsp;&nbsp;$9.49 | &nbsp;&nbsp;$9.33 | &nbsp;&nbsp;$9.54 | &nbsp;&nbsp;$10.41 | &nbsp;&nbsp;$10.35 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.65** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$0.46** | &nbsp;&nbsp;**$0.05** | &nbsp;&nbsp;**$(0.64)** | &nbsp;&nbsp;**$0.32** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.26) |
| **Total distributions** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.26)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.66** | &nbsp;&nbsp;**$9.16** | &nbsp;&nbsp;**$9.49** | &nbsp;&nbsp;**$9.33** | &nbsp;&nbsp;**$9.54** | &nbsp;&nbsp;**$10.41** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.17%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.26)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.99%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.62%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.17)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.16%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$116771 | &nbsp;&nbsp;$86182 | &nbsp;&nbsp;$72521 | &nbsp;&nbsp;$54034 | &nbsp;&nbsp;$37901 | &nbsp;&nbsp;$26420 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*37*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class A** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class A** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class A** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class A** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class A** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.53 | &nbsp;&nbsp;$9.04 | &nbsp;&nbsp;$8.97 | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$9.86 | &nbsp;&nbsp;$9.84 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.62** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$0.35** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.00<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$0.19** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.00** | &nbsp;&nbsp;**$8.53** | &nbsp;&nbsp;**$9.04** | &nbsp;&nbsp;**$8.97** | &nbsp;&nbsp;**$9.18** | &nbsp;&nbsp;**$9.86** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.25%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.52)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.95%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.05%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.31)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.96%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$68746 | &nbsp;&nbsp;$63698 | &nbsp;&nbsp;$66445 | &nbsp;&nbsp;$66796 | &nbsp;&nbsp;$54415 | &nbsp;&nbsp;$62712 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> 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.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Annualized.

*38*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class C** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class C** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class C** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class C** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class C** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$9.72 | &nbsp;&nbsp;$9.65 | &nbsp;&nbsp;$9.87 | &nbsp;&nbsp;$10.60 | &nbsp;&nbsp;$10.58 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.62** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$0.29** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$(0.64)** | &nbsp;&nbsp;**$0.12** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.10) |
| **Total distributions** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$(0.10)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.68** | &nbsp;&nbsp;**$9.18** | &nbsp;&nbsp;**$9.72** | &nbsp;&nbsp;**$9.65** | &nbsp;&nbsp;**$9.87** | &nbsp;&nbsp;**$10.60** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.78%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(3.16)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.11%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.64)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(6.01)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$2321 | &nbsp;&nbsp;$1978 | &nbsp;&nbsp;$2105 | &nbsp;&nbsp;$2314 | &nbsp;&nbsp;$2505 | &nbsp;&nbsp;$4478 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*39*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class I** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class I** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class I** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class I** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class I** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.53 | &nbsp;&nbsp;$9.04 | &nbsp;&nbsp;$8.97 | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$9.86 | &nbsp;&nbsp;$9.84 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.62** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$0.02** | &nbsp;&nbsp;**$(0.50)** | &nbsp;&nbsp;**$0.21** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.19) |
| **Total distributions** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.19)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.00** | &nbsp;&nbsp;**$8.53** | &nbsp;&nbsp;**$9.04** | &nbsp;&nbsp;**$8.97** | &nbsp;&nbsp;**$9.18** | &nbsp;&nbsp;**$9.86** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.35%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.32)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.15%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.25%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.12)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$174071 | &nbsp;&nbsp;$153444 | &nbsp;&nbsp;$179160 | &nbsp;&nbsp;$166391 | &nbsp;&nbsp;$147745 | &nbsp;&nbsp;$129437 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*40*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class A** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class A** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class A** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class A** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class A** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.22 | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$8.58 | &nbsp;&nbsp;$8.82 | &nbsp;&nbsp;$9.82 | &nbsp;&nbsp;$9.65 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.55** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$0.32** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.00<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.79)** | &nbsp;&nbsp;**$0.41** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.24) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$8.63** | &nbsp;&nbsp;**$8.22** | &nbsp;&nbsp;**$8.64** | &nbsp;&nbsp;**$8.58** | &nbsp;&nbsp;**$8.82** | &nbsp;&nbsp;**$9.82** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.76%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.67)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.81%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.10%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.10)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.29%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$71310 | &nbsp;&nbsp;$68168 | &nbsp;&nbsp;$75777 | &nbsp;&nbsp;$79905 | &nbsp;&nbsp;$87385 | &nbsp;&nbsp;$107117 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> 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.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Annualized.

*41*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class C** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class C** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class C** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class C** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class C** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.57 | &nbsp;&nbsp;$9.01 | &nbsp;&nbsp;$8.94 | &nbsp;&nbsp;$9.19 | &nbsp;&nbsp;$10.23 | &nbsp;&nbsp;$10.07 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.54** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$(0.89)** | &nbsp;&nbsp;**$0.34** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.18) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.18)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$8.99** | &nbsp;&nbsp;**$8.57** | &nbsp;&nbsp;**$9.01** | &nbsp;&nbsp;**$8.94** | &nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;**$10.23** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.27%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.43)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.12%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.65)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(8.75)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.43%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$3003 | &nbsp;&nbsp;$3649 | &nbsp;&nbsp;$4555 | &nbsp;&nbsp;$6058 | &nbsp;&nbsp;$6865 | &nbsp;&nbsp;$9904 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*42*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class I** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class I** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class I** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class I** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class I** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.24 | &nbsp;&nbsp;$8.66 | &nbsp;&nbsp;$8.60 | &nbsp;&nbsp;$8.83 | &nbsp;&nbsp;$9.83 | &nbsp;&nbsp;$9.66 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.55** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$(0.77)** | &nbsp;&nbsp;**$0.42** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.25) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.25)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$8.64** | &nbsp;&nbsp;**$8.24** | &nbsp;&nbsp;**$8.66** | &nbsp;&nbsp;**$8.60** | &nbsp;&nbsp;**$8.83** | &nbsp;&nbsp;**$9.83** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.73%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.47)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.93)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.41%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$77439 | &nbsp;&nbsp;$72602 | &nbsp;&nbsp;$70753 | &nbsp;&nbsp;$65632 | &nbsp;&nbsp;$59806 | &nbsp;&nbsp;$80634 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

*43*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class A** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class A** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class A** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class A** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class A** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$7.35 | &nbsp;&nbsp;$7.79 | &nbsp;&nbsp;$7.73 | &nbsp;&nbsp;$7.94 | &nbsp;&nbsp;$8.83 | &nbsp;&nbsp;$8.74 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.49** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$(0.68)** | &nbsp;&nbsp;**$0.31** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.22) |
| **Total distributions** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.22)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.70** | &nbsp;&nbsp;**$7.35** | &nbsp;&nbsp;**$7.79** | &nbsp;&nbsp;**$7.73** | &nbsp;&nbsp;**$7.94** | &nbsp;&nbsp;**$8.83** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.72%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.99)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.77)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.59%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$83270 | &nbsp;&nbsp;$80951 | &nbsp;&nbsp;$84636 | &nbsp;&nbsp;$86461 | &nbsp;&nbsp;$90612 | &nbsp;&nbsp;$112748 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

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

*44*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class C** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class C** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class C** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class C** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class C** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$7.61 | &nbsp;&nbsp;$8.07 | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;$8.22 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.05 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.48** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$(0.03)** | &nbsp;&nbsp;**$(0.77)** | &nbsp;&nbsp;**$0.25** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.16) |
| **Total distributions** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.16)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.97** | &nbsp;&nbsp;**$7.61** | &nbsp;&nbsp;**$8.07** | &nbsp;&nbsp;**$8.00** | &nbsp;&nbsp;**$8.22** | &nbsp;&nbsp;**$9.14** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.28%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.77)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.82%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.42)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(8.34)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.78%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$4139 | &nbsp;&nbsp;$3952 | &nbsp;&nbsp;$3499 | &nbsp;&nbsp;$4188 | &nbsp;&nbsp;$5317 | &nbsp;&nbsp;$7781 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

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

*45*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class I** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class I** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class I** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class I** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class I** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$7.38 | &nbsp;&nbsp;$7.82 | &nbsp;&nbsp;$7.76 | &nbsp;&nbsp;$7.97 | &nbsp;&nbsp;$8.86 | &nbsp;&nbsp;$8.77 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.49** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$0.35** | &nbsp;&nbsp;**$0.05** | &nbsp;&nbsp;**$(0.66)** | &nbsp;&nbsp;**$0.33** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.24) |
| **Total distributions** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.72** | &nbsp;&nbsp;**$7.38** | &nbsp;&nbsp;**$7.82** | &nbsp;&nbsp;**$7.76** | &nbsp;&nbsp;**$7.97** | &nbsp;&nbsp;**$8.86** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.66%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.77)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.55)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.80%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$87030 | &nbsp;&nbsp;$76810 | &nbsp;&nbsp;$77160 | &nbsp;&nbsp;$68304 | &nbsp;&nbsp;$59972 | &nbsp;&nbsp;$66737 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

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

*46*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Notes to Financial Statements (Unaudited)

------

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, five of which, each non-diversified, are included in these financial statements. They include Eaton Vance Arizona Municipal Income Fund (Arizona Fund), Eaton Vance Connecticut Municipal Income Fund (Connecticut Fund), Eaton Vance Minnesota Municipal Income Fund (Minnesota Fund), Eaton Vance New Jersey Municipal Income Fund (New Jersey Fund) and Eaton Vance Pennsylvania Municipal Income Fund (Pennsylvania Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds' investment objective is to provide current income exempt from regular federal income tax and from particular state or local income or other taxes. 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.**

**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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

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

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

As of January 31, 2026, 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.

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

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

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

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

H 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. 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. The Funds had no Floating Rate Notes outstanding during the six months ended January 31, 2026.

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 January 31, 2026.

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 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.

I 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

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[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

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.

J Segment Reporting—Each Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Funds' President acts as each Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of each Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Funds' financial statements.

K Interim Financial Statements—The interim financial statements relating to January 31, 2026 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds' management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

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

At July 31, 2025, 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania<br> Fund** |
| **Deferred capital losses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;&nbsp;$715819 | &nbsp;&nbsp;&nbsp;&nbsp;$1535359 | &nbsp;&nbsp;&nbsp;&nbsp;$2015436 | &nbsp;&nbsp;&nbsp;&nbsp;$2509973 | &nbsp;&nbsp;&nbsp;&nbsp;$7498107 |
| &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;&nbsp;$1933100 | &nbsp;&nbsp;&nbsp;&nbsp;$1903432 | &nbsp;&nbsp;&nbsp;&nbsp;$7759698 | &nbsp;&nbsp;&nbsp;&nbsp;$9225467 | &nbsp;&nbsp;&nbsp;&nbsp;$13288395 |

---

The cost and unrealized appreciation (depreciation) of investments of each Fund at January 31, 2026, as determined on a federal income tax basis, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;**Pennsylvania<br> Fund** |
| **Aggregate cost** | &nbsp;&nbsp;**$112837719** | &nbsp;&nbsp;**$157513992** | &nbsp;&nbsp;**$242995349** | &nbsp;&nbsp;**$148424900** | &nbsp;&nbsp;**$182446880** |
| Gross unrealized appreciation | &nbsp;&nbsp;$3048976 | &nbsp;&nbsp;$3472177 | &nbsp;&nbsp;$3706646 | &nbsp;&nbsp;$3749658 | &nbsp;&nbsp;$4090015 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1097381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2149207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1286132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2966908) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$1951595** | &nbsp;&nbsp;**$2938726** | &nbsp;&nbsp;**$1557439** | &nbsp;&nbsp;**$2463526** | &nbsp;&nbsp;**$1123107** |

---

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

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:

---

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

---

For the six months ended January 31, 2026, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Investment Adviser Fee | &nbsp;&nbsp;&nbsp;&nbsp;$177818 | &nbsp;&nbsp;&nbsp;&nbsp;$250577 | &nbsp;&nbsp;&nbsp;&nbsp;$449181 | &nbsp;&nbsp;&nbsp;&nbsp;$270440 | &nbsp;&nbsp;&nbsp;&nbsp;$328478 |
| Effective Annual Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% |

---

Eaton Vance Management (EVM), an affiliate of BMR, 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 six months ended January 31, 2026 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;**Pennsylvania<br> Fund** |
| EVM's Sub-Transfer Agent Fees | &nbsp;&nbsp;$1856 | &nbsp;&nbsp;$5132 | &nbsp;&nbsp;$3952 | &nbsp;&nbsp;$7172 | &nbsp;&nbsp;$9296 |
| EVD's Class A Sales Charges | &nbsp;&nbsp;$113 | &nbsp;&nbsp;$6693 | &nbsp;&nbsp;$970 | &nbsp;&nbsp;$3401 | &nbsp;&nbsp;$5826 |
| Morgan Stanley affiliated broker-dealers' Class A Sales Charges | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$223 | &nbsp;&nbsp;$8297 | &nbsp;&nbsp;$770 |

---

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.

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

4 Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. 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% 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 six months ended January 31, 2026 for Class A shares amounted to the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Class A Distribution and Service Fees | &nbsp;&nbsp;$42576 | &nbsp;&nbsp;$39703 | &nbsp;&nbsp;$67632 | &nbsp;&nbsp;$71587 | &nbsp;&nbsp;$85415 |

---

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 six months ended January 31, 2026, the Funds paid or accrued to EVD the following distribution fees:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Class C Distribution Fees | &nbsp;&nbsp;$5044 | &nbsp;&nbsp;$6792 | &nbsp;&nbsp;$7943 | &nbsp;&nbsp;$13280 | &nbsp;&nbsp;$16067 |

---

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% 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 six months ended January 31, 2026 amounted to the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Class C Service Fees | &nbsp;&nbsp;$1345 | &nbsp;&nbsp;$1811 | &nbsp;&nbsp;$2118 | &nbsp;&nbsp;$3541 | &nbsp;&nbsp;$4284 |

---

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 six months ended January 31, 2026, the Funds were informed that EVD received the following amounts of CDSCs paid by Class A and Class C shareholders:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Class A | &nbsp;&nbsp;$299 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> | &nbsp;&nbsp;$507 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

<sup>(1)</sup> Amount is less than $100.

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, for the six months ended January 31, 2026 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;$29335616 | &nbsp;&nbsp;&nbsp;&nbsp;$99731892 | &nbsp;&nbsp;&nbsp;&nbsp;$75898382 | &nbsp;&nbsp;&nbsp;&nbsp;$47271607 | &nbsp;&nbsp;&nbsp;&nbsp;$59772911 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;$17157083 | &nbsp;&nbsp;&nbsp;&nbsp;$78204671 | &nbsp;&nbsp;&nbsp;&nbsp;$62877995 | &nbsp;&nbsp;&nbsp;&nbsp;$57797088 | &nbsp;&nbsp;&nbsp;&nbsp;$43112898 |

---

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, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Arizona Fund** | **Arizona Fund** | **Arizona Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 194856 | &nbsp;&nbsp;&nbsp;&nbsp;$1728093 | &nbsp;&nbsp;&nbsp;&nbsp;1444485 | &nbsp;&nbsp;&nbsp;&nbsp;$12949474 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 73951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661312 | &nbsp;&nbsp;&nbsp;&nbsp; 137727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1222022 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (162770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1451585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (622675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5461586) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **106037** | &nbsp;&nbsp;&nbsp;&nbsp;**$937820** | &nbsp;&nbsp;&nbsp;&nbsp; **959537** | &nbsp;&nbsp;&nbsp;&nbsp;**$8709910** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 1076 | &nbsp;&nbsp;&nbsp;&nbsp;$10737 | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp;$2306 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16205 | &nbsp;&nbsp;&nbsp;&nbsp; 3376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33339 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (6812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (316547) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp; **(4106)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(41029)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(28050)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(280902)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1881174 | &nbsp;&nbsp;&nbsp;&nbsp;$16790573 | &nbsp;&nbsp;&nbsp;&nbsp;2759609 | &nbsp;&nbsp;&nbsp;&nbsp;$24473168 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 109770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982393 | &nbsp;&nbsp;&nbsp;&nbsp; 176434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1565190 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (543086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4826915) | &nbsp;&nbsp;&nbsp;&nbsp;(1723884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15207563) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**1447858** | &nbsp;&nbsp;&nbsp;&nbsp;**$12946051** | &nbsp;&nbsp;&nbsp;&nbsp;**1212159** | &nbsp;&nbsp;&nbsp;&nbsp;**$10830795** |

---

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Connecticut Fund** | **Connecticut Fund** | **Connecticut Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 652229 | &nbsp;&nbsp;&nbsp;&nbsp;$6177875 | &nbsp;&nbsp;&nbsp;&nbsp; 582023 | &nbsp;&nbsp;&nbsp;&nbsp;$5458149 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 53081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505446 | &nbsp;&nbsp;&nbsp;&nbsp; 104353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 977798 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (317922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3041787) | &nbsp;&nbsp;&nbsp;&nbsp;(1076162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10048906) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **387388** | &nbsp;&nbsp;&nbsp;&nbsp;**$3641534** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(389786)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3612959)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 38980 | &nbsp;&nbsp;&nbsp;&nbsp;$362548 | &nbsp;&nbsp;&nbsp;&nbsp; 35151 | &nbsp;&nbsp;&nbsp;&nbsp;$332535 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18668 | &nbsp;&nbsp;&nbsp;&nbsp; 4436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41441 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (38389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (359981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (913950) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **2559** | &nbsp;&nbsp;&nbsp;&nbsp;**$21235** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(58958)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(539974)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;3309172 | &nbsp;&nbsp;&nbsp;&nbsp;$31513277 | &nbsp;&nbsp;&nbsp;&nbsp;4251132 | &nbsp;&nbsp;&nbsp;&nbsp;$39671232 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 127165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1212515 | &nbsp;&nbsp;&nbsp;&nbsp; 206589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1934346 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (756273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7190077) | &nbsp;&nbsp;&nbsp;&nbsp;(2692136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24906138) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**2680064** | &nbsp;&nbsp;&nbsp;&nbsp;**$25535715** | &nbsp;&nbsp;&nbsp;&nbsp;**1765585** | &nbsp;&nbsp;&nbsp;&nbsp;**$16699440** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Minnesota Fund** | **Minnesota Fund** | **Minnesota Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 944419 | &nbsp;&nbsp;&nbsp;&nbsp;$8389564 | &nbsp;&nbsp;&nbsp;&nbsp; 1664360 | &nbsp;&nbsp;&nbsp;&nbsp;$14754238 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 121596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1082034 | &nbsp;&nbsp;&nbsp;&nbsp; 238840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2116124 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (892275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7929127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1791382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15797611) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **173740** | &nbsp;&nbsp;&nbsp;&nbsp;**$1542471** | &nbsp;&nbsp;&nbsp;&nbsp; **111818** | &nbsp;&nbsp;&nbsp;&nbsp;**$1072751** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 36685 | &nbsp;&nbsp;&nbsp;&nbsp;$352348 | &nbsp;&nbsp;&nbsp;&nbsp; 118097 | &nbsp;&nbsp;&nbsp;&nbsp;$1126716 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 2570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24586 | &nbsp;&nbsp;&nbsp;&nbsp; 5691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54222 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (124829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1174708) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **24257** | &nbsp;&nbsp;&nbsp;&nbsp;**$233615** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1041)** | &nbsp;&nbsp;&nbsp;&nbsp;**$6230** |

---

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Minnesota Fund (continued)** | **Minnesota Fund (continued)** | **Minnesota Fund (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;3467231 | &nbsp;&nbsp;&nbsp;&nbsp;$30642327 | &nbsp;&nbsp;&nbsp;&nbsp;10284478 | &nbsp;&nbsp;&nbsp;&nbsp;$90976877 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 271116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2412330 | &nbsp;&nbsp;&nbsp;&nbsp; 557391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4938778 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2378838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20981900) | &nbsp;&nbsp;&nbsp;&nbsp;(12685439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111413037) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**1359509** | &nbsp;&nbsp;&nbsp;&nbsp;**$12072757** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1843570)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(15497382)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New Jersey Fund** | **New Jersey Fund** | **New Jersey Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 480118 | &nbsp;&nbsp;&nbsp;&nbsp;$4076179 | &nbsp;&nbsp;&nbsp;&nbsp; 711176 | &nbsp;&nbsp;&nbsp;&nbsp;$6022073 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 109685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936102 | &nbsp;&nbsp;&nbsp;&nbsp; 226098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1924480 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (616411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5256485) | &nbsp;&nbsp;&nbsp;&nbsp;(1413253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12036696) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(26608)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(244204)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(475979)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4090143)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp;&nbsp;$6931 | &nbsp;&nbsp;&nbsp;&nbsp; 53218 | &nbsp;&nbsp;&nbsp;&nbsp;$477347 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 4882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43411 | &nbsp;&nbsp;&nbsp;&nbsp; 11295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100248 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (869280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1283363) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(91882)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(818938)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(79832)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(705768)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;2734051 | &nbsp;&nbsp;&nbsp;&nbsp;$23237909 | &nbsp;&nbsp;&nbsp;&nbsp;3272604 | &nbsp;&nbsp;&nbsp;&nbsp;$27940859 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 135196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1156299 | &nbsp;&nbsp;&nbsp;&nbsp; 280256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2388621 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2725202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22954095) | &nbsp;&nbsp;&nbsp;&nbsp;(2909582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24572609) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **144045** | &nbsp;&nbsp;&nbsp;&nbsp;**$1440113** | &nbsp;&nbsp;&nbsp;&nbsp; **643278** | &nbsp;&nbsp;&nbsp;&nbsp;**$5756871** |

---

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Pennsylvania Fund** | **Pennsylvania Fund** | **Pennsylvania Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 634906 | &nbsp;&nbsp;&nbsp;&nbsp;$4763467 | &nbsp;&nbsp;&nbsp;&nbsp;1926577 | &nbsp;&nbsp;&nbsp;&nbsp;$14633199 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 186687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1423547 | &nbsp;&nbsp;&nbsp;&nbsp; 365340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2793098 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1017959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7761457) | &nbsp;&nbsp;&nbsp;&nbsp;(2133278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16406289) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(196366)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1574443)** | &nbsp;&nbsp;&nbsp;&nbsp; **158639** | &nbsp;&nbsp;&nbsp;&nbsp;**$1020008** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 40765 | &nbsp;&nbsp;&nbsp;&nbsp;$313752 | &nbsp;&nbsp;&nbsp;&nbsp; 180246 | &nbsp;&nbsp;&nbsp;&nbsp;$1408115 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 7890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62302 | &nbsp;&nbsp;&nbsp;&nbsp; 13574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107382 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (386148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (107943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (848282) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **18** | &nbsp;&nbsp;&nbsp;&nbsp;**$(10094)** | &nbsp;&nbsp;&nbsp;&nbsp; **85877** | &nbsp;&nbsp;&nbsp;&nbsp;**$667215** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1929689 | &nbsp;&nbsp;&nbsp;&nbsp;$14757987 | &nbsp;&nbsp;&nbsp;&nbsp;3312572 | &nbsp;&nbsp;&nbsp;&nbsp;$25210659 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 151340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1158573 | &nbsp;&nbsp;&nbsp;&nbsp; 282983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2170345 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1228435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9365001) | &nbsp;&nbsp;&nbsp;&nbsp;(3043443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23185781) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **852594** | &nbsp;&nbsp;&nbsp;&nbsp;**$6551559** | &nbsp;&nbsp;&nbsp;&nbsp; **552112** | &nbsp;&nbsp;&nbsp;&nbsp;**$4195223** |

---

8 Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, an arrangement fee of $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 six months ended January 31, 2026.

9 Fair Value Measurements

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

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

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

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

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

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

Eaton Vance

Municipal Income Funds

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

At January 31, 2026, the hierarchy of inputs used in valuing the Funds' investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Arizona Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$106477870 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$106477870 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4078108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4078108 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;1235438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1235438 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2997898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2997898 |
| **Total Investments** | &nbsp;&nbsp;**$1235438** | &nbsp;&nbsp;&nbsp;&nbsp;**$113553876** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$114789314** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Connecticut Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$145854509 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$145854509 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6534458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6534458 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;2068944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2068944 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5994807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5994807 |
| **Total Investments** | &nbsp;&nbsp;**$2068944** | &nbsp;&nbsp;&nbsp;&nbsp;**$158383774** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$160452718** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Minnesota Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$244552788 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$244552788 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$244552788** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$244552788** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New Jersey Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$138602008 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$138602008 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4706732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4706732 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;7579686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7579686 |
| **Total Investments** | &nbsp;&nbsp;**$7579686** | &nbsp;&nbsp;&nbsp;&nbsp;**$143308740** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$150888426** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Pennsylvania Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$182045025 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$182045025 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1524962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1524962 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$183569987** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$183569987** |

---

------

[**Table of Contents**](#JOB_EV_AR_262acf70-ee98-476b-b26e-1345f298f139_TOC)

MUNI5-NCSR&nbsp;&nbsp;&nbsp;&nbsp;1.31.26

------

## Eaton Vance

## Municipal Opportunities Fund

## Semi-Annual Financial Statements and Additional Information
January 31, 2026

------

![](g114809img0600c0ca1.gif)

------

**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Semi-Annual Financial Statements and Additional Information January 31, 2026
Eaton Vance

Municipal Opportunities Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_80da233c-1a76-4ccc-90e5-72d1b9392c10_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_ba61caa2-ba8a-4710-b35e-9bad5adb93d9_1) | [Items 6 and 7 of Form N-CSR:](#xx_ba61caa2-ba8a-4710-b35e-9bad5adb93d9_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_ba61caa2-ba8a-4710-b35e-9bad5adb93d9_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_9c51ef36-c1af-4202-8b81-1d8039941ff1_1) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_9c51ef36-c1af-4202-8b81-1d8039941ff1_2) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_9c51ef36-c1af-4202-8b81-1d8039941ff1_3) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_944a8351-236f-401b-b11a-b2bcee6b0692_1) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_3ef18a8c-49e4-4935-b224-1f9acd069c49_1) | 21 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited)

------

Closed-End Funds — 0.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock California Municipal Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;188057 | &nbsp;&nbsp;$2108119 |
| Total Closed-End Funds<br> (identified cost $2,019,658) |  | &nbsp;&nbsp;**$2108119** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Tax-Exempt Mortgage-Backed Securities — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 0.0%<sup>†</sup> | Housing — 0.0%<sup>†</sup> | Housing — 0.0%<sup>†</sup> |
| FRETE 2017-ML01 Trust, (Freddie Mac guaranteed), 4.311%, (30-day SOFR Average + 0.50%), 1/25/33<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;$412942 |
| Total Tax-Exempt Mortgage-Backed Securities<br> (identified cost $412,960) |  | &nbsp;&nbsp;**$412942** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Tax-Exempt Municipal Obligations — 89.0%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.2% | Bond Bank — 0.2% | Bond Bank — 0.2% |
| Oklahoma Water Resources Board, (State Loan Program), 4.00%, 10/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;$1484276 |
| Virginia Resources Authority, (Pooled Financing Program), 4.125%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 202262 |
|  |  | &nbsp;&nbsp;**$1686538** |
| Education — 6.1% | Education — 6.1% | Education — 6.1% |
| California Enterprise Development Authority, (Castilleja School Foundation), 4.00%, 6/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510 | &nbsp;&nbsp;$3148220 |
| Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 4.50%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 260445 |
| Clemson University, SC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 212417 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 499514 |
| Cobb County Development Authority, GA, (Mt. Bethel Christian Academy), 5.00%, 6/1/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1207221 |
| Connecticut Health and Educational Facilities Authority, (Area Cooperative Educational Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 113573 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 321406 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89893 |
| Connecticut Health and Educational Facilities Authority, (Quinnipiac University), 4.125%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 545086 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Connecticut Health and Educational Facilities Authority, (Trinity College): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$163665 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 212820 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1419230 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 1026203 |
| Florence County, SC, (Savannah Grove Infrastructure), 5.25%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2326369 |
| Kansas Development Finance Authority, (Kansas State University), 3.00%, 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp; 2151883 |
| Kayenta Unified School District No. 27, AZ, 6.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 475803 |
| Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 9681 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 602123 |
| Maryland Health and Higher Educational Facilities Authority, (Pooled Loan Program), (LOC: TD Bank, N.A.), 2.30%, 4/1/35<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 |
| Massachusetts Development Finance Agency, (Boston University): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 2067062 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1723168 |
| Massachusetts Development Finance Agency, (Worcester Polytechnic Institute), 5.00%, 9/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 | &nbsp;&nbsp;&nbsp;&nbsp; 3102493 |
| Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (Belmont University), 4.00%, 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp; 1710047 |
| Michigan Finance Authority, (Cesar Chavez Academy), 5.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 854501 |
| Pinellas County Educational Facilities Authority, FL, (Pinellas Academy of Math and Science): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 237135 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/15/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | &nbsp;&nbsp;&nbsp;&nbsp; 2730220 |
| Public Finance Authority, WI, (North Carolina Leadership Academy): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 140019 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 239108 |
| Public Finance Authority, WI, (Roseman University of Health Sciences): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 802961 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp; 983958 |
| Public Finance Authority, WI, (Triad Math and Science Academy Co.), 5.25%, 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1123801 |
| Sierra Vista Industrial Development Authority, AZ, (American Leadership Academy), 5.00%, 6/15/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1411202 |
| South Carolina Jobs-Economic Development Authority, (Furman University), 5.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095 | &nbsp;&nbsp;&nbsp;&nbsp; 2368117 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| South Carolina Jobs-Economic Development Authority, (R.D. Anderson Applied Technology Center), 5.00%, 4/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;$865142 |
| Texas Tech University System, 4.00%, 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1347163 |
| Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1239032 |
| University of Alabama: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1208687 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1246665 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 82099 |
| University of Texas System, 5.00%, 8/15/38<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 1087452 |
| Vermont Educational and Health Buildings Financing Agency, (Middlebury College): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp; 2024837 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1265431 |
| Virginia College Building Authority, (Regent University), 6.00%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 391175 |
| Washington Housing Finance Commission, (Evergreen School), 4.50%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065 | &nbsp;&nbsp;&nbsp;&nbsp; 2801963 |
|  |  | &nbsp;&nbsp;**$49038990** |
| Electric Utilities — 1.2% | Electric Utilities — 1.2% | Electric Utilities — 1.2% |
| Jonesboro City Water and Light Plant, AR, Public Utility System Revenue, 4.00%, 6/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;$701937 |
| Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.25%, 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129980 |
| Mesa, AZ, Utility Systems Revenue, 4.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp; 1030458 |
| Missouri Joint Municipal Electric Utility Commission, (MoPEP Facilities), Green Bonds, 5.25%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1120830 |
| South Carolina Public Service Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1681325 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp; 2143242 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp; 2178072 |
|  |  | &nbsp;&nbsp;**$9985844** |
| Escrowed/Prerefunded — 0.0%<sup>†</sup> | Escrowed/Prerefunded — 0.0%<sup>†</sup> | Escrowed/Prerefunded — 0.0%<sup>†</sup> |
| Public Finance Authority, WI, (Roseman University of Health Sciences), Prerefunded to 4/1/30, 5.00%, 4/1/50<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$54858 |
|  |  | &nbsp;&nbsp;**$54858** |
| General Obligations — 18.4% | General Obligations — 18.4% | General Obligations — 18.4% |
| ABC Unified School District, CA, (Election of 2018), 4.00%, 8/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765 | &nbsp;&nbsp;$4607609 |
| Anne Arundel County, MD: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 961319 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;&nbsp;&nbsp; 2731504 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Anne Arundel County, MD: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;$1377457 |
| Baldwin County, AL, 5.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 290533 |
| Bath Community Schools, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 278115 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 549704 |
| Beaufort County School District, SC, 4.00%, 3/1/46<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp; 2243415 |
| Berkeley Unified School District, CA, (Election of 2020), 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;&nbsp;&nbsp; 3006196 |
| Beverly Hills Unified School District, CA, (Election of 2018): |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1937565 |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;&nbsp;&nbsp; 3382618 |
| Bradley, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp; 1291069 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 896584 |
| Caddo Parish Parishwide School District, LA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/44<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 284170 |
| &nbsp;&nbsp;&nbsp;4.125%, 3/1/45<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 567518 |
| Caledonia Community Schools, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 549704 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 542632 |
| California, 5.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5510474 |
| Canton Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;&nbsp; 2652199 |
| Cecil County, MD, 4.50%, 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 | &nbsp;&nbsp;&nbsp;&nbsp; 2743204 |
| Charter Township of White Lake, MI, 5.00%, 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 744548 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1977471 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475 | &nbsp;&nbsp;&nbsp;&nbsp; 4428329 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 935022 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5365 | &nbsp;&nbsp;&nbsp;&nbsp; 5307490 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5262622 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 502712 |
| Connecticut, 5.00%, 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1132746 |
| Cromwell, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30517 |
| &nbsp;&nbsp;&nbsp;4.125%, 4/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp; 1336303 |
| &nbsp;&nbsp;&nbsp;4.25%, 4/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25177 |
| Cupertino Union School District, CA, (Election of 2024), 5.75%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1777042 |
| Dallas Independent School District, TX, (PSF Guaranteed), 4.25%, 2/15/47<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1185629 |
| Darien, CT, 4.00%, 4/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 580031 |
| DuPage County School District No. 58, IL, 5.50%, 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765 | &nbsp;&nbsp;&nbsp;&nbsp; 3104693 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| East Grand Rapids Public School District, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/45<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;$638740 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/52<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp; 2144749 |
| East Jackson Community Schools, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 711974 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 271316 |
| East Longmeadow, MA, 3.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1204256 |
| Fairfield, CT, 4.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 314321 |
| Falls Church, VA, 3.00%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1255519 |
| Flagstaff Unified School District No. 1, AZ, 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 104068 |
| Glendale Community College District, CA, (Election of 2024), 4.125%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 304306 |
| Grand Prairie Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp; 1716693 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001060 |
| Grand Rapids, MI, 5.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 324747 |
| Grayson County Junior College District, TX, 4.00%, 2/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp; 1734549 |
| Grosse Pointe Public School System, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 540614 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 589532 |
| Hermiston School District No. 8R, OR, 0.00%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp; 1185636 |
| Hermosa Beach City School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 161952 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 259043 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 201972 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 143592 |
| Huffman Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp; 2120248 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp; 1984002 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp; 2129221 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 | &nbsp;&nbsp;&nbsp;&nbsp; 1871787 |
| Islip, NY: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 777701 |
| &nbsp;&nbsp;&nbsp;4.125%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 674823 |
| Kenosha County, WI: |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 422387 |
| &nbsp;&nbsp;&nbsp;1.50%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 332943 |
| Kentfield School District, CA, (Election of 2024), 4.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp; 1249267 |
| Knox Warren ETC Counties Community College District No. 518, IL, 3.375%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp; 1170130 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Lafourche Parish School District No. 1, LA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;$586382 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 987274 |
| Lincoln Consolidated School District, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/36<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 716721 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/38<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 628248 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/40<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 560705 |
| Long Beach Community College District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 784451 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1373757 |
| Lynchburg, VA, 2.375%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp; 1016947 |
| Mabank Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635 | &nbsp;&nbsp;&nbsp;&nbsp; 2463082 |
| Mandan Public School District No. 1, ND, 3.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 14956 |
| Maryland, 3.00%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70190 |
| Mecklenburg County, NC, 2.00%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1744512 |
| Menlo Park City School District, CA, (Election of 2024), 4.00%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855 | &nbsp;&nbsp;&nbsp;&nbsp; 1795544 |
| Metropolitan District, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2046638 |
| &nbsp;&nbsp;&nbsp;4.125%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1967296 |
| Metropolitan Government of Nashville and Davidson County, TN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 294275 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 410647 |
| Montgomery County, MD, (SPA: U.S. Bank, N.A.), 2.95%, 11/1/37<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| Napa Valley Unified School District, CA, (Election of 2024), 5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1540455 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3678979 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.25%, 3/1/40<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 |
| Oak Grove School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100685 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1432537 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 512867 |
| Oklahoma City, OK, 3.00%, 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp; 1955777 |
| Oklahoma County, OK, 4.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 154200 |
| Oregon, 5.00%, 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp; 1857732 |
| Oregon City School District No. 62, OR, 5.00%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 868263 |
| Peoria County Community Unit School District No. 323, IL, 5.00%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1532433 |
| Pioneer School District No. 402, WA, 5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 215526 |
| Pleasanton Unified School District, CA, (Election of 2022), 4.25%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp; 855812 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Portage Community School District, WI, 5.00%, 3/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$217533 |
| Prince George's County, MD, 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 370584 |
| Puerto Rico, 0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp; 358590 |
| Richland County, SC, 5.00%, 3/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150467 |
| Richmond, VA, 2.00%, 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 211469 |
| Rockwall County, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/45<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 890074 |
| &nbsp;&nbsp;&nbsp;4.125%, 2/1/46<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp; 1078072 |
| Salinas Union High School District, CA, (Election of 2020), 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 831337 |
| Salinas Union High School District, CA, (Election of 2024), 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 245553 |
| San Luis Coastal Unified School District, CA, (Election of 2022), 4.00%, 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 99729 |
| Santa Monica-Malibu Unified School District, CA, (Election of 2024), 4.25%, 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 540571 |
| Sarpy County School District 0037, NE, 5.00%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1424130 |
| Spring Lake Public Schools, MI, 5.00%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 568801 |
| Storey County School District, NV, (PSF Guaranteed), 4.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 365577 |
| Suffolk, VA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1667186 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 195248 |
| Thrall Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp; 4385354 |
| Virginia, 4.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 570010 |
| Washington and Clackamas Counties School District No. 23J, OR, 5.00%, 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp; 2049481 |
| West Sonoma County Union High School District, CA, (Election of 2018), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1449974 |
|  |  | &nbsp;&nbsp;**$148361700** |
| Hospital — 8.5% | Hospital — 8.5% | Hospital — 8.5% |
| Arizona Health Facilities Authority, (Banner Health), (LOC: Bank of America, N.A.), 3.25%, 1/1/46<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2000000 |
| Calhoun County Hospital Finance Authority, MI, (Oaklawn Hospital), 5.00%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110 | &nbsp;&nbsp;&nbsp;&nbsp; 2132671 |
| Connecticut Health and Educational Facilities Authority, (Yale New Haven Health), 2.10%, 7/1/60<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| Crawford County Hospital Authority, PA, (Meadville Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp; 2668332 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715 | &nbsp;&nbsp;&nbsp;&nbsp; 4717650 |
| Darke County, OH, (Wayne HealthCare), 4.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455 | &nbsp;&nbsp;&nbsp;&nbsp; 2845087 |
| Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 362810 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;$502071 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1591191 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1385094 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1462152 |
| Lancaster County Hospital Authority, PA, (Penn State Health), 5.00%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp; 2026065 |
| Maricopa County Industrial Development Authority, AZ, (Banner Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1051616 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865 | &nbsp;&nbsp;&nbsp;&nbsp; 2548124 |
| Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins Health System): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 714857 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 387537 |
| Michigan Finance Authority, (Henry Ford Health System), 4.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1790515 |
| Michigan Finance Authority, (McLaren Health Care), 4.00%, 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6165 | &nbsp;&nbsp;&nbsp;&nbsp; 5510966 |
| Michigan Finance Authority, (Trinity Health Credit Group), 4.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2698451 |
| Missouri Health and Educational Facilities Authority, (Mercy Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 2732877 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp;&nbsp;&nbsp; 2290364 |
| New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 473635 |
| New York Dormitory Authority, (Montefiore Medical Center), 5.25%, 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1238919 |
| Oroville, CA, (Oroville Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp; 1261700 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1224000 |
| Roanoke Economic Development Authority, VA, (Carilion Clinic Obligated Group), (LOC: TD Bank, N.A.), 3.20%, 7/1/52<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 |
| South Carolina Jobs-Economic Development Authority, (Beaufort Memorial Hospital & South of Broad Healthcare): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 486225 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 434181 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 404371 |
| Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1551781 |
| Spartanburg Regional Health Services District, Inc., SC, 4.00%, 4/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp; 2931803 |
| University of California Medical Center, 2.65%, 5/15/45<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Virginia Small Business Financing Authority, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;$1061268 |
| Virginia Small Business Financing Authority, (Carilion Clinic Obligated Group), (LOC: Truist Bank), 3.15%, 7/1/42<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
| Wisconsin Health and Educational Facilities Authority, (Ascension Senior Credit Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290 | &nbsp;&nbsp;&nbsp;&nbsp; 3005294 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 5/15/26, 4.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp; 3236020 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 5/15/26, 4.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30149 |
|  |  | &nbsp;&nbsp;**$68857776** |
| Housing — 9.2% | Housing — 9.2% | Housing — 9.2% |
| Alabama Housing Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA), 4.45%, 10/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;$1416436 |
| Alaska Housing Finance Corp., 4.65%, 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1433595 |
| California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp; 1902638 |
| Connecticut Housing Finance Authority, (Augustus Manor Associates), (FNMA), 4.80%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2156892 |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance): |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 596097 |
| &nbsp;&nbsp;&nbsp;1.10%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp; 2900961 |
| Delaware State Housing Authority, (FHLMC), (FNMA), (GNMA), 4.45%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201066 |
| Douglas County Housing Authority, GA, (Astoria at Crystal Lake), (FNMA), 4.375%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845 | &nbsp;&nbsp;&nbsp;&nbsp; 2846813 |
| Georgia Housing and Finance Authority, 2.40%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp; 1685175 |
| Indiana Housing and Community Development Authority, SFMR, (Liq: TD Bank, N.A.), 3.20%, 7/1/47<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 |
| Inlivian, NC, (Barton South), (FNMA), 5.05%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1499295 |
| King County Housing Authority, WA, 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 419092 |
| Louisiana Housing Corp., SFMR, (FHLMC), (FNMA), (GNMA), 4.50%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp;&nbsp;&nbsp; 2515015 |
| Maine Housing Authority, Social Bonds, 4.50%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 518613 |
| Maricopa County and Phoenix Industrial Development Authorities, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.625%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 778243 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.65%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp; 1017523 |
| Maryland Community Development Administration, (Villages at Marley Station), Sustainability Bonds, (FNMA), 4.35%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp; 1948080 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Maryland Department of Housing and Community Development Administration: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.45%, 7/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;$3189089 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 287872 |
| Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (Trinity Flats Apartments), (FNMA), 5.10%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 624242 |
| Michigan Housing Development Authority, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.35%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1995333 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.45%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 677403 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.50%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2277803 |
| Missouri Housing Development Commission, (FHLMC), (FNMA), (GNMA), 2.55%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1233123 |
| Nebraska Investment Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80806 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 2024 Series G, 4.55%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp;&nbsp; 1879863 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), GNMA), 4.70%, 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 316573 |
| Nevada Housing Division: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.55%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1591841 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), GNMA), 4.65%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 501089 |
| New Mexico Mortgage Finance Authority, (Single Family Mortgage Program), (FHLMC), (FNMA), (GNMA), 3.00%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp; 826486 |
| New York City Housing Development Corp., NY, Sustainable Development Bonds, 2.85%, 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp;&nbsp;&nbsp; 2572487 |
| North Carolina Housing Finance Agency, (FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 3.20%, 7/1/49<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 |
| North Dakota Housing Finance Agency, Social Bonds, 4.50%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2234971 |
| Norwalk Housing Authority, CT, (Monterey Village Apartments), (FNMA), 4.40%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp; 1850580 |
| Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 4.45%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008573 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1263484 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 319735 |
| Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp; 2652730 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp; 1623669 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| South Carolina Housing Finance and Development Authority, 4.60%, 7/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;$3182510 |
| South Carolina Jobs-Economic Development Authority, (Foothill Affordable Housing Foundation - Paddock Club and Fairways), (FHLMC), 4.00% to 3/1/35 (Put Date), 3/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480 | &nbsp;&nbsp;&nbsp;&nbsp; 2561021 |
| South Carolina Jobs-Economic Development Authority, (Sixteenth Floor Obligated Group), 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5915 | &nbsp;&nbsp;&nbsp;&nbsp; 6338168 |
| Utah Housing Corp., (Promontory Place Apartments), (FNMA), 4.69%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp; 1557467 |
| Vancouver Housing Authority, WA, (Esther Short), 4.50%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055039 |
| Virginia Housing Development Authority, 5.125%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156683 |
|  |  | &nbsp;&nbsp;**$74394174** |
| Industrial Development Revenue — 4.4% | Industrial Development Revenue — 4.4% | Industrial Development Revenue — 4.4% |
| Burke County Development Authority, GA, (Georgia Power Co. Plant Vogtle), 3.25%, 7/1/49<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$4000000 |
| California Municipal Finance Authority, (Waste Management, Inc.), (AMT), 3.45% to 12/1/26 (Put Date), 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001640 |
| Houston, TX, (United Airlines, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545 | &nbsp;&nbsp;&nbsp;&nbsp; 2590247 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 4106603 |
| Luzerne County Industrial Development Authority, PA, (Pennsylvania-American Water Co.), (AMT), 2.45% to 12/3/29 (Put Date), 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670 | &nbsp;&nbsp;&nbsp;&nbsp; 2492640 |
| National Finance Authority, NH, (Covanta), Green Bonds, (AMT), 3.75% to 7/2/40 (Put Date), 7/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 4586959 |
| New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.625%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15060 |
| New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (AMT), 2.45% to 4/1/26 (Put Date), 4/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2497186 |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1135910 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5156785 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.00%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp; 1533234 |
| Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 1.10% to 6/1/26 (Put Date), 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6453742 |
|  |  | &nbsp;&nbsp;**$35570006** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Education — 1.5% | Insured - Education — 1.5% | Insured - Education — 1.5% |
| College of Charleston, SC, (AG), 4.25%, 4/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555 | &nbsp;&nbsp;$3532132 |
| Eastern Michigan University: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 269747 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 835560 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1323916 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1352567 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.25%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 1920168 |
| Louisiana Local Government Environmental Facilities and Community Development Authority, (Calcasieu Parish School), (BAM), 4.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360 | &nbsp;&nbsp;&nbsp;&nbsp; 2183105 |
| Louisiana Public Facilities Authority, (South Quad L3C-Louisiana University South Quad), (AG), 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 778254 |
| Western Michigan University, (AG), 5.00%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63461 |
|  |  | &nbsp;&nbsp;**$12258910** |
| Insured - Electric Utilities — 0.6% | Insured - Electric Utilities — 0.6% | Insured - Electric Utilities — 0.6% |
| Puerto Rico Electric Power Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;$281202 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1126203 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 539379 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101550 |
| West Memphis, AR, Public Utility System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.25%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp; 1455036 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.375%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 854541 |
|  |  | &nbsp;&nbsp;**$4357911** |
| Insured - General Obligations — 5.3% | Insured - General Obligations — 5.3% | Insured - General Obligations — 5.3% |
| Bassett Unified School District, CA, (Election of 2020): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.25%, 8/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;$1712038 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.25%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270 | &nbsp;&nbsp;&nbsp;&nbsp; 2440754 |
| Bromley Park Metropolitan District No. 3, CO, (AG), 4.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp; 647226 |
| Carbondale and Rural Fire Protection District, CO, (BAM), 5.50%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 811581 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), 0.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1536959 |
| &nbsp;&nbsp;&nbsp;(NPFG), 0.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp; 1416676 |
| Cook County High School District No. 220, IL, (BAM), 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 571929 |
| Cook County School District No. 169, IL, (AG), 5.25%, 12/1/40<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 597440 |
| Fort Bend County Municipal Management District No. 1, TX, (AG), 3.50%, 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 110970 |
| Gadsden, AL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/30/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 297083 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Gadsden, AL: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 10/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;$719829 |
| Generation Park Management District, TX, (AG), 3.50%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp; 1710304 |
| Harris County Municipal Utility District No. 165, TX, (BAM), 3.375%, 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp; 2131835 |
| Harris County Municipal Utility District No. 55, TX, (AG), 3.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1212746 |
| Hayward Unified School District, CA, (Election of 2024), (BAM), 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 487123 |
| Helena High School District No. 1, MT, (BAM), 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137443 |
| Johnson and Miami Counties Unified School District No. 230, KS, (AG), 6.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 2043328 |
| Kalamazoo Charter Township Building Authority, MI, (BAM), 4.25%, 4/1/48<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910 | &nbsp;&nbsp;&nbsp;&nbsp; 2801333 |
| Kankakee Iroquois Ford ETC Counties Community Unit School District No. 2, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.50%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1424088 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 526341 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46873 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.25%, 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp; 2075860 |
| Mount Horeb Area School District, WI, (AG), 4.00%, 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2068461 |
| Mount Vernon, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/15/37<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 930688 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/15/39<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 752905 |
| Mountain View School District, CA, (Election of 2020), (BAM), 5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068137 |
| Nassau County, NY, (AG), 4.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 583847 |
| North Platte, NE, (AG), 4.375%, 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 278462 |
| Pontiac, MI, (BAM), 5.00%, 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 329081 |
| Raindance Metropolitan District No. 2, CO, (BAM), 4.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 811385 |
| Shreveport, LA, (AG), 5.25%, 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 626532 |
| St. Clair County School District No. 118, IL, (BAM), 5.50%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp; 1726420 |
| Steel Valley School District, PA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.375%, 11/1/47<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 497265 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.625%, 11/1/54<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 987609 |
| Sterling, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 571852 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1261197 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 378086 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 423372 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 307106 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 544733 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Washington County Elementary School District No. 6, AZ, (BAM), 5.00%, 7/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$559503 |
| Waterstone Metropolitan District No. 1, CO: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 545861 |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 317379 |
| Will County Community Unit School District No. 209-U, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 154420 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/37<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 252459 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/38<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 166839 |
| Yonkers, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.125%, 2/1/45<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 731687 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/44<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 483572 |
|  |  | &nbsp;&nbsp;**$42818617** |
| Insured - Hospital — 0.5% | Insured - Hospital — 0.5% | Insured - Hospital — 0.5% |
| Grand Forks, ND, (Altru Health System), (AG), 3.00%, 12/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$1759772 |
| Virginia Commonwealth University Health System Authority, (BAM), 4.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745 | &nbsp;&nbsp;&nbsp;&nbsp; 2532799 |
|  |  | &nbsp;&nbsp;**$4292571** |
| Insured - Housing — 0.0%<sup>†</sup> | Insured - Housing — 0.0%<sup>†</sup> | Insured - Housing — 0.0%<sup>†</sup> |
| University of Idaho: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 4/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;$235803 |
| &nbsp;&nbsp;&nbsp;(AG), 5.50%, 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66257 |
|  |  | &nbsp;&nbsp;**$302060** |
| Insured - Lease Revenue/Certificates of Participation — 0.1% | Insured - Lease Revenue/Certificates of Participation — 0.1% | Insured - Lease Revenue/Certificates of Participation — 0.1% |
| Mason Building Authority, MI, (BAM), 4.25%, 10/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;$66994 |
| Westfield-Washington Multi-School Building Corp., IN, (BAM), 5.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 810787 |
|  |  | &nbsp;&nbsp;**$877781** |
| Insured - Special Tax Revenue — 1.7% | Insured - Special Tax Revenue — 1.7% | Insured - Special Tax Revenue — 1.7% |
| Big Sky Resort Area District, MT, (1% Resort Tax - Cold Smoke): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;$485402 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 532514 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 685436 |
| Centerton, AR, Sales and Use Tax Revenue, (AG), 4.125%, 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24180 |
| Downtown Revitalization Public Infrastructure District, UT, (AG), 5.25%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 501932 |
| Elk Grove Finance Authority, CA, (AG), 5.00%, 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 633132 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue (continued) | Insured - Special Tax Revenue (continued) | Insured - Special Tax Revenue (continued) |
| Fort Smith, AR, Sales and Use Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 11/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$547731 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91798 |
| Gilbert Community School District, IA, Services and Use Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 507519 |
| &nbsp;&nbsp;&nbsp;(AG), 4.125%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp; 897121 |
| Rampart Range Metropolitan District No. 1, CO: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 320764 |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 717653 |
| Sales Tax Securitization Corp., IL, (BAM), 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4220631 |
| San Clemente Facilities District No. 2006-1, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 627516 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp; 2439869 |
| South Manvel Development Authority, TX, (AG), 4.00%, 4/1/41<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 394639 |
|  |  | &nbsp;&nbsp;**$13627837** |
| Insured - Transportation — 1.2% | Insured - Transportation — 1.2% | Insured - Transportation — 1.2% |
| Alaska Railroad Corp., (AG), (AMT), 5.50%, 10/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$277444 |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 4.00%, 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp; 4547096 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 993597 |
| Chesapeake, VA, Chesapeake Expressway Toll Road Revenue, (AG), 4.00%, 7/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1208122 |
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AG), (AMT), 5.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 186159 |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AG), (AMT), 4.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000066 |
|  |  | &nbsp;&nbsp;**$9212484** |
| Insured - Water and Sewer — 1.1% | Insured - Water and Sewer — 1.1% | Insured - Water and Sewer — 1.1% |
| Bennett, CO, Wastewater Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.125%, 12/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195 | &nbsp;&nbsp;$2085883 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 907746 |
| Central Weld County Water District, CO, (BAM), 5.00%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 437495 |
| Grand Prairie Water Commission, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 268433 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 490321 |
| Hot Springs, AR, Wastewater Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (BAM), 4.125%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 603166 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Water and Sewer (continued) | Insured - Water and Sewer (continued) | Insured - Water and Sewer (continued) |
| Hot Springs, AR, Wastewater Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (BAM), 4.375%, 12/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;$548195 |
| Kokomo, IN, Sewage Works Revenue, (BAM), 4.50%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 112061 |
| Shreveport, LA, Water and Sewer Revenue, (AG), 5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2808426 |
| Southwestern Pennsylvania Water Authority, (AG), 3.00%, 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 450061 |
|  |  | &nbsp;&nbsp;**$8711787** |
| Lease Revenue/Certificates of Participation — 3.3% | Lease Revenue/Certificates of Participation — 3.3% | Lease Revenue/Certificates of Participation — 3.3% |
| Anderson School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$173967 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 318647 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 231749 |
| Barren County Public Properties Corp., KY, (Judicial Center), 4.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 757425 |
| Brownsburg 1999 School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 884915 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092955 |
| Castle Rock, CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 340966 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1145422 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/50<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 294979 |
| College of Western Idaho: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 436648 |
| &nbsp;&nbsp;&nbsp;4.50%, 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 285455 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 491183 |
| Crothersville 2000 School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 546377 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 320389 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 211440 |
| Evergreen Park and Recreation District, CO, 4.375%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117331 |
| Hamilton Southeastern Consolidated School Building Corp., IN, 5.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 344738 |
| Hancock County Redevelopment Authority, IN, 4.125%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 346219 |
| Idaho Housing and Finance Association, 4.00%, 8/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080 | &nbsp;&nbsp;&nbsp;&nbsp; 3853711 |
| IPS Multi-School Building Corp., IN, Social Bonds, 5.00%, 7/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp; 1133332 |
| Lakeland School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 507283 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 188312 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) |
| Loudoun County Economic Development Authority, VA, 4.00%, 12/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;$2163482 |
| Mcintosh County Educational Facilities Authority, OK, (Eufaula Public Schools), 5.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 820861 |
| North Lawrence Community Schools Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 470967 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 445419 |
| Oklahoma Development Finance Authority, 4.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 34600 |
| Pennsylvania, 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 2211251 |
| Richland-Bean Blossom 2000 School Building Corp., IN, 5.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 581037 |
| Snowmass Village, CO, 4.25%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 734203 |
| Southmont School Building Corp., IN, 5.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 578520 |
| Summerville Municipal Facilities Corp., SC, (Town of Summerville): |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 307730 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 495070 |
| Telluride, CO, 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 371728 |
| Tulsa County Industrial Authority, OK, (Owasso Public Schools), 5.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57355 |
| Vail, CO, 5.375%, 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp; 1106319 |
| Virginia Public Building Authority, 4.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 841121 |
| Westfield Redevelopment Authority, IN, 4.125%, 7/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 150812 |
| Will and Kankakee Counties Community Unit School District No. 255-U, IL, 5.00%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 701402 |
| Winston-Salem, NC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 480864 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 320325 |
|  |  | &nbsp;&nbsp;**$26896509** |
| Other Revenue — 3.5% | Other Revenue — 3.5% | Other Revenue — 3.5% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$4972086 |
| &nbsp;&nbsp;&nbsp;5.50% to 2/1/29 (Put Date), 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2652139 |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7610 | &nbsp;&nbsp;&nbsp;&nbsp; 8035484 |
| California Infrastructure and Economic Development Bank, (Los Angeles County Museum of Art), 2.98%, (SIFMA + 0.70%), 6/1/26 (Put Date), 12/1/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2297439 |
| Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 557784 |
| Kalispel Tribe of Indians, WA: |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1481273 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Kalispel Tribe of Indians, WA: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1021567 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 12/1/30 (Put Date), 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2119717 |
| Morongo Band of Mission Indians, CA, 5.00%, 10/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp; 1801756 |
| Southeast Energy Authority, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 2/1/31 (Put Date), 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1337139 |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/35 (Put Date), 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 520924 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 3.37%, (67% of 3 mo. SOFR + 0.70%), 12/15/26<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 860097 |
| Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue, 3.32%, (66% of 3 mo. SOFR + 0.863%), 9/15/27<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 741424 |
|  |  | &nbsp;&nbsp;**$28398829** |
| Senior Living/Life Care — 7.1% | Senior Living/Life Care — 7.1% | Senior Living/Life Care — 7.1% |
| Arizona Industrial Development Authority, AZ, (Mirabella at ASU), 5.35% to 1/1/27 (Put Date), 10/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;$1221509 |
| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp; 1732457 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1321941 |
| Centerville, OH, (Graceworks Lutheran Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 776163 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 331113 |
| Clackamas County Hospital Facility Authority, OR, (Rose Villa): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 306174 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 321485 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 336791 |
| &nbsp;&nbsp;&nbsp;5.375%, 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 297901 |
| Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 602790 |
| Colorado Health Facilities Authority, (Frasier Meadows Retirement Community): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 351763 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 409326 |
| District of Columbia, (Ingleside at Rock Creek), 4.125%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 286322 |
| Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 509751 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 370749 |
| Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 4.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 140417 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| Howard County, MD, (Vantage House): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;$345647 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp; 1998546 |
| Illinois Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 370258 |
| Illinois Finance Authority, (Presbyterian Homes Obligated Group), 2.98%, (SIFMA + 0.70%), 5/1/26 (Put Date), 5/1/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp; 1087648 |
| Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 773590 |
| Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 4.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 312795 |
| Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 203291 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152261 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202487 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101043 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201621 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 352018 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 350923 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 398244 |
| Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp; 1906901 |
| National Finance Authority, NH, (The Vista): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 929201 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp; 1726134 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Bella Vida Forefront Living), 5.25%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1280671 |
| New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 437613 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 287940 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 196484 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2459043 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020 | &nbsp;&nbsp;&nbsp;&nbsp; 2718772 |
| Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge), 4.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp; 836673 |
| Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 255183 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 300214 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 789300 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 661501 |
| Public Finance Authority, WI, (Penick Village), 5.00%, 9/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp; 1562473 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| Santa Fe, NM, (El Castillo Retirement Residences): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;$1232553 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 486193 |
| South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community), 4.00%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 633206 |
| South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1697775 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013675 |
| St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis Obligated Group), 5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp; 1976316 |
| Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 5.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 518582 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.875%, 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650 | &nbsp;&nbsp;&nbsp;&nbsp; 4409486 |
| Tulsa County Industrial Authority, OK, (Montereau, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 551309 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 408380 |
| Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 586984 |
| Virginia Beach Development Authority, VA, (Westminster-Canterbury on Chesapeake Bay), 6.25%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022483 |
| Washington Housing Finance Commission, (Bayview Manor Homes): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 194899 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 988188 |
| Washington Housing Finance Commission, (Horizon House): |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1503487 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 | &nbsp;&nbsp;&nbsp;&nbsp; 3810131 |
| Washington Housing Finance Commission, (Judson Park), 4.00%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 145432 |
| Washington Housing Finance Commission, (Transforming Age): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 849989 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 455910 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 476099 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 516941 |
|  |  | &nbsp;&nbsp;**$56993145** |
| Special Tax Revenue — 2.5% | Special Tax Revenue — 2.5% | Special Tax Revenue — 2.5% |
| Baltimore, MD, (Harbor Point): |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, 6/1/35<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;$298513 |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Baltimore, MD, (Harbor Point): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 6/1/39<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;$602307 |
| Bullhead City, AZ, Excise Taxes Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;2.10%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 509593 |
| &nbsp;&nbsp;&nbsp;2.55%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp; 896483 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 695649 |
| Connecticut, Special Tax Obligation Bonds, 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755 | &nbsp;&nbsp;&nbsp;&nbsp; 4117984 |
| Durango, CO, Sales and Use Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111509 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 275215 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 488958 |
| Hamilton County & Chattanooga Sports Authority, TN, (Stadium Project), 6.00%, 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp; 1647004 |
| Juban Crossing Economic Development District, LA, (Drainage Projects), 4.25%, 9/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp; 1639917 |
| Juban Crossing Economic Development District, LA, (General Infrastructure Projects): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp; 1967737 |
| &nbsp;&nbsp;&nbsp;6.00%, 9/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 390690 |
| Lawton Industrial Development Authority, OK: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 561545 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 557026 |
| Louisiana Local Government Environmental Facilities and Community Development Authority, (City of Slidell): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 13867 |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 281777 |
| Mida Mountain Village Public Infrastructure District, UT, 5.50%, 6/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2068836 |
| Omaha, NE, Special Tax Revenue Redevelopment Bonds, 4.00%, 4/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1599490 |
| Oxford City Board of Education, AL, 4.00%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp; 904278 |
| South Village Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 94930 |
| &nbsp;&nbsp;&nbsp;4.35%, 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60094 |
| St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 506618 |
|  |  | &nbsp;&nbsp;**$20290020** |
| Student Loan — 0.4% | Student Loan — 0.4% | Student Loan — 0.4% |
| Connecticut Higher Education Supplemental Loan Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.125%, 11/15/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390 | &nbsp;&nbsp;$2389877 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 384982 |
|  |  | &nbsp;&nbsp;**$2774859** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation — 8.7% | Transportation — 8.7% | Transportation — 8.7% |
| Bay Area Toll Authority, CA, (San Francisco Bay Area), Toll Bridge Revenue, 2.73%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;$3197312 |
| Burbank-Glendale-Pasadena Airport Authority, CA, (AMT), 5.25%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3304082 |
| Chicago, IL, (O'Hare International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp; 2724361 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1634702 |
| Colorado Bridge Enterprise, (Central 70 Project), (AMT), 4.00%, 12/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp; 2795451 |
| Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094091 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp; 3257333 |
| Maryland Transportation Authority, 4.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp;&nbsp;&nbsp; 1893527 |
| Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp; 2052648 |
| Metropolitan Transportation Authority, NY, (LOC: Truist Bank), 3.20%, 11/1/32<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 |
| Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1732686 |
| Oklahoma Turnpike Authority, 5.50%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165 | &nbsp;&nbsp;&nbsp;&nbsp; 4422787 |
| Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp; 3027769 |
| Port of Seattle, WA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4784848 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2140119 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3057313 |
| Public Finance Authority, WI, (Georgia SR 400 Express Lanes), (AMT), 6.50%, 6/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2762011 |
| Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp; 1994066 |
| San Diego County Regional Airport Authority, CA, (San Diego International Airport), (AMT), 5.25%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 5067552 |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5121579 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4398494 |
| Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3203578 |
| Triborough Bridge and Tunnel Authority, NY, (LOC: TD Bank, N.A.), 3.20%, 1/1/33<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1025000 |
| Virginia Port Authority, 5.25%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425 | &nbsp;&nbsp;&nbsp;&nbsp; 3627276 |
|  |  | &nbsp;&nbsp;**$70068585** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer — 3.5% | Water and Sewer — 3.5% | Water and Sewer — 3.5% |
| Allegheny County Sanitary Authority, PA, 4.00%, 12/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;$2600375 |
| Arkansas Development Finance Authority, 5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 714920 |
| Beaufort-Jasper Water and Sewer Authority, SC, 4.00%, 3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1534841 |
| Broomfield City and County, CO, Water Revenue, 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 571691 |
| Corpus Christi, TX, Utility System Revenue, 4.00%, 7/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2285669 |
| King County, WA, Sewer Revenue, (SPA: U.S. Bank, N.A.), 3.15%, 1/1/65<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| Montgomery Water Works and Sanitary Sewer Board, AL, 5.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 625664 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495 | &nbsp;&nbsp;&nbsp;&nbsp; 2658882 |
| &nbsp;&nbsp;&nbsp;(SPA: Barclays Bank PLC), 3.20%, 6/15/53<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.25%, 6/15/44<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 |
| San Antonio, TX, Water System Revenue, (SPA: Truist Bank), 3.20%, 5/1/54<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| Stafford County, VA, Water and Wastewater System Revenue, 5.00%, 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 923226 |
| Sumner, WA, Water and Sewer Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 270488 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 120012 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96435 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 135021 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 168391 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 238504 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 153289 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 235367 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104371 |
| Walton County Water and Sewerage Authority, GA, 5.00%, 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1338962 |
| Woodruff-Roebuck Water District, SC, 5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 216801 |
|  |  | &nbsp;&nbsp;**$28192909** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $709,486,893) |  | &nbsp;&nbsp;**$718024700** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Taxable Municipal Obligations — 7.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 1.1% | Education — 1.1% | Education — 1.1% |
| Connecticut Health and Educational Facilities Authority, (Trinity College), 5.894%, 6/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;$1227236 |
| Maricopa County Industrial Development Authority, AZ, (Grand Canyon University), 7.375%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066463 |
| University of California: |  |  |
| &nbsp;&nbsp;&nbsp;3.349%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1134479 |
| &nbsp;&nbsp;&nbsp;3.75%, 7/1/41<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5530 | &nbsp;&nbsp;&nbsp;&nbsp; 5530000 |
|  |  | &nbsp;&nbsp;**$8958178** |
| General Obligations — 2.0% | General Obligations — 2.0% | General Obligations — 2.0% |
| Atlantic City, NJ, 7.00%, 3/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;$1399238 |
| California: |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 4/1/34<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp; 2681517 |
| &nbsp;&nbsp;&nbsp;7.55%, 4/1/39<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp;&nbsp;&nbsp; 3279756 |
| Chicago, IL: |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862 | &nbsp;&nbsp;&nbsp;&nbsp; 3060834 |
| &nbsp;&nbsp;&nbsp;7.781%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 | &nbsp;&nbsp;&nbsp;&nbsp; 2841318 |
| Larkspur-Corte Madera School District, CA, (Election of 2011 and 2014), 2.002%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 557168 |
| Marin Community College District, CA, 2.14%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1268625 |
| Mattawan Consolidated School, MI, 1.966%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 958069 |
|  |  | &nbsp;&nbsp;**$16046525** |
| Hospital — 0.1% | Hospital — 0.1% | Hospital — 0.1% |
| California Infrastructure and Economic Development Bank, (Adventist Health Energy), 5.929%, 7/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;$1025338 |
|  |  | &nbsp;&nbsp;**$1025338** |
| Housing — 2.2% | Housing — 2.2% | Housing — 2.2% |
| Maine Housing Authority, (SPA: TD Bank, N.A.), 3.70%, 11/15/50<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;$8000000 |
| New York Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;(Liq: Barclays Bank PLC), 3.72%, 11/1/45<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (SPA: TD Bank, N.A.), 3.70%, 11/1/55<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
|  |  | &nbsp;&nbsp;**$18000000** |
| Insured - General Obligations — 0.6% | Insured - General Obligations — 0.6% | Insured - General Obligations — 0.6% |
| Altoona Area School District, PA, (BAM), 2.288%, 12/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;$565776 |
| Effingham County Industrial Development Authority, GA, (BAM), 6.00%, 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002530 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Peralta Community College District, CA, (NPFG), (LOC: Barclays Bank PLC), 3.72%, 8/5/31<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 | &nbsp;&nbsp;$2740000 |
| Yonkers, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.62%, 2/1/32<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150455 |
| &nbsp;&nbsp;&nbsp;(AG), 4.67%, 2/1/33<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 260726 |
|  |  | &nbsp;&nbsp;**$4719487** |
| Insured - Special Tax Revenue — 0.4% | Insured - Special Tax Revenue — 0.4% | Insured - Special Tax Revenue — 0.4% |
| Bexar County, TX, Venue Project Revenue, (AG), 2.434%, 8/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;$1311588 |
| Rio Elementary School District Community Facilities District No. 1, CA, (BAM), 2.457%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1313681 |
| Successor Agency to San Bernardino County Redevelopment Agency, CA, (AG), 4.00%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 499330 |
|  |  | &nbsp;&nbsp;**$3124599** |
| Insured - Transportation — 0.1% | Insured - Transportation — 0.1% | Insured - Transportation — 0.1% |
| Alameda Corridor Transportation Authority, CA, (AG), 0.00%, 10/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$1240829 |
|  |  | &nbsp;&nbsp;**$1240829** |
| Special Tax Revenue — 0.7% | Special Tax Revenue — 0.7% | Special Tax Revenue — 0.7% |
| Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 4.726%, 7/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;$2004378 |
| Oneida Indian Nation of New York, NY, 7.25%, 9/1/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255 | &nbsp;&nbsp;&nbsp;&nbsp; 3298433 |
|  |  | &nbsp;&nbsp;**$5302811** |
| Total Taxable Municipal Obligations<br> (identified cost $58,527,334) |  | &nbsp;&nbsp;**$58417767** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Short-Term Investments — 5.3% |
| Money Market Fund — 0.3% |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.03%<sup>(7)</sup> | 2531732 | &nbsp;&nbsp;$2531985 |
| Total Money Market Fund<br> (identified cost $2,531,985) |  | &nbsp;&nbsp;**$2531985** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 5.0%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/3/26 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$9999005 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/5/26 | $&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;$19994021 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9992066 |
| Total U.S. Treasury Obligations<br> (identified cost $39,981,057) |  | &nbsp;&nbsp;**$39985092** |
| Total Short-Term Investments<br> (identified cost $42,513,042) |  | &nbsp;&nbsp;**$42517077** |
| Total Investments — 101.8%<br> (identified cost $812,959,887) |  | &nbsp;&nbsp;**$821480605** |
| Other Assets, Less Liabilities — (1.8)% |  | &nbsp;&nbsp;**$(14464212)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$807016393** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2026, the aggregate value of these securities is $35,682,451 or 4.4% of the Fund's net assets. |
| <sup>(2)</sup> | Floating rate security. The stated interest rate represents the rate in effect at January 31, 2026. |
| <sup>(3)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2026. |
| <sup>(4)</sup> | When-issued security. |
| <sup>(5)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at January 31, 2026. |
| <sup>(6)</sup> | Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. |
| <sup>(7)</sup> | The rate shown is the annualized seven-day yield as of January 31, 2026. |
| At January 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: | At January 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 82.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Portfolio of Investments (Unaudited) — continued

------

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2026, 12.8% 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 0.9% to 6.5% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, 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 |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2026** |
| Assets |  |
| Investments, at value (identified cost $812,959,887) | &nbsp;&nbsp;$821480605 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7457998 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867087 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118295 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16671 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78299 |
| **Total assets** | &nbsp;&nbsp;**$833018955** |
| Liabilities |  |
| Payable for investments purchased | &nbsp;&nbsp;$482972 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23554371 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119733 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153011 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397831 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22548 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78299 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190901 |
| **Total liabilities** | &nbsp;&nbsp;**$26002562** |
| **Net Assets** | &nbsp;&nbsp;**$807016393** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$848325013 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41308620) |
| **Net Assets** | &nbsp;&nbsp;**$807016393** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$78640056 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6829268 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.52 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$11.91 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$6814753 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592016 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.51 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$721561584 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62578924 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.53 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | 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. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**January 31, 2026** |
| Investment Income |  |
| Dividend income | &nbsp;&nbsp;$41342 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;16142549 |
| **Total investment income** | &nbsp;&nbsp;**$16183891** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$2263036 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93189 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36037 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21955 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95744 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114376 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49788 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34220 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85524 |
| **Total expenses** | &nbsp;&nbsp;**$2795673** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$115188 |
| **Total expense reductions** | &nbsp;&nbsp;**$115188** |
| **Net expenses** | &nbsp;&nbsp;**$2680485** |
| **Net investment income** | &nbsp;&nbsp;**$13503406** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$4193729 |
| **Net realized gain** | &nbsp;&nbsp;**$4193729** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$31751006 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$31751006** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$35944735** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$49448141** |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$13503406 | &nbsp;&nbsp;$24746135 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293239 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31751006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26428288) |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$49448141** | &nbsp;&nbsp;**$(388914)** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1216617) | &nbsp;&nbsp;$(2178890) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226813) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12015810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22126318) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(13322978)** | &nbsp;&nbsp;**$(24532021)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$4190017 | &nbsp;&nbsp;$12864877 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(761196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3417252) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58307874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69261351 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$61736695** | &nbsp;&nbsp;**$78708976** |
| **Net increase in net assets** | &nbsp;&nbsp;**$97861858** | &nbsp;&nbsp;**$53788041** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$709154535 | &nbsp;&nbsp;$655366494 |
| **At end of period** | &nbsp;&nbsp;**$807016393** | &nbsp;&nbsp;**$709154535** |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.97 | &nbsp;&nbsp;$11.35 | &nbsp;&nbsp;$11.13 | &nbsp;&nbsp;$11.39 | &nbsp;&nbsp;$12.87 | &nbsp;&nbsp;$12.33 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.74** | &nbsp;&nbsp;**$(0.01)** | &nbsp;&nbsp;**$0.58** | &nbsp;&nbsp;**$0.07** | &nbsp;&nbsp;**$(1.07)** | &nbsp;&nbsp;**$0.77** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.23) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(0.23)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$11.52** | &nbsp;&nbsp;**$10.97** | &nbsp;&nbsp;**$11.35** | &nbsp;&nbsp;**$11.13** | &nbsp;&nbsp;**$11.39** | &nbsp;&nbsp;**$12.87** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.66%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.12)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.36%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.65%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.47)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.34%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$78640 | &nbsp;&nbsp;$70905 | &nbsp;&nbsp;$60358 | &nbsp;&nbsp;$61217 | &nbsp;&nbsp;$79594 | &nbsp;&nbsp;$127729 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

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

<sup>(7)</sup> Amount is less than 0.005%.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.96 | &nbsp;&nbsp;$11.35 | &nbsp;&nbsp;$11.13 | &nbsp;&nbsp;$11.39 | &nbsp;&nbsp;$12.87 | &nbsp;&nbsp;$12.33 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.69** | &nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;**$0.50** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$(1.16)** | &nbsp;&nbsp;**$0.68** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.14) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.14)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$11.51** | &nbsp;&nbsp;**$10.96** | &nbsp;&nbsp;**$11.35** | &nbsp;&nbsp;**$11.13** | &nbsp;&nbsp;**$11.39** | &nbsp;&nbsp;**$12.87** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.35%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.95)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.57%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.11)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.15)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.55%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$6815 | &nbsp;&nbsp;$7228 | &nbsp;&nbsp;$10908 | &nbsp;&nbsp;$15391 | &nbsp;&nbsp;$24274 | &nbsp;&nbsp;$36398 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

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

<sup>(7)</sup> Amount is less than 0.005%.

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.98 | &nbsp;&nbsp;$11.37 | &nbsp;&nbsp;$11.15 | &nbsp;&nbsp;$11.41 | &nbsp;&nbsp;$12.89 | &nbsp;&nbsp;$12.35 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.75** | &nbsp;&nbsp;**$0.01** | &nbsp;&nbsp;**$0.61** | &nbsp;&nbsp;**$0.10** | &nbsp;&nbsp;**$(1.04)** | &nbsp;&nbsp;**$0.81** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.27) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.44)** | &nbsp;&nbsp;**$(0.27)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$11.53** | &nbsp;&nbsp;**$10.98** | &nbsp;&nbsp;**$11.37** | &nbsp;&nbsp;**$11.15** | &nbsp;&nbsp;**$11.41** | &nbsp;&nbsp;**$12.89** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.88%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.53%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.90%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.22)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.60%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$721562 | &nbsp;&nbsp;$631021 | &nbsp;&nbsp;$584101 | &nbsp;&nbsp;$490175 | &nbsp;&nbsp;$645430 | &nbsp;&nbsp;$1202483 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

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

<sup>(7)</sup> Amount is less than 0.005%.

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Notes to Financial Statements (Unaudited)

------

1 Significant Accounting Policies

Eaton Vance Municipal Opportunities Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund seeks to maximize after-tax total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the 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 the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

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

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

As of January 31, 2026, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

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

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

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

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

H Floating Rate Notes Issued in Conjunction with Securities Held—The Fund may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a Fund), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by the Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Fund accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes as a liability under the caption "Payable for floating rate notes issued" in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. Interest expense related to the Fund's liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the Fund 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. The Fund had no Floating Rate Notes outstanding during the six months ended January 31, 2026.

In certain circumstances, the Fund may enter into shortfall and forbearance agreements with brokers by which the Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Fund had no shortfalls as of January 31, 2026.

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

The Fund's investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Fund's investment policies do not allow the Fund to borrow money except as permitted by the 1940 Act. Effective August 19, 2022, the Fund 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 Fund has elected to treat its investments in residual interest bonds, along with similar financing transactions, as derivatives transactions subject to the Fund's value-at-risk (VaR)-based limits on leverage risk. The Fund 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 Fund are securities exempt from registration under Rule 144A of the Securities Act of 1933.

I When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that

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[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

J Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

K Interim Financial Statements—The interim financial statements relating to January 31, 2026 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

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

At July 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $54,983,404 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at July 31, 2025, $16,732,028 are short-term and $38,251,376 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2026, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$812021022** |
| Gross unrealized appreciation | &nbsp;&nbsp;$16673695 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7214112) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$9459583** |

---

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The investment adviser and administration fee is computed at an annual rate as a percentage of the Fund's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.550% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.530% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.515% |

---

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

For the six months ended January 31, 2026, the Fund's investment adviser and administration fee amounted to $2,263,036 or 0.59% (annualized) of the Fund's average daily net assets.

EVM has agreed to reimburse the Fund's operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.92%, 1.67% and 0.67% of the Fund's average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after December 1, 2026. Pursuant to this agreement, EVM waived and/or reimbursed $115,188 of the Fund's operating expenses for the six months ended January 31, 2026.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended January 31, 2026, EVM earned $4,280 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $2,924 as its portion of the sales charge on sales of Class A shares for the six months ended January 31, 2026. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on sales of Class A shares for the six months ended January 31, 2026 in the amount of $26,452. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended January 31, 2026 amounted to $93,189 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended January 31, 2026, the Fund paid or accrued to EVD $27,028 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended January 31, 2026 amounted to $9,009 for Class C shares.

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

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 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 six months ended January 31, 2026, the Fund was informed that EVD received less than $100 and $500 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, aggregated $427,823,477 and $404,307,632, respectively, for the six months ended January 31, 2026.

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

7 Shares of Beneficial Interest

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> January 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 1091952 | &nbsp;&nbsp;&nbsp;&nbsp;$12452972 | &nbsp;&nbsp;&nbsp;&nbsp; 2528040 | &nbsp;&nbsp;&nbsp;&nbsp;$28386140 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 101341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1152504 | &nbsp;&nbsp;&nbsp;&nbsp; 180866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2035706 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (829445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9415459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1561308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17556969) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **363848** | &nbsp;&nbsp;&nbsp;&nbsp;**$4190017** | &nbsp;&nbsp;&nbsp;&nbsp; **1147598** | &nbsp;&nbsp;&nbsp;&nbsp;**$12864877** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 71962 | &nbsp;&nbsp;&nbsp;&nbsp;$820475 | &nbsp;&nbsp;&nbsp;&nbsp; 100381 | &nbsp;&nbsp;&nbsp;&nbsp;$1132045 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 7770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88319 | &nbsp;&nbsp;&nbsp;&nbsp; 19717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222339 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (147075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1669990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (422082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4771636) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp; **(67343)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(761196)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(301984)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3417252)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;12002046 | &nbsp;&nbsp;&nbsp;&nbsp;$136330458 | &nbsp;&nbsp;&nbsp;&nbsp;26549955 | &nbsp;&nbsp;&nbsp;&nbsp;$298502037 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 977852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11140832 | &nbsp;&nbsp;&nbsp;&nbsp; 1835523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20691324 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(7864900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89163416) | &nbsp;&nbsp;&nbsp;&nbsp;(22315980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249932010) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **5114998** | &nbsp;&nbsp;&nbsp;&nbsp;**$58307874** | &nbsp;&nbsp;&nbsp;&nbsp; **6069498** | &nbsp;&nbsp;&nbsp;&nbsp;**$69261351** |

---

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally 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 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended January 31, 2026.

9 Fair Value Measurements

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

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

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

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

------

[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

Eaton Vance

Municipal Opportunities Fund

January 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

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

At January 31, 2026, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Closed-End Funds | &nbsp;&nbsp;$2108119 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2108119 |
| Tax-Exempt Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412942 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718024700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718024700 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58417767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58417767 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;2531985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2531985 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39985092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39985092 |
| **Total Investments** | &nbsp;&nbsp;**$4640104** | &nbsp;&nbsp;&nbsp;&nbsp;**$816840501** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$821480605** |

---

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[**Table of Contents**](#JOB_EV_AR_b6defee9-6391-4506-a3da-3f2e374b32e1_TOC)

EMOAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;1.31.26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Trustees since the Fund last provided disclosure in response to this item.

------

#### Item 16. Controls and Procedures
(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant's internal control 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

#### Item 19. Exhibits

---

| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d114809dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d114809dex99cert.htm#a) |
| (b) | [Combined Section 906 certification.](d114809dex99906cert.htm) |

---

------

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

---

| | |
|:---|:---|
| <u>Eaton Vance Municipals Trust</u> | <u>Eaton Vance Municipals Trust</u> |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | March 24, 2026 |

---

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

---

| | |
|:---|:---|
| By: | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |
| Date: | March 24, 2026 |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | March 24, 2026 |

---

## Ex-99.Cert

**Eaton Vance Municipals Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Municipals
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 24, 2026 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**Eaton Vance Municipals Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Kenneth A. Topping, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Municipals
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 24, 2026 | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Form N-CSR Item 19(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Eaton Vance Municipals Trust (the "**Trust**") that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Report of the **Trust** on Form N-CSR for the period ended
January 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the **Trust** for such period.

**A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.** 

---

| |
|:---|
| Eaton Vance Municipals Trust |
| Date: March 24, 2026 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: March 24, 2026 |
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |

---