# EDGAR Filing Document

**Accession Number:** 0000778365
**File Stem:** 0001752724-23-049174
**Filing Date:** 2023-3
**Character Count:** 56395
**Document Hash:** a9c2df8297080ea4631631c5f6fe5a92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049174.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049174

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EATON VANCE MUNICIPALS TRUST
- **CENTRAL INDEX KEY:** 0000778365
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04409
- **FILM NUMBER:** 23690885

**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

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

## Series and Classes Contracts Data

### Eaton Vance Massachusetts Municipal Income Fund (Series ID: S000004841)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000013108 | Eaton Vance Massachusetts Municipal Income Fund Class A | ETMAX           |
| C000013110 | Eaton Vance Massachusetts Municipal Income Fund Class I | EIMAX           |
| C000034083 | Eaton Vance Massachusetts Municipal Income Fund Class C | ECMMX           |

## Nport-Ex

Eaton Vance<br>

Massachusetts Municipal Income Fund

December 31, 2022

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 98.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 2.7% | Bond Bank — 2.7% | Bond Bank — 2.7% |
| Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34 | $3105 | &nbsp;&nbsp;$3828682 |
|  |  | &nbsp;&nbsp;**$3828682** |
| Education — 28.2% | Education — 28.2% | Education — 28.2% |
| Massachusetts Development Finance Agency, (Babson College), 5.00%, 10/1/42 | $1500 | &nbsp;&nbsp;$1555515 |
| Massachusetts Development Finance Agency, (Bentley University), 4.00%, 7/1/39 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1323994 |
| Massachusetts Development Finance Agency, (Berklee College of Music), 5.00%, 10/1/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2064100 |
| Massachusetts Development Finance Agency, (Boston University): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/46 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2605570 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/46 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3136560 |
| &nbsp;&nbsp;&nbsp;5.45%, 5/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 455328 |
| Massachusetts Development Finance Agency, (Dexter Southfield): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/33 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1607908 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/35 | 1660 | &nbsp;&nbsp;&nbsp;&nbsp; 1707393 |
| Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33 | 1950 | &nbsp;&nbsp;&nbsp;&nbsp; 1965561 |
| Massachusetts Development Finance Agency, (Olin College), 5.00%, 11/1/38 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1763825 |
| Massachusetts Development Finance Agency, (Springfield College), Green Bonds, 4.00%, 6/1/56 | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2155032 |
| Massachusetts Development Finance Agency, (Suffolk University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 661007 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 818248 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 350264 |
| Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/36 | 1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1614044 |
| Massachusetts Development Finance Agency, (Williams College), 5.00%, 7/1/46 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2092880 |
| Massachusetts Development Finance Agency, (Worcester Polytechnic Institute), 5.00%, 9/1/45 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5139800 |
| Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/32 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 6218350 |
| University of Massachusetts Building Authority, 5.00%, 11/1/41 | 2365 | &nbsp;&nbsp;&nbsp;&nbsp; 2593412 |
|  |  | &nbsp;&nbsp;**$39828791** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Escrowed/Prerefunded — 2.1% | Escrowed/Prerefunded — 2.1% | Escrowed/Prerefunded — 2.1% |
| Massachusetts Development Finance Agency, (Children's Hospital), Prerefunded to 10/1/24, 5.00%, 10/1/31 | $1840 | &nbsp;&nbsp;$1911631 |
| Massachusetts Development Finance Agency, (Partners HealthCare System), Prerefunded to 7/1/23, 5.00%, 7/1/44 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1111220 |
|  |  | &nbsp;&nbsp;**$3022851** |
| General Obligations — 17.0% | General Obligations — 17.0% | General Obligations — 17.0% |
| Andover, MA, 4.00%, 7/15/52 | $2000 | &nbsp;&nbsp;$1921420 |
| Belmont, MA, 4.00%, 3/15/31 | 2910 | &nbsp;&nbsp;&nbsp;&nbsp; 3095454 |
| Commonwealth of Massachusetts, (Consolidated Loan), 5.25%, 10/1/47 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2223100 |
| Framingham, MA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/38 | 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1136573 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/39 | 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1148000 |
| Franklin, MA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 483797 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 479288 |
| Lincoln, MA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/30 | 2120 | &nbsp;&nbsp;&nbsp;&nbsp; 2255510 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/31 | 2205 | &nbsp;&nbsp;&nbsp;&nbsp; 2344709 |
| Manchester Essex Regional School District, MA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/41 | 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1047706 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 946949 |
| New Bedford, MA, 4.00%, 9/1/47 | 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2489755 |
| Norwood, MA, Chapter 70B, 4.00%, 9/15/47 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2363075 |
| Quincy, MA, 4.00%, 7/7/23 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009980 |
|  |  | &nbsp;&nbsp;**$23945316** |
| Hospital — 10.8% | Hospital — 10.8% | Hospital — 10.8% |
| Massachusetts Development Finance Agency, (Beth Israel Lahey Health): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;$677363 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 633336 |
| Massachusetts Development Finance Agency, (Boston Medical Center), Green Bonds, 5.00%, 7/1/44 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2512900 |
| Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057340 |
| Massachusetts Development Finance Agency, (Dana-Farber Cancer Institute), 5.00%, 12/1/36 | 1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1758800 |
| Massachusetts Development Finance Agency, (Lahey Health System Obligated Group), 5.00%, 8/15/40 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2038340 |
| Massachusetts Development Finance Agency, (Partners HealthCare System): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1681984 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/47 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2032340 |

---

------

Eaton Vance<br>

Massachusetts Municipal Income Fund

December 31, 2022

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/41 | $2795 | &nbsp;&nbsp;$2827813 |
|  |  | &nbsp;&nbsp;**$15220216** |
| Housing — 5.3% | Housing — 5.3% | Housing — 5.3% |
| Massachusetts Housing Finance Agency, (Mill Road Apartments), 4.21%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48<sup>(1)</sup> | $2915 | &nbsp;&nbsp;$2915000 |
| Massachusetts Housing Finance Agency, Sustainability Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, 6/1/24 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 983480 |
| &nbsp;&nbsp;&nbsp;2.65%, 6/1/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 976270 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/25 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2557825 |
|  |  | &nbsp;&nbsp;**$7432575** |
| Industrial Development Revenue — 0.9% | Industrial Development Revenue — 0.9% | Industrial Development Revenue — 0.9% |
| National Finance Authority, NH, (Covanta): |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/1/42<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;$585774 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.875%, 11/1/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 668797 |
|  |  | &nbsp;&nbsp;**$1254571** |
| Insured - Education — 4.6% | Insured - Education — 4.6% | Insured - Education — 4.6% |
| Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32<sup>(3)</sup> | $5460 | &nbsp;&nbsp;$6541790 |
|  |  | &nbsp;&nbsp;**$6541790** |
| Insured - Special Tax Revenue — 5.3% | Insured - Special Tax Revenue — 5.3% | Insured - Special Tax Revenue — 5.3% |
| Martha's Vineyard Land Bank, MA, (BAM), 5.00%, 5/1/26 | $1760 | &nbsp;&nbsp;$1828605 |
| Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30 | 4955 | &nbsp;&nbsp;&nbsp;&nbsp; 5709498 |
|  |  | &nbsp;&nbsp;**$7538103** |
| Senior Living/Life Care — 2.2% | Senior Living/Life Care — 2.2% | Senior Living/Life Care — 2.2% |
| Massachusetts Development Finance Agency, (Carleton-Willard Village): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;$448267 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 535437 |
| Massachusetts Development Finance Agency, (Linden Ponds, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/33<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 214586 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 138234 |
| Massachusetts Development Finance Agency, (Loomis Communities), 4.00%, 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 553049 |
| Massachusetts Development Finance Agency, (Salem Community Corp.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 |

---

---

| | | |
|:---|:---|:---|
| **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) |
| Massachusetts Development Finance Agency, (Salem Community Corp.): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/24 | $&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;$344700 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 363905 |
|  |  | &nbsp;&nbsp;**$3043178** |
| Special Tax Revenue — 5.5% | Special Tax Revenue — 5.5% | Special Tax Revenue — 5.5% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$200556 |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/39 | 2170 | &nbsp;&nbsp;&nbsp;&nbsp; 2147736 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2136160 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/31 | 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1487975 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1820860 |
|  |  | &nbsp;&nbsp;**$7793287** |
| Student Loan — 2.0% | Student Loan — 2.0% | Student Loan — 2.0% |
| Massachusetts Educational Financing Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 3.625%, 7/1/38 | $2000 | &nbsp;&nbsp;$1833760 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/23 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008050 |
|  |  | &nbsp;&nbsp;**$2841810** |
| Transportation — 8.1% | Transportation — 8.1% | Transportation — 8.1% |
| Massachusetts Port Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 7/1/46 | $3000 | &nbsp;&nbsp;$2758200 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.00%, 7/1/41 | 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2126608 |
| Massachusetts Port Authority, (BOSFUEL Project), (AMT), 5.00%, 7/1/49 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2528050 |
| Massachusetts, (Accelerated Bridge Program), 5.00%, 6/15/27 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2067740 |
| Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/50 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1885380 |
|  |  | &nbsp;&nbsp;**$11365978** |
| Water and Sewer — 3.4% | Water and Sewer — 3.4% | Water and Sewer — 3.4% |
| Massachusetts Clean Water Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bond, 5.00%, 2/1/41 | $1750 | &nbsp;&nbsp;$1956623 |
| &nbsp;&nbsp;&nbsp;Green Bond, 5.00%, 2/1/42 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2510235 |
| Springfield Water and Sewer Commission, MA, 4.00%, 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 353783 |
|  |  | &nbsp;&nbsp;**$4820641** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $137,816,692) |  | &nbsp;&nbsp;**$138477789** |

---

------

Eaton Vance<br>

Massachusetts Municipal Income Fund

December 31, 2022

Portfolio of Investments (Unaudited) — continued

------

Taxable Municipal Obligations — 2.8%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Hospital — 0.7% | Insured - Hospital — 0.7% | Insured - Hospital — 0.7% |
| Massachusetts Development Finance Agency, (Wellforce), (AGM), 3.89%, 7/1/25 | $1000 | &nbsp;&nbsp;$964970 |
|  |  | &nbsp;&nbsp;**$964970** |
| Special Tax Revenue — 2.1% | Special Tax Revenue — 2.1% | Special Tax Revenue — 2.1% |
| Massachusetts, Special Obligation Revenue Bonds, Social Bonds, 3.564%, 7/15/23 | $3000 | &nbsp;&nbsp;$2980950 |
|  |  | &nbsp;&nbsp;**$2980950** |
| Total Taxable Municipal Obligations<br> (identified cost $4,000,000) |  | &nbsp;&nbsp;**$3945920** |
| Total Investments — 100.9%<br> (identified cost $141,816,692) |  | &nbsp;&nbsp;**$142423709** |
| Other Assets, Less Liabilities — (0.9)% |  | &nbsp;&nbsp;**$(1265857)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$141157852** |

---

---

| | |
|:---|:---|
| 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 December 31, 2022. |
| <sup>(2)</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 December 31, 2022, the aggregate value of these securities is $1,807,948 or 1.3% of the Fund's net assets. |

---

---

| | |
|:---|:---|
| <sup>(3)</sup> | Security represents the municipal bond held by a trust that issues residual interest bonds. |
| The Fund invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At December 31, 2022, 10.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.7% to 4.6% of total investments. | The Fund invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At December 31, 2022, 10.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.7% to 4.6% of total investments. |

---

---

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

---

The Fund did not have any open derivative instruments at December 31, 2022.

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.

------

Eaton Vance<br>

Massachusetts Municipal Income Fund

December 31, 2022

Portfolio of Investments (Unaudited) — continued

------

At December 31, 2022, 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;$138477789 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$138477789 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3945920 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3945920 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$142423709** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$142423709** |

---

For information on the Fund's policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements included in its semiannual or annual report to shareholders.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** EATON VANCE MUNICIPALS TRUST

- **b. Investment Company Act file number:** 811-04409

- **c. CIK number of Registrant:** 0000778365

- **d. LEI of Registrant:** 549300URENTSNA53MO13

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** TWO INTERNATIONAL PLACE

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-482-8260

**Item A.2. Information about the Series.**

- **a. Name of Series:** Eaton Vance Massachusetts Municipal Income Fund

- **b. EDGAR series identifier (if any):** S000004841

- **c. LEI of Series:** 549300P15KQUNIM81W52

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $145709391.86

**Total Liabilities:** $4478269.15

**Net Assets:** $141231122.71

**Cash Not Reported:** $1318739.07

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -403.56000000 | **1-Year:** -6495.11000000 | **5-Year:** -24963.76000000 | **10-Year:** -44121.67000000 | **30-Year:** -8573.69000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -4.36000000 | **1-Year:** -192.68000000 | **5-Year:** -549.82000000 | **10-Year:** -1099.63000000 | **30-Year:** -562.20000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013108 | -0.55%               | 4.87%                | -0.14%               |
| Class ID C000013110 | -0.66%               | 4.89%                | -0.12%               |
| Class ID C000034083 | -0.74%               | 4.81%                | -0.08%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1383013.51             | $163299.09                                 |
| Month 2  | $23058.83                | $6279072.48                                |
| Month 3  | $-18986.79               | $-500967.53                                |

**Designated Index Information**

- **Index Name:** BB Barclays Municipal Bd

- **Index Identifier:** MBINDEX

### Schedule of Portfolio Investments

| Name                                                                          | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584XWU1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2605570.00   | 1.84%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                          | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE              | CUSIP: 57587GPA7<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983480.00    | 0.70%             | 2024-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue | MASSACHUSETTS ST FEDERAL HIGHWAY                      | CUSIP: 57583PGE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2067740.00   | 1.46%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Manchester Essex Regional School District                                     | MANCHESTER MA ESSEX REGL SCH DIST                     | CUSIP: 562158EL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $946949.25    | 0.67%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584XFV8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2038340.00   | 1.44%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YMH9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    135000 | PA      | $138234.60    | 0.10%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584XEG2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1707393.00   | 1.21%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584XJ28<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1614044.25   | 1.14%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YAP4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5139800.00   | 3.64%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584XNX5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1758799.90   | 1.25%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57583U6R4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2512900.00   | 1.78%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YT74<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    690000 | PA      | $553048.80    | 0.39%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust/The                                           | MASSACHUSETTS ST CLEAN WTR TRUST                      | CUSIP: 575829JT4<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1956622.50   | 1.39%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584X8U8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1681984.00   | 1.19%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584Y2M0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    445000 | PA      | $445000.00    | 0.32%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust/The                                           | MASSACHUSETTS ST WTR POLL ABATEMENT TRUST             | CUSIP: 57604PC69<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |   3105000 | PA      | $3828682.35   | 2.71%             | 2034-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Marthas Vineyard Land Bank                                                    | MARTHAS VINEYARD MA LAND BANK REVENUE                 | CUSIP: 573100CS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1828604.80   | 1.29%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YS26<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1323994.00   | 0.94%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY                          | CUSIP: 57583FFZ9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    400000 | PA      | $455328.00    | 0.32%             | 2059-05-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57583UF60<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1111220.00   | 0.79%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                      | NATIONAL FIN AUTH NH REVENUE                          | CUSIP: 63607YAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $585774.30    | 0.41%             | 2042-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Town of Lincoln MA                                                            | LINCOLN MA                                            | CUSIP: 533849NZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2255510.40   | 1.60%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YSB6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    340000 | PA      | $350264.60    | 0.25%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Lincoln MA                                                            | LINCOLN MA                                            | CUSIP: 533849PA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2344708.80   | 1.66%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584Y2P3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    365000 | PA      | $363905.00    | 0.26%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Andover MA                                                            | ANDOVER MA                                            | CUSIP: 034286HA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1921420.00   | 1.36%             | 2052-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                  | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE | CUSIP: 575579J32<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2136160.00   | 1.51%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584XDT5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1607908.00   | 1.14%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                        | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE     | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1338332.10   | 0.95%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Franklin MA                                                           | FRANKLIN MA                                           | CUSIP: 353838ZK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $483796.95    | 0.34%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584XUT6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2064100.00   | 1.46%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584XTN1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2092880.00   | 1.48%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                | UNIV OF MASSACHUSETTS MA BLDGAUTH PROJ REVENUE        | CUSIP: 914440UD2<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2593411.70   | 1.84%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Framingham MA                                                         | FRAMINGHAM MA                                         | CUSIP: 351695CB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1136573.20   | 0.80%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Framingham MA                                                         | FRAMINGHAM MA                                         | CUSIP: 351695CC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1148000.00   | 0.81%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YBL2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1555515.00   | 1.10%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Franklin MA                                                           | FRANKLIN MA                                           | CUSIP: 353838ZL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $479287.90    | 0.34%             | 2033-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Manchester Essex Regional School District                                     | MANCHESTER MA ESSEX REGL SCH DIST                     | CUSIP: 562158EK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1047705.75   | 0.74%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                  | MASSACHUSETTS ST PORT AUTH                            | CUSIP: 575896YZ2<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2126607.70   | 1.51%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                          | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE              | CUSIP: 57587GPC3<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976270.00    | 0.69%             | 2026-06-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584XWV9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3136560.00   | 2.22%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                      | CUSIP: 57582RY34<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2223100.00   | 1.57%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Samoa Economic Development Authority                                 | AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE           | CUSIP: 02936TAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200556.00    | 0.14%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584XJG7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032340.00   | 1.44%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                          | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE              | CUSIP: 57587GRB3<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2557825.00   | 1.81%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YRU5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    620000 | PA      | $661006.80    | 0.47%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YQR3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964970.00    | 0.68%             | 2025-07-01      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YX53<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2155032.00   | 1.53%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                 | MASSACHUSETTS ST EDUCTNL FING AUTH                    | CUSIP: 57563RTD1<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1833760.00   | 1.30%             | 2038-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| City of Quincy MA                                                             | QUINCY MA                                             | CUSIP: 748508H84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009980.00   | 1.42%             | 2023-07-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YRV3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    770000 | PA      | $818248.20    | 0.58%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YWG0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    490000 | PA      | $448266.70    | 0.32%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust/The                                           | MASSACHUSETTS ST CLEAN WTR TRUST                      | CUSIP: 575829JU1<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2510235.00   | 1.78%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57583UA57<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1965561.00   | 1.39%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57583RBY0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5460000 | PA      | $6453283.20   | 4.57%             | 2032-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Springfield Water & Sewer Commission/MA                                       | SPRINGFIELD MA WTR & SWR COMMISSION REVENUE           | CUSIP: 850777HT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $353783.45    | 0.25%             | 2033-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                       | MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH             | CUSIP: 57585KWD6<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $6218350.00   | 4.40%             | 2032-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YTC3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    625000 | PA      | $677362.50    | 0.48%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                  | MASSACHUSETTS ST PORT AUTH SPL FACS REVENUE           | CUSIP: 575898DS7<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2528050.00   | 1.79%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                  | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE | CUSIP: 575579L47<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2147735.80   | 1.52%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New Bedford MA                                                        | NEW BEDFORD MA                                        | CUSIP: 642170SB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2489754.50   | 1.76%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                  | MASSACHUSETTS ST PORT AUTH                            | CUSIP: 575896RS6<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2758200.00   | 1.95%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YMG1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    205000 | PA      | $214585.80    | 0.15%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Norwood MA                                                            | NORWOOD MA                                            | CUSIP: 669555H56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2363075.00   | 1.67%             | 2047-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YTH2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    600000 | PA      | $633336.00    | 0.45%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                     | MASSACHUSETTS ST TRANSPRTN FUND REVENUE               | CUSIP: 57604TKC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1885380.00   | 1.33%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57583UJ74<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1911631.20   | 1.35%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Assessment Revenue                 | MASSACHUSETTS BAY MA TRANSPRTN AUTH REVENUE           | CUSIP: 575577HY0<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1487975.20   | 1.05%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Belmont MA                                                            | BELMONT MA                                            | CUSIP: 080401QM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2910000 | PA      | $3095454.30   | 2.19%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST SPL OBLG REVENUE                     | CUSIP: 576004GV1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2980950.00   | 2.11%             | 2023-07-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                          | MASSACHUSETTS ST HSG FIN AGY                          | CUSIP: 57586NZ95<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   2915000 | PA      | $2915000.00   | 2.06%             | 2048-11-01      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584XMH1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057340.00   | 0.75%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                      | NATIONAL FIN AUTH NH REVENUE                          | CUSIP: 63607YAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $668797.20    | 0.47%             | 2042-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57583UVM7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1763825.00   | 1.25%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                 | MASSACHUSETTS ST EDUCTNL FING AUTH                    | CUSIP: 57563RNK1<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008050.00   | 0.71%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584Y2N8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    345000 | PA      | $344699.85    | 0.24%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584XNN7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2795000 | PA      | $2827813.30   | 2.00%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                  | CUSIP: 57584YWH8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    525000 | PA      | $535437.00    | 0.38%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST SPL OBLG DEDICATED TAX REVENUE       | CUSIP: 576002BN8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   4955000 | PA      | $5709497.85   | 4.04%             | 2030-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-03

**Name of Applicant:** EATON VANCE MUNICIPALS TRUST

**Signature:** James Kirchner

**Name of Signer:** James Kirchner

**Title:** Treasurer