# EDGAR Filing Document

**Accession Number:** 0000914529
**File Stem:** 0001193125-23-081828
**Filing Date:** 2023-3
**Character Count:** 789938
**Document Hash:** 54a0ad58de670a955adcee8b487bbad7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-081828.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001193125-23-081828

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**EFFECTIVENESS DATE**: 20230328

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EATON VANCE MUNICIPALS TRUST II
- **CENTRAL INDEX KEY:** 0000914529
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08134
- **FILM NUMBER:** 23767657

**BUSINESS ADDRESS:**
- **STREET 1:** TWO INTERNATIONAL PLACE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-482-8260

**MAIL ADDRESS:**
- **STREET 1:** TWO INTERNATIONAL PLACE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### Eaton Vance High Yield Municipal Income Fund (Series ID: S000004834)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000013069 | Eaton Vance High Yield Municipal Income Fund Class A | ETHYX           |
| C000013071 | Eaton Vance High Yield Municipal Income Fund Class C | ECHYX           |
| C000048637 | Eaton Vance High Yield Municipal Income Fund Class I | EIHYX           |
| C000231374 | Eaton Vance High Yield Municipal Income Fund Class W | EWHYX           |

### Parametric TABS Short-Term Municipal Bond Fund (Series ID: S000024906)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000074079 | Parametric TABS Short-Term Municipal Bond Fund Class A | EABSX           |
| C000074080 | Parametric TABS Short-Term Municipal Bond Fund Class C | ECBSX           |
| C000074081 | Parametric TABS Short-Term Municipal Bond Fund Class I | EIBSX           |

### Parametric TABS Intermediate-Term Municipal Bond Fund (Series ID: S000027033)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000081345 | Parametric TABS Intermediate-Term Municipal Bond Fund Class A | EITAX           |
| C000081346 | Parametric TABS Intermediate-Term Municipal Bond Fund Class C | EITCX           |
| C000081347 | Parametric TABS Intermediate-Term Municipal Bond Fund Class I | ETIIX           |

### Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (Series ID: S000027034)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000081348 | Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund Class A | EALTX           |
| C000081349 | Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund Class C | ECLTX           |
| C000081350 | Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund Class I | EILTX           |

### Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (Series ID: S000049164)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000154967 | Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund Class A | EALBX           |
| C000154968 | Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund Class C | ECLBX           |
| C000154969 | Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund Class I | EILBX           |

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**Form N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act File Number: 811-08134** 

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## Eaton Vance Municipals Trust II
**(Exact Name of Registrant as Specified in Charter)** 

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**Two International Place, Boston, Massachusetts 02110** 

**(Address of Principal Executive Offices)** 

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**Deidre E. Walsh** 

**Two International Place, Boston, Massachusetts 02110** 

**(Name and Address of Agent for Services)** 

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**(617) 482-8260** 

**(Registrant's Telephone Number)** 

**January 31** 

**Date of Fiscal Year End** 

**January 31, 2023** 

**Date of Reporting Period** 

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**Item 1. Reports to Stockholders** 

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![](g470791imgab76e0f41.gif)

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## Eaton Vance

## High Yield Municipal<br> Income Fund

## Annual Report
January 31, 2023

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![](g470791imgb92190dc2.gif)

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

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

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

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#### Annual Report January 31, 2023
Eaton Vance

High Yield Municipal Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_d639eda2-7ac7-4685-86b6-160a13784a83_1)** |  |
| [Management's Discussion of Fund Performance](#xx_4b0958c1-7495-4b77-b0a6-ad4164c1e98a_1) | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Performance](#xx_4b0958c1-7495-4b77-b0a6-ad4164c1e98a_2) | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| [Fund Profile](#xx_4b0958c1-7495-4b77-b0a6-ad4164c1e98a_3) | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| [Endnotes and Additional Disclosures](#xx_9ad5bd2a-afb5-4084-a692-25b9aaf23e66_1) | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| [Fund Expenses](#xx_b42d25eb-2725-4e8f-aba5-a711928adb8a_1) | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| [Financial Statements](#xx_cceaaef3-b411-426c-9e45-588a236a1971_1) | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| [Report of Independent Registered Public Accounting Firm](#xx_25a5bcf8-589f-4e87-9f4f-625680574a34_1) | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| [Federal Tax Information](#xx_b8588e7e-b1f0-41b4-a950-02d1b128581e_1) | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| [Management and Organization](#xx_baf326de-1880-4e71-8faf-389ecf8e1887_1) | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| [Privacy Notice](#xx_082afa5b-920c-4518-ac96-a854274e4c49_1) | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| [Important Notices](#xx_997be990-9352-471e-9c75-11aac742620e_1) | &nbsp;&nbsp;&nbsp;&nbsp;39 |

---

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Management's Discussion of Fund Performance<sup>†</sup>

------

Economic and Market Conditions

The volatile 12-month period starting February 1, 2022, encompassed the worst one-month performance for municipal bond returns since 2008 and the best one-month performance in 36 years.

As the period began, municipal rates -- along with U.S. Treasury rates -- rose as investors became increasingly concerned about the twin threats of inflation and interest rate hikes. On February 24, 2022, Russia's invasion of Ukraine sent shock waves through markets worldwide, exacerbating inflationary pressures on energy and food prices. In March, the U.S. Federal Reserve (the Fed) ended a two-year period of near-zero-percent interest rates with a 0.25% increase, its first hike since 2018.

As investors recognized the potential for the Fed to raise interest rates at every policy meeting in 2022 to combat inflation, the Bloomberg Municipal Bond Index (the Index), a broad measure of the municipal bond market, declined 8.98% during the first half of 2022. Municipal bond mutual funds, which had reported net inflows during all but one week of 2021, recorded their worst outflow cycle on record.

In July 2022, however, municipal bond performance briefly turned positive. Helped by a light supply of new issues and increased demand from the reinvestment of maturing debt and coupon payments, municipal mutual funds experienced their first net inflows since January.

From August through October 2022, municipal performance turned negative again. Fund outflows resumed as investors reacted to statements by Fed officials that they were not done with rate hikes and fighting inflation remained the central bank's top priority. After the Fed's third straight 0.75% rate hike, the Index fell 3.84% in September -- its worst one-month performance in 14 years.

But in the final months of the period, municipal performance made another U-turn. Despite the Fed announcing a fourth 0.75% rate hike in November, the Index rose 4.68% during the month -- its best monthly performance since 1986. The rally was driven by multiple factors, including Fed signals that future rate hikes might be smaller, lower supplies of new municipal bond issues, growing investor demand, and positive inflows into separately managed accounts and exchange-traded funds, or ETFs.

The Fed indeed delivered a smaller 0.50% rate hike in December, but raised expectations of how high rates might go in 2023. The Index -- helped by attractive yields and limited supply -- nonetheless eked out a slightly positive performance in December. As the period came to a close in January 2023, municipal bonds delivered a third straight month of positive performance, driven by a light supply of new issues and the return of inflows into open-end mutual funds

For the period as a whole, the Index returned -3.25% as interest rates rose and bond prices declined across the municipal bond yield curve. Municipal bonds outperformed U.S. Treasurys along the curve as well. Higher quality municipal bonds generally outperformed lower quality municipal bonds, reflecting decreased investor appetite for risk during the period.

Fund Performance

For the 12-month period ended January 31, 2023, Eaton Vance High Yield Municipal Income Fund (the Fund) returned -6.80% for Class A shares at net asset value (NAV), underperforming its benchmark, the Index, which returned -3.25%.

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

For the period as a whole, the municipal high yield asset class underperformed the investment-grade municipal asset class. The generally longer durations of high yield bonds -- compared to investment-grade bonds -- meant that high yield bonds were more negatively affected by the U.S. Federal Reserve's aggressive rate hikes during the period.

Detractors from Fund performance versus the Index during the period included an overweight position in bonds rated BBB and below, an overweight position in bonds with 17 years or more remaining to maturity, and security selections and an overweight position in the health care sector.

In contrast, contributors to Fund performance relative to the Index included an overweight position in Illinois bonds; security selections in the special tax sector; and the Fund's hedging strategy, which used U.S. Treasury futures to help mitigate interest rate volatility during the period.

As a risk-management tactic within the Fund's overall strategy, interest rate hedging is intended to moderate performance in both up and down markets. During a period when interest rates increased, the Fund's hedging strategy mitigated some of the negative effects of rising rates and contributed to Fund performance relative to the Index, which is unhedged.

*See Endnotes and Additional Disclosures in this report.*

*Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Performance

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **% Average Annual Total Returns<sup>1,2</sup>** | **Class <br> Inception Date** | **Performance <br> Inception Date** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;Class A at NAV | 08/07/1995 | 08/07/1995 | (6.80)% | 1.91% | 3.20% |
| &nbsp;&nbsp;Class A with 3.25% Maximum Sales Charge |  |  | (9.87) | 1.24 | 2.86 |
| &nbsp;&nbsp;Class C at NAV | 06/18/1997 | 08/07/1995 | (7.49) | 1.18 | 2.59 |
| &nbsp;&nbsp;Class C with 1% Maximum Deferred Sales Charge |  |  | (8.39) | 1.18 | 2.59 |
| &nbsp;&nbsp;Class I at NAV | 05/09/2007 | 08/07/1995 | (6.55) | 2.19 | 3.46 |
| &nbsp;&nbsp;Class W at NAV | 10/01/2021 | 08/07/1995 | (6.23) | 2.28 | 3.51 |
| &nbsp;&nbsp;Bloomberg Municipal Bond Index |  |  | (3.25)% | 2.07% | 2.38% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **% Total Annual Operating Expense Ratios<sup>3</sup>** | **Class A** | **Class C** | **Class I** | **Class W** |
| &nbsp;&nbsp;Gross | 0.76% | 1.51% | 0.51% | 0.48% |
| &nbsp;&nbsp;Net | 0.76 | 1.51 | 0.51 | 0.09 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **% Distribution Rates/Yields<sup>4</sup>** | **Class A** | **Class C** | **Class I** | **Class W** |
| &nbsp;&nbsp;Distribution Rate | 3.93% | 3.18% | 4.17% | 4.65% |
| &nbsp;&nbsp;Taxable-Equivalent Distribution Rate | 6.63 | 5.37 | 7.05 | 7.85 |
| &nbsp;&nbsp;SEC 30-day Yield | 3.60 | 2.97 | 3.97 | 4.44 |
| &nbsp;&nbsp;Taxable-Equivalent SEC 30-day Yield | 6.08 | 5.02 | 6.70 | 7.50 |

---

---

| | |
|:---|:---|
| **% Total Leverage<sup>5</sup>** | |
| &nbsp;&nbsp;Residual Interest Bond (RIB) Financing | &nbsp;&nbsp;7.12% |

---

Growth of $10,000

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

![](g470791img5342780c3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Growth of Investment<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount Invested** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Period Beginning** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**At NAV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**With Maximum Sales Charge** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/2012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.A. |
| &nbsp;&nbsp;Class I, at minimum investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/2012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1405223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.A. |
| &nbsp;&nbsp;Class W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/2012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.A. |

---

*See Endnotes and Additional Disclosures in this report.*

*Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Fund Profile

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Credit Quality (% of total investments)<sup>1,2</sup>

![](g470791img22b362af4.jpg)

Footnotes:

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

<sup>2</sup> The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Endnotes and Additional Disclosures

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

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

<sup>2</sup> Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class W is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.

<sup>3</sup> Source: Fund prospectus. Net expense ratio for Class W reflects a contractual expense reimbursement of investment advisory fees that continues through 5/31/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

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

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| |
|:---|
| Fund profile subject to change due to active management. |
| Additional Information |
| Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. |

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Fund Expenses

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#### Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023).

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Beginning <br> Account Value<br> (8/1/22)** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending <br> Account Value<br> (1/31/23)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses Paid<br> During Period\*<br> (8/1/22 – 1/31/23)** | &nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** |
| **Actual** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$993.40 | &nbsp;&nbsp;&nbsp;&nbsp;$5.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$990.10 | &nbsp;&nbsp;&nbsp;&nbsp;$8.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$994.70 | &nbsp;&nbsp;&nbsp;&nbsp;$3.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| Class W | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$995.90 | &nbsp;&nbsp;&nbsp;&nbsp;$1.11\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.22% |
| **Hypothetical** |  |  |  |  |
| (5% return per year before expenses) |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1020.16 | &nbsp;&nbsp;&nbsp;&nbsp;$5.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1016.33 | &nbsp;&nbsp;&nbsp;&nbsp;$8.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1021.43 | &nbsp;&nbsp;&nbsp;&nbsp;$3.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| Class W | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.10 | &nbsp;&nbsp;&nbsp;&nbsp;$1.12\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.22% |

---

\* Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2022.

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

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Portfolio of Investments

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Corporate Bonds — 2.0%

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| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital — 1.2% | Hospital — 1.2% | Hospital — 1.2% |
| Boston Medical Center Corp., 4.581%, 7/1/47 | $4165 | &nbsp;&nbsp;$3653862 |
| Harnett Health System, Inc., 4.25% to 4/1/25 (Put Date), 4/1/32 | 5365 | &nbsp;&nbsp;&nbsp;&nbsp; 5284525 |
| Montefiore Obligated Group, 4.287%, 9/1/50 | 8915 | &nbsp;&nbsp;&nbsp;&nbsp; 5654880 |
|  |  | &nbsp;&nbsp;**$14593267** |
| Other — 0.8% | Other — 0.8% | Other — 0.8% |
| Morongo Band of Mission Indians, 7.00%, 10/1/39<sup>(1)</sup> | $7980 | &nbsp;&nbsp;$8813591 |
|  |  | &nbsp;&nbsp;**$8813591** |
| Total Corporate Bonds<br> (identified cost $26,387,200) |  | &nbsp;&nbsp;**$23406858** |

---

Tax-Exempt Municipal Obligations — 99.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cogeneration — 0.0%<sup>(2)</sup> | Cogeneration — 0.0%<sup>(2)</sup> | Cogeneration — 0.0%<sup>(2)</sup> |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;$102093 |
|  |  | &nbsp;&nbsp;**$102093** |
| Education — 4.3% | Education — 4.3% | Education — 4.3% |
| Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/39<sup>(1)</sup> | $1270 | &nbsp;&nbsp;$1244384 |
| Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp; 735107 |
| Build NYC Resource Corp., NY, (East Harlem Scholars Academy Charter School), Social Bonds, 5.75%, 6/1/52<sup>(1)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1546860 |
| Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 6/15/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 542984 |
| &nbsp;&nbsp;&nbsp;5.375%, 6/15/48<sup>(1)</sup> | 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 967888 |
| Capital Trust Agency, FL, (Liza Jackson Preparatory School, Inc.), 5.00%, 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 328861 |
| Colorado Educational and Cultural Facilities Authority, (Aspen View Academy): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 89806 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 421860 |
| District of Columbia, (KIPP DC): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 243722 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| District of Columbia, (KIPP DC): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;$329217 |
| District of Columbia, (Rocketship DC Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/41<sup>(1)</sup> | 1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1180040 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/49<sup>(1)</sup> | 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 1999515 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/61<sup>(1)</sup> | 1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1086699 |
| Florida Development Finance Corp., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%, 7/1/51<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 795290 |
| Florida Development Finance Corp., (River City Science Academy Project), 4.00%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 630300 |
| Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 677227 |
| Indiana Finance Authority, (KIPP Indianapolis, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 143994 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 436673 |
| Los Ranchos de Albuquerque, NM, (Albuquerque Academy): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 310827 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/40 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1204704 |
| Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/51<sup>(1)</sup> | 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1296240 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/56<sup>(1)</sup> | 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 926431 |
| Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/46 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4093960 |
| Public Finance Authority, WI, (North Carolina Leadership Academy): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 254456 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 198965 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 240300 |
| Public Finance Authority, WI, (Roseman University of Health Sciences): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/52<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 768930 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 832297 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/50<sup>(1)</sup> | 2510 | &nbsp;&nbsp;&nbsp;&nbsp; 2371322 |
| Romeoville, IL, (Lewis University), 5.00%, 10/1/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016690 |
| San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 4.00%, 4/1/54 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1634360 |
| Tennessee State School Bond Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 426337 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/52<sup>(4)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 11219400 |
| University of California, 5.00%, 5/15/38<sup>(4)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10059800 |
| Wisconsin Health and Educational Facilities Authority, (Hmong American Peace Academy, Ltd.), 4.00%, 3/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 689782 |
|  |  | &nbsp;&nbsp;**$50945228** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities — 2.7% | Electric Utilities — 2.7% | Electric Utilities — 2.7% |
| Arkansas River Power Authority, CO, 5.00%, 10/1/43 | $4235 | &nbsp;&nbsp;$4283914 |
| Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45 | 15890 | &nbsp;&nbsp;&nbsp;&nbsp; 14897988 |
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39 | 2010 | &nbsp;&nbsp;&nbsp;&nbsp; 1732620 |
| South Carolina Public Service Authority, 5.75%, 12/1/47 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 11189300 |
|  |  | &nbsp;&nbsp;**$32103822** |
| Escrowed/Prerefunded — 2.6% | Escrowed/Prerefunded — 2.6% | Escrowed/Prerefunded — 2.6% |
| Build NYC Resource Corp., NY, (YMCA of Greater New York), Prerefunded to 8/1/25, 4.00%, 8/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;$912975 |
| East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;Prerefunded to 7/1/24, 5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 775710 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 7/1/24, 5.00%, 7/1/39 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1292850 |
| Illinois Finance Authority, (Plymouth Place, Inc.), Prerefunded to 5/15/25, 5.00%, 5/15/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058950 |
| Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), Prerefunded to 11/15/24, 4.25%, 11/15/41 | 3940 | &nbsp;&nbsp;&nbsp;&nbsp; 4070966 |
| New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Galveston I, LLC - Texas A&M University): |  |  |
| &nbsp;&nbsp;&nbsp;Prerefunded to 4/1/24, 5.00%, 4/1/34 | 3885 | &nbsp;&nbsp;&nbsp;&nbsp; 3984961 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 4/1/24, 5.00%, 4/1/39 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3590055 |
| New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 12/15/28, 5.00%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 660192 |
| San Joaquin Hills Transportation Corridor Agency, CA, Prerefunded to 1/15/25, 5.00%, 1/15/44 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10543300 |
| Savannah Economic Development Authority, GA, (Marshes Skidaway Island Project), Prerefunded to 1/1/24, 7.00%, 1/1/34 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3119640 |
| Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33 | 1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1503015 |
|  |  | &nbsp;&nbsp;**$31512614** |
| General Obligations — 11.4% | General Obligations — 11.4% | General Obligations — 11.4% |
| Beaverton School District 48J, OR, 5.00%, 6/15/52<sup>(4)</sup> | $15000 | &nbsp;&nbsp;$16896900 |
| Centennial Independent School District No. 12, Circle Pines, MN, 0.00%, 2/1/31 | 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 929885 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/26 | 1595 | &nbsp;&nbsp;&nbsp;&nbsp; 1659661 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | 5560 | &nbsp;&nbsp;&nbsp;&nbsp; 5747483 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | 3550 | &nbsp;&nbsp;&nbsp;&nbsp; 3604812 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | 6950 | &nbsp;&nbsp;&nbsp;&nbsp; 6949374 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4015040 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Chicago, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/40 | $2000 | &nbsp;&nbsp;$2028500 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7033390 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/38 | 6750 | &nbsp;&nbsp;&nbsp;&nbsp; 7266982 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2121160 |
| Detroit, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1474662 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 910828 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 620715 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 652703 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 378126 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/1/45 | 1930 | &nbsp;&nbsp;&nbsp;&nbsp; 2000426 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/1/50 | 3620 | &nbsp;&nbsp;&nbsp;&nbsp; 3732365 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/40 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3800520 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/30 | 7200 | &nbsp;&nbsp;&nbsp;&nbsp; 7573536 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/33 | 9480 | &nbsp;&nbsp;&nbsp;&nbsp; 10073164 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/35 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3547705 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | 8125 | &nbsp;&nbsp;&nbsp;&nbsp; 8320569 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/30 | 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2822316 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/39 | 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1178701 |
| &nbsp;&nbsp;&nbsp;5.50%, 3/1/47 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2148340 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45 | 1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1197878 |
| Leander Independent School District, 5.00%, 8/15/47<sup>(4)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5550800 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 177879 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp; 424221 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/33 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4218030 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp; 318615 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 3343 | &nbsp;&nbsp;&nbsp;&nbsp; 3560441 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | 9280 | &nbsp;&nbsp;&nbsp;&nbsp; 10084866 |
| Sherwood School District No. 88J, OR, 0.00%, 6/15/37 | 3630 | &nbsp;&nbsp;&nbsp;&nbsp; 1949455 |
| Ysleta Independent School District, TX, (PSF Guaranteed), 4.25%, 8/15/56 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1521720 |
|  |  | &nbsp;&nbsp;**$136491768** |
| Hospital — 6.1% | Hospital — 6.1% | Hospital — 6.1% |
| California Municipal Finance Authority, (NorthBay Healthcare Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;$556683 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 505540 |
| California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033060 |
| California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/48 | 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2481336 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44 | $1655 | &nbsp;&nbsp;$1594741 |
| Colorado Health Facilities Authority, (CommonSpirit Health Obligations), 5.50%, 11/1/47 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4340160 |
| Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/46 | 3175 | &nbsp;&nbsp;&nbsp;&nbsp; 3266281 |
| Cuyahoga County, OH, (The MetroHealth System): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/31 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1584285 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/32 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1581810 |
| Decatur Hospital Authority, TX, (Wise Health System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/34 | 1604 | &nbsp;&nbsp;&nbsp;&nbsp; 1500494 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/44 | 9039 | &nbsp;&nbsp;&nbsp;&nbsp; 7655219 |
| Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34 | 2965 | &nbsp;&nbsp;&nbsp;&nbsp; 3031801 |
| Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), Prerefunded to 6/1/23, 6.00%, 6/1/39 | 3805 | &nbsp;&nbsp;&nbsp;&nbsp; 3844800 |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/37 | 4385 | &nbsp;&nbsp;&nbsp;&nbsp; 4330319 |
| Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/40 | 1120 | &nbsp;&nbsp;&nbsp;&nbsp; 1088338 |
| Muskingum County, OH, (Genesis HealthCare System Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/33 | 2775 | &nbsp;&nbsp;&nbsp;&nbsp; 2776609 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/48 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2744850 |
| New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/48 | 6265 | &nbsp;&nbsp;&nbsp;&nbsp; 5254080 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1744173 |
| New York Dormitory Authority, (Orange Regional Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/32<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026570 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009810 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/40<sup>(1)</sup> | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2268651 |
| Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/35 | 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 3105952 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children's Medical Center), 5.25%, 12/1/39<sup>(4)</sup> | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7099260 |
| Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/38 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2466550 |
| West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), Prerefunded to 6/1/23, 5.375%, 6/1/38 | 2580 | &nbsp;&nbsp;&nbsp;&nbsp; 2604046 |
| Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2523675 |
|  |  | &nbsp;&nbsp;**$73019093** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 2.4% | Housing — 2.4% | Housing — 2.4% |
| CMFA Special Finance Agency, CA, (Solana at Grand), 4.00%, 8/1/56<sup>(1)</sup> | $4000 | &nbsp;&nbsp;$3529920 |
| CSCDA Community Improvement Authority, CA, Essential Housing Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.00%, 12/1/56<sup>(1)</sup> | 8895 | &nbsp;&nbsp;&nbsp;&nbsp; 6345515 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.00%, 3/1/57<sup>(1)</sup> | 6100 | &nbsp;&nbsp;&nbsp;&nbsp; 4291899 |
| Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 4.00%, 7/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 973030 |
| Maryland Economic Development Corp., (University of Maryland), 5.75%, 7/1/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2202940 |
| National Finance Authority, NH, Municipal Certificates, Series 2022-2, Class A, 4.00%, 10/20/36 | 6972 | &nbsp;&nbsp;&nbsp;&nbsp; 6761112 |
| Public Finance Authority, WI, (University of Hawaii Foundation), Green and Social Bonds, 4.00%, 7/1/51<sup>(1)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 1976050 |
| Texas Student Housing Corp., (University of North Texas): |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, 7/1/06<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 860000 |
| &nbsp;&nbsp;&nbsp;11.00%, 7/1/31<sup>(5)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp;**$28940466** |
| Industrial Development Revenue — 12.6% | Industrial Development Revenue — 12.6% | Industrial Development Revenue — 12.6% |
| Arkansas Development Finance Authority, (Big River Steel), (AMT), 4.50%, 9/1/49<sup>(1)</sup> | $7750 | &nbsp;&nbsp;$7024677 |
| Arkansas Development Finance Authority, (United States Steel Corp.), Green Bonds, (AMT), 5.45%, 9/1/52<sup>(1)</sup> | 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 8204592 |
| Denver City and County, CO, (United Airlines), (AMT), 5.00%, 10/1/32 | 1890 | &nbsp;&nbsp;&nbsp;&nbsp; 1895727 |
| Henderson, KY, (Pratt Paper, LLC), (AMT), 4.70%, 1/1/52<sup>(1)</sup> | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4321125 |
| Houston, TX, (United Airlines, Inc. Terminal E Project), (AMT), 4.75%, 7/1/24 | 3850 | &nbsp;&nbsp;&nbsp;&nbsp; 3856430 |
| Houston, TX, (United Airlines, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 7/15/41 | 4595 | &nbsp;&nbsp;&nbsp;&nbsp; 4141244 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/15/27 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1798913 |
| Iowa Finance Authority, (Iowa Fertilizer Co.), 5.00%, 12/1/50 | 11500 | &nbsp;&nbsp;&nbsp;&nbsp; 11579120 |
| Jefferson County Port Authority, OH, (JSW Steel USA Ohio, Inc.), (AMT), 3.50%, 12/1/51<sup>(1)</sup> | 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 3818220 |
| Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38 | 4050 | &nbsp;&nbsp;&nbsp;&nbsp; 3969081 |
| Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35<sup>(1)</sup> | 1880 | &nbsp;&nbsp;&nbsp;&nbsp; 1895529 |
| Maricopa County Industrial Development Authority, AZ, (Commercial Metals Co.), (AMT), 4.00%, 10/15/47<sup>(1)</sup> | 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2249612 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue (continued) | Industrial Development Revenue (continued) | Industrial Development Revenue (continued) |
| Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42 | $6500 | &nbsp;&nbsp;$6501690 |
| Maryland Economic Development Corp., (AFCO Cargo), (AMT), 3.50%, 7/1/24<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp; 790993 |
| Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-1, 4.00%, 6/1/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001540 |
| National Finance Authority, NH, (Covanta): |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/1/42<sup>(1)</sup> | 6335 | &nbsp;&nbsp;&nbsp;&nbsp; 5693011 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.875%, 11/1/42<sup>(1)</sup> | 6965 | &nbsp;&nbsp;&nbsp;&nbsp; 6467769 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 3.75% to 7/2/40 (Put Date), 7/1/45<sup>(1)</sup> | 8890 | &nbsp;&nbsp;&nbsp;&nbsp; 7186320 |
| New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), 2.95%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 428093 |
| New Jersey Economic Development Authority, (Continental Airlines): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 9/15/29 | 8285 | &nbsp;&nbsp;&nbsp;&nbsp; 8372738 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 6/1/33 | 4375 | &nbsp;&nbsp;&nbsp;&nbsp; 4431350 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.625%, 11/15/30 | 3860 | &nbsp;&nbsp;&nbsp;&nbsp; 3952717 |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44<sup>(1)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1898520 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 10/1/40 | 21725 | &nbsp;&nbsp;&nbsp;&nbsp; 22237275 |
| Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 972980 |
| Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35 | 13570 | &nbsp;&nbsp;&nbsp;&nbsp; 13569593 |
| Public Finance Authority, WI, (Celanese Corp.), (AMT), 4.30%, 11/1/30 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4896450 |
| Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38<sup>(1)</sup> | 6290 | &nbsp;&nbsp;&nbsp;&nbsp; 5950780 |
| Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 469281 |
| Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48<sup>(1)</sup> | 1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1380182 |
|  |  | &nbsp;&nbsp;**$150955552** |
| Insured - Escrowed/Prerefunded — 1.0% | Insured - Escrowed/Prerefunded — 1.0% | Insured - Escrowed/Prerefunded — 1.0% |
| Irvington Township, NJ, (AGM), Prerefunded to 7/15/24, 5.00%, 7/15/32 | $1000 | &nbsp;&nbsp;$1037400 |
| North Texas Tollway Authority, (AGC), Prerefunded to 1/1/25, 6.20%, 1/1/42 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10715500 |
|  |  | &nbsp;&nbsp;**$11752900** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations — 1.2% | Insured - General Obligations — 1.2% | Insured - General Obligations — 1.2% |
| Atlantic City, NJ, (AGM), 4.00%, 3/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;$482443 |
| McHenry County Community Unit School District No. 12, IL, (Johnsburg): |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 1/1/31 | 3175 | &nbsp;&nbsp;&nbsp;&nbsp; 3242056 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 1/1/32 | 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1240552 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 1/1/33 | 1405 | &nbsp;&nbsp;&nbsp;&nbsp; 1434280 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 7/1/34 | 2810 | &nbsp;&nbsp;&nbsp;&nbsp; 2869600 |
| Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5073900 |
|  |  | &nbsp;&nbsp;**$14342831** |
| Insured - Hospital — 0.3% | Insured - Hospital — 0.3% | Insured - Hospital — 0.3% |
| California Statewide Communities Development Authority, (Enloe University Medical Center), (AGM), 5.25%, 8/15/52 | $&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$649506 |
| Grand Forks, ND, (Altru Health System), (AGM), 3.00%, 12/1/51 | 4585 | &nbsp;&nbsp;&nbsp;&nbsp; 3397944 |
|  |  | &nbsp;&nbsp;**$4047450** |
| Insured - Other Revenue — 2.3% | Insured - Other Revenue — 2.3% | Insured - Other Revenue — 2.3% |
| Harris County-Houston Sports Authority, TX: |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), (NPFG), 0.00%, 11/15/34 | $12700 | &nbsp;&nbsp;$7368794 |
| &nbsp;&nbsp;&nbsp;(NPFG), 0.00%, 11/15/26 | 9395 | &nbsp;&nbsp;&nbsp;&nbsp; 8226732 |
| &nbsp;&nbsp;&nbsp;(NPFG), 0.00%, 11/15/28 | 9600 | &nbsp;&nbsp;&nbsp;&nbsp; 7770240 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 0.00%, 11/15/26 | 1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1014549 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 0.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 345692 |
| New York City Industrial Development Agency, NY, (Yankee Stadium), (AGC), 0.00%, 3/1/34 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 2317385 |
|  |  | &nbsp;&nbsp;**$27043392** |
| Insured - Special Tax Revenue — 2.7% | Insured - Special Tax Revenue — 2.7% | Insured - Special Tax Revenue — 2.7% |
| Illinois Sports Facilities Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 6/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$693548 |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 6/15/26 | 2380 | &nbsp;&nbsp;&nbsp;&nbsp; 2135312 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (BAM), 4.00%, 12/15/42 | 4060 | &nbsp;&nbsp;&nbsp;&nbsp; 3884689 |
| Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, 10/1/39 | 14500 | &nbsp;&nbsp;&nbsp;&nbsp; 18139790 |
| Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AGM), 5.375%, 11/15/52 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2218840 |
| Tolomato Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 3.75%, 5/1/39 | 2515 | &nbsp;&nbsp;&nbsp;&nbsp; 2485021 |
| &nbsp;&nbsp;&nbsp;(AGM), 3.75%, 5/1/40 | 2985 | &nbsp;&nbsp;&nbsp;&nbsp; 2910435 |
|  |  | &nbsp;&nbsp;**$32467635** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Transportation — 1.4% | Insured - Transportation — 1.4% | Insured - Transportation — 1.4% |
| Chicago, IL, (O'Hare International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 5.25%, 1/1/32 | $1500 | &nbsp;&nbsp;$1503300 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.25%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 651411 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.50%, 1/1/43 | 1355 | &nbsp;&nbsp;&nbsp;&nbsp; 1375528 |
| E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37 | 6665 | &nbsp;&nbsp;&nbsp;&nbsp; 3360293 |
| Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, (0.00% until 1/15/24), 1/15/32 | 1955 | &nbsp;&nbsp;&nbsp;&nbsp; 2241368 |
| Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30 | 9440 | &nbsp;&nbsp;&nbsp;&nbsp; 7496776 |
|  |  | &nbsp;&nbsp;**$16628676** |
| Insured - Water and Sewer — 0.7% | Insured - Water and Sewer — 0.7% | Insured - Water and Sewer — 0.7% |
| Jefferson County, AL, Sewer Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 0.00%, 10/1/27 | $2155 | &nbsp;&nbsp;$1744731 |
| &nbsp;&nbsp;&nbsp;(AGM), 0.00%, 10/1/28 | 3965 | &nbsp;&nbsp;&nbsp;&nbsp; 3007373 |
| &nbsp;&nbsp;&nbsp;(AGM), 0.00%, 10/1/29 | 3035 | &nbsp;&nbsp;&nbsp;&nbsp; 2151360 |
| &nbsp;&nbsp;&nbsp;(AGM), 0.00%, 10/1/30 | 2580 | &nbsp;&nbsp;&nbsp;&nbsp; 1705045 |
|  |  | &nbsp;&nbsp;**$8608509** |
| Lease Revenue/Certificates of Participation — 2.3% | Lease Revenue/Certificates of Participation — 2.3% | Lease Revenue/Certificates of Participation — 2.3% |
| Baltimore, MD, (Harbor Point), 5.00%, 6/1/51<sup>(1)</sup> | $1600 | &nbsp;&nbsp;$1566880 |
| Charleston Educational Excellence Financing Corp., SC, (Charleston County School District), Prerefunded to 12/1/23, 5.00%, 12/1/29<sup>(4)</sup> | 10875 | &nbsp;&nbsp;&nbsp;&nbsp; 11106094 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/57 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3017820 |
| &nbsp;&nbsp;&nbsp;5.50%, 6/15/53 | 2420 | &nbsp;&nbsp;&nbsp;&nbsp; 2463971 |
| New Jersey Economic Development Authority, (School Facilities Construction): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 1002915 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/44 | 8290 | &nbsp;&nbsp;&nbsp;&nbsp; 8706904 |
|  |  | &nbsp;&nbsp;**$27864584** |
| Nursing Home — 0.0%<sup>(2)</sup> | Nursing Home — 0.0%<sup>(2)</sup> | Nursing Home — 0.0%<sup>(2)</sup> |
| Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25 | $&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;$316783 |
|  |  | &nbsp;&nbsp;**$316783** |
| Other Revenue — 3.8% | Other Revenue — 3.8% | Other Revenue — 3.8% |
| Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | $31130 | &nbsp;&nbsp;$29729150 |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35<sup>(5)</sup> | 6250 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 |
| Golden State Tobacco Securitization Corp., CA, 5.00%, 6/1/51 | 2940 | &nbsp;&nbsp;&nbsp;&nbsp; 3127484 |

---

---

| | | |
|:---|:---|:---|
| **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, Series A, 5.25%, 1/1/38<sup>(1)</sup> | $1260 | &nbsp;&nbsp;$1316864 |
| Military Installation Development Authority, UT, 4.00%, 6/1/41 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1246635 |
| Morongo Band of Mission Indians, CA, 5.00%, 10/1/42<sup>(1)</sup> | 2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2060991 |
| Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37 | 5465 | &nbsp;&nbsp;&nbsp;&nbsp; 5796999 |
| Will and Kankakee Counties Community Unit School District No. 255-U, IL, 4.00%, 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 725095 |
|  |  | &nbsp;&nbsp;**$45128218** |
| Senior Living/Life Care — 10.6% | Senior Living/Life Care — 10.6% | Senior Living/Life Care — 10.6% |
| California Public Finance Authority, (Enso Village), Green Bonds, 3.125%, 5/15/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;$323410 |
| Atlantic Beach, FL, (Fleet Landing): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/37 | 7945 | &nbsp;&nbsp;&nbsp;&nbsp; 7945556 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 998840 |
| California Municipal Finance Authority, (Mt. San Antonio Gardens), 4.00%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 666688 |
| Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/37 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3142847 |
| Clackamas County Hospital Facility Authority, OR, (Mary's Woods at Marylhurst), 5.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 377069 |
| Clackamas County Hospital Facility Authority, OR, (Rose Villa): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 232083 |
| &nbsp;&nbsp;&nbsp;5.375%, 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 279288 |
| Colorado Health Facilities Authority, (Aberdeen Ridge): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/44 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 1902487 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/58 | 2525 | &nbsp;&nbsp;&nbsp;&nbsp; 1968894 |
| Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 743985 |
| Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 926870 |
| District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1539472 |
| Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 888310 |
| Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125043 |
| Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 415344 |
| &nbsp;&nbsp;&nbsp;6.375%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 655806 |
| Howard County, MD, (Vantage House), 5.00%, 4/1/36 | 1725 | &nbsp;&nbsp;&nbsp;&nbsp; 1605026 |
| Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 355912 |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **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) |
| Iowa Finance Authority, (Lifespace Communities, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 5/15/38 | $1500 | &nbsp;&nbsp;$1236795 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/43 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2438397 |
| Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2545750 |
| Massachusetts Development Finance Agency, (Linden Ponds, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/33<sup>(1)</sup> | 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1645526 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/38<sup>(1)</sup> | 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1050198 |
| Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/37<sup>(1)</sup> | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1118667 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/47<sup>(1)</sup> | 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1267379 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/57<sup>(1)</sup> | 2410 | &nbsp;&nbsp;&nbsp;&nbsp; 2306683 |
| Massachusetts Development Finance Agency, (Orchard Cove, Inc.), 5.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 376175 |
| Massachusetts Development Finance Agency, (Salem Community Corp.), 5.125%, 1/1/40 | 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 959983 |
| Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/30<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 17750 |
| Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1300182 |
| Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/48 | 9045 | &nbsp;&nbsp;&nbsp;&nbsp; 8304124 |
| Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront): |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 10/1/34 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2505150 |
| &nbsp;&nbsp;&nbsp;5.40%, 10/1/44 | 1770 | &nbsp;&nbsp;&nbsp;&nbsp; 1767610 |
| National Finance Authority, NH, (The Vista): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 554159 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 529637 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/54<sup>(1)</sup> | 1745 | &nbsp;&nbsp;&nbsp;&nbsp; 1664608 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/37 | 6320 | &nbsp;&nbsp;&nbsp;&nbsp; 6183362 |
| New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven), 6.75%, 10/1/52 | 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15040200 |
| Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/25 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1562256 |
| &nbsp;&nbsp;&nbsp;4.375%, 1/1/39 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1036775 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/49 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 4969920 |
| North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37 | 1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1742067 |
| North Carolina Medical Care Commission, (Pennybyrn at Maryfield), 5.00%, 10/1/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 946740 |

---

---

| | | |
|:---|:---|:---|
| **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) |
| Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27<sup>(1)</sup> | $6000 | &nbsp;&nbsp;$5871660 |
| Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/1/56 | 1835 | &nbsp;&nbsp;&nbsp;&nbsp; 1402068 |
| Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 747285 |
| South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25<sup>(1)</sup> | 1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1526758 |
| South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/30 | 1945 | &nbsp;&nbsp;&nbsp;&nbsp; 1889023 |
| St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis), 5.00%, 9/1/38 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1220863 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks): |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 711551 |
| &nbsp;&nbsp;&nbsp;6.75%, 11/15/51 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3106967 |
| &nbsp;&nbsp;&nbsp;6.875%, 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 193046 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/44 | 5130 | &nbsp;&nbsp;&nbsp;&nbsp; 5109275 |
| Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.125%, 10/1/52<sup>(1)</sup> | 3350 | &nbsp;&nbsp;&nbsp;&nbsp; 2985252 |
| Warren County, OH, (Otterbein Homes Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | 1975 | &nbsp;&nbsp;&nbsp;&nbsp; 2005672 |
| &nbsp;&nbsp;&nbsp;5.50%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 506210 |
| Washington Housing Finance Commission, (Bayview Manor Homes): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36<sup>(1)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1363035 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/46<sup>(1)</sup> | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1036413 |
| Washington Housing Finance Commission, (Horizon House): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/43<sup>(1)</sup> | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4003240 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/48<sup>(1)</sup> | 2410 | &nbsp;&nbsp;&nbsp;&nbsp; 2392913 |
| Washington Housing Finance Commission, (Transforming Age): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44<sup>(1)</sup> | 2780 | &nbsp;&nbsp;&nbsp;&nbsp; 2312182 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 559246 |
|  |  | &nbsp;&nbsp;**$127105682** |
| Special Tax Revenue — 9.7% | Special Tax Revenue — 9.7% | Special Tax Revenue — 9.7% |
| Aliso Viejo Community Facilities District No. 2005-01, CA, (Glenwood at Aliso Viejo), 5.00%, 9/1/38 | $6985 | &nbsp;&nbsp;$7081533 |
| Conroe Local Government Corp., TX, (Conroe Convention Center Hotel): |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp; 597649 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/50<sup>(1)</sup> | 1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1368792 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Irvine Community Facilities District No. 2013-3, CA, (Great Park), 5.00%, 9/1/39 | $2000 | &nbsp;&nbsp;$2031540 |
| Jurupa Public Financing Authority, CA, 5.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 619866 |
| Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South), 5.00%, 5/1/36 | 4090 | &nbsp;&nbsp;&nbsp;&nbsp; 4125869 |
| Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 491020 |
| Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development Project), 5.125%, 6/1/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 920772 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 5.00%, 6/15/50 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5080850 |
| Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29 | 4460 | &nbsp;&nbsp;&nbsp;&nbsp; 4505849 |
| New River Community Development District, FL, (Capital Improvements): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/13<sup>(5)</sup> | 1005 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/38 | 1105 | &nbsp;&nbsp;&nbsp;&nbsp; 1114846 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/46<sup>(4)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 11178100 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/1/45<sup>(4)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 11730400 |
| New York Dormitory Authority, Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/46 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4941500 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/37<sup>(4)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10418000 |
| Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 4.00%, 12/1/51 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4871100 |
| Puerto Rico Sales Tax Financing Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/46 | 6880 | &nbsp;&nbsp;&nbsp;&nbsp; 1897848 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/51 | 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 2299110 |
| &nbsp;&nbsp;&nbsp;4.329%, 7/1/40 | 4995 | &nbsp;&nbsp;&nbsp;&nbsp; 4794301 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/58 | 21175 | &nbsp;&nbsp;&nbsp;&nbsp; 20915394 |
| Reno, NV, Sales Tax Revenue, 4.00%, 6/1/43 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1236837 |
| South Orange County Public Financing Authority, CA, (Ladera Ranch): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/31 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1517055 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010870 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 454748 |
| South Village Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 792481 |
| &nbsp;&nbsp;&nbsp;3.625%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 483157 |
| &nbsp;&nbsp;&nbsp;3.75%, 5/1/38 | 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 975014 |
| &nbsp;&nbsp;&nbsp;4.875%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 501855 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100288 |
| Southern Hills Plantation I Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;Series A1, 5.80%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;&nbsp; 908425 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Southern Hills Plantation I Community Development District, FL: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A2, 5.80%, 5/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;$543700 |
| St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 412556 |
| Tolomato Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 5/1/32 | 1540 | &nbsp;&nbsp;&nbsp;&nbsp; 1339076 |
| &nbsp;&nbsp;&nbsp;3.25%, 5/1/40 | 2865 | &nbsp;&nbsp;&nbsp;&nbsp; 2230918 |
| Winter Garden Village at Fowler Groves Community Development District, FL, 4.125%, 5/1/37 | 3405 | &nbsp;&nbsp;&nbsp;&nbsp; 3180508 |
|  |  | &nbsp;&nbsp;**$116671837** |
| Student Loan — 0.4% | Student Loan — 0.4% | Student Loan — 0.4% |
| New Jersey Higher Education Student Assistance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 12/1/30 | $1795 | &nbsp;&nbsp;$1800654 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.75%, 12/1/43 | 2765 | &nbsp;&nbsp;&nbsp;&nbsp; 2765415 |
|  |  | &nbsp;&nbsp;**$4566069** |
| Transportation — 20.4% | Transportation — 20.4% | Transportation — 20.4% |
| Broward County, FL, Port Facilities Revenue, (AMT), 5.25%, 9/1/47 | $2000 | &nbsp;&nbsp;$2158280 |
| California Municipal Finance Authority, (HumanGood - California Obligated Group), (AMT), 5.00%, 6/1/48 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1619440 |
| California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/43 | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7151480 |
| Chesapeake Bay Bridge and Tunnel District, VA, (General Resolution), 5.00%, 7/1/51 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4074720 |
| Chicago, IL, (O'Hare International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.375%, 1/1/40 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2511675 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 522365 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/53 | 5915 | &nbsp;&nbsp;&nbsp;&nbsp; 6107297 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 1/1/55<sup>(4)</sup> | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4361600 |
| Colorado High Performance Transportation Enterprise, (U.S. 36 and I-25 Managed Lanes), (AMT), 5.75%, 1/1/44 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2502225 |
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/29 | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7110250 |
| Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 11/15/53 | 8385 | &nbsp;&nbsp;&nbsp;&nbsp; 8891035 |
| Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43 | 3025 | &nbsp;&nbsp;&nbsp;&nbsp; 3042666 |
| Hidalgo County Regional Mobility Authority, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 324282 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 379168 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 376700 |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/29 | $1135 | &nbsp;&nbsp;$862237 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 354125 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/31 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 757804 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 7/1/23, 0.00%, 7/1/28 | 2690 | &nbsp;&nbsp;&nbsp;&nbsp; 1952671 |
| Metropolitan Nashville Airport Authority, TN, (AMT), 5.50%, 7/1/52 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3853150 |
| Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55 | 11500 | &nbsp;&nbsp;&nbsp;&nbsp; 11955285 |
| Mid-Bay Bridge Authority, FL, 5.00%, 10/1/35 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5159850 |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | 9100 | &nbsp;&nbsp;&nbsp;&nbsp; 9875411 |
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5059750 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/39 | 3150 | &nbsp;&nbsp;&nbsp;&nbsp; 3159639 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/50 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4761250 |
| &nbsp;&nbsp;&nbsp;5.50%, 6/15/50 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1936918 |
| New Jersey Turnpike Authority, 5.00%, 1/1/48<sup>(4)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5320950 |
| New York Thruway Authority, 4.00%, 1/1/45 | 7770 | &nbsp;&nbsp;&nbsp;&nbsp; 7607762 |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/46 | 9435 | &nbsp;&nbsp;&nbsp;&nbsp; 9440944 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 1/1/50 | 7520 | &nbsp;&nbsp;&nbsp;&nbsp; 7542109 |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 284856 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 139317 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/29 | 4700 | &nbsp;&nbsp;&nbsp;&nbsp; 5146876 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/31 | 8050 | &nbsp;&nbsp;&nbsp;&nbsp; 8991125 |
| North Texas Tollway Authority, 4.125%, 1/1/40 | 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7616775 |
| Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 6/30/53 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3156150 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.75%, 6/30/48 | 9750 | &nbsp;&nbsp;&nbsp;&nbsp; 10814602 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.00%, 6/30/61 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5556200 |
| Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/33<sup>(4)</sup> | 12080 | &nbsp;&nbsp;&nbsp;&nbsp; 12218195 |
| Port of Portland, OR, (Portland International Airport), (AMT), 5.00%, 7/1/50 | 4710 | &nbsp;&nbsp;&nbsp;&nbsp; 4945217 |
| Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/47 | 7360 | &nbsp;&nbsp;&nbsp;&nbsp; 7574986 |
| South Jersey Port Corp., NJ, (AMT), 5.00%, 1/1/42 | 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6660550 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/35 | $&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;$397924 |
| Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58 | 10975 | &nbsp;&nbsp;&nbsp;&nbsp; 11124589 |
| Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5080800 |
| Texas Transportation Commission, (State Highway System): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 293084 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/46 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 736675 |
| Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/51<sup>(4)</sup> | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7647360 |
| Virginia Small Business Financing Authority, (Transform 66 P3 Project): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 1/1/40 | 3220 | &nbsp;&nbsp;&nbsp;&nbsp; 3079672 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/31/52 | 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 12518875 |
|  |  | &nbsp;&nbsp;**$244716866** |
| Water and Sewer — 0.5% | Water and Sewer — 0.5% | Water and Sewer — 0.5% |
| Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33 | $1905 | &nbsp;&nbsp;$1958511 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.25%, 6/15/52<sup>(4)</sup> | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3426420 |
|  |  | &nbsp;&nbsp;**$5384931** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $1,187,554,928) |  | &nbsp;&nbsp;**$1190716999** |

---

Taxable Municipal Obligations — 5.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cogeneration — 0.0%<sup>(2)</sup> | Cogeneration — 0.0%<sup>(2)</sup> | Cogeneration — 0.0%<sup>(2)</sup> |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23 | $&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;$41343 |
|  |  | &nbsp;&nbsp;**$41343** |
| Education — 0.3% | Education — 0.3% | Education — 0.3% |
| California Municipal Finance Authority, (Albert Einstein Academies): |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 8/1/38<sup>(1)</sup> | $1100 | &nbsp;&nbsp;$860541 |
| &nbsp;&nbsp;&nbsp;4.50%, 8/1/43<sup>(1)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1082040 |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 3.15%, 4/1/37 | $1750 | &nbsp;&nbsp;$1332923 |
|  |  | &nbsp;&nbsp;**$3275504** |
| Escrowed/Prerefunded — 0.9% | Escrowed/Prerefunded — 0.9% | Escrowed/Prerefunded — 0.9% |
| Chicago, IL, Prerefunded to 1/1/25, 7.75%, 1/1/42 | $10316 | &nbsp;&nbsp;$10877500 |
|  |  | &nbsp;&nbsp;**$10877500** |
| General Obligations — 1.1% | General Obligations — 1.1% | General Obligations — 1.1% |
| Atlantic City, NJ, 7.50%, 3/1/40 | $5440 | &nbsp;&nbsp;$6443843 |
| Chicago, IL, 7.75%, 1/1/42 | 4356 | &nbsp;&nbsp;&nbsp;&nbsp; 4467339 |
| Detroit, MI: |  |  |
| &nbsp;&nbsp;&nbsp;3.11%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 732774 |
| &nbsp;&nbsp;&nbsp;3.344%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 106604 |
| &nbsp;&nbsp;&nbsp;3.644%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 411260 |
| Puerto Rico, GO Contingent Value Instrument, 0.00%, 11/1/43 | 2685 | &nbsp;&nbsp;&nbsp;&nbsp; 1188246 |
|  |  | &nbsp;&nbsp;**$13350066** |
| Hospital — 1.5% | Hospital — 1.5% | Hospital — 1.5% |
| California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24 | $12750 | &nbsp;&nbsp;$13027822 |
| Middleburg Heights, OH, (Southwest General Health Center), 4.074%, 8/1/47 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 4971060 |
|  |  | &nbsp;&nbsp;**$17998882** |
| Insured - General Obligations — 0.4% | Insured - General Obligations — 0.4% | Insured - General Obligations — 0.4% |
| Detroit, MI, (AMBAC), 5.15%, 4/1/25 | $4779 | &nbsp;&nbsp;$4727867 |
| Elmwood Park, IL, (AGM), 2.544%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 273616 |
|  |  | &nbsp;&nbsp;**$5001483** |
| Special Tax Revenue — 0.6% | Special Tax Revenue — 0.6% | Special Tax Revenue — 0.6% |
| American Samoa Economic Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;2.47%, 9/1/24<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;$452148 |
| &nbsp;&nbsp;&nbsp;3.72%, 9/1/27<sup>(1)</sup> | 1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1006410 |
| Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands): |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 3/1/36 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2588820 |
| &nbsp;&nbsp;&nbsp;5.25%, 3/1/31 | 2910 | &nbsp;&nbsp;&nbsp;&nbsp; 2773405 |
|  |  | &nbsp;&nbsp;**$6820783** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation — 0.6% | Transportation — 0.6% | Transportation — 0.6% |
| New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28<sup>(6)</sup> | $7375 | &nbsp;&nbsp;$7573166 |
|  |  | &nbsp;&nbsp;**$7573166** |
| Total Taxable Municipal Obligations<br> (identified cost $64,366,790) |  | &nbsp;&nbsp;**$64938727** |
| Total Investments — 106.8%<br> (identified cost $1,278,308,918) |  | &nbsp;&nbsp;**$1279062584** |
| Other Assets, Less Liabilities — (6.8)% |  | &nbsp;&nbsp;**$(81368964)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$1197693620** |

---

---

| | |
|:---|:---|
| 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, 2023, the aggregate value of these securities is $151,096,835 or 12.6% of the Fund's net assets. |
| <sup>(2)</sup> | Amount is less than 0.05%. |
| <sup>(3)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <sup>(4)</sup> | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| <sup>(5)</sup> | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy. |
| <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. |
| At January 31, 2023, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: | At January 31, 2023, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 13.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 12.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 66.2% |

---

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, 2023, 9.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 3.8% of total investments.

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration <br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional <br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized <br> Appreciation<br> (Depreciation)** |
| **Interest Rate Futures** |  |  |  |  |  |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(175) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;3/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;$(20040234) | &nbsp;&nbsp;&nbsp;&nbsp;$(211906) |
| U.S. Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;(112) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;3/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14546000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248831) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(460737)** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMBAC | – AMBAC Financial Group, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2023** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $1,278,308,918) | &nbsp;&nbsp;$1279062584 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34804 |
| Deposits for derivatives collateral — futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871497 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13597577 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882356 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978475 |
| Receivable from affiliate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11553 |
| **Total assets** | &nbsp;&nbsp;**$1299438846** |
| Liabilities |  |
| Payable for floating rate notes issued | &nbsp;&nbsp;&nbsp;&nbsp;$91915598 |
| Demand note payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814768 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469288 |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51514 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593553 |
| 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;&nbsp;431677 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110343 |
| Interest expense and fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644314 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424171 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;**$101745226** |
| **Net Assets** | &nbsp;&nbsp;**$1197693620** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$1324114280 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126420660) |
| **Net Assets** | &nbsp;&nbsp;**$1197693620** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;&nbsp;$306809428 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37656057 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.15 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.42 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$53672231 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7122633 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.54 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;&nbsp;$802994405 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98452078 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.16 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2023** |
| Class W Shares |  |
| **Net Assets** | &nbsp;&nbsp;$34217556 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4196142 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.15 |

---

---

| | |
|:---|:---|
| 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. |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**January 31, 2023** |
| Investment Income |  |
| Interest income | &nbsp;&nbsp;&nbsp;$54809912 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;**$54809912** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;$5376769 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835530 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632554 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91968 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286916 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450568 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163545 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59037 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98876 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620290 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144931 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**$9760984** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Reimbursement of investment adviser fee — Class W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71618 |
| **Total expense reductions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$71618** |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**$9689366** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;**$45120546** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(77444281) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6166692 |
| **Net realized loss** | &nbsp;&nbsp;**$(71277589)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(79702938) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(951400) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(80654338)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(151931927)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(106811381)** |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
|  | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$45120546 | &nbsp;&nbsp;&nbsp;&nbsp;$49317836 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71277589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422237 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80654338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49612939) |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(106811381)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1127134** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;$(12459627) | &nbsp;&nbsp;&nbsp;&nbsp;$(12582413) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1876321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2056099) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33694504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34798742) |
| &nbsp;&nbsp;&nbsp;Class W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(764048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1745) <sup>(1)</sup> |
| **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;**$(48794500)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(49438999)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;$(65175033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6265917 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21039817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12390847) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153802108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101468938 |
| &nbsp;&nbsp;&nbsp;Class W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34116812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310119 <sup>(1)</sup> |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(205900146)** | &nbsp;&nbsp;&nbsp;&nbsp;**$95654127** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(361506027)** | &nbsp;&nbsp;&nbsp;&nbsp;**$47342262** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1559199647 | &nbsp;&nbsp;$1511857385 |
| **At end of year** | &nbsp;&nbsp;**$1197693620** | &nbsp;&nbsp;**$1559199647** |

---

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

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

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;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;$9.080 | &nbsp;&nbsp;&nbsp;&nbsp;$9.360 | &nbsp;&nbsp;&nbsp;&nbsp;$9.380 | &nbsp;&nbsp;&nbsp;&nbsp;$8.830 | &nbsp;&nbsp;&nbsp;&nbsp;$8.880 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$0.284 | &nbsp;&nbsp;&nbsp;&nbsp;$0.281 | &nbsp;&nbsp;&nbsp;&nbsp;$0.303 | &nbsp;&nbsp;&nbsp;&nbsp;$0.327 | &nbsp;&nbsp;&nbsp;&nbsp;$0.345 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.008) <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.059) |
| **Total income (loss) from operations** | &nbsp;&nbsp;&nbsp;**$(0.621)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.002** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.295** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.917** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.286** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;$(0.309) | &nbsp;&nbsp;&nbsp;$(0.282) | &nbsp;&nbsp;&nbsp;$(0.315) | &nbsp;&nbsp;&nbsp;$(0.367) | &nbsp;&nbsp;&nbsp;$(0.336) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;**$(0.309)** | &nbsp;&nbsp;&nbsp;**$(0.282)** | &nbsp;&nbsp;&nbsp;**$(0.315)** | &nbsp;&nbsp;&nbsp;**$(0.367)** | &nbsp;&nbsp;&nbsp;**$(0.336)** |
| **Net asset value — End of year** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.150** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.080** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.360** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.380** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.830** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.80)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.02)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.31%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.55%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.29%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$306809 | &nbsp;&nbsp;$412905 | &nbsp;&nbsp;$419256 | &nbsp;&nbsp;$427334 | &nbsp;&nbsp;$350923 |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &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;32% |

---

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

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

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

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

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;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.400 | &nbsp;&nbsp;$8.660 | &nbsp;&nbsp;$8.680 | &nbsp;&nbsp;&nbsp;&nbsp;$8.170 | &nbsp;&nbsp;&nbsp;&nbsp;$8.210 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.205 | &nbsp;&nbsp;$0.195 | &nbsp;&nbsp;$0.219 | &nbsp;&nbsp;&nbsp;&nbsp;$0.239 | &nbsp;&nbsp;&nbsp;&nbsp;$0.252 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.837) | &nbsp;&nbsp;&nbsp;&nbsp;(0.259) | &nbsp;&nbsp;&nbsp;&nbsp;(0.011) <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.042) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.632)** | &nbsp;&nbsp;**$(0.064)** | &nbsp;&nbsp;**$0.208** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.790** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.210** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.228) | &nbsp;&nbsp;$(0.196) | &nbsp;&nbsp;$(0.228) | &nbsp;&nbsp;&nbsp;$(0.280) | &nbsp;&nbsp;&nbsp;$(0.250) |
| **Total distributions** | &nbsp;&nbsp;**$(0.228)** | &nbsp;&nbsp;**$(0.196)** | &nbsp;&nbsp;**$(0.228)** | &nbsp;&nbsp;&nbsp;**$(0.280)** | &nbsp;&nbsp;&nbsp;**$(0.250)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$7.540** | &nbsp;&nbsp;**$8.400** | &nbsp;&nbsp;**$8.660** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.680** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.170** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.49)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.78)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.52%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.80%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.60%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$53672 | &nbsp;&nbsp;$82817 | &nbsp;&nbsp;$97724 | &nbsp;&nbsp;$139608 | &nbsp;&nbsp;$126049 |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &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;32% |

---

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

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

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

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

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;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;$9.090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.370 | &nbsp;&nbsp;&nbsp;&nbsp;$9.390 | &nbsp;&nbsp;&nbsp;&nbsp;$8.840 | &nbsp;&nbsp;&nbsp;&nbsp;$8.880 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$0.305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.304 | &nbsp;&nbsp;&nbsp;&nbsp;$0.326 | &nbsp;&nbsp;&nbsp;&nbsp;$0.349 | &nbsp;&nbsp;&nbsp;&nbsp;$0.364 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.009) <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.046) |
| **Total income (loss) from operations** | &nbsp;&nbsp;&nbsp;**$(0.600)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.025** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.317** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.939** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.318** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;$(0.330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.305) | &nbsp;&nbsp;&nbsp;$(0.337) | &nbsp;&nbsp;&nbsp;$(0.389) | &nbsp;&nbsp;&nbsp;$(0.358) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;**$(0.330)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(0.305)** | &nbsp;&nbsp;&nbsp;**$(0.337)** | &nbsp;&nbsp;&nbsp;**$(0.389)** | &nbsp;&nbsp;&nbsp;**$(0.358)** |
| **Net asset value — End of year** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.160** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.090** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.370** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.390** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.840** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.55)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.57%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.81%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.67%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$802994 | &nbsp;&nbsp;$1063175 | &nbsp;&nbsp;$994877 | &nbsp;&nbsp;$878062 | &nbsp;&nbsp;$656830 |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &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;&nbsp;&nbsp;&nbsp;3.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &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;32% |

---

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

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

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

<sup>(4)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Financial Highlights — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class W** | &nbsp;&nbsp;&nbsp;**Class W** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;**Period Ended<br> January 31, 2022<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.090 | &nbsp;&nbsp;$9.320 |
| Income (Loss) From Operations |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.346 | &nbsp;&nbsp;$0.105 |
| Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp;(0.918) | &nbsp;&nbsp;&nbsp;&nbsp;(0.224) |
| **Total loss from operations** | &nbsp;&nbsp;**$(0.572)** | &nbsp;&nbsp;**$(0.119)** |
| Less Distributions |  |  |
| From net investment income | &nbsp;&nbsp;$(0.368) | &nbsp;&nbsp;$(0.111) |
| **Total distributions** | &nbsp;&nbsp;**$(0.368)** | &nbsp;&nbsp;**$(0.111)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$8.150** | &nbsp;&nbsp;**$9.090** |
| **Total Return<sup>(3)(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.23)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.30)% <sup>(5)</sup>** |
| Ratios/Supplemental Data |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$34218 | &nbsp;&nbsp;&nbsp;&nbsp;$302 |
| Ratios (as a percentage of average daily net assets): |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% <sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% <sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% <sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34% <sup>(6)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% <sup>(8)</sup> |

---

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

<sup>(2)</sup> Computed using average shares outstanding.

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

<sup>(4)</sup> The investment adviser reimbursed the total amount of the advisory fees paid (equal to 0.43% and 0.37% of average daily net assets for the year ended January 31, 2023 and the period ended January 31, 2022, respectively). Absent this reimbursement, total return would be lower.

<sup>(5)</sup> Not annualized.

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

<sup>(7)</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>(8)</sup> For the year ended January 31, 2022.

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Notes to Financial Statements

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1 Significant Accounting Policies

Eaton Vance High Yield Municipal Income Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust II (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund seeks to provide high current income exempt from regular federal income tax. The Fund primarily invests in high yield municipal obligations with maturities of ten years or more. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective 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 and Class W shares are sold at net asset value and are not subject to a sales charge. Class W shares are available for purchase only at the direction of the investment adviser or one of its affiliates on behalf of investors that are eligible clients of the investment adviser or its affiliates that have entered into a separate investment management or advisory agreement pursuant to which such clients pay an investment management or advisory fee, including investment vehicles that are sponsored, managed, advised or sub-advised by the investment adviser or its affiliates. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Sub-accounting, record keeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class W shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

#### Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.
**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated 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 companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

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

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

As of January 31, 2023, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Notes to Financial Statements — continued

------

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

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

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

H Floating Rate Notes Issued in Conjunction with Securities Held—The Fund may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by the Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Fund accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes as a liability under the caption "Payable for floating rate notes issued" in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 10) at January 31, 2023. Interest expense related to the Fund's liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At January 31, 2023, the amount of the Fund's Floating Rate Notes outstanding and the related collateral were $91,915,598 and $128,233,279, respectively. The range of interest rates on the Floating Rate Notes outstanding at January 31, 2023 was 1.66% to 1.96%. For the year ended January 31, 2023, the Fund's average settled Floating Rate Notes outstanding and the average interest rate including fees were $82,474,493 and 1.96%, respectively.

In certain circumstances, the Fund may enter into shortfall and forbearance agreements with brokers by which the Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Fund had no shortfalls as of January 31, 2023.

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 comply with the asset coverage requirements of Section 18 with respect to its investments in residual interest bonds (as opposed to treating such interests as derivatives transactions). The Fund may change this election (and elect to treat these investments and other similar financing transactions as derivatives transactions) 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 Futures Contracts—Upon entering into a futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Notes to Financial Statements — continued

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business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2023 and January 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$43836294 | &nbsp;&nbsp;&nbsp;&nbsp;$44065031 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$4958206 | &nbsp;&nbsp;&nbsp;&nbsp;$5373968 |

---

As of January 31, 2023, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$600381 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122646524) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3780964) |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (593553) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(126420660)** |

---

At January 31, 2023, the Fund, for federal income tax purposes, had deferred capital losses of $122,646,524 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2023, $49,037,485 are short-term and $73,609,039 are long-term.

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Notes to Financial Statements — continued

------

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at January 31, 2023, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$1190927950** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$39726291 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43507255) |
| **Net unrealized depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(3780964)** |

---

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 the Fund. The fee is based upon a percentage of the Fund's total daily net assets plus a percentage of total daily gross income (i.e., income other than gains from the sale of securities) as follows and is payable monthly:

---

| | | | |
|:---|:---|:---|:---|
| **Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Asset<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Daily Income<br> Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3150% | &nbsp;&nbsp;&nbsp;&nbsp;Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1500% |
| $500 million but less than $750 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2925% | &nbsp;&nbsp;&nbsp;&nbsp;$500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9250% |
| $750 million but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2700% | &nbsp;&nbsp;&nbsp;&nbsp;$1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7000% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2475% | &nbsp;&nbsp;&nbsp;&nbsp;$1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4750% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2250% | &nbsp;&nbsp;&nbsp;&nbsp;$2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2500% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2025% | &nbsp;&nbsp;&nbsp;&nbsp;$3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0250% |

---

For the year ended January 31, 2023, the investment adviser fee amounted to $5,376,769 or 0.43% of the Fund's average daily net assets.

BMR has agreed to reimburse the total amount of advisory fees paid by Class W shares. This agreement may be changed or terminated after May 31, 2024. Pursuant to this agreement, BMR was allocated $71,618 of the advisory fees paid by Class W shares for the year ended January 31, 2023.

Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2023, EVM earned $26,305 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 $12,575 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2023. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended January 31, 2023 in the amount of $12,734. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2023, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2023 amounted to $835,530 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended January 31, 2023, the Fund paid or accrued to EVD $474,415 for Class C shares.

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Notes to Financial Statements — continued

------

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2023 amounted to $158,139 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% (1% prior to April 29, 2022) CDSC if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended January 31, 2023, the Fund was informed that EVD received approximately $47,000 and $5,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $711,211,772 and $856,281,845, respectively, for the year ended January 31, 2023.

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 for all periods presented, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2022<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2022<sup>(1)</sup>** |
|  | &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; 9663643 | &nbsp;&nbsp;&nbsp;&nbsp;$78723700 | &nbsp;&nbsp;&nbsp;&nbsp; 7111657 | &nbsp;&nbsp;&nbsp;&nbsp;$66516791 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1241755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10173924 | &nbsp;&nbsp;&nbsp;&nbsp; 1074501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10007784 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(18709914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154072657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7522378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70258658) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7804516)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(65175033)** | &nbsp;&nbsp;&nbsp;&nbsp; **663780** | &nbsp;&nbsp;&nbsp;&nbsp;**$6265917** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 1347862 | &nbsp;&nbsp;&nbsp;&nbsp;$10104252 | &nbsp;&nbsp;&nbsp;&nbsp; 1266760 | &nbsp;&nbsp;&nbsp;&nbsp;$10948395 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 219870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1668643 | &nbsp;&nbsp;&nbsp;&nbsp; 214231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1845479 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4303974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32812712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2912114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25184721) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2736242)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(21039817)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1431123)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(12390847)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;75749215 | &nbsp;&nbsp;&nbsp;&nbsp;$617557467 | &nbsp;&nbsp;&nbsp;&nbsp;39654609 | &nbsp;&nbsp;&nbsp;&nbsp;$371004093 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 3550923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29150730 | &nbsp;&nbsp;&nbsp;&nbsp; 3253997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30339525 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(97782951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800510305) | &nbsp;&nbsp;&nbsp;&nbsp;(32166004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299874680) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(18482813)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(153802108)** | &nbsp;&nbsp;&nbsp;&nbsp;**10742602** | &nbsp;&nbsp;&nbsp;&nbsp;**$101468938** |

---

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2022<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2022<sup>(1)</sup>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class W** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 4693452 | &nbsp;&nbsp;&nbsp;&nbsp;$38347975 | &nbsp;&nbsp;&nbsp;&nbsp; 33158 | &nbsp;&nbsp;&nbsp;&nbsp;$310000 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 94572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755332 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (625053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4986495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **4162971** | &nbsp;&nbsp;&nbsp;&nbsp;**$34116812** | &nbsp;&nbsp;&nbsp;&nbsp; **33171** | &nbsp;&nbsp;&nbsp;&nbsp;**$310119** |

---

<sup>(1)</sup> For Class W, for the period from the commencement of operations, October 1, 2021, to January 31, 2022.

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $725 million unsecured line of credit agreement with a group of banks, which is in effect through October 24, 2023. In connection with the renewal of the agreement on October 25, 2022, the borrowing limit was decreased from $800 million. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Also in connection with the renewal of the agreement, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. At January 31, 2023, the Fund had a balance outstanding pursuant to this line of credit of $290,000 at an annual interest rate of 5.33%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at January 31, 2023. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 10) at January 31, 2023. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2023.

9 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at January 31, 2023 is included in the Portfolio of Investments. At January 31, 2023, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at January 31, 2023 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative<sup>(1)</sup>** |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(460737) |

---

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

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Notes to Financial Statements — continued

------

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended January 31, 2023 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss)<br> on Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income<sup>(2)</sup>** |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$6166692 | &nbsp;&nbsp;&nbsp;&nbsp;$(951400) |

---

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

The average notional cost of futures contracts (short) outstanding during the year ended January 31, 2023, which is indicative of the volume of this derivative type, was approximately $36,784,000.

10 Fair Value Measurements

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

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

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

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

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

At January 31, 2023, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$23406858 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$23406858 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1190716999 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1190716999 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64938727 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64938727 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$1279062584** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$1279062584** |
| **Liability Description** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$(460737) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(460737) |
| **Total** | &nbsp;&nbsp;**$(460737)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(460737)** |

---

11 Risks and Uncertainties

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

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Report of Independent Registered Public Accounting Firm

------

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance High Yield Municipal Income Fund (the "Fund") (one of the funds constituting Eaton Vance Municipals Trust II), including the portfolio of investments, as of January 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP<br> Boston, Massachusetts<br> March 22, 2023

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

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2024 will show the tax status of all distributions paid to your account in calendar year 2023. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended January 31, 2023, the Fund designates 89.84% of distributions from net investment income as an exempt-interest dividend.

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Management and Organization

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**Fund Management. The Trustees of Eaton Vance Municipals Trust II (the Trust) are responsible for the overall management and supervision of the Trust's affairs. The Board members and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund's current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance therewith. The "noninterested Trustees" consist of those Trustees who are not "interested persons" of the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, "BMR" refers to Boston Management and Research, "EVC" refers to Eaton Vance Corp., "EV" refers to EV LLC, "EVM" refers to Eaton Vance Management and "EVD" refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 130 funds in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).**

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) and Other Directorships<br> During Past Five Years and Other Relevant Experience** |
| Interested Trustee | Interested Trustee | Interested Trustee | Interested Trustee |
| Thomas E. Faust Jr.<br> 1958 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2007 | &nbsp;&nbsp;&nbsp;Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust.<br> **Other Directorships.** Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
| Noninterested Trustees | Noninterested Trustees | Noninterested Trustees | Noninterested Trustees |
| Alan C. Bowser<sup>(1)</sup><br> 1962 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm's chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023).<br> **Other Directorships**. None. |
| Mark R. Fetting<br> 1954 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2016 | &nbsp;&nbsp;&nbsp;Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).<br> **Other Directorships**. None. |
| Cynthia E. Frost<br> 1961 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2014 | &nbsp;&nbsp;&nbsp;Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).<br> **Other Directorships**. None. |
| George J. Gorman<br> 1952 | &nbsp;&nbsp;&nbsp;Chairperson <br> of the Board<br> and Trustee | &nbsp;&nbsp;&nbsp;Since 2021<br> (Chairperson) and<br> 2014 (Trustee) | &nbsp;&nbsp;&nbsp;Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).<br> **Other Directorships**. None. |

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Management and Organization — continued

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) and Other Directorships<br> During Past Five Years and Other Relevant Experience** |
| Noninterested Trustees (continued) | Noninterested Trustees (continued) | Noninterested Trustees (continued) | Noninterested Trustees (continued) |
| Valerie A. Mosley<br> 1960 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2014 | &nbsp;&nbsp;&nbsp;Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).<br> **Other Directorships**. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
| Keith Quinton<br> 1958 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2018 | &nbsp;&nbsp;&nbsp;Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).<br> **Other Directorships**. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
| Marcus L. Smith<br> 1966 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2018 | &nbsp;&nbsp;&nbsp;Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm).<br> **Other Directorships**. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
| Susan J. Sutherland<br> 1957 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2015 | &nbsp;&nbsp;&nbsp;Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).<br> **Other Directorships**. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
| Scott E. Wennerholm<br> 1959 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2016 | &nbsp;&nbsp;&nbsp;Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).<br> **Other Directorships**. None. |
| Nancy A. Wiser<sup>(1)</sup><br> 1967 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).<br> **Other Directorships**. None. |

---

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past Five Years** |
| Principal Officers who are not Trustees | Principal Officers who are not Trustees | Principal Officers who are not Trustees | Principal Officers who are not Trustees |
| Eric A. Stein<br> 1980 | &nbsp;&nbsp;&nbsp;President | &nbsp;&nbsp;&nbsp;Since 2020 | &nbsp;&nbsp;&nbsp;Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance's Global Income Investments. Also Vice President of Calvert Research and Management ("CRM"). |
| Deidre E. Walsh<br> 1971 | &nbsp;&nbsp;&nbsp;Vice President and<br> Chief Legal Officer | &nbsp;&nbsp;&nbsp;Since 2009 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR. Also Vice President of CRM. |
| James F. Kirchner<br> 1967 | &nbsp;&nbsp;&nbsp;Treasurer | &nbsp;&nbsp;&nbsp;Since 2007 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR. Also Vice President of CRM. |

---

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance<br>

High Yield Municipal Income Fund

January 31, 2023

Management and Organization — continued

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---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past Five Years** |
| Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) |
| Nicholas S. Di Lorenzo<br> 1987 | &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
| Richard F. Froio<br> 1968 | &nbsp;&nbsp;&nbsp;Chief Compliance<br> Officer | &nbsp;&nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |

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<sup>(1)</sup> Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022.

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

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance Funds<br>

Privacy Notice April 2021

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;&nbsp;**WHAT DOES EATON VANCE DO WITH YOUR<br> PERSONAL INFORMATION?** |

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---

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

---

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

---

---

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

---

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance Funds<br>

Privacy Notice — continued April 2021

------

---

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

---

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Eaton Vance Funds<br>

IMPORTANT NOTICES

------

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

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

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

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

This Page Intentionally Left Blank

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[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

Investment Adviser

#### Boston Management and Research<br> Two International Place<br> Boston, MA 02110
Administrator

#### Eaton Vance Management<br> Two International Place<br> Boston, MA 02110
Principal Underwriter\*

#### Eaton Vance Distributors, Inc.<br> Two International Place<br> Boston, MA 02110<br> (617) 482-8260
Custodian

#### State Street Bank and Trust Company<br> State Street Financial Center, One Lincoln Street<br> Boston, MA 02111
Transfer Agent

#### BNY Mellon Investment Servicing (US) Inc.<br> Attn: Eaton Vance Funds<br> P.O. Box 534439<br> Pittsburgh, PA 15253-4439<br> (800) 262-1122
Independent Registered Public Accounting Firm

#### Deloitte & Touche LLP<br> 200 Berkeley Street<br> Boston, MA 02116-5022
Fund Offices

Two International Place<br> Boston, MA 02110

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

------

[**Table of Contents**](#job_ev_ar_90d16571-b359-48b6-8c25-cef30c7abeed_toc)

416 1.31.23

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![](g470791imgbcba77811.gif)

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## Parametric

## TABS Municipal Bond Funds

## Annual Report
January 31, 2023

------

![](g470791img58d061ca2.gif)

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

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

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-260-0761.**

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#### Annual Report January 31, 2023
Parametric

TABS Municipal Bond Funds

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_169878c4-fa7c-4d80-8116-9cec52048e89_1)** |  |
| [Management's Discussion of Fund Performance](#xx_663e97b1-6761-4217-9f2d-065de1bb19c4_1) | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Performance and Fund Profile](#xx_663e97b1-6761-4217-9f2d-065de1bb19c4_3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [TABS Short-Term Municipal Bond Fund](#xx_663e97b1-6761-4217-9f2d-065de1bb19c4_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [TABS Intermediate-Term Municipal Bond Fund](#xx_663e97b1-6761-4217-9f2d-065de1bb19c4_5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| [Endnotes and Additional Disclosures](#xx_c6fd5e86-db2e-4588-838b-25e3c6b17315_1) | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| [Fund Expenses](#xx_aabce8cd-d1db-481d-b686-8c10604aeedd_1) | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| [Financial Statements](#xx_09874cf8-4394-461d-b60d-18e16417de92_1) | &nbsp;&nbsp;&nbsp;&nbsp;12 |
| [Report of Independent Registered Public Accounting Firm](#xx_3752d083-919c-42c5-8c1a-6d77458f7acd_1) | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| [Federal Tax Information](#xx_0bb6f13d-0850-4a14-9640-2aa5652daad0_1) | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| [Management and Organization](#xx_c0725cf7-7ec1-4237-9cc0-ec0908c0541a_1) | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| [Privacy Notice](#xx_336b59fd-98ab-427a-b4f0-989d2824500d_1) | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| [Important Notices](#xx_ae4de169-98ce-46a5-b5b5-b34e149c85ac_1) | &nbsp;&nbsp;&nbsp;&nbsp;48 |

---

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[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Management's Discussion of Fund Performance<sup>†</sup>

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Economic and Market Conditions

The volatile 12-month period starting February 1, 2022, encompassed the worst one-month performance for municipal bond returns since 2008 and the best one-month performance in 36 years.

As the period began, municipal rates -- along with U.S. Treasury rates -- rose as investors became increasingly concerned about the twin threats of inflation and interest rate hikes. On February 24, 2022, Russia's invasion of Ukraine sent shock waves through markets worldwide, exacerbating inflationary pressures on energy and food prices. In March, the U.S. Federal Reserve (the Fed) ended a two-year period of near-zero-percent interest rates with a 0.25% increase, its first hike since 2018.

As investors recognized the potential for the Fed to raise interest rates at every policy meeting in 2022 to combat inflation, the Bloomberg Municipal Bond Index (the Index), a broad measure of the municipal bond market, declined 8.98% during the first half of 2022. Municipal bond mutual funds, which had reported net inflows during all but one week of 2021, recorded their worst outflow cycle on record.

In July 2022, however, municipal bond performance briefly turned positive. Helped by a light supply of new issues and increased demand from the reinvestment of maturing debt and coupon payments, municipal mutual funds experienced their first net inflows since January.

From August through October 2022, municipal performance turned negative again. Fund outflows resumed as investors reacted to statements by Fed officials that they were not done with rate hikes and fighting inflation remained the central bank's top priority. After the Fed's third straight 0.75% rate hike, the Index fell 3.84% in September -- its worst one-month performance in 14 years.

But in the final months of the period, municipal performance made another U-turn. Despite the Fed announcing a fourth 0.75% rate hike in November, the Index rose 4.68% during the month -- its best monthly performance since 1986. The rally was driven by multiple factors, including Fed signals that future rate hikes might be smaller, lower supplies of new municipal bond issues, growing investor demand, and positive inflows into separately managed accounts and exchange-traded funds, or ETFs.

The Fed indeed delivered a smaller 0.50% rate hike in December, but raised expectations of how high rates might go in 2023. The Index -- helped by attractive yields and limited supply -- nonetheless eked out a slightly positive performance in December. As the period came to a close in January 2023, municipal bonds delivered a third straight month of positive performance, driven by a light supply of new issues and the return of inflows into open-end mutual funds

For the period as a whole, the Index returned -3.25% as interest rates rose and bond prices declined across the municipal bond yield curve. Municipal bonds outperformed U.S. Treasurys along the curve as well. Higher quality municipal bonds generally outperformed lower quality municipal bonds, reflecting decreased investor appetite for risk during the period.

Fund Performance

For the 12-month period ended January 31, 2023, Parametric TABS Short-Term Municipal Bond Fund (the Short-Term Fund) returned -1.20% for Class A shares at net asset value (NAV), underperforming its benchmark, the Bloomberg Municipal Managed Money 1-7 Year Bond Index (the 1-7 Year Index), which returned -0.57%.

For the 12-month period ended January 31, 2023, Parametric TABS Intermediate-Term Municipal Bond Fund (the Intermediate-Term Fund) returned -1.25% for Class A shares at NAV, outperforming its benchmark, the Bloomberg Municipal Managed Money Intermediate 1-17 Year Bond Index (the 1-17 Year Index), which returned -1.70%.

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

The Short-Term Fund and Intermediate-Term Fund (the Funds) seek after-tax total returns. The Funds generally invest in investment-grade municipal securities of short or intermediate durations. The Funds pursue after-tax total returns through relative-value trading -- a strategy that seeks to take advantage of price and rate differences among similar securities. The sub-adviser's process for selecting municipal obligations for purchase and sale generally includes consideration of the creditworthiness of the issuer or person obligated to repay the obligation.

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

*See Endnotes and Additional Disclosures in this report.*

<br> *Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

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[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Management's Discussion of Fund Performance<sup>†</sup> — continued

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During the period, relative-value trading and active security selection contributed to performance versus the Funds' respective Indexes. In particular, increased interest rate volatility allowed the Funds to benefit from wider bid-offer spreads that existed within the municipal bond market during much of the period, by selling bonds at the offered price and buying bonds at the lower bid price.

In addition, as market demand increased during the second half of the period, the Funds' ability to systematically sell holdings at marked-up prices at scale contributed to returns relative to the Funds' respective indexes.

The crossover-trading strategy also contributed to the Funds' relative performance. Early in the period, management -- believing that municipal bonds were overvalued relative to U.S. Treasurys -- moved about 15% of the Funds' municipal holdings into taxable U.S. Treasury bonds. These crossover trades helped relative performance, most notably in April and May 2022 when U.S. Treasurys outperformed municipal bonds. After May, the Funds sold their U.S. Treasury securities and converted the proceeds back into municipal bonds. In January 2023, the final month of the period, municipal bonds were once more judged to be overvalued, and the Funds again started to allocate assets back into U.S. Treasurys.

In contrast, credit quality detracted from the Funds' performance versus their respective Indexes. Each Fund held an overweight position in A-rated securities. Those overweight positions hurt relative performance as credit spreads widened during the period, and lower rated bonds generally underperformed higher rated bonds.

In addition, the Funds' overweight positions in lower coupon bonds -- specifically 3% and 4% coupon bonds -- detracted from performance relative to their respective Indexes. During a period when interest rates rose substantially, lower coupon bonds -- which are more sensitive to the negative effects of rising interest rates -- underperformed higher coupon bonds.

Fund-Specific Results

For the Short-Term Fund, credit quality and coupon structure detracted from returns relative to the 1-7 Year Index during the period. In contrast, yield-curve positioning -- in addition to active security selection, relative-value trading, and the crossover-trading strategy -- contributed to the Short-Term Fund's performance versus the 1-7 Year Index.

During the period, the Short-Term Fund owned out-of-Index allocations to cash-equivalent securities and bonds with maturities from 8 to 15 years -- two areas of the yield curve where the 1-7 Year Index had no exposure. This positioning -- known as a barbell strategy -- outperformed the 1-7 Year Index as the yield curve flattened and the combination of cash and longer maturity holdings outperformed bonds within the 1-7 Year Index.

For the Intermediate-Term Fund, duration contributed to returns relative to the 1-17 Year Index during the period, in addition to active security selection, relative-value trading, and the crossover-trading strategy. In contrast, credit quality and coupon structure detracted from the Intermediate-Term Fund's performance versus the 1-17 Year Index during the period.

From February through May 2022, the Intermediate-Term Fund's duration was lower than that of its Index, which contributed to relative performance as municipal interest rates rose. But in June, and again from September through November 2022, the Intermediate-Term Fund's duration was increased as municipal interest rates reached record highs. This additional interest rate exposure helped relative returns during the final months of the period as municipal bonds rallied and their rates declined.

*See Endnotes and Additional Disclosures in this report.*

*Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2023

Performance

------

#### Portfolio Manager(s) Brian C. Barney, CFA, Devin J. Cooch, CFA and Alison Wagner, CFA, each of Parametric Portfolio Associates LLC

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **% Average Annual Total Returns<sup>1,2</sup>** | **Class <br> Inception Date** | **Performance <br> Inception Date** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;Class A at NAV | 03/27/2009 | 12/31/1998 | (1.20)% | 1.45% | 1.11% |
| &nbsp;&nbsp;Class A with 3.25% Maximum Sales Charge |  |  | (4.40) | 0.78 | 0.77 |
| &nbsp;&nbsp;Class C at NAV | 03/27/2009 | 12/31/1998 | (1.89) | 0.72 | 0.50 |
| &nbsp;&nbsp;Class C with 1% Maximum Deferred Sales Charge |  |  | (2.86) | 0.72 | 0.50 |
| &nbsp;&nbsp;Class I at NAV | 03/27/2009 | 12/31/1998 | (0.85) | 1.73 | 1.37 |
| &nbsp;&nbsp;Bloomberg Municipal Managed Money 1–7 Year Bond Index |  |  | (0.57)% | 1.45% | 1.36% |
| &nbsp;&nbsp;Bloomberg 5 Year Municipal Bond Index |  |  | (0.95) | 1.68 | 1.68 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **% After-Tax Returns with Maximum Sales Charge** | **Class <br> Inception Date** | **Performance <br> Inception Date** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;Class A After Taxes on Distributions | 03/27/2009 | 12/31/1998 | (4.41)% | 0.60% | 0.63% |
| &nbsp;&nbsp;Class A After Taxes on Distributions and Sale of Fund Shares |  |  | (2.04) | 0.79 | 0.78 |
| &nbsp;&nbsp;Class C After Taxes on Distributions | 03/27/2009 | 12/31/1998 | (2.87) | 0.56 | 0.37 |
| &nbsp;&nbsp;Class C After Taxes on Distributions and Sale of Fund Shares |  |  | (1.49) | 0.61 | 0.46 |
| &nbsp;&nbsp;Class I After Taxes on Distributions | 03/27/2009 | 12/31/1998 | (0.87) | 1.55 | 1.22 |
| &nbsp;&nbsp;Class I After Taxes on Distributions and Sale of Fund Shares |  |  | &nbsp;&nbsp;&nbsp;0.17 | 1.60 | 1.31 |

---

---

| | | | |
|:---|:---|:---|:---|
| **% Total Annual Operating Expense Ratios<sup>3</sup>** | **Class A** | **Class C** | **Class I** |
|  | 0.70% | 1.45% | 0.45% |

---

---

| | | | |
|:---|:---|:---|:---|
| **% Distribution Rates/Yields<sup>4</sup>** | **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;Distribution Rate | 2.31% | 1.56% | 2.55% |
| &nbsp;&nbsp;SEC 30-day Yield | 2.18 | 1.51 | 2.50 |

---

Growth of $10,000

------

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

![](g470791img911908c13.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Growth of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount Invested** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Period Beginning** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**At NAV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**With Maximum Sales Charge** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.A. |
| &nbsp;&nbsp;Class I, at minimum investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1145558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.A. |

---

*See Endnotes and Additional Disclosures in this report.*

*Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2023

Fund Profile<br>

------

Credit Quality (% of total investments)<sup>1</sup>

![](g470791img63be88924.jpg)

Footnotes:

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

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2023

Performance

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **% Average Annual Total Returns<sup>1,2</sup>** | **Class <br> Inception Date** | **Performance <br> Inception Date** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;Class A at NAV | 02/01/2010 | 02/01/2010 | (1.25)% | 1.87% | 2.04% |
| &nbsp;&nbsp;Class A with 3.25% Maximum Sales Charge |  |  | (4.47) | 1.19 | 1.71 |
| &nbsp;&nbsp;Class C at NAV | 02/01/2010 | 02/01/2010 | (2.00) | 1.09 | 1.44 |
| &nbsp;&nbsp;Class C with 1% Maximum Deferred Sales Charge |  |  | (2.96) | 1.09 | 1.44 |
| &nbsp;&nbsp;Class I at NAV | 02/01/2010 | 02/01/2010 | (1.01) | 2.12 | 2.30 |
| &nbsp;&nbsp;Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index |  |  | (1.70)% | 2.14% | 2.19% |
| &nbsp;&nbsp;Bloomberg 7 Year Municipal Bond Index |  |  | (1.01) | 2.14 | 2.19 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **% After-Tax Returns with Maximum Sales Charge** | **Class <br> Inception Date** | **Performance <br> Inception Date** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;Class A After Taxes on Distributions | 02/01/2010 | 02/01/2010 | (4.49)% | 1.10% | 1.64% |
| &nbsp;&nbsp;Class A After Taxes on Distributions and Sale of Fund Shares |  |  | (1.92) | 1.26 | 1.67 |
| &nbsp;&nbsp;Class C After Taxes on Distributions | 02/01/2010 | 02/01/2010 | (2.98) | 1.01 | 1.38 |
| &nbsp;&nbsp;Class C After Taxes on Distributions and Sale of Fund Shares |  |  | (1.29) | 1.04 | 1.34 |
| &nbsp;&nbsp;Class I After Taxes on Distributions | 02/01/2010 | 02/01/2010 | (1.03) | 2.03 | 2.23 |
| &nbsp;&nbsp;Class I After Taxes on Distributions and Sale of Fund Shares |  |  | &nbsp;&nbsp;&nbsp;0.25 | 2.06 | 2.20 |

---

---

| | | | |
|:---|:---|:---|:---|
| **% Total Annual Operating Expense Ratios<sup>3</sup>** | **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;Gross | 0.92% | 1.67% | 0.67% |
| &nbsp;&nbsp;Net | 0.85 | 1.60 | 0.60 |

---

---

| | | | |
|:---|:---|:---|:---|
| **% Distribution Rates/Yields<sup>4</sup>** | **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;Distribution Rate | 2.77% | 2.02% | 3.01% |
| &nbsp;&nbsp;SEC 30-day Yield – Subsidized | 2.49 | 1.84 | 2.82 |
| &nbsp;&nbsp;SEC 30-day Yield – Unsubsidized | 2.36 | 1.72 | 2.69 |

---

Growth of $10,000

------

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

![](g470791imgd286c1de5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Growth of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount Invested** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Period Beginning** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**At NAV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**With Maximum Sales Charge** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.A. |
| &nbsp;&nbsp;Class I, at minimum investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1255298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.A. |

---

*See Endnotes and Additional Disclosures in this report.*

*Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2023

Fund Profile<br>

------

Credit Quality (% of total investments)<sup>1</sup>

![](g470791imgda9d4ee36.jpg)

Footnotes:

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

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Endnotes and Additional Disclosures

------

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

<sup>1</sup> Bloomberg Municipal Managed Money 1–7 Year Bond Index is an unmanaged, tax-exempt bond market index that measures the 1–7 year maturity component of the Bloomberg Municipal Managed Money Bond Index. Bloomberg 5 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 4-6 years. Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index is an unmanaged, tax-exempt bond market index that measures the 1–17 year maturity component of the Bloomberg Municipal Managed Money Bond Index. Bloomberg 7 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 6-8 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

<sup>2</sup> Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distributions and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.

---

| | |
|:---|:---|
|  | Effective February 17, 2015, each Fund changed its name and investment strategy to invest (under normal market conditions) at least 80% of its net assets in a diversified portfolio of municipal obligations, the interest on which is exempt from regular federal income tax. Performance prior to February 17, 2015 reflects each Fund's performance under its former investment strategy to invest at least 80% of its net assets in a diversified portfolio of municipal obligations that are exempt from regular federal income tax, municipal obligations that are not exempt from regular federal income tax, direct obligations of the U.S. Treasury and/or obligations of U.S. Government agencies, instrumentalities and government-sponsored enterprises.<br>Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. |
| <sup>3</sup> | Source: Fund prospectus. Net expense ratios for Parametric TABS Intermediate-Term Municipal Bond Fund reflect a contractual expense reimbursement that continues through 5/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
| <sup>4</sup> | The Distribution Rate is based on the Fund's last regular distribution per share in the period (annualized) divided by the Fund's NAV at the end of the period. The Fund's distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end.The Fund's distributions are determined by the investment adviser based on its current assessment of the Fund's long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund's investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.Subsidized yield reflects the effect of fee waivers and expense reimbursements. |

---

Fund profiles subject to change due to active management. <br> Additional Information <br> Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S.

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[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Endnotes and Additional Disclosures — continued

------

---

| |
|:---|
| Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. |
| Credit spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality. |
| Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes. |

---

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[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Fund Expenses

------

#### Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023).

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

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

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

Parametric TABS Short-Term Municipal Bond Fund

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Beginning <br> Account Value<br> (8/1/22)** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending <br> Account Value<br> (1/31/23)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses Paid<br> During Period\*<br> (8/1/22 – 1/31/23)** | &nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** |
| **Actual** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1011.60 | &nbsp;&nbsp;&nbsp;&nbsp;$3.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1008.30 | &nbsp;&nbsp;&nbsp;&nbsp;$7.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.47% |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1013.90 | &nbsp;&nbsp;&nbsp;&nbsp;$2.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| **Hypothetical** |  |  |  |  |
| (5% return per year before expenses) |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1021.58 | &nbsp;&nbsp;&nbsp;&nbsp;$3.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1017.80 | &nbsp;&nbsp;&nbsp;&nbsp;$7.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.47% |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1022.84 | &nbsp;&nbsp;&nbsp;&nbsp;$2.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% |

---

\* Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2022.

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Fund Expenses — continued

------

Parametric TABS Intermediate-Term Municipal Bond Fund

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Beginning <br> Account Value<br> (8/1/22)** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending <br> Account Value<br> (1/31/23)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses Paid<br> During Period\*<br> (8/1/22 – 1/31/23)** | &nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** |
| **Actual** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.70 | &nbsp;&nbsp;&nbsp;&nbsp;$4.34\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1020.80 | &nbsp;&nbsp;&nbsp;&nbsp;$8.15\*\* | &nbsp;&nbsp;&nbsp;&nbsp;1.60% |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1026.00 | &nbsp;&nbsp;&nbsp;&nbsp;$3.06\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| **Hypothetical** |  |  |  |  |
| (5% return per year before expenses) |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1020.92 | &nbsp;&nbsp;&nbsp;&nbsp;$4.33\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1017.14 | &nbsp;&nbsp;&nbsp;&nbsp;$8.13\*\* | &nbsp;&nbsp;&nbsp;&nbsp;1.60% |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;$3.06\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.60% |

---

\* Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2022.

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

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[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2023

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 76.6%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 3.1% | Bond Bank — 3.1% | Bond Bank — 3.1% |
| Maine Municipal Bond Bank, 3.00%, 11/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;$1676812 |
| New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds , 5.00%, 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 368061 |
| Texas Water Development Board: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1108710 |
| &nbsp;&nbsp;&nbsp;4.55%, 10/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3876985 |
|  |  | &nbsp;&nbsp;**$7030568** |
| Education — 8.0% | Education — 8.0% | Education — 8.0% |
| Alabama Public School and College Authority, Social Bonds, 4.00%, 11/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1580565 |
| Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 5.00%, 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31699 |
| Connecticut Health and Educational Facilities Authority, (Yale University), 2.80% to 2/10/26 (Put Date), 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4994550 |
| Southwest Higher Education Authority, Inc., TX, (Southern Methodist University), 5.00%, 10/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 228715 |
| Texas A&M University, 4.00%, 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1431629 |
| University of California: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1722015 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2347800 |
| University of Michigan, 4.00% to 4/1/24 (Put Date), 4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3030480 |
| University of Texas, 5.00%, 8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041050 |
| Will, Grundy, and Kendall Counties Community School District No. 201, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 785165 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133340 |
|  |  | &nbsp;&nbsp;**$18327008** |
| Electric Utilities — 0.5% | Electric Utilities — 0.5% | Electric Utilities — 0.5% |
| Denton, TX, Utility System Revenue, 5.00%, 12/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1092750 |
|  |  | &nbsp;&nbsp;**$1092750** |
| Escrowed/Prerefunded — 6.1% | Escrowed/Prerefunded — 6.1% | Escrowed/Prerefunded — 6.1% |
| Arizona, Certificates of Participation, Escrowed to Maturity, 5.00%, 10/1/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2087780 |
| Illinois Development Finance Authority, (Regency Park): |  |  |
| &nbsp;&nbsp;&nbsp;Escrowed to Maturity, 0.00%, 7/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4940300 |
| &nbsp;&nbsp;&nbsp;Escrowed to Maturity, 0.00%, 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp; 5356010 |
| New York Dormitory Authority, Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Escrowed to Maturity, 5.00%, 2/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126490 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Escrowed/Prerefunded (continued) | Escrowed/Prerefunded (continued) | Escrowed/Prerefunded (continued) |
| New York Dormitory Authority, Personal Income Tax Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Escrowed to Maturity, 5.00%, 2/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$52806 |
| Sales Tax Asset Receivable Corp., NY, Prerefunded to 10/15/24, 5.00%, 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1567350 |
|  |  | &nbsp;&nbsp;**$14130736** |
| General Obligations — 18.3% | General Obligations — 18.3% | General Obligations — 18.3% |
| Abilene, TX, 5.00%, 2/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$21043 |
| California, 5.50%, 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255 | &nbsp;&nbsp;&nbsp;&nbsp; 3556446 |
| Chisholm Independent School District No. 695, MN, 0.00%, 2/1/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 505487 |
| Cleveland Heights-University Heights City School District, OH, 0.00%, 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 97556 |
| Commonwealth of Massachusetts, 4.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072900 |
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1358562 |
| Denton Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2890080 |
| Edina, MN, 5.00%, 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 141670 |
| Georgia, 4.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;&nbsp;&nbsp; 6176817 |
| Illinois, 5.00%, 3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5463307 |
| Liberty Hill Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp; 2221412 |
| Massachusetts, 5.00%, 12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5246850 |
| Meramec Valley R-III School District, MO, 3.00%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 29776 |
| Mountain View Whisman School District, CA, (Election of 2020): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11140 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27720 |
| Mountain View-Los Altos Union High School District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 933688 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 867573 |
| New York, NY, 5.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096810 |
| North Carolina, 2.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1138075 |
| Oconee County, GA, 4.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16584 |
| Ohio, 5.00%, 12/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 511605 |
| Sugar Land, TX, 5.00%, 2/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp; 1105994 |
| Washington, 4.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2911626 |
| Wylie Independent School District, TX, (PSF Guaranteed), 2.25% to 8/15/23 (Put Date), 8/15/41<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;&nbsp;&nbsp; 4770225 |
|  |  | &nbsp;&nbsp;**$42172946** |
| Hospital — 13.5% | Hospital — 13.5% | Hospital — 13.5% |
| Allegheny County Hospital Development Authority, PA, (UPMC), 2.36%, (SIFMA + 0.70%), 5/15/27 (Put Date), 11/15/47<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;$4376160 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;$94129 |
| Missouri Health and Educational Facilities Authority, (Mercy Health): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2692100 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3847760 |
| New Jersey Health Care Facilities Financing Authority, (Virtua Health), (LOC: TD Bank, N.A.), 1.25%, 7/1/43<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| University of Colorado Hospital Authority, (SPA: TD Bank, N.A.), 1.60%, 11/15/39<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7725 | &nbsp;&nbsp;&nbsp;&nbsp; 7725000 |
| Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 1/30/24 (Put Date), 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6137880 |
| Wisconsin Health and Educational Facilities Authority, (Aspirus, Inc. Obligated Group), 5.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141720 |
|  |  | &nbsp;&nbsp;**$31014749** |
| Housing — 6.5% | Housing — 6.5% | Housing — 6.5% |
| Connecticut Housing Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;1.85%, 11/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;$166180 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3277020 |
| Connecticut Housing Finance Authority, Social Bonds, 1.96%, (SIFMA + 0.30%), 11/15/24 (Put Date), 11/15/50<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2480500 |
| Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1909565 |
| New York Housing Finance Agency, Sustainability Bonds, 1.10%, 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 578456 |
| Ohio Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101890 |
| Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp; 2125344 |
| Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3330120 |
|  |  | &nbsp;&nbsp;**$14969075** |
| Insured - Education — 0.2% | Insured - Education — 0.2% | Insured - Education — 0.2% |
| William S Hart Union High School District, CA, (Election 2001), (AGM), 0.00%, 9/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$414710 |
|  |  | &nbsp;&nbsp;**$414710** |
| Insured - General Obligations — 3.5% | Insured - General Obligations — 3.5% | Insured - General Obligations — 3.5% |
| Murrieta Valley Unified School District, CA, (Election of 2006), (AGM), 0.00%, 9/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;$1111904 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Rancho Santiago Community College District, CA, (Election of 2002): |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 0.00%, 9/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1731460 |
| &nbsp;&nbsp;&nbsp;(AGM), 0.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1216545 |
| San Jose Unified School District, CA, (Election of 2002), (NPFG), 0.00%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2172225 |
| San Mateo County Community College District, CA, (Election of 2001), (NPFG), 0.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1798020 |
|  |  | &nbsp;&nbsp;**$8030154** |
| Insured - Housing — 2.1% | Insured - Housing — 2.1% | Insured - Housing — 2.1% |
| Illinois Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (GNMA), (FNMA), (FHLMC), 5.25%, 10/1/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;$2149692 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (GNMA), (FNMA), (FHLMC), 6.25%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1690695 |
| Indiana Housing and Community Development Authority, SFMR, Social Bonds, (GNMA), (FNMA), (FHLMC), 5.00%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067090 |
|  |  | &nbsp;&nbsp;**$4907477** |
| Lease Revenue/Certificates of Participation — 4.6% | Lease Revenue/Certificates of Participation — 4.6% | Lease Revenue/Certificates of Participation — 4.6% |
| Carmel Redevelopment Authority, IN, 5.00%, 7/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;$1483459 |
| Colorado, (Rural Colorado), 5.00%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6464940 |
| Malibu, CA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 275630 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 225540 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 375802 |
| Virginia Public Building Authority, 5.00%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1817436 |
|  |  | &nbsp;&nbsp;**$10642807** |
| Other Revenue — 4.0% | Other Revenue — 4.0% | Other Revenue — 4.0% |
| Lancaster Port Authority, OH, Gas Supply Revenue, (Liq: Royal Bank of Canada), 5.00% to 2/1/25 (Put Date), 8/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185 | &nbsp;&nbsp;$4308876 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/29 (Put Date), 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1321825 |
| Tennergy Corp., TN, Gas Supply Revenue, 4.00% to 9/1/28 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3509730 |
|  |  | &nbsp;&nbsp;**$9140431** |
| Senior Living/Life Care — 0.3% | Senior Living/Life Care — 0.3% | Senior Living/Life Care — 0.3% |
| Colorado Health Facilities Authority, (Commonspirit Health Obligations), 5.25%, 11/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$574110 |
|  |  | &nbsp;&nbsp;**$574110** |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue — 1.0% | Special Tax Revenue — 1.0% | Special Tax Revenue — 1.0% |
| New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1019710 |
| New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1325772 |
|  |  | &nbsp;&nbsp;**$2345482** |
| Transportation — 0.9% | Transportation — 0.9% | Transportation — 0.9% |
| Wisconsin, Transportation Revenue, 5.00%, 7/1/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2075640 |
|  |  | &nbsp;&nbsp;**$2075640** |
| Water and Sewer — 4.0% | Water and Sewer — 4.0% | Water and Sewer — 4.0% |
| Greensboro, NC, Combined Enterprise System Revenue, 5.00%, 6/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$90115 |
| Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 368238 |
| North Texas Municipal Water District, 5.00%, 9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp; 1151808 |
| San Francisco City and County Public Utilities Commission, CA, Wastewater Revenue, Green Bonds, 2.125% to 10/1/23 (Put Date), 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2483375 |
| Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2992500 |
| Washington Suburban Sanitary District, MD, 3.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023400 |
|  |  | &nbsp;&nbsp;**$9109436** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $172,719,076) |  | &nbsp;&nbsp;**$175978079** |

---

Taxable Municipal Obligations — 0.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Escrowed/Prerefunded — 0.4% | Escrowed/Prerefunded — 0.4% | Escrowed/Prerefunded — 0.4% |
| Oklahoma Development Finance Authority, (St. John Health System), 3.877%, 5/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$972570 |
| Total Taxable Municipal Obligations<br> (identified cost $1,000,000) |  | &nbsp;&nbsp;**$972570** |

---

U.S. Treasury Obligations — 13.9%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 2/29/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;$6087693 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Notes: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 6/30/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214 | &nbsp;&nbsp;$2176423 |
| &nbsp;&nbsp;&nbsp;3.875%, 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp; 1664634 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19030 | &nbsp;&nbsp;&nbsp;&nbsp; 20023128 |
| &nbsp;&nbsp;&nbsp;4.25%, 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp; 2090163 |
| Total U.S. Treasury Obligations<br> (identified cost $32,093,894) |  | &nbsp;&nbsp;**$32042041** |

---

Short-Term Investments — 9.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.14%<sup>(5)</sup> | 20836467 | &nbsp;&nbsp;$20836467 |
| Total Short-Term Investments<br> (identified cost $20,836,467) |  | &nbsp;&nbsp;**$20836467** |
| Total Investments — 100.0%<br> (identified cost $226,649,437) |  | &nbsp;&nbsp;**$229829157** |
| Other Assets, Less Liabilities — 0.0%<sup>(6)</sup> |  | &nbsp;&nbsp;**$52555** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$229881712** |

---

---

| | |
|:---|:---|
| 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> | Multi-step coupon security. Interest rate represents the rate in effect at January 31, 2023. |
| <sup>(3)</sup> | Floating rate security. The stated interest rate represents the rate in effect at January 31, 2023. |
| <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, 2023. |
| <sup>(5)</sup> | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2023. |
| <sup>(6)</sup> | Amount is less than 0.05%. |
| At January 31, 2023, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: | At January 31, 2023, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 65.7% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2023, 3.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.7% to 1.9% of total investments.

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AGM | – Assured Guaranty Municipal Corp. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| 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 |
| SPA | – Standby Bond Purchase Agreement |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2023

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 82.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 2.9% | Bond Bank — 2.9% | Bond Bank — 2.9% |
| Maine Municipal Bond Bank, 4.00%, 11/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;$1696827 |
| New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.00%, 9/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 3192337 |
| Texas Water Development Board: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2217420 |
| &nbsp;&nbsp;&nbsp;4.55%, 10/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5538550 |
| &nbsp;&nbsp;&nbsp;4.70%, 10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2756250 |
| &nbsp;&nbsp;&nbsp;4.75%, 10/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1105140 |
|  |  | &nbsp;&nbsp;**$16506524** |
| Education — 3.9% | Education — 3.9% | Education — 3.9% |
| Bethlehem Area School District Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;3.231%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;$3878470 |
| &nbsp;&nbsp;&nbsp;3.231%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 974490 |
| Clark-Pleasant Community School Building Corp., IN, 5.25%, 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1599834 |
| Connecticut Health and Educational Facilities Authority, (Westminster School), 4.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2080381 |
| Dallas College, TX, 5.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610 | &nbsp;&nbsp;&nbsp;&nbsp; 3806023 |
| Georgia Private Colleges and Universities Authority, (Savannah College of Art and Design): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp; 2020090 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1600192 |
| Mt. Vernon of Hancock County Multi-School Building Corp., IN, 5.00%, 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 144757 |
| Nevada System of Higher Education, 5.00%, 7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504980 |
| Ohio Higher Educational Facility Commission, (Kenyon College): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1765664 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1203257 |
| Texas A&M University, 4.375%, 5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp; 1970287 |
| University of Mississippi Educational Building Corp., 4.125%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 402964 |
| Virginia Commonwealth University, 4.00%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 306805 |
|  |  | &nbsp;&nbsp;**$22258194** |
| Electric Utilities — 2.4% | Electric Utilities — 2.4% | Electric Utilities — 2.4% |
| Clark County Public Utility District No 1, NV, 5.00%, 1/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;$1404902 |
| Energy Northwest, WA, (Columbia Generating Station): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1667457 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010580 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| Florida Municipal Power Agency, 3.00%, 10/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;$1338984 |
| Gainesville, FL, Utilities System Revenue, (SPA: Barclays Bank PLC), 1.25%, 10/1/42<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 |
| Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project M), 5.25%, 7/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6849245 |
| Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 911617 |
|  |  | &nbsp;&nbsp;**$13732785** |
| Escrowed/Prerefunded — 2.1% | Escrowed/Prerefunded — 2.1% | Escrowed/Prerefunded — 2.1% |
| California School Finance Authority, (Aspire Public Schools), Escrowed to Maturity, 5.00%, 8/1/25<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$26639 |
| Hamilton County, OH, Sewer System, Prerefunded to 12/1/23, 5.00%, 12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021670 |
| Louisiana Transportation Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Prerefunded to 8/15/23, 5.00%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp; 1910900 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 8/15/23, 5.00%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp; 1246900 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 8/15/23, 5.00%, 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp; 1104976 |
| Massachusetts School Building Authority, Dedicated Sales Tax Revenue, Prerefunded to 5/15/23, 5.00%, 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014840 |
| Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), Prerefunded to 3/1/24, 5.00%, 9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 534368 |
| South Dakota Building Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Prerefunded to 6/1/24, 5.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 931365 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 6/1/24, 5.00%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1552275 |
| Westmoreland County Municipal Authority, PA, Water and Sewer Revenue, Prerefunded to 8/15/23, 5.00%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp;&nbsp; 1759290 |
|  |  | &nbsp;&nbsp;**$12103223** |
| General Obligations — 27.2% | General Obligations — 27.2% | General Obligations — 27.2% |
| Alabama, 5.00%, 11/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1159870 |
| Alamo Community College District, TX, 5.00%, 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2766450 |
| Anna, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890 | &nbsp;&nbsp;&nbsp;&nbsp; 2954129 |
| &nbsp;&nbsp;&nbsp;4.125%, 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1104670 |
| Batavia, IL, 4.00%, 11/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 756148 |
| Beaumont, TX, Certificates of Obligation, 4.00%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 1007404 |
| California: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp; 3135510 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1847090 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 | &nbsp;&nbsp;&nbsp;&nbsp; 2485688 |
| Campbell, CA, (Election of 2018): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 338952 |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Campbell, CA, (Election of 2018): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;$1217063 |
| Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp; 644950 |
| Cleveland Municipal School District, OH, Prerefunded to 6/1/23, 5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105 | &nbsp;&nbsp;&nbsp;&nbsp; 3131703 |
| Commonwealth of Massachusetts, 4.00%, 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 720440 |
| Conroe, TX, 4.25%, 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1169899 |
| Decatur, IL, 5.00%, 3/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp; 1031524 |
| Florida, (Department of Transportation), 2.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 798309 |
| Fort Bend Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072830 |
| Georgia: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5525 | &nbsp;&nbsp;&nbsp;&nbsp; 6148993 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 542190 |
| Gladstone School District No. 115, Clackamas County, OR, 0.00%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 916160 |
| Glendale Unified School District, CA, 0.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp; 3986664 |
| Gunnison Watershed School District RE-1J, CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 917096 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/40<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1254187 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1360584 |
| Hutto Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 433959 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 499600 |
| Illinois, 5.00%, 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6877715 |
| Katy Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 361960 |
| Kern Community College District, CA, (Election of 2016), 5.25%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1164300 |
| Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5269850 |
| Macomb County, MI, 4.00%, 5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019280 |
| Madison County, TN, 5.00%, 5/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1122058 |
| Massachusetts, 4.00%, 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4153800 |
| Medina Valley Independent School District, TX, (PSF Gauranteed): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 495898 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 505984 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 314204 |
| Monrovia Unified School District, CA, (Election of 2006), 0.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 2794272 |
| Morris Township, NJ, 3.00%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61293 |
| Mountain View Whisman School District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp; 2274394 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1350219 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;$1985181 |
| Neshaminy School District, PA, 4.00%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 442095 |
| New Hampshire, 4.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2219819 |
| New York City, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1173910 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 9192800 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2861825 |
| New York, NY, 5.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715 | &nbsp;&nbsp;&nbsp;&nbsp; 5458273 |
| Ohio: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2421675 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 239158 |
| Omaha, NE: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1275103 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1319546 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1265826 |
| Pasadena Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5204550 |
| Paw Paw Public Schools, MI: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 482989 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 455451 |
| Pennsylvania: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6140940 |
| &nbsp;&nbsp;&nbsp;4.125%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10150 | &nbsp;&nbsp;&nbsp;&nbsp; 10393701 |
| Peralta Community College District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 543818 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 533155 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 633627 |
| Richardson Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1812690 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1159990 |
| Rockwall Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1144310 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1419987 |
| San Francisco Bay Area Rapid Transit District, CA, 4.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1402879 |
| Shoreline, WA, 4.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1760107 |
| Solana Beach School District, CA, (Election of 2016), 4.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75643 |
| Spring Branch Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3413190 |
| Washington: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2695950 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1671241 |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Washington: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8145 | &nbsp;&nbsp;$9174284 |
| Western School District, MI, 5.00%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1118900 |
| Zeeland Public Schools, MI, 5.00%, 5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029360 |
|  |  | &nbsp;&nbsp;**$153289262** |
| Hospital — 4.1% | Hospital — 4.1% | Hospital — 4.1% |
| Geisinger Authority, PA, (Geisinger Health System), 4.00%, 4/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;$3260270 |
| Illinois Finance Authority, (UChicago Medicine), 5.00% to 8/15/27 (Put Date), 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5481200 |
| Massachusetts Development Finance Agency, (Berkshire Health Systems), 5.00%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 153261 |
| Montgomery County, OH, (Kettering Health Network Obligated Group), 3.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 292206 |
| Pennsylvania Economic Development Financing Authority, (UPMC), 5.00%, 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp; 1842918 |
| Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1320707 |
| Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1121098 |
| St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 628422 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Methodist Hospitals of Dallas), (LOC: TD Bank, N.A.), 1.20%, 10/1/41<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 |
| Virginia Small Business Financing Authority, (Bon Secours Mercy Health, Inc.), 5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 8287800 |
|  |  | &nbsp;&nbsp;**$22852882** |
| Housing — 3.7% | Housing — 3.7% | Housing — 3.7% |
| Connecticut Housing Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2184680 |
| Connecticut Housing Finance Authority, Social Bonds, 1.96%, (SIFMA + 0.30%), 11/15/24 (Put Date), 11/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1984400 |
| Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3273540 |
| New York Mortgage Agency: |  |  |
| &nbsp;&nbsp;&nbsp;2.05%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 946850 |
| &nbsp;&nbsp;&nbsp;2.15%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp; 1175501 |
| &nbsp;&nbsp;&nbsp;2.25%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 924370 |
| &nbsp;&nbsp;&nbsp;2.35%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp; 1679153 |
| &nbsp;&nbsp;&nbsp;2.40%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1032312 |
| Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 925120 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3269760 |
| Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3330120 |
|  |  | &nbsp;&nbsp;**$20725806** |
| Insured - Bond Bank — 1.8% | Insured - Bond Bank — 1.8% | Insured - Bond Bank — 1.8% |
| Indianapolis Local Public Improvement Bond Bank, IN: |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 4.00%, 6/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;$5157554 |
| &nbsp;&nbsp;&nbsp;(AGM), 4.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5052500 |
|  |  | &nbsp;&nbsp;**$10210054** |
| Insured - Education — 2.2% | Insured - Education — 2.2% | Insured - Education — 2.2% |
| Scott County School District Finance Corp., KY, (BAM), 5.00%, 9/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$5602600 |
| Texas State Technical College System, Financing System Improvement, (AGM), 5.50%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp; 6705650 |
|  |  | &nbsp;&nbsp;**$12308250** |
| Insured - General Obligations — 0.7% | Insured - General Obligations — 0.7% | Insured - General Obligations — 0.7% |
| Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535 | &nbsp;&nbsp;$2195942 |
| Springdale, AR, Water and Sewer Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 800415 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp; 886653 |
|  |  | &nbsp;&nbsp;**$3883010** |
| Insured - Housing — 2.6% | Insured - Housing — 2.6% | Insured - Housing — 2.6% |
| Colorado Housing and Finance Authority, Social Bonds, (GNMA), 6.00%, 11/1/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;$5545085 |
| Illinois Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (GNMA), (FNMA), (FHLMC), 5.25%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1831818 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (GNMA), (FNMA), (FHLMC), 6.25%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 5072085 |
| Indiana Housing and Community Development Authority, SFMR, Social Bonds, (GNMA), (FNMA), (FHLMC), 5.00%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2400953 |
|  |  | &nbsp;&nbsp;**$14849941** |
| Insured - Lease Revenue/Certificates of Participation — 0.0%<sup>(5)</sup> | Insured - Lease Revenue/Certificates of Participation — 0.0%<sup>(5)</sup> | Insured - Lease Revenue/Certificates of Participation — 0.0%<sup>(5)</sup> |
| Ontario Public Financing Authority, CA, (Civic Center Improvements), (AGM), 5.00%, 11/1/23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;$137560 |
|  |  | &nbsp;&nbsp;**$137560** |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue — 0.2% | Insured - Special Tax Revenue — 0.2% | Insured - Special Tax Revenue — 0.2% |
| Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AGM), 5.00%, 11/15/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1107230 |
|  |  | &nbsp;&nbsp;**$1107230** |
| Insured - Transportation — 1.0% | Insured - Transportation — 1.0% | Insured - Transportation — 1.0% |
| Metropolitan Transportation Authority, NY, (AGM), 3.681%, (67% of SOFR + 0.80%), 4/1/26 (Put Date), 11/1/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;$5466120 |
|  |  | &nbsp;&nbsp;**$5466120** |
| Lease Revenue/Certificates of Participation — 2.1% | Lease Revenue/Certificates of Participation — 2.1% | Lease Revenue/Certificates of Participation — 2.1% |
| Aspen Fire Protection District, CO: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;$133392 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 242788 |
| Colorado, (Rural Colorado), 4.00%, 12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022380 |
| Duchesne School District Municipal Building Authority, UT: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067010 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 | &nbsp;&nbsp;&nbsp;&nbsp; 1748701 |
| Greater Texas Cultural Education Facilities Finance Corp., (Epicenter Multipurpose Facilities): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 548283 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 584730 |
| Ottawa County Building Authority, MI, 4.00%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp; 1352161 |
| Palm Beach County School Board, FL, 5.25%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp; 2675049 |
| Palo Alto, CA, Certificates of Participation, 3.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110680 |
| South San Francisco Public Facilities Financing Authority, CA, (Orange Memorial Park), 4.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009190 |
| St. Louis County Special School District, MO, 4.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 568129 |
| Virginia Public Building Authority, 4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 853384 |
|  |  | &nbsp;&nbsp;**$11915877** |
| Other Revenue — 7.2% | Other Revenue — 7.2% | Other Revenue — 7.2% |
| Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;$1022543 |
| Lafayette Parish School, LA, Sales Tax Revenue, 5.00%, 4/1/39<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 879130 |
| Loudoun County Economic Development Authority, VA, (Howard Hughes Medical Institute), 4.00%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1055712 |
| Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp; 2709404 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/29 (Put Date), 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4229840 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;$3875808 |
| Orange County, FL, Tourist Development Tax Revenue, 4.00%, 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585 | &nbsp;&nbsp;&nbsp;&nbsp; 4742403 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 4.00%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10065300 |
| Southeast Energy Authority, AL, (Project No. 1), 4.00% to 10/1/28 (Put Date), 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7160 | &nbsp;&nbsp;&nbsp;&nbsp; 7169237 |
| Tennergy Corp., TN, Gas Supply Revenue, 4.00% to 9/1/28 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 4713066 |
|  |  | &nbsp;&nbsp;**$40462443** |
| Senior Living/Life Care — 0.4% | Senior Living/Life Care — 0.4% | Senior Living/Life Care — 0.4% |
| Colorado Health Facilities Authority, (Commonspirit Health Obligations), 5.25%, 11/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;$1232583 |
| North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060120 |
|  |  | &nbsp;&nbsp;**$2292703** |
| Special Tax Revenue — 5.0% | Special Tax Revenue — 5.0% | Special Tax Revenue — 5.0% |
| Fairfax County, VA, Sewer Revenue, 4.00%, 7/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;$4103541 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1535265 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 254933 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5004350 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1576512 |
| New York Dormitory Authority, Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5135650 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1205952 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 5197296 |
| New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 | &nbsp;&nbsp;&nbsp;&nbsp; 4009660 |
|  |  | &nbsp;&nbsp;**$28023159** |
| Transportation — 2.2% | Transportation — 2.2% | Transportation — 2.2% |
| Chicago, IL, (O'Hare International Airport), 5.25%, 1/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1611330 |
| Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063040 |
| Massachusetts, (Rail Enhancement Program), 5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp; 3325476 |
| North Texas Tollway Authority, 4.125%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3046710 |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;$1777727 |
| Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1652910 |
|  |  | &nbsp;&nbsp;**$12477193** |
| Water and Sewer — 10.5% | Water and Sewer — 10.5% | Water and Sewer — 10.5% |
| Colorado Springs, CO, Utilities System Revenue, (SPA: Sumitomo Mitsui Banking Corp.), 1.60%, 11/1/28<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;$900000 |
| East Bay Municipal Utility District, CA, Wastewater System Revenue, Green Bonds, 5.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 229724 |
| Metropolitan Utilities District of Omaha Water System Revenue, NE, 4.375%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545 | &nbsp;&nbsp;&nbsp;&nbsp; 4753025 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;&nbsp;&nbsp; 5781990 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5029150 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695 | &nbsp;&nbsp;&nbsp;&nbsp; 3713955 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620 | &nbsp;&nbsp;&nbsp;&nbsp; 3630969 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3355140 |
| &nbsp;&nbsp;&nbsp;Series EE, 5.00%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp; 1164009 |
| Santa Clara Valley Water District, CA, 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 698304 |
| Seattle, WA, Water System Revenue, Green Bonds, 5.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1852646 |
| Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16957500 |
| Spotsylvania County Water and Sewer, VA, 4.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 781973 |
| Sugar Land, TX, Waterworks and Sewer System Revenue, 4.50%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 382027 |
| Tampa Bay Regional Water Supply Authority, FL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1437037 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1137200 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp; 1889288 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2257460 |
| Texas Water Development Board, 4.60%, 10/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp; 2478381 |
| Washington Suburban Sanitary District, MD, 2.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 720610 |
|  |  | &nbsp;&nbsp;**$59150388** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $447,692,816) |  | &nbsp;&nbsp;**$463752604** |

---

Taxable Municipal Obligations — 1.7%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Escrowed/Prerefunded — 0.4% | Escrowed/Prerefunded — 0.4% | Escrowed/Prerefunded — 0.4% |
| Oklahoma Development Finance Authority, (St. John Health System): |  |  |
| &nbsp;&nbsp;&nbsp;3.877%, 5/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1458855 |
| &nbsp;&nbsp;&nbsp;4.714%, 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 975820 |
|  |  | &nbsp;&nbsp;**$2434675** |
| General Obligations — 1.3% | General Obligations — 1.3% | General Obligations — 1.3% |
| Massachusetts, Special Obligation, Social Bonds, 3.769%, 7/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;$7255425 |
|  |  | &nbsp;&nbsp;**$7255425** |
| Total Taxable Municipal Obligations<br> (identified cost $10,000,000) |  | &nbsp;&nbsp;**$9690100** |

---

U.S. Treasury Obligations — 7.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 11/30/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;$917331 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24146 | &nbsp;&nbsp;&nbsp;&nbsp; 25406119 |
| &nbsp;&nbsp;&nbsp;4.25%, 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15001172 |
| Total U.S. Treasury Obligations<br> (identified cost $41,345,625) |  | &nbsp;&nbsp;**$41324622** |

---

Short-Term Investments — 8.7%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.14%<sup>(7)</sup> | 49021044 | &nbsp;&nbsp;$49021044 |
| Total Short-Term Investments<br> (identified cost $49,021,044) |  | &nbsp;&nbsp;**$49021044** |
| Total Investments — 100.0%<br> (identified cost $548,059,485) |  | &nbsp;&nbsp;**$563788370** |
| Other Assets, Less Liabilities — 0.0%<sup>(5)</sup> |  | &nbsp;&nbsp;**$221048** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$564009418** |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| 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> | Floating rate security. The stated interest rate represents the rate in effect at January 31, 2023. |
| <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, 2023. |
| <sup>(4)</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, 2023, the aggregate value of these securities is $26,639 or less than 0.05% of the Fund's net assets. |
| <sup>(5)</sup> | Amount is less than 0.05%. |
| <sup>(6)</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, 2023. |
| <sup>(7)</sup> | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2023. |
| At January 31, 2023, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: | At January 31, 2023, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 14.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 57.7% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2023, 5.6% 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 1.0% to 4.6% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AGM | – Assured Guaranty Municipal Corp. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Statements of Assets and Liabilities

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2023** | &nbsp;&nbsp;&nbsp;**January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| Assets |  |  |
| Unaffiliated investments, at value (identified cost $205,812,970 and $499,038,441, respectively) | &nbsp;&nbsp;$208992690 | &nbsp;&nbsp;$514767326 |
| Affiliated investment, at value (identified cost $20,836,467 and $49,021,044, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20836467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49021044 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5468945 |
| Dividends receivable from affiliated investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55849 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10146634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18344578 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975383 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130198 |
| **Total assets** | &nbsp;&nbsp;**$242287804** | &nbsp;&nbsp;**$589763323** |
| Liabilities |  |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;$7260221 | &nbsp;&nbsp;$16196724 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4439922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7370567 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891902 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796121 |
| 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;&nbsp;&nbsp;66772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226772 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15486 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256333 |
| **Total liabilities** | &nbsp;&nbsp;**$12406092** | &nbsp;&nbsp;**$25753905** |
| **Net Assets** | &nbsp;&nbsp;**$229881712** | &nbsp;&nbsp;**$564009418** |
| Sources of Net Assets |  |  |
| Paid-in capital | &nbsp;&nbsp;$238579664 | &nbsp;&nbsp;$579627941 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8697952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15618523) |
| **Net Assets** | &nbsp;&nbsp;**$229881712** | &nbsp;&nbsp;**$564009418** |
| Class A Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$77727408 | &nbsp;&nbsp;$52418768 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7640780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337111 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.09 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.50 |
| Class C Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3251758 | &nbsp;&nbsp;&nbsp;&nbsp;$5307039 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439314 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.08 |
| Class I Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$148902546 | &nbsp;&nbsp;$506283611 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14632223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41847472 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.10 |

---

---

| | |
|:---|:---|
| 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_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Statements of Operations

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31, 2023** | &nbsp;&nbsp;&nbsp;**Year Ended January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| Investment Income |  |  |
| Dividend income from affiliated investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$393822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$741961 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5620782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15721959 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;**$6014604** | &nbsp;&nbsp;**$16463920** |
| Expenses |  |  |
| Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;$1065891 | &nbsp;&nbsp;&nbsp;$3171649 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130779 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62593 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38956 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141614 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821519 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79134 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68173 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155359 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25994 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;**$1686658** | &nbsp;&nbsp;&nbsp;**$4695770** |
| Deduct: |  |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$922575 |
| **Total expense reductions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$26278** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$922575** |
| **Net expenses** | &nbsp;&nbsp;&nbsp;**$1660380** | &nbsp;&nbsp;&nbsp;**$3773195** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;**$4354224** | &nbsp;&nbsp;**$12690725** |
| Realized and Unrealized Gain (Loss) |  |  |
| Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(12092834) | &nbsp;&nbsp;$(31699317) |
| **Net realized loss** | &nbsp;&nbsp;**$(12092834)** | &nbsp;&nbsp;**$(31699317)** |
| Change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;$2229091 | &nbsp;&nbsp;&nbsp;$5962189 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;&nbsp;**$2229091** | &nbsp;&nbsp;&nbsp;**$5962189** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(9863743)** | &nbsp;&nbsp;**$(25737128)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(5509519)** | &nbsp;&nbsp;**$(13046403)** |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31, 2023** | &nbsp;&nbsp;&nbsp;**Year Ended January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$4354224 | &nbsp;&nbsp;&nbsp;$12690725 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12092834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31699317) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5962189 |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5509519)** | &nbsp;&nbsp;**$(13046403)** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;$(1400824) | &nbsp;&nbsp;&nbsp;&nbsp;$(1019132) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72096) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2874290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11534650) |
| **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4292531)** | &nbsp;&nbsp;**$(12625878)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(37949638) | &nbsp;&nbsp;&nbsp;&nbsp;$(6838481) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1221022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2732414) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52955647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89833067) |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(92126307)** | &nbsp;&nbsp;**$(99403962)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(101928357)** | &nbsp;&nbsp;**$(125076243)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$331810069 | &nbsp;&nbsp;$689085661 |
| **At end of year** | &nbsp;&nbsp;**$229881712** | &nbsp;&nbsp;**$564009418** |

---

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Statements of Changes in Net Assets — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31, 2022** | &nbsp;&nbsp;&nbsp;**Year Ended January 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$2681286 | &nbsp;&nbsp;&nbsp;&nbsp;$8755400 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436464 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11253128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29594234) |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;&nbsp;**$(7799119)** | &nbsp;&nbsp;**$(20402370)** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$(1469566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(925027) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62438) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3179062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10113572) |
| **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;**$(4679159)** | &nbsp;&nbsp;**$(11101037)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(11725431) | &nbsp;&nbsp;&nbsp;$(2977634) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2666827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2436425) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37797402) | &nbsp;&nbsp;&nbsp;&nbsp;110138775 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(52189660)** | &nbsp;&nbsp;**$104724716** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(64667938)** | &nbsp;&nbsp;**$73221309** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$396478007 | &nbsp;&nbsp;$615864352 |
| **At end of year** | &nbsp;&nbsp;**$331810069** | &nbsp;&nbsp;**$689085661** |

---

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.450 | &nbsp;&nbsp;$10.830 | &nbsp;&nbsp;$10.660 | &nbsp;&nbsp;$10.350 | &nbsp;&nbsp;$10.300 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.165 | &nbsp;&nbsp;&nbsp;&nbsp;$0.059 | &nbsp;&nbsp;&nbsp;&nbsp;$0.077<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$0.160<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$0.154<sup>(1)</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.049 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.129)** | &nbsp;&nbsp;&nbsp;**$(0.257)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.478** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.468** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.203** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.151) | &nbsp;&nbsp;&nbsp;$(0.057) | &nbsp;&nbsp;&nbsp;$(0.078) | &nbsp;&nbsp;&nbsp;$(0.158) | &nbsp;&nbsp;&nbsp;$(0.153) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.151)** | &nbsp;&nbsp;&nbsp;**$(0.123)** | &nbsp;&nbsp;&nbsp;**$(0.308)** | &nbsp;&nbsp;&nbsp;**$(0.158)** | &nbsp;&nbsp;&nbsp;**$(0.153)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.170** | &nbsp;&nbsp;**$10.450** | &nbsp;&nbsp;**$10.830** | &nbsp;&nbsp;**$10.660** | &nbsp;&nbsp;**$10.350** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.39)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.51%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.56%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.00%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$77727 | &nbsp;&nbsp;$119419 | &nbsp;&nbsp;$135622 | &nbsp;&nbsp;$109210 | &nbsp;&nbsp;$113654 |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% <sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% |

---

<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> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the year ended January 31, 2023).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.390 | &nbsp;&nbsp;$10.790 | &nbsp;&nbsp;$10.640 | &nbsp;&nbsp;$10.320 | &nbsp;&nbsp;$10.270 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.071 | &nbsp;&nbsp;$(0.017) | &nbsp;&nbsp;$0.005 | &nbsp;&nbsp;$0.082 | &nbsp;&nbsp;$0.077 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.049 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.197)** | &nbsp;&nbsp;**$(0.334)** | &nbsp;&nbsp;**$0.392** | &nbsp;&nbsp;**$0.399** | &nbsp;&nbsp;**$0.126** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.012) | &nbsp;&nbsp;$(0.079) | &nbsp;&nbsp;$(0.076) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.053)** | &nbsp;&nbsp;**$(0.066)** | &nbsp;&nbsp;**$(0.242)** | &nbsp;&nbsp;**$(0.079)** | &nbsp;&nbsp;**$(0.076)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.140** | &nbsp;&nbsp;**$10.390** | &nbsp;&nbsp;**$10.790** | &nbsp;&nbsp;**$10.640** | &nbsp;&nbsp;**$10.320** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.89)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.11)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.88%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.24%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$3252 | &nbsp;&nbsp;$4603 | &nbsp;&nbsp;$7473 | &nbsp;&nbsp;$24622 | &nbsp;&nbsp;$35832 |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% <sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% |

---

<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> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the year ended January 31, 2023).

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.450 | &nbsp;&nbsp;$10.830 | &nbsp;&nbsp;$10.660 | &nbsp;&nbsp;$10.350 | &nbsp;&nbsp;$10.300 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.180 | &nbsp;&nbsp;&nbsp;&nbsp;$0.086 | &nbsp;&nbsp;&nbsp;&nbsp;$0.105 | &nbsp;&nbsp;&nbsp;&nbsp;$0.186 | &nbsp;&nbsp;&nbsp;&nbsp;$0.181 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.048 |
| **Total income (loss) from operations** | &nbsp;&nbsp;&nbsp;**$(0.094)** | &nbsp;&nbsp;&nbsp;**$(0.230)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.505** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.494** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.229** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;$(0.176) | &nbsp;&nbsp;&nbsp;$(0.084) | &nbsp;&nbsp;&nbsp;$(0.105) | &nbsp;&nbsp;&nbsp;$(0.184) | &nbsp;&nbsp;&nbsp;$(0.179) |
| 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;(0.066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;**$(0.176)** | &nbsp;&nbsp;&nbsp;**$(0.150)** | &nbsp;&nbsp;&nbsp;**$(0.335)** | &nbsp;&nbsp;&nbsp;**$(0.184)** | &nbsp;&nbsp;&nbsp;**$(0.179)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.180** | &nbsp;&nbsp;**$10.450** | &nbsp;&nbsp;**$10.830** | &nbsp;&nbsp;**$10.660** | &nbsp;&nbsp;**$10.350** |
| **Total Return<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.85)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.14)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.25%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$148903 | &nbsp;&nbsp;$207787 | &nbsp;&nbsp;$253382 | &nbsp;&nbsp;$157176 | &nbsp;&nbsp;$164679 |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% |

---

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

<sup>(2)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the year ended January 31, 2023).

*28*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$12.490 | &nbsp;&nbsp;$13.070 | &nbsp;&nbsp;$12.810 | &nbsp;&nbsp;$12.210 | &nbsp;&nbsp;$12.160 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.234 | &nbsp;&nbsp;$0.135 | &nbsp;&nbsp;$0.184 | &nbsp;&nbsp;$0.228 | &nbsp;&nbsp;$0.235 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.050 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.166)** | &nbsp;&nbsp;**$(0.397)** | &nbsp;&nbsp;**$0.569** | &nbsp;&nbsp;**$0.865** | &nbsp;&nbsp;**$0.285** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.234) | &nbsp;&nbsp;$(0.135) | &nbsp;&nbsp;$(0.184) | &nbsp;&nbsp;$(0.228) | &nbsp;&nbsp;$(0.235) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.234)** | &nbsp;&nbsp;**$(0.183)** | &nbsp;&nbsp;**$(0.309)** | &nbsp;&nbsp;**$(0.265)** | &nbsp;&nbsp;**$(0.235)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.090** | &nbsp;&nbsp;**$12.490** | &nbsp;&nbsp;**$13.070** | &nbsp;&nbsp;**$12.810** | &nbsp;&nbsp;**$12.210** |
| **Total Return<sup>(1)(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.25)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.08)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.15%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.38%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$52419 | &nbsp;&nbsp;$61492 | &nbsp;&nbsp;$67422 | &nbsp;&nbsp;$50697 | &nbsp;&nbsp;$42715 |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% <sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% |

---

<sup>(1)</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>(2)</sup> The investment adviser and administrator and/or sub-adviser reimbursed certain operating expenses (equal to 0.16%, 0.12%, 0.09%, 0.08% and 0.08% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

<sup>(3)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the year ended January 31, 2023).

*29*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$12.480 | &nbsp;&nbsp;$13.070 | &nbsp;&nbsp;$12.810 | &nbsp;&nbsp;$12.210 | &nbsp;&nbsp;$12.160 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.138<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$0.044<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$0.092<sup>(1)</sup> | &nbsp;&nbsp;$0.133 | &nbsp;&nbsp;$0.143 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.051 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.254)** | &nbsp;&nbsp;**$(0.504)** | &nbsp;&nbsp;**$0.471** | &nbsp;&nbsp;**$0.771** | &nbsp;&nbsp;**$0.194** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.146) | &nbsp;&nbsp;$(0.038) | &nbsp;&nbsp;$(0.086) | &nbsp;&nbsp;$(0.134) | &nbsp;&nbsp;$(0.144) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.146)** | &nbsp;&nbsp;**$(0.086)** | &nbsp;&nbsp;**$(0.211)** | &nbsp;&nbsp;**$(0.171)** | &nbsp;&nbsp;**$(0.144)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.080** | &nbsp;&nbsp;**$12.480** | &nbsp;&nbsp;**$13.070** | &nbsp;&nbsp;**$12.810** | &nbsp;&nbsp;**$12.210** |
| **Total Return<sup>(2)(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.00)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.88)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.35%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.61%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$5307 | &nbsp;&nbsp;$8362 | &nbsp;&nbsp;$11226 | &nbsp;&nbsp;$22557 | &nbsp;&nbsp;$24456 |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% |

---

<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> The investment adviser and administrator and/or sub-adviser reimbursed certain operating expenses (equal to 0.16%, 0.12%, 0.09%, 0.08% and 0.08% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the year ended January 31, 2023).

*30*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$12.500 | &nbsp;&nbsp;$13.090 | &nbsp;&nbsp;$12.820 | &nbsp;&nbsp;$12.220 | &nbsp;&nbsp;$12.180 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.264 | &nbsp;&nbsp;&nbsp;&nbsp;$0.167 | &nbsp;&nbsp;&nbsp;&nbsp;$0.216 | &nbsp;&nbsp;&nbsp;&nbsp;$0.260 | &nbsp;&nbsp;&nbsp;&nbsp;$0.265 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.040 |
| **Total income (loss) from operations** | &nbsp;&nbsp;&nbsp;**$(0.136)** | &nbsp;&nbsp;&nbsp;**$(0.375)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.611** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.896** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.305** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;$(0.264) | &nbsp;&nbsp;&nbsp;$(0.167) | &nbsp;&nbsp;&nbsp;$(0.216) | &nbsp;&nbsp;&nbsp;$(0.259) | &nbsp;&nbsp;&nbsp;$(0.265) |
| 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;(0.048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;**$(0.264)** | &nbsp;&nbsp;&nbsp;**$(0.215)** | &nbsp;&nbsp;&nbsp;**$(0.341)** | &nbsp;&nbsp;&nbsp;**$(0.296)** | &nbsp;&nbsp;&nbsp;**$(0.265)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.100** | &nbsp;&nbsp;**$12.500** | &nbsp;&nbsp;**$13.090** | &nbsp;&nbsp;**$12.820** | &nbsp;&nbsp;**$12.220** |
| **Total Return<sup>(1)(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.01)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.90)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.41%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.63%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$506284 | &nbsp;&nbsp;$619232 | &nbsp;&nbsp;$537216 | &nbsp;&nbsp;$404214 | &nbsp;&nbsp;$396647 |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% <sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&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;104% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% |

---

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

<sup>(2)</sup> The investment adviser and administrator and/or sub-adviser reimbursed certain operating expenses (equal to 0.16%, 0.12%, 0.09%, 0.08% and 0.08% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

<sup>(3)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the year ended January 31, 2023).

*31*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Municipals Trust II (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Trust presently consists of six funds, two of which, each diversified, are included in these financial statements. They include Parametric TABS Short-Term Municipal Bond Fund (Short-Term Municipal Bond Fund) and Parametric TABS Intermediate-Term Municipal Bond Fund (Intermediate-Term Municipal Bond Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds' investment objective is to seek after-tax total return. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective 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.**

**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.**

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

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

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

As of January 31, 2023, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Notes to Financial Statements — continued

------

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

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

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

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

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2023 and January 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$3858423 | &nbsp;&nbsp;&nbsp;&nbsp;$11757847 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$434108 | &nbsp;&nbsp;&nbsp;&nbsp;$868031 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$2121312 | &nbsp;&nbsp;&nbsp;&nbsp;$7501575 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1771614 | &nbsp;&nbsp;&nbsp;&nbsp;$2683514 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$786233 | &nbsp;&nbsp;&nbsp;&nbsp;$915948 |

---

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Notes to Financial Statements — continued

------

As of January 31, 2023, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$75784 | &nbsp;&nbsp;&nbsp;&nbsp;$781744 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11946588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31385711) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3303982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15781565 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (796121) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8697952)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(15618523)** |

---

At January 31, 2023, the following Funds, for federal income tax purposes, had deferred capital losses which would reduce the respective Fund's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of a Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| **Deferred capital losses:** |  |  |
| &nbsp;&nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;&nbsp;$7209745 | &nbsp;&nbsp;&nbsp;&nbsp;$23950676 |
| &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;&nbsp;$4736843 | &nbsp;&nbsp;&nbsp;&nbsp;$7435035 |

---

The cost and unrealized appreciation (depreciation) of investments of each Fund at January 31, 2023, as determined on a federal income tax basis, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| **Aggregate cost** | &nbsp;&nbsp;**$226525175** | &nbsp;&nbsp;**$548006805** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$3869317 | &nbsp;&nbsp;$17903188 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(565335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2121623) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$3303982** | &nbsp;&nbsp;**$15781565** |

---

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[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Notes to Financial Statements — continued

------

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**As of<br> July 1, 2022\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Prior to<br> July 1, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**As of<br> July 1, 2022\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Prior to<br> July 1, 2022** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3500% | &nbsp;&nbsp;&nbsp;&nbsp;0.4500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5000% | &nbsp;&nbsp;&nbsp;&nbsp;0.6000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3500% | &nbsp;&nbsp;&nbsp;&nbsp;0.4400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5000% | &nbsp;&nbsp;&nbsp;&nbsp;0.6000% |
| $1 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3375% | &nbsp;&nbsp;&nbsp;&nbsp;0.4300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4750% | &nbsp;&nbsp;&nbsp;&nbsp;0.5750% |
| $2 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3250% | &nbsp;&nbsp;&nbsp;&nbsp;0.4100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4550% | &nbsp;&nbsp;&nbsp;&nbsp;0.5500% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3175% | &nbsp;&nbsp;&nbsp;&nbsp;0.4000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4400% | &nbsp;&nbsp;&nbsp;&nbsp;0.5300% |

---

\* Reflects a fee reduction pursuant to an amendment to each Fund's investment advisory and administrative agreement effective July 1, 2022.

For the year ended January 31, 2023, investment adviser and administration fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| Investment Adviser and Administration Fee | &nbsp;&nbsp;&nbsp;&nbsp;$1065891 | &nbsp;&nbsp;&nbsp;&nbsp;$3171649 |
| Effective Annual Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54% |

---

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

Effective April 26, 2022, each Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser and administration fee paid by each Fund is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by each Fund due to its investment in the Liquidity Fund. For the year ended January 31, 2023, the investment adviser and administration fee paid was reduced by $26,278 and $46,101 for Short-Term Municipal Bond Fund and Intermediate-Term Municipal Bond Fund, respectively, relating to each Fund's investment in the Liquidity Fund. Prior to April 26, 2022, each Fund may have invested its cash in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by EVM. EVM did not receive a fee for advisory services provided to Cash Reserves Fund.

EVM and Parametric have agreed to reimburse the Funds' expenses to the extent that total annual fund operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.76%, 1.51% and 0.51% of Short-Term Municipal Bond Fund's average daily net assets for Class A, Class C and Class I, respectively, effective July 1, 2022; and 0.85%, 1.60% and 0.60% (0.90%, 1.65% and 0.65% prior to July 1, 2022) of Intermediate-Term Municipal Bond Fund's average daily net assets for Class A, Class C and Class I, respectively. These agreements may be changed or terminated after May 31, 2023. Pursuant to these agreements, EVM and Parametric were allocated none and $876,474 in total of Short-Term Municipal Bond Fund's and Intermediate-Term Municipal Bond Fund's operating expenses, respectively, for the year ended January 31, 2023.

EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds' principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on the sales of Class A shares. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Notes to Financial Statements — continued

------

(see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD and Morgan Stanley affiliated broker-dealers for the year ended January 31, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| EVM's Sub-Transfer Agent Fees | &nbsp;&nbsp;$5452 | &nbsp;&nbsp;$4913 |
| EVD's Class A Sales Charges | &nbsp;&nbsp;$1043 | &nbsp;&nbsp;$1867 |
| Morgan Stanley affiliated broker-dealers' Class A Sales Charges | &nbsp;&nbsp;$2125 | &nbsp;&nbsp;$2541 |

---

Trustees and officers of the Funds who are members of EVM's organization receive remuneration for their services to the Funds out of the investment adviser and administration fee. Trustees of the Funds who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2023, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

4 Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2023 for Class A shares amounted to the following:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| Class A Distribution and Service Fees | &nbsp;&nbsp;$244992 | &nbsp;&nbsp;$130779 |

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Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Funds. For the year ended January 31, 2023, the Funds paid or accrued to EVD the following distribution fees:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| Class C Distribution Fees | &nbsp;&nbsp;$27828 | &nbsp;&nbsp;$46945 |

---

Pursuant to the Class C Plan, the Funds also make payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of the average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2023 amounted to the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| Class C Service Fees | &nbsp;&nbsp;$9276 | &nbsp;&nbsp;$15648 |

---

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

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Notes to Financial Statements — continued

------

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% (1% prior to April 29, 2022) CDSC if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended January 31, 2023, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A and Class C shareholders:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| Class A | &nbsp;&nbsp;$5000 | &nbsp;&nbsp;&nbsp;$200 |
| Class C | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2000 |

---

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended January 31, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term <br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term <br> Municipal Bond Fund** |
| **Purchases** |  |  |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$244291689 | &nbsp;&nbsp;&nbsp;&nbsp;$853064617 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38048069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41347003 |
| **Total Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**$282339758** | &nbsp;&nbsp;&nbsp;&nbsp;**$894411620** |
| **Sales** |  |  |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$333583416 | &nbsp;&nbsp;&nbsp;&nbsp;$916483529 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48486516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102142964 |
| **Total Sales** | &nbsp;&nbsp;&nbsp;&nbsp;**$382069932** | &nbsp;&nbsp;&nbsp;&nbsp;**$1018626493** |

---

7 Shares of Beneficial Interest

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Municipal Bond Fund** | **Short-Term Municipal Bond Fund** | **Short-Term Municipal Bond Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2022** |
|  | &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; 783048 | &nbsp;&nbsp;&nbsp;&nbsp;$7795113 | &nbsp;&nbsp;&nbsp;&nbsp; 1319562 | &nbsp;&nbsp;&nbsp;&nbsp;$14160777 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 116415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1162445 | &nbsp;&nbsp;&nbsp;&nbsp; 116663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1246260 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4686641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46907196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2532674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27132468) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3787178)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(37949638)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1096449)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11725431)** |

---

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Municipal Bond Fund (continued)** | **Short-Term Municipal Bond Fund (continued)** | **Short-Term Municipal Bond Fund (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 73863 | &nbsp;&nbsp;&nbsp;&nbsp;$729992 | &nbsp;&nbsp;&nbsp;&nbsp; 50891 | &nbsp;&nbsp;&nbsp;&nbsp;$544607 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13128 | &nbsp;&nbsp;&nbsp;&nbsp; 2109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22375 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (197500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1964142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (302544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3233809) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(122314)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1221022)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(249544)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2666827)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 6020814 | &nbsp;&nbsp;&nbsp;&nbsp;$60254992 | &nbsp;&nbsp;&nbsp;&nbsp; 6930959 | &nbsp;&nbsp;&nbsp;&nbsp;$74416982 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 194391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1942905 | &nbsp;&nbsp;&nbsp;&nbsp; 201729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2157637 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(11460257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115153544) | &nbsp;&nbsp;&nbsp;&nbsp;(10646030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114372021) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5245052)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(52955647)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3513342)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(37797402)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate-Term Municipal Bond Fund** | **Intermediate-Term Municipal Bond Fund** | **Intermediate-Term Municipal Bond Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2022** |
|  | &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; 1824390 | &nbsp;&nbsp;&nbsp;&nbsp;$21436685 | &nbsp;&nbsp;&nbsp;&nbsp; 1232672 | &nbsp;&nbsp;&nbsp;&nbsp;$15945662 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 42738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502881 | &nbsp;&nbsp;&nbsp;&nbsp; 36308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467442 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2453737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28778047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1501941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19390738) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(586609)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6838481)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(232961)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2977634)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 117657 | &nbsp;&nbsp;&nbsp;&nbsp;$1382809 | &nbsp;&nbsp;&nbsp;&nbsp; 80394 | &nbsp;&nbsp;&nbsp;&nbsp;$1040821 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 2971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34873 | &nbsp;&nbsp;&nbsp;&nbsp; 2128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27373 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (351217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4150096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (271664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3504619) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(230589)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2732414)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(189142)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2436425)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;29555474 | &nbsp;&nbsp;&nbsp;&nbsp;$350119216 | &nbsp;&nbsp;&nbsp;&nbsp;20658776 | &nbsp;&nbsp;&nbsp;&nbsp;$267233472 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 410084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4827083 | &nbsp;&nbsp;&nbsp;&nbsp; 325454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4193986 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(37652147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(444779366) | &nbsp;&nbsp;&nbsp;&nbsp;(12498276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161288683) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7686589)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(89833067)** | &nbsp;&nbsp;&nbsp;&nbsp; **8485954** | &nbsp;&nbsp;&nbsp;&nbsp;**$110138775** |

---

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Notes to Financial Statements — continued

------

8 Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $725 million unsecured line of credit agreement with a group of banks, which is in effect through October 24, 2023. In connection with the renewal of the agreement on October 25, 2022, the borrowing limit was decreased from $800 million. Borrowings are made by the Funds solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to each Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Also in connection with the renewal of the agreement, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Funds, it may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the year ended January 31, 2023.

9 Investments in Affiliated Funds

At January 31, 2023, the value of each Fund's investment in funds that may be deemed to be affiliated was $20,836,467 and $49,021,044 for Short-Term Municipal Bond Fund and Intermediate-Term Municipal Bond Fund, respectively, which represents 9.1% and 8.7% of net assets for Short-Term Municipal Bond Fund and Intermediate-Term Municipal Bond Fund, respectively. Transactions in such funds by the Funds for the year ended January 31, 2023 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short-Term <br> Municipal Bond Fund** |  |  |  |  |  |  |  |  |
| **Name** | **Value, <br> beginning<br> of period** | **Purchases** | **Sales <br> proceeds** | **Net <br> realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend <br> income** | **Shares, <br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $— | $166054053 | $(145217586) | $— | $— | $20836467 | $393822 | 20836467 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Intermediate-Term <br> Municipal Bond Fund** |  |  |  |  |  |  |  |  |
| **Name** | **Value, <br> beginning<br> of period** | **Purchases** | **Sales <br> proceeds** | **Net <br> realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend <br> income** | **Shares, <br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $— | $457323516 | $(408302472) | $— | $— | $49021044 | $741961 | 49021044 |

---

10 Fair Value Measurements

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

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

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

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

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

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Notes to Financial Statements — continued

------

At January 31, 2023, the hierarchy of inputs used in valuing the Funds' investments, which are carried at value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term <br> Municipal Bond Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;$175978079 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$175978079 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 972570 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 972570 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32042041 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32042041 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;20836467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20836467 |
| **Total Investments** | &nbsp;&nbsp;**$20836467** | &nbsp;&nbsp;**$208992690** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$229829157** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate-Term <br> Municipal Bond Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;$463752604 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$463752604 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9690100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9690100 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41324622 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41324622 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;49021044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49021044 |
| **Total Investments** | &nbsp;&nbsp;**$49021044** | &nbsp;&nbsp;**$514767326** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$563788370** |

---

11 Risks and Uncertainties

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

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Report of Independent Registered Public Accounting Firm

------

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Parametric TABS Short-Term Municipal Bond Fund and Parametric TABS Intermediate-Term Municipal Bond Fund (collectively, the "Funds") (certain of the funds constituting Eaton Vance Municipals Trust II), including the portfolios of investments, as of January 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of January 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP<br> Boston, Massachusetts<br> March 22, 2023

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

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2024 will show the tax status of all distributions paid to your account in calendar year 2023. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended January 31, 2023, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

---

| | |
|:---|:---|
| TABS Short-Term Municipal Bond Fund | &nbsp;&nbsp;89.89% |
| TABS Intermediate-Term Municipal Bond Fund | &nbsp;&nbsp;93.12% |

---

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Management and Organization

------

**Fund Management. The Trustees of Eaton Vance Municipals Trust II (the Trust) are responsible for the overall management and supervision of the Trust's affairs. The Board members and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Funds' current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Funds to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Funds to be in compliance therewith. The "noninterested Trustees" consist of those Trustees who are not "interested persons" of the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, "BMR" refers to Boston Management and Research, "EVC" refers to Eaton Vance Corp., "EV" refers to EV LLC, "EVM" refers to Eaton Vance Management and "EVD" refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 130 funds in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).**

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) and Other Directorships<br> During Past Five Years and Other Relevant Experience** |
| Interested Trustee | Interested Trustee | Interested Trustee | Interested Trustee |
| Thomas E. Faust Jr.<br> 1958 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2007 | &nbsp;&nbsp;&nbsp;Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust.<br> **Other Directorships.** Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
| Noninterested Trustees | Noninterested Trustees | Noninterested Trustees | Noninterested Trustees |
| Alan C. Bowser<sup>(1)</sup><br> 1962 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm's chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023).<br> **Other Directorships**. None. |
| Mark R. Fetting<br> 1954 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2016 | &nbsp;&nbsp;&nbsp;Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).<br> **Other Directorships**. None. |
| Cynthia E. Frost<br> 1961 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2014 | &nbsp;&nbsp;&nbsp;Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).<br> **Other Directorships**. None. |
| George J. Gorman<br> 1952 | &nbsp;&nbsp;&nbsp;Chairperson <br> of the Board<br> and Trustee | &nbsp;&nbsp;&nbsp;Since 2021<br> (Chairperson) and<br> 2014 (Trustee) | &nbsp;&nbsp;&nbsp;Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).<br> **Other Directorships**. None. |

---

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[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Management and Organization — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) and Other Directorships<br> During Past Five Years and Other Relevant Experience** |
| Noninterested Trustees (continued) | Noninterested Trustees (continued) | Noninterested Trustees (continued) | Noninterested Trustees (continued) |
| Valerie A. Mosley<br> 1960 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2014 | &nbsp;&nbsp;&nbsp;Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).<br> **Other Directorships**. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
| Keith Quinton<br> 1958 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2018 | &nbsp;&nbsp;&nbsp;Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).<br> **Other Directorships**. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
| Marcus L. Smith<br> 1966 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2018 | &nbsp;&nbsp;&nbsp;Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm).<br> **Other Directorships**. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
| Susan J. Sutherland<br> 1957 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2015 | &nbsp;&nbsp;&nbsp;Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).<br> **Other Directorships**. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
| Scott E. Wennerholm<br> 1959 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2016 | &nbsp;&nbsp;&nbsp;Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).<br> **Other Directorships**. None. |
| Nancy A. Wiser<sup>(1)</sup><br> 1967 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).<br> **Other Directorships**. None. |

---

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past Five Years** |
| Principal Officers who are not Trustees | Principal Officers who are not Trustees | Principal Officers who are not Trustees | Principal Officers who are not Trustees |
| Eric A. Stein<br> 1980 | &nbsp;&nbsp;&nbsp;President | &nbsp;&nbsp;&nbsp;Since 2020 | &nbsp;&nbsp;&nbsp;Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance's Global Income Investments. Also Vice President of Calvert Research and Management ("CRM"). |
| Deidre E. Walsh<br> 1971 | &nbsp;&nbsp;&nbsp;Vice President and<br> Chief Legal Officer | &nbsp;&nbsp;&nbsp;Since 2009 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR. Also Vice President of CRM. |
| James F. Kirchner<br> 1967 | &nbsp;&nbsp;&nbsp;Treasurer | &nbsp;&nbsp;&nbsp;Since 2007 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR. Also Vice President of CRM. |

---

------

[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Parametric

TABS Municipal Bond Funds

January 31, 2023

Management and Organization — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past Five Years** |
| Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) |
| Nicholas S. Di Lorenzo<br> 1987 | &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
| Richard F. Froio<br> 1968 | &nbsp;&nbsp;&nbsp;Chief Compliance<br> Officer | &nbsp;&nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |

---

<sup>(1)</sup> Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022.

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

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[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Eaton Vance Funds<br>

Privacy Notice April 2021

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;&nbsp;**WHAT DOES EATON VANCE DO WITH YOUR<br> PERSONAL INFORMATION?** |

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---

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

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

---

---

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

---

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[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Eaton Vance Funds<br>

Privacy Notice — continued April 2021

------

---

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

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[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Eaton Vance Funds<br>

IMPORTANT NOTICES

------

**Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders. *Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise.* If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.**

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

**Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-260-0761 and by accessing the SEC's website at www.sec.gov.**

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[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

Investment Adviser and Administrator

#### Eaton Vance Management<br> Two International Place<br> Boston, MA 02110
Investment Sub-Adviser

#### Parametric Portfolio Associates LLC<br> 800 Fifth Avenue, Suite 2800<br> Seattle, WA 98104
Principal Underwriter\*

#### Eaton Vance Distributors, Inc.<br> Two International Place<br> Boston, MA 02110<br> (617) 482-8260
Custodian

#### State Street Bank and Trust Company<br> State Street Financial Center, One Lincoln Street<br> Boston, MA 02111
Transfer Agent

#### BNY Mellon Investment Servicing (US) Inc.<br> Attn: Eaton Vance Funds<br> P.O. Box 534439<br> Pittsburgh, PA 15253-4439<br> (800) 260-0761
Independent Registered Public Accounting Firm

#### Deloitte & Touche LLP<br> 200 Berkeley Street<br> Boston, MA 02116-5022
Fund Offices

Two International Place<br> Boston, MA 02110

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

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[**Table of Contents**](#job_ev_ar_c672cac7-3189-4e23-abef-331e534ddd3e_toc)

6096 1.31.23

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![](g470791img03f1ae221.gif)

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## Parametric

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

## Annual Report
January 31, 2023

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![](g470791imgae4ae7822.gif)

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

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

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-260-0761.**

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#### Annual Report January 31, 2023
Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_a3feed68-b5c8-4b55-9d9e-e32e133eaf77_1)** |  |
| [Management's Discussion of Fund Performance](#xx_13aa8601-bcea-4c7d-961e-acab7695e577_1) | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Performance](#xx_13aa8601-bcea-4c7d-961e-acab7695e577_3) | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| [Fund Profile](#xx_13aa8601-bcea-4c7d-961e-acab7695e577_4) | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| [Endnotes and Additional Disclosures](#xx_e1dfc3aa-51bd-44eb-bee7-1f65a184935e_1) | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| [Fund Expenses](#xx_690c63de-e4dc-4179-88d1-1c33bc27db53_1) | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| [Financial Statements](#xx_fdac1c1e-fa7e-4658-a80f-fceed6a3e165_1) | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| [Report of Independent Registered Public Accounting Firm](#xx_82206c1a-6b1d-4a06-852e-14c602041877_1) | &nbsp;&nbsp;&nbsp;&nbsp;18 and 37 |
| [Federal Tax Information](#xx_4d6b3985-2992-46ed-9c6d-e27938d34bff_1) | &nbsp;&nbsp;&nbsp;&nbsp;19 |
| [Management and Organization](#xx_3e02c9e0-556c-49c3-a5cf-8aaf9819e82e_1) | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| [Privacy Notice](#xx_9a5796c0-35b2-45b9-b081-39ef864a4bf8_1) | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| [Important Notices](#xx_42402790-85de-4ed3-9722-889fad871b34_1) | &nbsp;&nbsp;&nbsp;&nbsp;43 |

---

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Management's Discussion of Fund Performance<sup>†</sup>

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Economic and Market Conditions

The volatile 12-month period starting February 1, 2022, encompassed the worst one-month performance for municipal bond returns since 2008 and the best one-month performance in 36 years.

As the period began, municipal rates -- along with U.S. Treasury rates -- rose as investors became increasingly concerned about the twin threats of inflation and interest rate hikes. On February 24, 2022, Russia's invasion of Ukraine sent shock waves through markets worldwide, exacerbating inflationary pressures on energy and food prices. In March, the U.S. Federal Reserve (the Fed) ended a two-year period of near-zero-percent interest rates with a 0.25% increase, its first hike since 2018.

As investors recognized the potential for the Fed to raise interest rates at every policy meeting in 2022 to combat inflation, the Bloomberg Municipal Bond Index (the Municipal Index), a broad measure of the municipal bond market, declined 8.98% during the first half of 2022. Municipal bond mutual funds, which had reported net inflows during all but one week of 2021, recorded their worst outflow cycle on record.

In July 2022, however, municipal bond performance briefly turned positive. Helped by a light supply of new issues and increased demand from the reinvestment of maturing debt and coupon payments, municipal mutual funds experienced their first net inflows since January.

From August through October 2022, municipal performance turned negative again. Fund outflows resumed as investors reacted to statements by Fed officials that they were not done with rate hikes and fighting inflation remained the central bank's top priority. After the Fed's third straight 0.75% rate hike, the Municipal Index fell 3.84% in September -- its worst one-month performance in 14 years.

But in the final months of the period, municipal performance made another U-turn. Despite the Fed announcing a fourth 0.75% rate hike in November, the Municipal Index rose 4.68% during the month -- its best monthly performance since 1986. The rally was driven by multiple factors, including Fed signals that future rate hikes might be smaller, lower supplies of new municipal bond issues, growing investor demand, and positive inflows into separately managed accounts and exchange-traded funds, or ETFs.

The Fed indeed delivered a smaller 0.50% rate hike in December, but raised expectations of how high rates might go in 2023. The Municipal Index -- helped by attractive yields and limited supply -- nonetheless eked out a slightly positive performance in December. As the period came to a close in January 2023, municipal bonds delivered a third straight month of positive performance, driven by a light supply of new issues and the return of inflows into open-end mutual funds.

For the period as a whole, the Municipal Index returned -3.25% as interest rates rose and bond prices declined across the municipal bond yield curve. Municipal bonds outperformed U.S. Treasurys along the curve as well. Higher quality municipal bonds generally outperformed lower quality municipal bonds, reflecting decreased investor appetite for risk during the period.

Fund Performance

For the 12-month period ended January 31, 2023, Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (the Fund) returned -1.88% for Class A shares at net asset value (NAV), underperforming its benchmark, the Bloomberg 10 Year Municipal Bond Index (the Index), which returned -1.20%.

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

The Fund seeks to invest primarily in general obligation bonds or revenue bonds, and seeks to weigh investments so that at least 5% and not more than 15% of its net assets are invested in obligations with a final maturity in a year within the 5-to-15 year range. The Fund's objective is to seek current income exempt from regular federal income tax. The investment sub-adviser's process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market.

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

Credit quality detracted from performance relative to the Index as well. The Fund's overweight positions in lower quality A-rated and BBB-rated bonds hurt relative performance as credit spreads widened during the period, and lower rated bonds generally underperformed higher rated bonds.

The Fund's overweight position in lower coupon securities -- specifically 4% coupon bonds -- also detracted from returns relative to the Index. During a period when interest rates rose substantially, lower coupon bonds -- which are more sensitive to the negative effects of rising rates -- underperformed higher coupon bonds.

*See Endnotes and Additional Disclosures in this report.*

<br> *Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Management's Discussion of Fund Performance<sup>†</sup> — continued

------

In contrast, active security selection and relative-value trading -- a strategy that seeks to take advantage of price and rate differences among similar securities -- contributed to Fund performance relative to the Index during the period. In particular, relative performance benefited from security selections in the general obligation sector, and in California and Texas bonds.

Duration management contributed to performance versus the Index as well. From February through May 2022, the Fund's duration was lower than that of the Index, which contributed to relative performance as municipal interest rates rose. But in June, and again from September through November 2022, the Fund's duration was increased as municipal interest rates reached record highs. This additional interest rate exposure helped relative returns during the final months of the period as municipal bonds rallied and their interest rates declined.

*See Endnotes and Additional Disclosures in this report.*

*Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Performance

------

#### Portfolio Manager(s) Brian C. Barney, CFA, Devin J. Cooch, CFA and Alison Wagner, CFA, each of Parametric Portfolio Associates LLC

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **% Average Annual Total Returns<sup>1,2</sup>** | **Class <br> Inception Date** | **Performance <br> Inception Date** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;Class A at NAV | 02/01/2010 | 02/01/2010 | (1.88)% | 1.95% | 2.79% |
| &nbsp;&nbsp;Class A with 3.25% Maximum Sales Charge |  |  | (5.09) | 1.27 | 2.45 |
| &nbsp;&nbsp;Class C at NAV | 02/01/2010 | 02/01/2010 | (2.62) | 1.18 | 2.18 |
| &nbsp;&nbsp;Class C with 1% Maximum Deferred Sales Charge |  |  | (3.58) | 1.18 | 2.18 |
| &nbsp;&nbsp;Class I at NAV | 02/01/2010 | 02/01/2010 | (1.64) | 2.20 | 3.05 |
| &nbsp;&nbsp;Bloomberg 10 Year Municipal Bond Index |  |  | (1.20)% | 2.56% | 2.67% |
| &nbsp;&nbsp;Bloomberg 15 Year Municipal Bond Index |  |  | (3.64) | 2.59 | 2.98 |

---

---

| | | | |
|:---|:---|:---|:---|
| **% Total Annual Operating Expense Ratios<sup>3</sup>** | **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;Gross | 0.66% | 1.41% | 0.41% |
| &nbsp;&nbsp;Net | 0.65 | 1.40 | 0.40 |

---

---

| | | | |
|:---|:---|:---|:---|
| **% Distribution Rates/Yields<sup>4</sup>** | **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;Distribution Rate | 2.55% | 1.81% | 2.80% |
| &nbsp;&nbsp;SEC 30-day Yield – Subsidized | 2.50 | 1.85 | 2.83 |
| &nbsp;&nbsp;SEC 30-day Yield – Unsubsidized | 2.47 | 1.82 | 2.79 |

---

Growth of $10,000

------

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

![](g470791imgdf1d06c53.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Growth of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount Invested** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Period Beginning** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**At NAV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**With Maximum Sales Charge** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.A. |
| &nbsp;&nbsp;Class I, at minimum investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1350821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.A. |

---

*See Endnotes and Additional Disclosures in this report.*

*Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Fund Profile

------

Credit Quality (% of total investments)<sup>1</sup>

![](g470791img15b9c24d4.jpg)

Footnotes:

Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Endnotes and Additional Disclosures

------

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

<sup>1</sup> Bloomberg 10 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 8-12 years. Bloomberg 15 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 12-17 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

<sup>2</sup> Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charges reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Effective April 15, 2015, the Fund changed its investment objective and investment strategy. Performance prior to April 15, 2015 reflects the Fund's performance under its former investment objective and policies.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.

<sup>3</sup> Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

<sup>4</sup> The Distribution Rate is based on the Fund's last regular distribution per share in the period (annualized) divided by the Fund's NAV at the end of the period. The Fund's distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is

reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund's distributions are determined by the investment adviser based on its current assessment of the Fund's long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund's investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. Subsidized yield reflects the effect of fee waivers and expense reimbursements.

---

| |
|:---|
| Fund profile subject to change due to active management. |
| Additional Information |
| Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. |
| Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. |
| Duration is a measure of the expected change in price of a bond—in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes. |
| Credit spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality. |

---

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Fund Expenses

------

#### Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023).

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Beginning <br> Account Value<br> (8/1/22)** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending <br> Account Value<br> (1/31/23)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses Paid<br> During Period\*<br> (8/1/22 – 1/31/23)** | &nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** |
| **Actual** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1023.80 | &nbsp;&nbsp;&nbsp;&nbsp;$3.26\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1019.10 | &nbsp;&nbsp;&nbsp;&nbsp;$7.07\*\* | &nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1025.10 | &nbsp;&nbsp;&nbsp;&nbsp;$1.99\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| **Hypothetical** |  |  |  |  |
| (5% return per year before expenses) |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1021.98 | &nbsp;&nbsp;&nbsp;&nbsp;$3.26\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1018.20 | &nbsp;&nbsp;&nbsp;&nbsp;$7.07\*\* | &nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1023.24 | &nbsp;&nbsp;&nbsp;&nbsp;$1.99\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.39% |

---

\* Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2022. The Example reflects the expenses of both the Fund and the Portfolio.

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

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2023** |
| Assets |  |
| Investment in 5-to-15 Year Laddered Municipal Bond Portfolio, at value (identified cost $619,015,796) | &nbsp;&nbsp;$630271854 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339955 |
| **Total assets** | &nbsp;&nbsp;**$631611809** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$766992 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297790 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30503 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138872 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**$1236567** |
| **Net Assets** | &nbsp;&nbsp;**$630375242** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$663670027 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33294785) |
| **Net Assets** | &nbsp;&nbsp;**$630375242** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$62566922 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5126083 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.21 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.62 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$20513167 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681302 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.20 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$547295153 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44872200 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.20 |

---

---

| | |
|:---|:---|
| 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_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**January 31, 2023** |
| Investment Income |  |
| Dividend income allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$545506 |
| Interest income allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18079860 |
| Expenses allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2431922) |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$16193444** |
| Expenses |  |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$170439 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241506 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47209 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262343 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52756 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43037 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56746 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14541 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$889077** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Allocation of expenses to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$128716 |
| **Total expense reductions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$128716** |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$760361** |
| **Net investment income** | &nbsp;&nbsp;**$15433083** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(40253585) |
| **Net realized loss** | &nbsp;&nbsp;**$(40253585)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(5317574) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(5317574)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(45571159)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(30138076)** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
|  | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$15433083 | &nbsp;&nbsp;$15011060 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40253585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489360 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5317574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42921803) |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(30138076)** | &nbsp;&nbsp;**$(24421383)** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;$(1368606) | &nbsp;&nbsp;&nbsp;$(1170757) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222704) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13662672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13597794) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(15331926)** | &nbsp;&nbsp;**$(14991255)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(15662442) | &nbsp;&nbsp;&nbsp;$(3587280) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8866410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5093002) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(237643793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83582567 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(262172645)** | &nbsp;&nbsp;**$74902285** |
| Other capital: |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio transaction fee contributed to Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(675116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(240536) |
| &nbsp;&nbsp;&nbsp;Portfolio transaction fee allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249295 |
| **Net increase (decrease) in net assets from other capital** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(1113)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8759** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(307643760)** | &nbsp;&nbsp;**$35498406** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$938019002 | &nbsp;&nbsp;$902520596 |
| **At end of year** | &nbsp;&nbsp;**$630375242** | &nbsp;&nbsp;**$938019002** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

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;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$12.700 | &nbsp;&nbsp;$13.240 | &nbsp;&nbsp;$12.900 | &nbsp;&nbsp;$12.220 | &nbsp;&nbsp;$12.110 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.245 | &nbsp;&nbsp;$0.182 | &nbsp;&nbsp;$0.213 | &nbsp;&nbsp;$0.237 | &nbsp;&nbsp;$0.225 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.110 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.247)** | &nbsp;&nbsp;**$(0.358)** | &nbsp;&nbsp;**$0.553** | &nbsp;&nbsp;**$0.917** | &nbsp;&nbsp;**$0.335** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.243) | &nbsp;&nbsp;$(0.182) | &nbsp;&nbsp;$(0.213) | &nbsp;&nbsp;$(0.237) | &nbsp;&nbsp;$(0.225) |
| **Total distributions** | &nbsp;&nbsp;**$(0.243)** | &nbsp;&nbsp;**$(0.182)** | &nbsp;&nbsp;**$(0.213)** | &nbsp;&nbsp;**$(0.237)** | &nbsp;&nbsp;**$(0.225)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.210** | &nbsp;&nbsp;**$12.700** | &nbsp;&nbsp;**$13.240** | &nbsp;&nbsp;**$12.900** | &nbsp;&nbsp;**$12.220** |
| **Total Return<sup>(1)(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.88)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.73)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.34%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.56%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.80%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$62567 | &nbsp;&nbsp;$81892 | &nbsp;&nbsp;$88983 | &nbsp;&nbsp;$85608 | &nbsp;&nbsp;$87287 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% |

---

<sup>(1)</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>(2)</sup> The investment adviser and administrator and the sub-adviser of the Fund and the investment adviser and the sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.03%, 0.01%, 0.03%, 0.02% and 0.04% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

<sup>(3)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(4)</sup> Includes a reduction by the investment adviser and administrator of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended January 31, 2023).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

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;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$12.690 | &nbsp;&nbsp;$13.230 | &nbsp;&nbsp;$12.890 | &nbsp;&nbsp;$12.220 | &nbsp;&nbsp;$12.100 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.155 | &nbsp;&nbsp;$0.084 | &nbsp;&nbsp;$0.116 | &nbsp;&nbsp;$0.142 | &nbsp;&nbsp;$0.134 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.120 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.337)** | &nbsp;&nbsp;**$(0.456)** | &nbsp;&nbsp;**$0.456** | &nbsp;&nbsp;**$0.812** | &nbsp;&nbsp;**$0.254** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.153) | &nbsp;&nbsp;$(0.084) | &nbsp;&nbsp;$(0.116) | &nbsp;&nbsp;$(0.142) | &nbsp;&nbsp;$(0.134) |
| **Total distributions** | &nbsp;&nbsp;**$(0.153)** | &nbsp;&nbsp;**$(0.084)** | &nbsp;&nbsp;**$(0.116)** | &nbsp;&nbsp;**$(0.142)** | &nbsp;&nbsp;**$(0.134)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.200** | &nbsp;&nbsp;**$12.690** | &nbsp;&nbsp;**$13.230** | &nbsp;&nbsp;**$12.890** | &nbsp;&nbsp;**$12.220** |
| **Total Return<sup>(1)(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.47)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.56%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$20513 | &nbsp;&nbsp;$30795 | &nbsp;&nbsp;$37239 | &nbsp;&nbsp;$41689 | &nbsp;&nbsp;$45309 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% |

---

<sup>(1)</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>(2)</sup> The investment adviser and administrator and the sub-adviser of the Fund and the investment adviser and the sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.03%, 0.01%, 0.03%, 0.02% and 0.04% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

<sup>(3)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(4)</sup> Includes a reduction by the investment adviser and administrator of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended January 31, 2023).

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

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;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$12.690 | &nbsp;&nbsp;$13.230 | &nbsp;&nbsp;$12.890 | &nbsp;&nbsp;$12.210 | &nbsp;&nbsp;$12.100 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.274 | &nbsp;&nbsp;&nbsp;&nbsp;$0.215 | &nbsp;&nbsp;&nbsp;&nbsp;$0.245 | &nbsp;&nbsp;&nbsp;&nbsp;$0.268 | &nbsp;&nbsp;&nbsp;&nbsp;$0.255 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.110 |
| **Total income (loss) from operations** | &nbsp;&nbsp;&nbsp;**$(0.218)** | &nbsp;&nbsp;&nbsp;**$(0.325)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.585** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.948** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.365** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;$(0.272) | &nbsp;&nbsp;&nbsp;$(0.215) | &nbsp;&nbsp;&nbsp;$(0.245) | &nbsp;&nbsp;&nbsp;$(0.268) | &nbsp;&nbsp;&nbsp;$(0.255) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;**$(0.272)** | &nbsp;&nbsp;&nbsp;**$(0.215)** | &nbsp;&nbsp;&nbsp;**$(0.245)** | &nbsp;&nbsp;&nbsp;**$(0.268)** | &nbsp;&nbsp;&nbsp;**$(0.255)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.200** | &nbsp;&nbsp;**$12.690** | &nbsp;&nbsp;**$13.230** | &nbsp;&nbsp;**$12.890** | &nbsp;&nbsp;**$12.210** |
| **Total Return<sup>(1)(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.64)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.49)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.60%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.83%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.06%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$547295 | &nbsp;&nbsp;$825332 | &nbsp;&nbsp;$776298 | &nbsp;&nbsp;$596099 | &nbsp;&nbsp;$472656 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% |

---

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

<sup>(2)</sup> The investment adviser and administrator and the sub-adviser of the Fund and the investment adviser and the sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.03%, 0.01%, 0.03%, 0.02% and 0.04% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

<sup>(3)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(4)</sup> Includes a reduction by the investment adviser and administrator of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended January 31, 2023).

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Notes to Financial Statements

------

1 Significant Accounting Policies

Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust II (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective 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 and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in 5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (approximately 100% at January 31, 2023). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

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

A Investment Valuation—Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

B Income— The Fund's net investment income or loss consists of the Fund's pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

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

As of January 31, 2023, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

G Other—Investment transactions are accounted for on a trade date basis.

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Notes to Financial Statements — continued

------

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2023 and January 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$14786419 | &nbsp;&nbsp;&nbsp;&nbsp;$14991255 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$545507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

As of January 31, 2023, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$402541 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45064687) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11665151 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (297790) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(33294785)** |

---

At January 31, 2023, the Fund, for federal income tax purposes, had deferred capital losses of $45,064,687 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2023, $25,964,275 are short-term and $19,100,412 are long-term.

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), 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 that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3200% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3075% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.2950% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.2875% |

---

For the year ended January 31, 2023, the Fund incurred no investment adviser and administration fee on such assets. To the extent the Fund's assets are invested in the Portfolio, the Fund is allocated its pro-rata share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report.

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

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Notes to Financial Statements — continued

------

EVM and Parametric have agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 0.65%, 1.40% and 0.40% of the Fund's average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after May 31, 2023. Pursuant to this agreement, EVM and Parametric were allocated $128,716 in total of the Fund's operating expenses for the year ended January 31, 2023.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2023, EVM earned $11,661 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 $3,167 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2023. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2023 amounted to $170,439 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended January 31, 2023, the Fund paid or accrued to EVD $181,129 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2023 amounted to $60,377 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% (1% prior to April 29, 2022) CDSC if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended January 31, 2023, the Fund was informed that EVD received approximately $9,000 and $3,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended January 31, 2023, increases and decreases in the Fund's investment in the Portfolio aggregated $120,016,578 and $397,070,054, respectively. In addition, a Portfolio transaction fee was imposed by the Portfolio on the combined daily inflows or outflows of the Fund and the Portfolio's other investors as more fully described at Note 1H of the Portfolio's financial statements included herein. Such fee was allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets. Effective after the close of business on December 23, 2022, the Portfolio transaction fee was discontinued.

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Notes to Financial Statements — continued

------

7 Shares of Beneficial Interest

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2022** |
|  | &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; 1248153 | &nbsp;&nbsp;&nbsp;&nbsp;$14928446 | &nbsp;&nbsp;&nbsp;&nbsp; 1072950 | &nbsp;&nbsp;&nbsp;&nbsp;$14073838 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 91217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085155 | &nbsp;&nbsp;&nbsp;&nbsp; 70602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923920 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2662574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31676043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1416785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18585038) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1323204)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(15662442)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(273233)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3587280)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 181603 | &nbsp;&nbsp;&nbsp;&nbsp;$2165075 | &nbsp;&nbsp;&nbsp;&nbsp; 253506 | &nbsp;&nbsp;&nbsp;&nbsp;$3320306 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 19945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236978 | &nbsp;&nbsp;&nbsp;&nbsp; 13279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173741 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (946397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11268463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (655072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8587049) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(744849)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8866410)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(388287)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5093002)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;25794132 | &nbsp;&nbsp;&nbsp;&nbsp;$307646291 | &nbsp;&nbsp;&nbsp;&nbsp;18257870 | &nbsp;&nbsp;&nbsp;&nbsp;$239662679 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 924341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10997652 | &nbsp;&nbsp;&nbsp;&nbsp; 819220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10714522 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(46888880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556287736) | &nbsp;&nbsp;&nbsp;&nbsp;(12724163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166794634) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(20170407)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(237643793)** | &nbsp;&nbsp;&nbsp;&nbsp; **6352927** | &nbsp;&nbsp;&nbsp;&nbsp;**$83582567** |

---

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Report of Independent Registered Public Accounting Firm

------

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (the "Fund") (one of the funds constituting Eaton Vance Municipals Trust II), as of January 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

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

/s/ Deloitte & Touche LLP<br> Boston, Massachusetts<br> March 22, 2023

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

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2024 will show the tax status of all distributions paid to your account in calendar year 2023. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended January 31, 2023, the Fund designates 96.44% of distributions from net investment income as an exempt-interest dividend.

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 92.7%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.8% | Bond Bank — 0.8% | Bond Bank — 0.8% |
| Maine Municipal Bond Bank, 4.00%, 11/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1028380 |
| Michigan Finance Authority, (Trinity Health Credit Group), 3.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1474590 |
| Ohio Water Development Authority, 5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1169310 |
| Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 381852 |
| Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 711814 |
|  |  | &nbsp;&nbsp;**$4765946** |
| Education — 3.5% | Education — 3.5% | Education — 3.5% |
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 3.30%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;$2671872 |
| Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 553738 |
| New York Dormitory Authority, (Rochester Institute of Technology): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 440749 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 931669 |
| Ohio Higher Educational Facility Commission, (Kenyon College): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 2053458 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1765664 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2187740 |
| Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 4.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 373450 |
| Poway Unified School District, CA, (Election of 2008), 0.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 656420 |
| Saginaw Valley State University, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 435188 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085570 |
| Texas A&M University, 4.00%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101850 |
| University of Mississippi Educational Building Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 368897 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp; 1668053 |
| Virginia College Building Authority, 4.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047160 |
| Virginia Public School Authority, Prince William County, 3.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1638016 |
| West Lafayette School Building Corp., IN, 5.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp; 3100849 |
|  |  | &nbsp;&nbsp;**$22080343** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities — 2.8% | Electric Utilities — 2.8% | Electric Utilities — 2.8% |
| American Municipal Power, Inc., OH, (Prairie State Energy Campus), 4.00%, 2/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690 | &nbsp;&nbsp;$5967331 |
| Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062300 |
| Clark County Public Utility District No. 1, WA, Electric System Revenue, 5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 578397 |
| Florida Municipal Power Agency, 3.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1960560 |
| Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 268652 |
| Marquette Board of Light and Power, MI, 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 795380 |
| New Braunfels, TX, Utility System Revenue, 4.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 812889 |
| North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 542715 |
| Public Finance Authority, WI, (Duke Energy Progress, LLC), 3.70% to 10/1/30 (Put Date), 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 | &nbsp;&nbsp;&nbsp;&nbsp; 2834777 |
| Tallahassee, FL, Energy System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1562340 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040560 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 311517 |
| Walnut Energy Center Authority, CA, 5.00%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 258465 |
|  |  | &nbsp;&nbsp;**$17995883** |
| Escrowed/Prerefunded — 0.2% | Escrowed/Prerefunded — 0.2% | Escrowed/Prerefunded — 0.2% |
| Addison, TX, Prerefunded to 2/15/23, 5.00%, 2/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;$270251 |
| Colorado Health Facilities Authority, (NCMC, Inc.), Escrowed to Maturity, 5.00%, 5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 158843 |
| Kentucky Turnpike Authority, Prerefunded to 7/1/23, 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 303237 |
| North Carolina Medical Care Commission, (United Methodist Retirement Homes), Prerefunded to 10/1/23, 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 261540 |
|  |  | &nbsp;&nbsp;**$993871** |
| General Obligations — 30.8% | General Obligations — 30.8% | General Obligations — 30.8% |
| Anne Arundel County, MD, 5.00%, 4/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;$845383 |
| Arlington Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043730 |
| Auburn, AL, 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp; 2216651 |
| Barbers Hill Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970 | &nbsp;&nbsp;&nbsp;&nbsp; 3476533 |
| Belding Area Schools, MI, 5.00%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 243545 |
| Bethel Park School District, PA, 4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 691158 |
| Beverly Hills Unified School District, CA, (Election of 2018), 4.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 844136 |
| Birmingham, AL, 5.00%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2770993 |

---

*See Notes to Financial Statements.*

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Blanco Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;$1053045 |
| Burlington, VT, 5.00%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 87359 |
| California: |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2026230 |
| &nbsp;&nbsp;&nbsp;4.55%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1105040 |
| Cape May County, NJ, 3.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014980 |
| Celina Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1175179 |
| Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 635819 |
| Chambers County Improvement District No. 1, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1149599 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041130 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038190 |
| Channelview Independent School District, TX, (PSF Guaranteed), 2.375%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 447945 |
| Cheltenham School District, PA, 4.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp; 1073722 |
| Chisholm Independent School District No. 695, MN: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 344769 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp; 434042 |
| Colonial School District, PA, 5.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53041 |
| Comal County, TX, 4.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580 | &nbsp;&nbsp;&nbsp;&nbsp; 5801247 |
| Connecticut: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3254070 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3207300 |
| Conroe, TX, 4.125%, 3/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp; 1953897 |
| Contra Costa Community College District, CA, (Election of 2014), 4.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108974 |
| Cook County School District No. 25, IL, (Arlington Heights), 5.00%, 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp; 688533 |
| Coopersville Area Public Schools, MI, 4.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 459244 |
| Corona-Norco Unified School District, CA, (Election of 2014), 5.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 399602 |
| Cupertino Union School District, CA, (Election of 2012), 5.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 609090 |
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp; 2664925 |
| Danville, VA, 4.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490 | &nbsp;&nbsp;&nbsp;&nbsp; 3936650 |
| Delaware, 5.00%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1139460 |
| Dublin City School District, OH, 5.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 576315 |
| Fairfax County, VA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225 | &nbsp;&nbsp;&nbsp;&nbsp; 4490921 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775 | &nbsp;&nbsp;&nbsp;&nbsp; 6090661 |
| Florida, (Department of Transportation), 2.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp; 1361560 |
| Forney Independent School District, TX, 0.00%, 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 151965 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Fort Bend Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 8/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$393012 |
| &nbsp;&nbsp;&nbsp;3.00%, 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 471900 |
| Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 410376 |
| Georgia: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5990100 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1108770 |
| Grand Forks County, ND, 4.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp; 1583141 |
| Hamilton County, IN, 4.00%, 12/31/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1354094 |
| Harlandale Independent School District, TX, 5.00%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp; 937004 |
| Hawaii, 4.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039940 |
| Hennepin County, MN, 5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097370 |
| Hitchcock Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 859515 |
| Homewood, AL, 5.00%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2185180 |
| Honolulu City and County, HI, 3.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112525 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022A, 5.00%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2451487 |
| &nbsp;&nbsp;&nbsp;Series 2022B, 5.00%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2178740 |
| Irving, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2161931 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5165 | &nbsp;&nbsp;&nbsp;&nbsp; 5460851 |
| Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018110 |
| Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp; 2610531 |
| Kansas City, MO: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 938334 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2608900 |
| Kennewick School District No. 17, WA, 4.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 716426 |
| Krum Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 735610 |
| Lake Washington School District No. 414, WA, 4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047030 |
| Lakeland, FL, 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053910 |
| Lamar Consolidated Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2181900 |
| Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1664656 |
| Lone Star College System, TX, 3.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1643353 |
| Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1781209 |
| Massachusetts: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp; 689718 |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Massachusetts: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225 | &nbsp;&nbsp;$5462267 |
| McLean County Public Building Commission, IL, 5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 209434 |
| Medina Valley Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 456569 |
| Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 368708 |
| Monrovia Unified School District, CA, (Election of 2006): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 | &nbsp;&nbsp;&nbsp;&nbsp; 2366146 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp; 1065316 |
| Montgomery County Municipal Utility District No. 46, TX, 4.00%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp; 1319888 |
| Morgan County School District, UT, 4.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp; 1242847 |
| Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 155586 |
| Nevada, 2.125%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1590940 |
| New Braunfels, TX, 5.00%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 936629 |
| New York City, NY, 5.25%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2347820 |
| Newport-Mesa Unified School District, CA, (Election of 2005): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp; 2281321 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6580 | &nbsp;&nbsp;&nbsp;&nbsp; 3937209 |
| Ohio: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 2581783 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 597895 |
| Omaha, NE: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 703397 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1279764 |
| Palo Alto Unified School District, CA, (Election of 2008), 0.00%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 670522 |
| Pasadena Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840 | &nbsp;&nbsp;&nbsp;&nbsp; 5038004 |
| &nbsp;&nbsp;&nbsp;4.125%, 2/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575 | &nbsp;&nbsp;&nbsp;&nbsp; 3735446 |
| Pasadena, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 516000 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154656 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 453103 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 668759 |
| Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 780067 |
| Pennsylvania, 4.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17399330 |
| Pflugerville, TX, 5.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1577462 |
| Quincy School District No. 144-101, WA, 4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 824120 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;$608485 |
| Redmond, WA, 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1721658 |
| Romeo Community Schools, MI, 5.00%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 756322 |
| Romulus, MI: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 261533 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104391 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 260370 |
| San Antonio Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 518085 |
| San Jacinto Community College District, TX, 4.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1582376 |
| School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 470205 |
| Southfield Public Schools, MI, 5.00%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1111120 |
| Spokane County School District No. 81, WA, 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3928995 |
| Spokane, WA, 4.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 3085522 |
| Stamford, CT: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp; 703739 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 277460 |
| Sugar Land, TX, 4.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028620 |
| Tuloso-Midway Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114335 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 564936 |
| United Independent School District, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 366016 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 558872 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 596994 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 612840 |
| West Sonoma County Union High School District, CA, (Election of 2018), 5.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 226276 |
| Westchester County, NY, 2.00%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 582628 |
| Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825 | &nbsp;&nbsp;&nbsp;&nbsp; 2986336 |
| Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 375412 |
| Yosemite Community College District, CA, (Election of 2004), 0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 96642 |
|  |  | &nbsp;&nbsp;**$194413412** |
| Hospital — 11.2% | Hospital — 11.2% | Hospital — 11.2% |
| Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;$3199043 |
| Bexar County Hospital District, TX, 5.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 2056122 |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;$90088 |
| California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 508040 |
| Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 358249 |
| Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104124 |
| Colorado Health Facilities Authority, (CommonSpirit Health): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7035 | &nbsp;&nbsp;&nbsp;&nbsp; 7770931 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1718656 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2862133 |
| Colorado Health Facilities Authority, (Sanford Health), 5.00%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3370530 |
| Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 362226 |
| Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 992530 |
| Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4023760 |
| Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 539140 |
| Illinois Finance Authority, (Rush University Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044930 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041850 |
| Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2136120 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1600155 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2128960 |
| Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 909729 |
| Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 377851 |
| Medford Hospital Facilities Authority, OR, (Asante Health System): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123400 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1103330 |
| Minneapolis, MN, (Allina Health System), 4.00%, 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp; 2035173 |
| Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 513157 |
| Missouri Health and Educational Facilities Authority, (Saint Luke's Health System), 5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058840 |
| Montgomery County, OH, (Dayton Children's Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 877350 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Montgomery County, OH, (Dayton Children's Hospital): <br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$931272 |
| New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 551550 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 551220 |
| New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 761229 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 652566 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 297891 |
| New York Dormitory Authority, (Maimonides Medical Center), 4.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 160427 |
| Norman Regional Hospital Authority, OK, 5.00%, 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 681338 |
| Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 736211 |
| Public Finance Authority, WI, (Renown Regional Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1448792 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp; 2489857 |
| Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078110 |
| Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154766 |
| St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 654606 |
| University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp; 1655251 |
| Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 302556 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48163 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 342451 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 320805 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 197412 |
| Virginia Small Business Financing Authority, (Bon Secours Mercy Health, Inc.), 5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9945360 |
| Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1712466 |
| Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 429872 |
| Wisconsin Health and Educational Facilities Authority, (Gundersen Health System), 4.00%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 452051 |
|  |  | &nbsp;&nbsp;**$70462639** |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 2.8% | Housing — 2.8% | Housing — 2.8% |
| Alaska Housing Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 6/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;$1073953 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp; 1095015 |
| Georgia Housing & Finance Authority, 3.65%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 188724 |
| Indiana Housing and Community Development Authority, SFMR, Social Bonds, (GNMA/FNMA/FHLMC), 4.35%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 | &nbsp;&nbsp;&nbsp;&nbsp; 3160224 |
| Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA): |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 258768 |
| &nbsp;&nbsp;&nbsp;1.60%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 150794 |
| Minnesota Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;2019 Series A, 4.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 312434 |
| &nbsp;&nbsp;&nbsp;2019 Series A, 4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 461899 |
| &nbsp;&nbsp;&nbsp;2019 Series C, 4.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 550242 |
| &nbsp;&nbsp;&nbsp;2019 Series C, 4.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 250147 |
| &nbsp;&nbsp;&nbsp;2019 Series C, 4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 294442 |
| New York City Housing Development Corp., NY: |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 59402 |
| &nbsp;&nbsp;&nbsp;2.85%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 19644 |
| New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA): |  |  |
| &nbsp;&nbsp;&nbsp;2.20%, 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 187346 |
| &nbsp;&nbsp;&nbsp;2.40%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 147672 |
| New York Mortgage Agency: |  |  |
| &nbsp;&nbsp;&nbsp;2.30%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 926160 |
| &nbsp;&nbsp;&nbsp;3.65%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 119830 |
| Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7675 | &nbsp;&nbsp;&nbsp;&nbsp; 7100296 |
| Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;&nbsp; 1039504 |
| Virginia Housing Development Authority, 2.55%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 89168 |
|  |  | &nbsp;&nbsp;**$17485664** |
| Insured - Bond Bank — 1.8% | Insured - Bond Bank — 1.8% | Insured - Bond Bank — 1.8% |
| Indianapolis Local Public Improvement Bond Bank, IN, (AGM), 4.00%, 6/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10855 | &nbsp;&nbsp;$11310150 |
|  |  | &nbsp;&nbsp;**$11310150** |
| Insured - Education — 0.3% | Insured - Education — 0.3% | Insured - Education — 0.3% |
| New York Dormitory Authority, (School Districts Revenue Bond Financing Program): |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 10/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$567735 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 893968 |
| Troy University, AL, (AGM), 5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 522634 |
|  |  | &nbsp;&nbsp;**$1984337** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Electric Utilities — 0.8% | Insured - Electric Utilities — 0.8% | Insured - Electric Utilities — 0.8% |
| Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project M): |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 7/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$289828 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 322473 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 548607 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 425394 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 428185 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 357576 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 568145 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 551127 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 485908 |
| Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project J), (AGM), 4.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 319836 |
| Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 and 4 Project M): |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 4.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 448803 |
| &nbsp;&nbsp;&nbsp;(AGM), 4.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 479795 |
|  |  | &nbsp;&nbsp;**$5225677** |
| Insured - General Obligations — 1.5% | Insured - General Obligations — 1.5% | Insured - General Obligations — 1.5% |
| Cattaraugus County, NY : |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 4.00%, 5/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;$1010717 |
| &nbsp;&nbsp;&nbsp;(AGM), 4.00%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 761456 |
| Fort Bend County Municipal Utility District No. 58, TX: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 3.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10108 |
| &nbsp;&nbsp;&nbsp;(BAM), 3.00%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 363294 |
| Hazelwood School District, MO, (BAM), 5.00%, 3/1/36<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp;&nbsp;&nbsp; 4661428 |
| Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 732890 |
| Yonkers, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), Series 2019A, 5.00%, 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 866768 |
| &nbsp;&nbsp;&nbsp;(BAM), Series 2019B, 5.00%, 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 955664 |
|  |  | &nbsp;&nbsp;**$9362325** |
| Insured - Lease Revenue/Certificates of Participation — 0.7% | Insured - Lease Revenue/Certificates of Participation — 0.7% | Insured - Lease Revenue/Certificates of Participation — 0.7% |
| Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$106751 |
| Fairfield, CA, Certificates of Participation: |  |  |
| &nbsp;&nbsp;&nbsp;(AGC), 0.00%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 680870 |
| &nbsp;&nbsp;&nbsp;(AGC), 0.00%, 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 2877400 |
| Highlands County School Board, FL, (BAM), 5.00%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 183972 |
| Pasco County School Board, FL, (BAM), 5.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 659729 |
| Tahoe-Truckee Unified School District, CA, Certificates of Participation, (BAM), 5.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 196027 |
|  |  | &nbsp;&nbsp;**$4704749** |

---

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue — 0.1% | Insured - Special Tax Revenue — 0.1% | Insured - Special Tax Revenue — 0.1% |
| North Houston Development Corp., TX, Tax Increment Contract Revenue, (AGM), 3.00%, 9/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;$802093 |
| Vineyard Redevelopment Agency, UT, (AGM), 4.00%, 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143111 |
|  |  | &nbsp;&nbsp;**$945204** |
| Insured - Transportation — 1.6% | Insured - Transportation — 1.6% | Insured - Transportation — 1.6% |
| New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;$293013 |
| New Orleans Aviation Board, LA: |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110120 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1387313 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1829602 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2490682 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp; 2743937 |
|  |  | &nbsp;&nbsp;**$9854667** |
| Insured - Water and Sewer — 0.1% | Insured - Water and Sewer — 0.1% | Insured - Water and Sewer — 0.1% |
| Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$266117 |
| Hamburg Municipal Authority, PA, Sewer Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 2.00%, 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 285421 |
| &nbsp;&nbsp;&nbsp;(AGM), 2.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 25529 |
|  |  | &nbsp;&nbsp;**$577067** |
| Lease Revenue/Certificates of Participation — 2.8% | Lease Revenue/Certificates of Participation — 2.8% | Lease Revenue/Certificates of Participation — 2.8% |
| Aspen Fire Protection District, CO: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$270960 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 221451 |
| Broward County School Board, FL, 5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 544500 |
| California Public Works Board, 4.00%, 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 930248 |
| Colorado Department of Transportation: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 377678 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 334304 |
| Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3340890 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3338580 |
| Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 681636 |
| Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 462759 |
| Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp; 1603672 |
| Mesa Water District, CA, Certificates of Participation, 5.00%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 412398 |

---

---

| | | |
|:---|:---|:---|
| **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) |
| Palm Beach County School Board, FL, 5.25%, 8/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3474090 |
| Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 535740 |
| Virginia Public Building Authority, 4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1216072 |
|  |  | &nbsp;&nbsp;**$17744978** |
| Other Revenue — 8.8% | Other Revenue — 8.8% | Other Revenue — 8.8% |
| Lafayette Parish School Board, LA, Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;$370042 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 370834 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 394706 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/34<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 504524 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/35<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 509477 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/36<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 617179 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 582785 |
| Louisiana Local Government Environmental Facilities and Community Development Authority, (Bossier City), 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp; 2691144 |
| Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 542875 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 297704 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00% to 12/1/29 (Put Date), 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23115 | &nbsp;&nbsp;&nbsp;&nbsp; 23167009 |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/29 (Put Date), 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5816030 |
| New York City Cultural Resources Trust, NY, (Carnegie Hall): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98633 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 291195 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 231418 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 344028 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 794423 |
| Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp; 1184200 |
| San Antonio, TX, Electric and Gas Systems Revenue, 2.00% to 12/1/27 (Put Date), 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3841440 |
| Tennergy Corp., TN, Gas Supply Revenue, 4.00% to 9/1/28 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 11531970 |
| Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054940 |
|  |  | &nbsp;&nbsp;**$55236556** |
| Senior Living/Life Care — 1.4% | Senior Living/Life Care — 1.4% | Senior Living/Life Care — 1.4% |
| Baltimore County, MD, (Riderwood Village, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655 | &nbsp;&nbsp;$1713835 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 258022 |

---

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **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) |
| Baltimore County, MD, (Riderwood Village, Inc.): <br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;$360353 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 615942 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp; 700796 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 625449 |
| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51263 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 928892 |
| California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104678 |
| Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp; 1068337 |
| East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 326070 |
| Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 943220 |
| North Carolina Medical Care Commission, (United Methodist Retirement Homes): |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016A, 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 286656 |
| &nbsp;&nbsp;&nbsp;Series 2016A, 5.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 638794 |
|  |  | &nbsp;&nbsp;**$8622307** |
| Special Tax Revenue — 8.4% | Special Tax Revenue — 8.4% | Special Tax Revenue — 8.4% |
| Allentown Neighborhood Improvement Zone Development Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$157557 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 477648 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 614727 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 590964 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 701935 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 732382 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 789561 |
| Battery Park City Authority, NY, (SPA: TD Bank, N.A.), 1.60%, 11/1/38<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp; 5300000 |
| Connecticut, Special Tax Obligation, (Transportation Infrastructure): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp; 2994407 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1211360 |
| Downtown Smyrna Development Authority, GA, 4.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 393188 |
| Miami-Dade County, FL, Special Obligation Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 967167 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 1019407 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 963494 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Miami-Dade County, FL, Special Obligation Bonds: <br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;$791014 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp; 2358104 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036900 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1234018 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2967400 |
| &nbsp;&nbsp;&nbsp;2022 Series B, 4.00%, 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5365 | &nbsp;&nbsp;&nbsp;&nbsp; 5495316 |
| &nbsp;&nbsp;&nbsp;2022 Series D, 4.00%, 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660 | &nbsp;&nbsp;&nbsp;&nbsp; 5840667 |
| &nbsp;&nbsp;&nbsp;2022 Series F, 5.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1174460 |
| New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950 | &nbsp;&nbsp;&nbsp;&nbsp; 7118746 |
| New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1921932 |
| New York State Urban Development Corp., Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885 | &nbsp;&nbsp;&nbsp;&nbsp; 3008132 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 2936105 |
|  |  | &nbsp;&nbsp;**$52796591** |
| Transportation — 8.0% | Transportation — 8.0% | Transportation — 8.0% |
| Central Texas Regional Mobility Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;$73671 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp; 2276618 |
| Chicago, IL, (O'Hare International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 157182 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156879 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 522270 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044430 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905 | &nbsp;&nbsp;&nbsp;&nbsp; 3222400 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060 | &nbsp;&nbsp;&nbsp;&nbsp; 3393662 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106320 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104120 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp; 2824988 |
| Clark County, NV, Highway Revenue, 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 869392 |
| Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1589954 |
| Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 527960 |
| Illinois Toll Highway Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 187938 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 373831 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 258741 |

---

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$264918 |
| Metropolitan Transportation Authority, NY, 3.311%, (67% of SOFR + 0.43%), 11/1/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp; 1971050 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.25%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5822040 |
| New Orleans Aviation Board, LA, 5.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 164934 |
| North Texas Tollway Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6127800 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1543225 |
| Pennsylvania Turnpike Commission: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 572505 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp; 1323149 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1112530 |
| Port Authority of New York and New Jersey, 4.00%, 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp; 1431130 |
| Port of Seattle, WA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103768 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 258788 |
| Portland, ME, Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 255488 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 417771 |
| Salt Lake City, UT, (Salt Lake City International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp; 1522837 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 338349 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 743318 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 674196 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 503455 |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport), 5.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp; 2291601 |
| Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp; 3318405 |
|  |  | &nbsp;&nbsp;**$50451613** |
| Water and Sewer — 4.3% | Water and Sewer — 4.3% | Water and Sewer — 4.3% |
| Colorado Springs, CO, Utilities System Revenue, (SPA: Sumitomo Mitsui Banking Corp.), 1.60%, 11/1/28<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295 | &nbsp;&nbsp;$3295000 |
| Fort Worth, TX, Water and Sewer System Revenue, 5.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015 | &nbsp;&nbsp;&nbsp;&nbsp; 4741394 |
| Indiana Finance Authority, (CWA Authority, Inc.), 4.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1542009 |
| Louisville and Jefferson County Metropolitan Sewer District, KY, Green Bonds, 4.00%, 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 284897 |
| Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 612824 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;$1788536 |
| Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 544675 |
| Portland, OR, Sewer System Revenue, 3.00%, 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 666704 |
| Rapid City, SD, Water Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 627906 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 699989 |
| Salt Lake City, UT, Public Utilities Revenue, 4.00%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545 | &nbsp;&nbsp;&nbsp;&nbsp; 2678027 |
| Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp; 2942625 |
| Spotsylvania County, VA, Water and Sewer System Revenue, 3.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp; 1351583 |
| Texas Water Development Board: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp; 4470907 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 520710 |
| Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 440446 |
|  |  | &nbsp;&nbsp;**$27208232** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $572,387,421) |  | &nbsp;&nbsp;**$584222211** |

---

Short-Term Investments — 8.8%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.14%<sup>(4)</sup> | 55719647 | &nbsp;&nbsp;$55719647 |
| Total Short-Term Investments<br> (identified cost $55,719,647) |  | &nbsp;&nbsp;**$55719647** |
| Total Investments — 101.5%<br> (identified cost $628,107,068) |  | &nbsp;&nbsp;**$639941858** |
| Other Assets, Less Liabilities — (1.5)% |  | &nbsp;&nbsp;**$(9612840)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$630329018** |

---

---

| | |
|:---|:---|
| 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> | Floating rate security. The stated interest rate represents the rate in effect at January 31, 2023. |
| <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 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, 2023. |

---

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| <sup>(4)</sup> | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2023. |
| At January 31, 2023, the concentration of the Portfolio's investments in the various states and territories, determined as a percentage of net assets, is as follows: | At January 31, 2023, the concentration of the Portfolio'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;Texas | 14.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 78.2% |

---

The Portfolio invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2023, 6.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.6% to 5.0% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*28*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2023** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $572,387,421) | &nbsp;&nbsp;$584222211 |
| Affiliated investment, at value (identified cost $55,719,647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55719647 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6378003 |
| Dividends receivable from affiliated investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111401 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8383951 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9462 |
| **Total assets** | &nbsp;&nbsp;**$654824683** |
| Liabilities |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;$9774071 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14402720 |
| Payable to affiliate: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155292 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163582 |
| **Total liabilities** | &nbsp;&nbsp;**$24495665** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$630329018** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**January 31, 2023** |
| Investment Income |  |
| Dividend income from affiliated investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$545556 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18109584 |
| **Total investment income** | &nbsp;&nbsp;**$18655140** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;&nbsp;$2264046 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44499 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172026 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63434 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12317 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;**$2556322** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$120454 |
| **Total expense reductions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$120454** |
| **Net expenses** | &nbsp;&nbsp;&nbsp;**$2435868** |
| **Net investment income** | &nbsp;&nbsp;**$16219272** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(40329415) |
| **Net realized loss** | &nbsp;&nbsp;**$(40329415)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(5324332) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(5324332)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(45653747)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(29434475)** |

---

*30*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
|  | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$16219272 | &nbsp;&nbsp;$16140421 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40329415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510528 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5324332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43090606) |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(29434475)** | &nbsp;&nbsp;**$(23439657)** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$119410259 | &nbsp;&nbsp;$108966195 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;(398372985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58460755) |
| &nbsp;&nbsp;&nbsp;Portfolio transaction fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250960 |
| **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;**$(278287492)** | &nbsp;&nbsp;**$50756400** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(307721967)** | &nbsp;&nbsp;**$27316743** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$938050985 | &nbsp;&nbsp;$910734242 |
| **At end of year** | &nbsp;&nbsp;**$630329018** | &nbsp;&nbsp;**$938050985** |

---

*31*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% |
| **Total Return<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.58)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.44)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.66%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.88%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.11%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$630329** | &nbsp;&nbsp;**$938051** | &nbsp;&nbsp;**$910734** | &nbsp;&nbsp;**$729373** | &nbsp;&nbsp;**$612428** |

---

<sup>(1)</sup> The investment adviser and sub-adviser reimbursed certain operating expenses (equal to 0.01% of average daily net assets for each of the years ended January 31, 2023, 2022, 2021, 2020 and 2019). Absent this reimbursement, total return would be lower.

<sup>(2)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended January 31, 2023).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Notes to Financial Statements

------

1 Significant Accounting Policies

5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio's investment objective is to seek current income exempt from regular federal income tax. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At January 31, 2023, Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund held an interest of approximately 100% in the Portfolio.

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

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

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

**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.**

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

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

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

As of January 31, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Notes to Financial Statements — continued

------

G When-Issued Securities and Delayed Delivery Transactions—The Portfolio may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

H Capital Transactions—To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposed a fee ("Portfolio transaction fee") on inflows and outflows by Portfolio investors. The Portfolio transaction fee was sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it received to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee, which may have varied over time, was limited to amounts that had been authorized by the Board of Trustees and determined by Eaton Vance Management (EVM) to be appropriate. The maximum Portfolio transaction fee was 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets. Effective after the close of business on December 23, 2022, the Portfolio transaction fee was discontinued.

2 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 the Portfolio. The investment adviser fee is computed at an annual rate as a percentage of the Portfolio's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3200% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3075% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.2950% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.2875% |

---

For the year ended January 31, 2023, the Portfolio's investment adviser fee amounted to $2,264,046 or 0.32% of the Portfolio's average daily net assets. Pursuant to an investment sub-advisory agreement, BMR has delegated the investment management of the Portfolio to Parametric Portfolio Associates LLC (Parametric), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley. BMR pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. Pursuant to a voluntary expense reimbursement, BMR and Parametric were allocated $86,668 in total of the Portfolio's operating expenses for the year ended January 31, 2023.

Effective April 26, 2022, the Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended January 31, 2023, the investment adviser fee paid was reduced by $33,786 relating to the Portfolio's investment in the Liquidity Fund.

Trustees and officers of the Portfolio who are members of EVM's or BMR's organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2023, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $584,763,618 and $858,654,154, respectively, for the year ended January 31, 2023.

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Notes to Financial Statements — continued

------

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2023, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$628016718** |
| Gross unrealized appreciation | &nbsp;&nbsp;$18564843 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6639703) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$11925140** |

---

5 Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $725 million unsecured line of credit agreement with a group of banks, which is in effect through October 24, 2023. In connection with the renewal of the agreement on October 25, 2022, the borrowing limit was decreased from $800 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Also in connection with the renewal of the agreement, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended January 31, 2023.

6 Investments in Affiliated Funds

At January 31, 2023, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $55,719,647, which represents 8.8% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended January 31, 2023 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value, <br> beginning<br> of period** | **Purchases** | **Sales <br> proceeds** | **Net <br> realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend <br> income** | **Shares, <br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $— | $411886508 | $(356166861) | $— | $— | $55719647 | $545556 | 55719647 |

---

7 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_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Notes to Financial Statements — continued

------

At January 31, 2023, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;$584222211 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$584222211 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;55719647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55719647 |
| **Total Investments** | &nbsp;&nbsp;**$55719647** | &nbsp;&nbsp;**$584222211** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$639941858** |

---

8 Risks and Uncertainties

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

------

[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2023

Report of Independent Registered Public Accounting Firm

------

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of 5-to-15 Year Laddered Municipal Bond Portfolio (the "Portfolio"), including the portfolio of investments, as of January 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of January 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP<br> Boston, Massachusetts<br> March 22, 2023

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

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Management and Organization

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**Fund Management. The Trustees of Eaton Vance Municipals Trust II (the Trust) and 5-to-15 Year Laddered Municipal Bond Portfolio are responsible for the overall management and supervision of the Trust's and the Portfolio's affairs. The Board members and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund's and the Portfolio's current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund and the Portfolio to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund and the Portfolio to be in compliance therewith. The "noninterested Trustees" consist of those Trustees who are not "interested persons" of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, "BMR" refers to Boston Management and Research, "EVC" refers to Eaton Vance Corp., "EV" refers to EV LLC, "EVM" refers to Eaton Vance Management and "EVD" refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 130 funds in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).**

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust/Portfolio <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) and Other Directorships<br> During Past Five Years and Other Relevant Experience** |
| Interested Trustee | Interested Trustee | Interested Trustee | Interested Trustee |
| Thomas E. Faust Jr.<br> 1958 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2007 | &nbsp;&nbsp;&nbsp;Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust and the Portfolio.<br> **Other Directorships.** Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
| Noninterested Trustees | Noninterested Trustees | Noninterested Trustees | Noninterested Trustees |
| Alan C. Bowser<sup>(1)</sup><br> 1962 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm's chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023).<br> **Other Directorships**. None. |
| Mark R. Fetting<br> 1954 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2016 | &nbsp;&nbsp;&nbsp;Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).<br> **Other Directorships**. None. |
| Cynthia E. Frost<br> 1961 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2014 | &nbsp;&nbsp;&nbsp;Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).<br> **Other Directorships**. None. |
| George J. Gorman<br> 1952 | &nbsp;&nbsp;&nbsp;Chairperson <br> of the Board<br> and Trustee | &nbsp;&nbsp;&nbsp;Since 2021<br> (Chairperson) and<br> 2014 (Trustee) | &nbsp;&nbsp;&nbsp;Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).<br> **Other Directorships**. None. |

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Management and Organization — continued

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust/Portfolio <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) and Other Directorships<br> During Past Five Years and Other Relevant Experience** |
| Noninterested Trustees (continued) | Noninterested Trustees (continued) | Noninterested Trustees (continued) | Noninterested Trustees (continued) |
| Valerie A. Mosley<br> 1960 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2014 | &nbsp;&nbsp;&nbsp;Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).<br> **Other Directorships**. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
| Keith Quinton<br> 1958 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2018 | &nbsp;&nbsp;&nbsp;Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).<br> **Other Directorships**. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
| Marcus L. Smith<br> 1966 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2018 | &nbsp;&nbsp;&nbsp;Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm).<br> **Other Directorships**. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
| Susan J. Sutherland<br> 1957 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2015 | &nbsp;&nbsp;&nbsp;Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).<br> **Other Directorships**. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
| Scott E. Wennerholm<br> 1959 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2016 | &nbsp;&nbsp;&nbsp;Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).<br> **Other Directorships**. None. |
| Nancy A. Wiser<sup>(1)</sup><br> 1967 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).<br> **Other Directorships**. None. |

---

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust/Portfolio <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past Five Years** |
| Principal Officers who are not Trustees | Principal Officers who are not Trustees | Principal Officers who are not Trustees | Principal Officers who are not Trustees |
| Eric A. Stein<br> 1980 | &nbsp;&nbsp;&nbsp;President | &nbsp;&nbsp;&nbsp;Since 2020 | &nbsp;&nbsp;&nbsp;Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance's Global Income Investments. Also Vice President of Calvert Research and Management ("CRM"). |
| Deidre E. Walsh<br> 1971 | &nbsp;&nbsp;&nbsp;Vice President and<br> Chief Legal Officer | &nbsp;&nbsp;&nbsp;Since 2009 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR. Also Vice President of CRM. |
| James F. Kirchner<br> 1967 | &nbsp;&nbsp;&nbsp;Treasurer | &nbsp;&nbsp;&nbsp;Since 2007 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR. Also Vice President of CRM. |

---

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2023

Management and Organization — continued

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust/Portfolio <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past Five Years** |
| Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) |
| Nicholas S. Di Lorenzo<br> 1987 | &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
| Richard F. Froio<br> 1968 | &nbsp;&nbsp;&nbsp;Chief Compliance<br> Officer | &nbsp;&nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |

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<sup>(1)</sup> Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022.

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

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Eaton Vance Funds<br>

Privacy Notice April 2021

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| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;&nbsp;**WHAT DOES EATON VANCE DO WITH YOUR<br> PERSONAL INFORMATION?** |

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

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

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

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Eaton Vance Funds<br>

Privacy Notice — continued April 2021

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

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

Eaton Vance Funds<br>

IMPORTANT NOTICES

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**Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders. *Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise.* If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.**

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

**Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-260-0761 and by accessing the SEC's website at www.sec.gov.**

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

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

#### Boston Management and Research<br> Two International Place<br> Boston, MA 02110
Investment Adviser and Administrator of Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund

#### Eaton Vance Management<br> Two International Place<br> Boston, MA 02110
Investment Sub-Adviser

#### Parametric Portfolio Associates LLC<br> 800 Fifth Avenue, Suite 2800<br> Seattle, WA 98104
Principal Underwriter\*

#### Eaton Vance Distributors, Inc.<br> Two International Place<br> Boston, MA 02110<br> (617) 482-8260
Custodian

#### State Street Bank and Trust Company<br> State Street Financial Center, One Lincoln Street<br> Boston, MA 02111
Transfer Agent

#### BNY Mellon Investment Servicing (US) Inc.<br> Attn: Eaton Vance Funds<br> P.O. Box 534439<br> Pittsburgh, PA 15253-4439<br> (800) 260-0761
Independent Registered Public Accounting Firm

#### Deloitte & Touche LLP<br> 200 Berkeley Street<br> Boston, MA 02116-5022
Fund Offices

Two International Place<br> Boston, MA 02110

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

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[**Table of Contents**](#job_ev_ar_2619c709-40dc-4ec0-8eb9-2fc0060a97d6_toc)

22626 1.31.23

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![](g470791imgacab9aa61.gif)

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## Parametric

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

## Annual Report
January 31, 2023

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![](g470791img22472b6a2.gif)

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

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

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-260-0761.**

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#### Annual Report January 31, 2023
Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_4cccef10-14cd-409c-9476-5404b376d489_1)** |  |
| [Management's Discussion of Fund Performance](#xx_1462f8f7-5a94-4b0d-9d5d-0e265286cfad_1) | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Performance](#xx_1462f8f7-5a94-4b0d-9d5d-0e265286cfad_3) | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| [Fund Profile](#xx_1462f8f7-5a94-4b0d-9d5d-0e265286cfad_4) | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| [Endnotes and Additional Disclosures](#xx_1d2757b6-a227-48fc-942c-60440b84baab_1) | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| [Fund Expenses](#xx_7695c4d4-bddf-473e-86aa-f53788fb8319_1) | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| [Financial Statements](#xx_e4a5f249-65f1-438b-b87b-2933bede76f1_1) | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| [Report of Independent Registered Public Accounting Firm](#xx_b92e7fd3-f6a9-412c-9f81-13ffa9883172_1) | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| [Federal Tax Information](#xx_9162fc7f-eb52-4b95-b5c2-b6c0a3731f39_1) | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| [Management and Organization](#xx_c3dfa320-96eb-4301-9351-0656a8a64e15_1) | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| [Privacy Notice](#xx_5aae25d7-0300-4b75-b31e-6d9f680bddce_1) | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| [Important Notices](#xx_4bb22845-3ac3-4560-8cca-d143a66100b5_1) | &nbsp;&nbsp;&nbsp;&nbsp;31 |

---

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Management's Discussion of Fund Performance<sup>†</sup>

------

Economic and Market Conditions

The volatile 12-month period starting February 1, 2022, encompassed the worst one-month performance for municipal bond returns since 2008 and the best one-month performance in 36 years.

As the period began, municipal rates -- along with U.S. Treasury rates -- rose as investors became increasingly concerned about the twin threats of inflation and interest rate hikes. On February 24, 2022, Russia's invasion of Ukraine sent shock waves through markets worldwide, exacerbating inflationary pressures on energy and food prices. In March, the U.S. Federal Reserve (the Fed) ended a two-year period of near-zero-percent interest rates with a 0.25% increase, its first hike since 2018.

As investors recognized the potential for the Fed to raise interest rates at every policy meeting in 2022 to combat inflation, the Bloomberg Municipal Bond Index (the Municipal Index), a broad measure of the municipal bond market, declined 8.98% during the first half of 2022. Municipal bond mutual funds, which had reported net inflows during all but one week of 2021, recorded their worst outflow cycle on record.

In July 2022, however, municipal bond performance briefly turned positive. Helped by a light supply of new issues and increased demand from the reinvestment of maturing debt and coupon payments, municipal mutual funds experienced their first net inflows since January.

From August through October 2022, municipal performance turned negative again. Fund outflows resumed as investors reacted to statements by Fed officials that they were not done with rate hikes and fighting inflation remained the central bank's top priority. After the Fed's third straight 0.75% rate hike, the Municipal Index fell 3.84% in September -- its worst one-month performance in 14 years.

But in the final months of the period, municipal performance made another U-turn. Despite the Fed announcing a fourth 0.75% rate hike in November, the Municipal Index rose 4.68% during the month -- its best monthly performance since 1986. The rally was driven by multiple factors, including Fed signals that future rate hikes might be smaller, lower supplies of new municipal bond issues, growing investor demand, and positive inflows into separately managed accounts and exchange-traded funds, or ETFs.

The Fed indeed delivered a smaller 0.50% rate hike in December, but raised expectations of how high rates might go in 2023. The Municipal Index -- helped by attractive yields and limited supply -- nonetheless eked out a slightly positive performance in December. As the period came to a close in January 2023, municipal bonds delivered a third straight month of positive performance, driven by a light supply of new issues and the return of inflows into open-end mutual funds.

For the period as a whole, the Municipal Index returned -3.25% as interest rates rose and bond prices declined across the municipal bond yield curve. Municipal bonds outperformed U.S. Treasurys along the curve as well. Higher quality municipal bonds generally outperformed lower quality municipal bonds, reflecting decreased investor appetite for risk during the period.

Fund Performance

For the 12-month period ended January 31, 2023, Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (the Fund) returned -0.37% for Class A shares at net asset value (NAV), outperforming its benchmark, the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (the Index), which returned -0.64%.

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

The Fund seeks to invest primarily in general obligation bonds or revenue bonds, and seeks to weigh investments so that at least 5% and not more than 15% of its net assets are invested in obligations with a final maturity in a year within the 1-to-10 year range. The Fund's objective is to seek current income exempt from regular federal income tax. The investment sub-adviser's process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market.

Active security selection and relative-value trading -- a strategy that seeks to take advantage of price and rate differences among similar securities -- contributed to Fund performance relative to the Index during the period. In particular, relative performance benefited from security selections and overweight positions in the housing and education sectors.

Yield-curve positioning -- largely determined by the Fund's laddered structure -- also contributed to returns versus the Index. During a period when shorter maturity bonds generally underperformed longer maturity issues, the Fund held underweight positions in 1-4 year bonds and overweight positions in 9-11 year bonds (11-year bonds are not included in the Index).

*See Endnotes and Additional Disclosures in this report.*

<br> *Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Management's Discussion of Fund Performance<sup>†</sup> — continued

------

Duration management contributed to performance versus the Index as well. From February through May 2022, the Fund's duration was lower than that of the Index, which contributed to relative performance as municipal interest rates rose. But in June, and again from September through November 2022, the Fund's duration was increased as municipal interest rates reached record highs. This additional interest rate exposure helped relative returns during the final months of the period as municipal bonds rallied and their rates declined.

In contrast, credit quality detracted from performance versus the Index. The Fund's overweight positions in lower quality A-rated and BBB-rated bonds hurt relative performance as credit spreads widened during the period, and lower rated bonds generally underperformed higher rated bonds.

*See Endnotes and Additional Disclosures in this report.*

*Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Performance

------

#### Portfolio Manager(s) Brian C. Barney, CFA, Devin J. Cooch, CFA and Alison Wagner, CFA, each of Parametric Portfolio Associates LLC

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **% Average Annual Total Returns<sup>1,2</sup>** | **Class <br> Inception Date** | **Performance <br> Inception Date** | **One Year** | **Five Years** | **Since <br> Inception** |
| &nbsp;&nbsp;Class A at NAV | 05/04/2015 | 05/04/2015 | (0.37)% | 1.85% | 1.82% |
| &nbsp;&nbsp;Class A with 3.25% Maximum Sales Charge |  |  | (3.65) | 1.19 | 1.38 |
| &nbsp;&nbsp;Class C at NAV | 05/04/2015 | 05/04/2015 | (1.12) | 1.09 | 1.06 |
| &nbsp;&nbsp;Class C with 1% Maximum Deferred Sales Charge |  |  | (2.10) | 1.09 | 1.06 |
| &nbsp;&nbsp;Class I at NAV | 05/04/2015 | 05/04/2015 | (0.12) | 2.11 | 2.09 |
| &nbsp;&nbsp;Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index |  |  | (0.64)% | 1.76% | 1.67% |

---

---

| | | | |
|:---|:---|:---|:---|
| **% Total Annual Operating Expense Ratios<sup>3</sup>** | **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;Gross | 0.78% | 1.53% | 0.53% |
| &nbsp;&nbsp;Net | 0.65 | 1.40 | 0.40 |

---

---

| | | | |
|:---|:---|:---|:---|
| **% Distribution Rates/Yields<sup>4</sup>** | **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;Distribution Rate | 2.50% | 1.75% | 2.74% |
| &nbsp;&nbsp;SEC 30-day Yield – Subsidized | 2.47 | 1.81 | 2.80 |
| &nbsp;&nbsp;SEC 30-day Yield – Unsubsidized | 2.26 | 1.59 | 2.59 |

---

Growth of $10,000

------

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

![](g470791img9cab27af3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Growth of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount Invested** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Period Beginning** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**At NAV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**With Maximum Sales Charge** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/04/2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.A. |
| &nbsp;&nbsp;Class I, at minimum investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/04/2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1173691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.A. |

---

*See Endnotes and Additional Disclosures in this report.*

*Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Fund Profile

------

Credit Quality (% of total investments)<sup>1</sup>

![](g470791imgf90797184.jpg)

Footnotes:

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

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Endnotes and Additional Disclosures

------

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

<sup>1</sup> Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 1-10 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

<sup>2</sup> Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charges reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund's or oldest share class' inception, as applicable.

<sup>3</sup> Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

<sup>4</sup> The Distribution Rate is based on the Fund's last regular distribution per share in the period (annualized) divided by the Fund's NAV at the end of the period. The Fund's distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund's distributions are determined by the investment adviser based on its current assessment of the Fund's long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund's investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. Subsidized yield reflects the effect of fee waivers and expense reimbursements.

---

| |
|:---|
| Fund profile subject to change due to active management. |
| Additional Information |
| Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. |
| Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. |
| Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes. |
| Credit spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality. |

---

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Fund Expenses

------

#### Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023).

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Beginning <br> Account Value<br> (8/1/22)** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending <br> Account Value<br> (1/31/23)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses Paid<br> During Period\*<br> (8/1/22 – 1/31/23)** | &nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** |
| **Actual** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1019.60 | &nbsp;&nbsp;&nbsp;&nbsp;$3.21\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.63% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1015.80 | &nbsp;&nbsp;&nbsp;&nbsp;$7.01\*\* | &nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1020.90 | &nbsp;&nbsp;&nbsp;&nbsp;$1.94\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.38% |
| **Hypothetical** |  |  |  |  |
| (5% return per year before expenses) |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1022.03 | &nbsp;&nbsp;&nbsp;&nbsp;$3.21\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.63% |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1018.25 | &nbsp;&nbsp;&nbsp;&nbsp;$7.02\*\* | &nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1023.29 | &nbsp;&nbsp;&nbsp;&nbsp;$1.94\*\* | &nbsp;&nbsp;&nbsp;&nbsp;0.38% |

---

\* Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2022.

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

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 94.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 2.5% | Bond Bank — 2.5% | Bond Bank — 2.5% |
| Texas Water Development Board, 4.55%, 10/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1661565 |
| Vermont Municipal Bond Bank, 5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 172120 |
|  |  | &nbsp;&nbsp;**$1833685** |
| Education — 10.5% | Education — 10.5% | Education — 10.5% |
| Alabama Public School and College Authority, Social Bonds, 4.00%, 11/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1580565 |
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 3.30%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 971590 |
| Bethlehem Area School District Authority, PA, 3.231%, (67% of SOFR + 0.35%), 11/1/25 (Put Date), 1/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2241327 |
| Los Ranchos de Albuquerque, NM, (Albuquerque Academy), 5.00%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161474 |
| Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 258837 |
| UCF Stadium Corp., FL, 5.00%, 3/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250380 |
| University of California: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/28<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1722015 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 410865 |
| Vermont State Colleges, 5.00%, 7/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100831 |
|  |  | &nbsp;&nbsp;**$7697884** |
| Electric Utilities — 6.3% | Electric Utilities — 6.3% | Electric Utilities — 6.3% |
| Foley Utilities Board, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;$878337 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 1062567 |
| Public Finance Authority, WI, (Duke Energy Progress, LLC), 3.30% to 10/1/26 (Put Date), 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1730515 |
| Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175950 |
| Seattle, WA, Municipal Light and Power Revenue, 1.91%, (SIFMA + 0.25%), 11/1/26 (Put Date), 5/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 490580 |
| Springfield, IL, Electric System Revenue, 5.00%, 3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 261623 |
|  |  | &nbsp;&nbsp;**$4599572** |
| Escrowed/Prerefunded — 0.1% | Escrowed/Prerefunded — 0.1% | Escrowed/Prerefunded — 0.1% |
| Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), Escrowed to Maturity, 5.00%, 9/1/23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;$35520 |
|  |  | &nbsp;&nbsp;**$35520** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations — 19.3% | General Obligations — 19.3% | General Obligations — 19.3% |
| Amarillo Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$829800 |
| Boulder Valley School District No. Re-2, CO, 4.00%, 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25333 |
| California, 2.85%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 496625 |
| Campton Township, IL, 5.00%, 12/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107072 |
| Corpus Christi Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 410425 |
| Decatur City Board of Education, AL, 5.00%, 2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52544 |
| El Monte Union High School District, CA, (Election of 2018): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106786 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 159994 |
| Illinois, 5.00%, 3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1821102 |
| Lakeland, FL, 5.00%, 10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52045 |
| Minneapolis Special School District No. 1, MN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025870 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp; 2133968 |
| North Carolina, 2.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1242778 |
| Pecos-Barstow-Toyah Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 642131 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 282650 |
| Spring-Ford Area School District, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 310640 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 339783 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 158261 |
| Torrance Unified School District, CA , (Election of 2008), 0.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1815440 |
| Victor Valley Union High School District, CA, (Election of 2008), Prerefunded to 8/1/23, 0.00%, 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp;&nbsp;&nbsp; 1033611 |
| White Bear Lake Area Independent School District No. 624, MN, 5.00%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1160800 |
|  |  | &nbsp;&nbsp;**$14207658** |
| Hospital — 5.1% | Hospital — 5.1% | Hospital — 5.1% |
| Colorado Health Facilities Authority, (Vail Valley Medical Center), 4.00%, 1/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$25652 |
| Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096320 |
| Northampton County General Purpose Authority, PA, (St. Luke's University Health Network), 5.00%, 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31635 |
| Pima County Industrial Development Authority, AZ, (Tucson Medical Center), 5.00%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1134340 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Public Finance Authority, WI, (Renown Regional Medical Center), 5.00%, 6/1/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;$391530 |
| San Diego County, CA, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37498 |
| Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 1/30/24 (Put Date), 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 511490 |
| &nbsp;&nbsp;&nbsp;5.00% to 7/29/26 (Put Date), 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 538875 |
|  |  | &nbsp;&nbsp;**$3767340** |
| Housing — 11.7% | Housing — 11.7% | Housing — 11.7% |
| Connecticut Housing Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$546170 |
| Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA): |  |  |
| &nbsp;&nbsp;&nbsp;0.85%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 88870 |
| &nbsp;&nbsp;&nbsp;0.95%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 251706 |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 1.60%, 7/1/49<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091180 |
| New York Mortgage Agency: |  |  |
| &nbsp;&nbsp;&nbsp;2.05%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 217776 |
| &nbsp;&nbsp;&nbsp;2.10%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 127513 |
| &nbsp;&nbsp;&nbsp;2.25%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 300420 |
| &nbsp;&nbsp;&nbsp;2.30%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 365833 |
| Ohio Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 826418 |
| Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089920 |
| Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2220080 |
|  |  | &nbsp;&nbsp;**$8625886** |
| Insured - Education — 0.9% | Insured - Education — 0.9% | Insured - Education — 0.9% |
| Troy University, AL, (AGM), 5.00%, 11/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;$688807 |
|  |  | &nbsp;&nbsp;**$688807** |
| Insured - Electric Utilities — 1.2% | Insured - Electric Utilities — 1.2% | Insured - Electric Utilities — 1.2% |
| Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project M): |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 7/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;$265457 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 304039 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 268743 |
|  |  | &nbsp;&nbsp;**$838239** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Escrowed/Prerefunded — 0.1% | Insured - Escrowed/Prerefunded — 0.1% | Insured - Escrowed/Prerefunded — 0.1% |
| New Britain, CT: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), Escrowed to Maturity, 5.00%, 3/1/23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;$30061 |
| &nbsp;&nbsp;&nbsp;(BAM), Escrowed to Maturity, 5.00%, 3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52720 |
|  |  | &nbsp;&nbsp;**$82781** |
| Insured - General Obligations — 4.0% | Insured - General Obligations — 4.0% | Insured - General Obligations — 4.0% |
| Fort Bend County Municipal Utility District No. 58, TX, (BAM), 3.00%, 4/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;$91294 |
| Glendale Union High School District No. 205, AZ, (AGM), 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 750088 |
| Rancho Santiago Community College District, CA, (Election of 2002): |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 0.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 668783 |
| &nbsp;&nbsp;&nbsp;(AGM), 0.00%, 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp; 1047533 |
| &nbsp;&nbsp;&nbsp;(AGM), 0.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 405515 |
|  |  | &nbsp;&nbsp;**$2963213** |
| Insured - Lease Revenue/Certificates of Participation — 1.6% | Insured - Lease Revenue/Certificates of Participation — 1.6% | Insured - Lease Revenue/Certificates of Participation — 1.6% |
| Fairfield, CA, Certificates of Participation, (AGC), 0.00%, 4/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;$947372 |
| Highlands County School Board, FL, (BAM), 5.00%, 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 189416 |
|  |  | &nbsp;&nbsp;**$1136788** |
| Insured - Special Tax Revenue — 0.0%<sup>(4)</sup> | Insured - Special Tax Revenue — 0.0%<sup>(4)</sup> | Insured - Special Tax Revenue — 0.0%<sup>(4)</sup> |
| Successor Agency to Riverside County Redevelopment Agency, CA, (AGM), 5.00%, 10/1/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10432 |
|  |  | &nbsp;&nbsp;**$10432** |
| Insured - Transportation — 1.5% | Insured - Transportation — 1.5% | Insured - Transportation — 1.5% |
| New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1118660 |
|  |  | &nbsp;&nbsp;**$1118660** |
| Insured - Water and Sewer — 0.1% | Insured - Water and Sewer — 0.1% | Insured - Water and Sewer — 0.1% |
| Hamburg Municipal Authority, PA, Sewer Revenue, (AGM), 2.00%, 10/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$68912 |
|  |  | &nbsp;&nbsp;**$68912** |
| Lease Revenue/Certificates of Participation — 1.7% | Lease Revenue/Certificates of Participation — 1.7% | Lease Revenue/Certificates of Participation — 1.7% |
| Aspen Fire Protection District, CO: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;$121402 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 171841 |
| Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 229781 |
| Greater Texas Cultural Education Facilities Finance Corp., (Epicenter Multipurpose Facilities), 5.00%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 170835 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **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) |
| Miami-Dade County School Board, FL, 5.00%, 2/1/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$307491 |
| St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250127 |
|  |  | &nbsp;&nbsp;**$1251477** |
| Other Revenue — 8.4% | Other Revenue — 8.4% | Other Revenue — 8.4% |
| Fort Myers, FL, Capital Improvement Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;$273082 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 582720 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 639492 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 6/1/29 (Put Date), 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2379285 |
| San Antonio, TX, Electric and Gas Systems Revenue, 2.00% to 12/1/27 (Put Date), 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2304864 |
|  |  | &nbsp;&nbsp;**$6179443** |
| Senior Living/Life Care — 4.8% | Senior Living/Life Care — 4.8% | Senior Living/Life Care — 4.8% |
| Baltimore County, MD, (Riderwood Village, Inc.), 4.00%, 1/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;$1264310 |
| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61427 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62092 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 849422 |
| California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101108 |
| Colorado Health Facilities Authority, (Commonspirit Health Obligations), 5.25%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 574110 |
| Orange County, FL, Health Facilities Authority, (Presbyterian Retirement Communities), 4.00%, 8/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50269 |
| West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 74812 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 64587 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 123630 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 44000 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 29137 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 48209 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 181758 |
|  |  | &nbsp;&nbsp;**$3528871** |
| Special Tax Revenue — 0.4% | Special Tax Revenue — 0.4% | Special Tax Revenue — 0.4% |
| Allentown Neighborhood Improvement Zone Development Authority, PA, 5.00%, 5/1/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$153233 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal <br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| New York Urban Development Corp., Personal Income Tax Revenue, Prerefunded to 3/15/23, 5.00%, 3/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$100308 |
|  |  | &nbsp;&nbsp;**$253541** |
| Transportation — 7.9% | Transportation — 7.9% | Transportation — 7.9% |
| Central Texas Regional Mobility Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$515035 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 425536 |
| El Paso, TX, (El Paso International Airport), 5.00%, 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 703494 |
| Hawaii, Highway Revenue, 5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2725075 |
| Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 265760 |
| Ohio, Major New State Infrastructure Project Revenue, 5.00%, 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1192460 |
|  |  | &nbsp;&nbsp;**$5827360** |
| Water and Sewer — 5.9% | Water and Sewer — 5.9% | Water and Sewer — 5.9% |
| Arizona Water Infrastructure Finance Authority, 5.00%, 10/1/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;$57386 |
| DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 349871 |
| Miami-Dade County, FL, Water and Sewer System Revenue, 5.00%, 10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041560 |
| North Penn Water Authority, PA, 2.12%, (SIFMA + 0.46%), 11/1/23<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 399976 |
| Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2493750 |
|  |  | &nbsp;&nbsp;**$4342543** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $68,076,681) |  | &nbsp;&nbsp;**$69058612** |

---

Short-Term Investments — 8.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.14%<sup>(5)</sup> | 6057601 | &nbsp;&nbsp;$6057601 |
| Total Short-Term Investments<br> (identified cost $6,057,601) |  | &nbsp;&nbsp;**$6057601** |
| Total Investments — 102.2%<br> (identified cost $74,134,282) |  | &nbsp;&nbsp;**$75116213** |
| Other Assets, Less Liabilities — (2.2)% |  | &nbsp;&nbsp;**$(1638333)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$73477880** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| 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> | Floating rate security. The stated interest rate represents the rate in effect at January 31, 2023. |
| <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 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, 2023. |
| <sup>(4)</sup> | Amount is less than 0.05%. |
| <sup>(5)</sup> | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2023. |
| At January 31, 2023, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: | At January 31, 2023, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 14.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California | 12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 67.6% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2023, 9.2% 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 7.5% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| PSF | – Permanent School Fund |
| 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 |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2023** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $68,076,681) | &nbsp;&nbsp;$69058612 |
| Affiliated investment, at value (identified cost $6,057,601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6057601 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532592 |
| Dividends receivable from affiliated investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21125 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85111 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11515 |
| **Total assets** | &nbsp;&nbsp;**$75766556** |
| Liabilities |  |
| Payable for when-issued securities | &nbsp;&nbsp;$2076332 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100314 |
| 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;19381 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4612 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88037 |
| **Total liabilities** | &nbsp;&nbsp;**$2288676** |
| **Net Assets** | &nbsp;&nbsp;**$73477880** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$74907690 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1429810) |
| **Net Assets** | &nbsp;&nbsp;**$73477880** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$9005572 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868639 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.37 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.72 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$3197566 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308422 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.37 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$61274742 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5903945 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.38 |

---

---

| | |
|:---|:---|
| 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_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**January 31, 2023** |
| Investment Income |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;$157508 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727706 |
| **Total investment income** | &nbsp;&nbsp;**$1885214** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;&nbsp;$267634 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27716 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32719 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28960 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32172 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57351 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9806 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46082 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12622 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**$520982** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;$136465 |
| **Total expense reductions** | &nbsp;&nbsp;&nbsp;&nbsp;**$136465** |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**$384517** |
| **Net investment income** | &nbsp;&nbsp;**$1500697** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(2440772) |
| &nbsp;&nbsp;&nbsp;Investment transactions - affiliated investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(457) |
| **Net realized loss** | &nbsp;&nbsp;**$(2441229)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;$(225245) |
| &nbsp;&nbsp;&nbsp;Investments - affiliated investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;&nbsp;**$(225244)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(2666473)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(1165776)** |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
|  | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$1500697 | &nbsp;&nbsp;&nbsp;&nbsp;$977937 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2441229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185148 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2947009) |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(1165776)** | &nbsp;&nbsp;**$(1783924)** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;$(178045) | &nbsp;&nbsp;&nbsp;&nbsp;$(172745) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13244) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1334584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(952556) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(1543491)** | &nbsp;&nbsp;**$(1138545)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(5085490) | &nbsp;&nbsp;$(7808204) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292649) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(12082234) | &nbsp;&nbsp;&nbsp;&nbsp;11542612 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(17476950)** | &nbsp;&nbsp;**$3441759** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(20186217)** | &nbsp;&nbsp;&nbsp;&nbsp;**$519290** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$93664097 | &nbsp;&nbsp;$93144807 |
| **At end of year** | &nbsp;&nbsp;**$73477880** | &nbsp;&nbsp;**$93664097** |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

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;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.590 | &nbsp;&nbsp;$10.910 | &nbsp;&nbsp;$10.600 | &nbsp;&nbsp;$10.240 | &nbsp;&nbsp;$10.170 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.171 | &nbsp;&nbsp;$0.102 | &nbsp;&nbsp;$0.132 | &nbsp;&nbsp;$0.172 | &nbsp;&nbsp;$0.157 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.070 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.044)** | &nbsp;&nbsp;**$(0.201)** | &nbsp;&nbsp;**$0.440** | &nbsp;&nbsp;**$0.532** | &nbsp;&nbsp;**$0.227** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.169) | &nbsp;&nbsp;$(0.100) | &nbsp;&nbsp;$(0.130) | &nbsp;&nbsp;$(0.172) | &nbsp;&nbsp;$(0.157) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.176)** | &nbsp;&nbsp;**$(0.119)** | &nbsp;&nbsp;**$(0.130)** | &nbsp;&nbsp;**$(0.172)** | &nbsp;&nbsp;**$(0.157)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.370** | &nbsp;&nbsp;**$10.590** | &nbsp;&nbsp;**$10.910** | &nbsp;&nbsp;**$10.600** | &nbsp;&nbsp;**$10.240** |
| **Total Return<sup>(1)(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.37)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.87)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.19%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.26%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$9006 | &nbsp;&nbsp;$14526 | &nbsp;&nbsp;$22853 | &nbsp;&nbsp;$19901 | &nbsp;&nbsp;$17978 |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% <sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &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;91% |

---

<sup>(1)</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>(2)</sup> The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.16%, 0.13%, 0.16%, 0.18% and 0.20% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

<sup>(3)</sup> Includes a reduction by the investment adviser and administrator of a portion of its investment adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to 0.01% of average daily net assets for the year ended January 31, 2023).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

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;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.590 | &nbsp;&nbsp;$10.910 | &nbsp;&nbsp;$10.590 | &nbsp;&nbsp;$10.240 | &nbsp;&nbsp;$10.170 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.093 | &nbsp;&nbsp;$0.019 | &nbsp;&nbsp;$0.053 | &nbsp;&nbsp;$0.093 | &nbsp;&nbsp;$0.081 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.070 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.121)** | &nbsp;&nbsp;**$(0.283)** | &nbsp;&nbsp;**$0.371** | &nbsp;&nbsp;**$0.443** | &nbsp;&nbsp;**$0.151** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.092) | &nbsp;&nbsp;$(0.018) | &nbsp;&nbsp;$(0.051) | &nbsp;&nbsp;$(0.093) | &nbsp;&nbsp;$(0.081) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.099)** | &nbsp;&nbsp;**$(0.037)** | &nbsp;&nbsp;**$(0.051)** | &nbsp;&nbsp;**$(0.093)** | &nbsp;&nbsp;**$(0.081)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.370** | &nbsp;&nbsp;**$10.590** | &nbsp;&nbsp;**$10.910** | &nbsp;&nbsp;**$10.590** | &nbsp;&nbsp;**$10.240** |
| **Total Return<sup>(1)(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.12)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.60)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.52%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.35%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.50%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$3198 | &nbsp;&nbsp;$3591 | &nbsp;&nbsp;$3994 | &nbsp;&nbsp;$3875 | &nbsp;&nbsp;$3951 |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% <sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &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;91% |

---

<sup>(1)</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>(2)</sup> The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.16%, 0.13%, 0.16%, 0.18% and 0.20% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

<sup>(3)</sup> Includes a reduction by the investment adviser and administrator of a portion of its investment adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to 0.01% of average daily net assets for the year ended January 31, 2023).

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

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;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.600 | &nbsp;&nbsp;$10.920 | &nbsp;&nbsp;$10.610 | &nbsp;&nbsp;$10.250 | &nbsp;&nbsp;$10.180 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.196 | &nbsp;&nbsp;$0.127 | &nbsp;&nbsp;$0.159 | &nbsp;&nbsp;$0.198 | &nbsp;&nbsp;$0.182 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.070 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.018)** | &nbsp;&nbsp;**$(0.174)** | &nbsp;&nbsp;**$0.467** | &nbsp;&nbsp;**$0.558** | &nbsp;&nbsp;**$0.252** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.195) | &nbsp;&nbsp;$(0.127) | &nbsp;&nbsp;$(0.157) | &nbsp;&nbsp;$(0.198) | &nbsp;&nbsp;$(0.182) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.202)** | &nbsp;&nbsp;**$(0.146)** | &nbsp;&nbsp;**$(0.157)** | &nbsp;&nbsp;**$(0.198)** | &nbsp;&nbsp;**$(0.182)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.380** | &nbsp;&nbsp;**$10.600** | &nbsp;&nbsp;**$10.920** | &nbsp;&nbsp;**$10.610** | &nbsp;&nbsp;**$10.250** |
| **Total Return<sup>(1)(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.12)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.45%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.51%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$61275 | &nbsp;&nbsp;$75548 | &nbsp;&nbsp;$66298 | &nbsp;&nbsp;$47792 | &nbsp;&nbsp;$31936 |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% <sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &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;91% |

---

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

<sup>(2)</sup> The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.16%, 0.13%, 0.16%, 0.18% and 0.20% of average daily net assets for the years ended January 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

<sup>(3)</sup> Includes a reduction by the investment adviser and administrator of a portion of its investment adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to 0.01% of average daily net assets for the year ended January 31, 2023).

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Notes to Financial Statements

------

1 Significant Accounting Policies

Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust II (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is to provide current income exempt from regular federal income tax. 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.**

**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.**

**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.**

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

C Federal Taxes—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 municipal obligations, 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, 2023, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Notes to Financial Statements — continued

------

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

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

H When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2023 and January 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$1360117 | &nbsp;&nbsp;&nbsp;&nbsp;$966408 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$152565 | &nbsp;&nbsp;&nbsp;&nbsp;$110494 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$30809 | &nbsp;&nbsp;&nbsp;&nbsp;$61643 |

---

As of January 31, 2023, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$15887 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2434165) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988468 |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1429810)** |

---

At January 31, 2023, the Fund, for federal income tax purposes, had deferred capital losses of $2,434,165 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2023, $1,226,020 are short-term and $1,208,145 are long-term.

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Notes to Financial Statements — continued

------

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2023, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$74127745** |
| Gross unrealized appreciation | &nbsp;&nbsp;$1821924 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(833456) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$988468** |

---

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 average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3200% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3075% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.2950% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.2875% |

---

For the year ended January 31, 2023, the investment adviser and administration fee amounted to $267,634 or 0.32% of the Fund's average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund.

Effective April 26, 2022, the Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser and administration fee paid by the Fund is reduced by an amount equal to its pro-rata share of the advisory and administration fee paid by the Fund due to its investment in the Liquidity Fund. For the year ended January 31, 2023, the investment adviser and administration fee paid was reduced by $10,462 relating to the Fund's investment in the Liquidity Fund. Prior to April 26, 2022, the Fund may have invested its cash in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by EVM. EVM did not receive a fee for advisory services provided to Cash Reserves Fund.

EVM and Parametric have agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 0.65%, 1.40% and 0.40% of the Fund's average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after May 31, 2023. Pursuant to this agreement, EVM and Parametric were allocated $126,003 in total of the Fund's operating expenses for the year ended January 31, 2023.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2023, EVM earned $2,714 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 $972 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2023. 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. For the year ended January 31, 2023, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Notes to Financial Statements — continued

------

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2023 amounted to $27,716 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended January 31, 2023, the Fund paid or accrued to EVD $24,539 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2023 amounted to $8,180 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% (1% prior to April 29, 2022) CDSC if redeemed within 12 months (18 months prior to April 29, 2022) of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended January 31, 2023, the Fund was informed that EVD received approximately $25,000 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, aggregated $71,139,689 and $90,009,523, respectively, for the year ended January 31, 2023.

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 for all periods presented, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2022** |
|  | &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; 127739 | &nbsp;&nbsp;&nbsp;&nbsp;$1306576 | &nbsp;&nbsp;&nbsp;&nbsp; 556525 | &nbsp;&nbsp;&nbsp;&nbsp;$6050061 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 17448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177448 | &nbsp;&nbsp;&nbsp;&nbsp; 15497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167915 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (648240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6569514) | &nbsp;&nbsp;&nbsp;&nbsp;(1294640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14026180) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(503053)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5085490)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(722618)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7808204)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 69657 | &nbsp;&nbsp;&nbsp;&nbsp;$699085 | &nbsp;&nbsp;&nbsp;&nbsp; 33698 | &nbsp;&nbsp;&nbsp;&nbsp;$366553 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 3041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30862 | &nbsp;&nbsp;&nbsp;&nbsp; 1221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13244 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1039173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (672446) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(30651)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(309226)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(26938)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(292649)** |

---

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2022** |
|  | &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;5026077 | &nbsp;&nbsp;&nbsp;&nbsp;$51335670 | &nbsp;&nbsp;&nbsp;&nbsp;3090695 | &nbsp;&nbsp;&nbsp;&nbsp;$33631922 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 131048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1333361 | &nbsp;&nbsp;&nbsp;&nbsp; 87577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949843 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(6379165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64751265) | &nbsp;&nbsp;&nbsp;&nbsp;(2122112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23039153) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1222040)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(12082234)** | &nbsp;&nbsp;&nbsp;&nbsp;**1056160** | &nbsp;&nbsp;&nbsp;&nbsp;**$11542612** |

---

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $725 million unsecured line of credit agreement with a group of banks, which is in effect through October 24, 2023. In connection with the renewal of the agreement on October 25, 2022, the borrowing limit was decreased from $800 million. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Also in connection with the renewal of the agreement, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2023.

9 Investments in Affiliated Funds

At January 31, 2023, the value of the Fund's investment in affiliated funds, including funds that may be deemed to be affiliated, was $6,057,601, which represents 8.2% of the Fund's net assets. Transactions in such investments by the Fund for the year ended January 31, 2023 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value, <br> beginning<br> of period** | **Purchases** | **Sales <br> proceeds** | **Net <br> realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend <br> income** | **Units/Shares, <br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Cash Reserves Fund | $9633863 | &nbsp;&nbsp;$15094195 | $(24727602) | $(457) | &nbsp;&nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1729 | &nbsp;&nbsp; — |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;100881225 | &nbsp;&nbsp;&nbsp;(94823624) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;6057601 | &nbsp;&nbsp;&nbsp;155779 | 6057601 |
| **Total** |  |  |  | **$(457)** | &nbsp;&nbsp;&nbsp;&nbsp;**$1** | **$6057601** | **$157508** |  |

---

10 Fair Value Measurements

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

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

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

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

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

------

[**Table of Contents**](#job_ev_ar_a19dff36-4683-4ae1-a661-5f57aba46390_toc)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Notes to Financial Statements — continued

------

At January 31, 2023, the hierarchy of inputs used in valuing the Fund's investments, which are carried at value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;$69058612 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$69058612 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;6057601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6057601 |
| **Total Investments** | &nbsp;&nbsp;**$6057601** | &nbsp;&nbsp;**$69058612** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$75116213** |

---

11 Risks and Uncertainties

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

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Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (the "Fund") (one of the funds constituting Eaton Vance Municipals Trust II), including the portfolio of investments, as of January 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP<br> Boston, Massachusetts<br> March 22, 2023

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

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Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2024 will show the tax status of all distributions paid to your account in calendar year 2023. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended January 31, 2023, the Fund designates 90.92% of distributions from net investment income as an exempt-interest dividend.

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Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Management and Organization

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**Fund Management. The Trustees of Eaton Vance Municipals Trust II (the Trust) are responsible for the overall management and supervision of the Trust's affairs. The Board members and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund's current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance therewith. The "noninterested Trustees" consist of those Trustees who are not "interested persons" of the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, "BMR" refers to Boston Management and Research, "EVC" refers to Eaton Vance Corp., "EV" refers to EV LLC, "EVM" refers to Eaton Vance Management and "EVD" refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 130 funds in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).**

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) and Other Directorships<br> During Past Five Years and Other Relevant Experience** |
| Interested Trustee | Interested Trustee | Interested Trustee | Interested Trustee |
| Thomas E. Faust Jr.<br> 1958 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2007 | &nbsp;&nbsp;&nbsp;Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust.<br> **Other Directorships.** Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
| Noninterested Trustees | Noninterested Trustees | Noninterested Trustees | Noninterested Trustees |
| Alan C. Bowser<sup>(1)</sup><br> 1962 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm's chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023).<br> **Other Directorships**. None. |
| Mark R. Fetting<br> 1954 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2016 | &nbsp;&nbsp;&nbsp;Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).<br> **Other Directorships**. None. |
| Cynthia E. Frost<br> 1961 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2014 | &nbsp;&nbsp;&nbsp;Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).<br> **Other Directorships**. None. |
| George J. Gorman<br> 1952 | &nbsp;&nbsp;&nbsp;Chairperson <br> of the Board<br> and Trustee | &nbsp;&nbsp;&nbsp;Since 2021<br> (Chairperson) and<br> 2014 (Trustee) | &nbsp;&nbsp;&nbsp;Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).<br> **Other Directorships**. None. |

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Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Management and Organization — continued

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) and Other Directorships<br> During Past Five Years and Other Relevant Experience** |
| Noninterested Trustees (continued) | Noninterested Trustees (continued) | Noninterested Trustees (continued) | Noninterested Trustees (continued) |
| Valerie A. Mosley<br> 1960 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2014 | &nbsp;&nbsp;&nbsp;Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).<br> **Other Directorships**. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
| Keith Quinton<br> 1958 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2018 | &nbsp;&nbsp;&nbsp;Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).<br> **Other Directorships**. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
| Marcus L. Smith<br> 1966 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2018 | &nbsp;&nbsp;&nbsp;Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm).<br> **Other Directorships**. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
| Susan J. Sutherland<br> 1957 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2015 | &nbsp;&nbsp;&nbsp;Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).<br> **Other Directorships**. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
| Scott E. Wennerholm<br> 1959 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2016 | &nbsp;&nbsp;&nbsp;Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).<br> **Other Directorships**. None. |
| Nancy A. Wiser<sup>(1)</sup><br> 1967 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).<br> **Other Directorships**. None. |

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past Five Years** |
| Principal Officers who are not Trustees | Principal Officers who are not Trustees | Principal Officers who are not Trustees | Principal Officers who are not Trustees |
| Eric A. Stein<br> 1980 | &nbsp;&nbsp;&nbsp;President | &nbsp;&nbsp;&nbsp;Since 2020 | &nbsp;&nbsp;&nbsp;Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance's Global Income Investments. Also Vice President of Calvert Research and Management ("CRM"). |
| Deidre E. Walsh<br> 1971 | &nbsp;&nbsp;&nbsp;Vice President and<br> Chief Legal Officer | &nbsp;&nbsp;&nbsp;Since 2009 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR. Also Vice President of CRM. |
| James F. Kirchner<br> 1967 | &nbsp;&nbsp;&nbsp;Treasurer | &nbsp;&nbsp;&nbsp;Since 2007 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR. Also Vice President of CRM. |

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Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2023

Management and Organization — continued

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past Five Years** |
| Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) |
| Nicholas S. Di Lorenzo<br> 1987 | &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
| Richard F. Froio<br> 1968 | &nbsp;&nbsp;&nbsp;Chief Compliance<br> Officer | &nbsp;&nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |

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<sup>(1)</sup> Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022.

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

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Eaton Vance Funds<br>

Privacy Notice April 2021

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| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;&nbsp;**WHAT DOES EATON VANCE DO WITH YOUR<br> PERSONAL INFORMATION?** |

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

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

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

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Eaton Vance Funds<br>

Privacy Notice — continued April 2021

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

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Eaton Vance Funds<br>

IMPORTANT NOTICES

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**Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders. *Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise.* If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.**

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

**Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-260-0761 and by accessing the SEC's website at www.sec.gov.**

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Investment Adviser and Administrator

#### Eaton Vance Management<br> Two International Place<br> Boston, MA 02110
Investment Sub-Adviser

#### Parametric Portfolio Associates LLC<br> 800 Fifth Avenue, Suite 2800<br> Seattle, WA 98104
Principal Underwriter\*

#### Eaton Vance Distributors, Inc.<br> Two International Place<br> Boston, MA 02110<br> (617) 482-8260
Custodian

#### State Street Bank and Trust Company<br> State Street Financial Center, One Lincoln Street<br> Boston, MA 02111
Transfer Agent

#### BNY Mellon Investment Servicing (US) Inc.<br> Attn: Eaton Vance Funds<br> P.O. Box 534439<br> Pittsburgh, PA 15253-4439<br> (800) 260-0761
Independent Registered Public Accounting Firm

#### Deloitte & Touche LLP<br> 200 Berkeley Street<br> Boston, MA 02116-5022
Fund Offices

Two International Place<br> Boston, MA 02110

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

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21124 1.31.23

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**Item 2. Code of Ethics** 

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

**Item 3. Audit Committee Financial Expert** 

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

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Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).

**Item 4. Principal Accountant Fees and Services** 

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

**(a)-(d)** 

The following tables present the aggregate fees billed to each Fund for the Fund's fiscal years ended January 31, 2022 and January 31, 2023 by the registrant's principal accountant, Deloitte & Touche LLP ("D&T"), for professional services rendered for the audit of the Fund's annual financial statements and fees billed for other services rendered by D&T during such periods.

**Eaton Vance High Yield Municipal Income Fund** 

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **1/31/22** | **1/31/23** |
|  Audit Fees | $79050 | $86050 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $13338 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $92388 | $86050 |

---

**Parametric TABS Intermediate-Term Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
|  **Fiscal Years Ended** | **1/31/22** | **1/31/23** |
|  Audit Fees | $40950 | $45250 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $9508 | $1825 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $50458 | $47075 |

---

------

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

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **1/31/22** | **1/31/23** |
|  Audit Fees | $15150 | $17650 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $6483 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $21633 | $17650 |

---

**Parametric TABS Short-Term Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **1/31/22** | **1/31/23** |
|  Audit Fees | $40650 | $44950 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $9858 | $1825 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $50508 | $46775 |

---

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

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **1/31/22** | **1/31/23** |
|  Audit Fees | $31150 | $34750 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $8321 | $2175 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $39471 | $36925 |

---

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

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

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

------

The Funds comprised all of the Series of the Trust at January 31, 2023, and have the same fiscal year end (January 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **1/31/22** | **1/31/23** |
|  Audit Fees | $233000 | $228650 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $57554 | $5825 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $290554 | $234475 |

---

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

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

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

(e)(1) The registrant's audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant's principal accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

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

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

(f) Not applicable.

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

------

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **1/31/22** | **1/31/23** |
|  **Registrant<sup>(1)</sup>** | $57554 | $5825 |
|  **Eaton Vance<sup>(2)</sup>** | $51800 | $52836 |

---

**<sup>(1)</sup>** Includes all of the Series of the Trust. 

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

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

**Item 5. Audit Committee of Listed Registrant** 

Not applicable.

**Item 6. Schedule of Investments** 

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

**Item 11. Controls and Procedures** 

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

------

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

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

Not applicable.

**Item 13. Exhibits** 

(a)(1) Registrant's Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i) [Treasurer's Section 302 certification.](d470791dex99cert.htm)

---

| | |
|:---|:---|
| (a)(2)(ii) | [President's Section 302 certification.](d470791dex99cert.htm#a)  |

---

(b) [Combined Section 906 certification.](d470791dex99906cert.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.

Eaton Vance Municipals Trust II

---

| | |
|:---|:---|
| By: | /s/ Eric A. Stein |
|  | Eric A. Stein |
|  | President |

---

Date: March 24, 2023

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

---

| | |
|:---|:---|
| By: | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Treasurer |

---

Date: March 24, 2023

---

| | |
|:---|:---|
| By: | /s/ Eric A. Stein |
|  | Eric A. Stein |
|  | President |

---

Date: March 24, 2023

## Ex-99.Cert

**EATON VANCE MUNICIPALS TRUST II** 

**FORM N-CSR** 

**Exhibit 13(a)(2)(i)** 

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

I, James F. Kirchner, certify that:

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

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;

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;

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;(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;(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;(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;(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

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;(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;(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, 2023 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Treasurer |

---

------

**EATON VANCE MUNICIPALS TRUST II** 

**FORM N-CSR** 

**Exhibit 13(a)(2)(ii)** 

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

I, Eric A. Stein, certify that:

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

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;

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;

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;(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;(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;(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;(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

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;(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;(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, 2023 | /s/ Eric A. Stein |
|  | Eric A. Stein |
|  | President |

---

## Exhibit 99.906

**<u>Form N-CSR Item 13(b) Exhibit</u>**

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 Treasurer and President, respectively, of Eaton Vance Municipals Trust II (the "**Trust**") that:

(a) the Annual Report of the **Trust** on Form N-CSR for the period
ended January 31, 2023 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(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 II

Date: March 24, 2023

---

| |
|:---|
| /s/ James F. Kirchner |
| James F. Kirchner |
| Treasurer |

---

---

| |
|:---|
| Date: March 24, 2023 |
| /s/ Eric A. Stein |
| Eric A. Stein |
| President |

---