# EDGAR Filing Document

**Accession Number:** 0000778365
**File Stem:** 0001410368-25-009060
**Filing Date:** 2025-9
**Character Count:** 49551
**Document Hash:** f9d4c6fa0f7885061d18642357d678df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-009060.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-009060

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04409
- **FILM NUMBER:** 251335193

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

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

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

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

## Series and Classes Contracts Data

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

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

## 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:** One Post Office Square

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02109

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

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

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

- **b. EDGAR series identifier (if any):** S000004849

- **c. LEI of Series:** 54930057B2LJ4I6KZJ02

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $94369446.12

**Total Liabilities:** $402299.71

**Net Assets:** $93967146.41

**Cash Not Reported:** $78083.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -162.46000000 | **1-Year:** -2952.25000000 | **5-Year:** -11285.92000000 | **10-Year:** -39910.89000000 | **30-Year:** -10298.20000000

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

- **3-Month:** -12.56000000 | **1-Year:** -514.81000000 | **5-Year:** -1922.82000000 | **10-Year:** -1962.09000000 | **30-Year:** -796.97000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092720 | -0.51%               | 0.65%                | -0.41%               |
| Class ID C000013133 | -0.53%               | 0.63%                | -0.42%               |
| Class ID C000013135 | -0.71%               | 0.64%                | -0.52%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7281.71                | $-771620.75                                |
| Month 2  | $-19149.71               | $367637.04                                 |
| Month 3  | $-265888.24              | $-439414.62                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| County of Pinal AZ                                                  | PINAL CNTY AZ REVENUE OBLGS                                  | CUSIP: 72205RHW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1192547.40   | 1.27%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                              | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MPV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1436118.60   | 1.53%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pima County Unified School District No 6 Marana/AZ                  | PIMA CNTY AZ UNIF SCH DIST #6MARANA                          | CUSIP: 721812RX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $774784.58    | 0.82%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No 60 Higley                | MARICOPA CNTY AZ UNIF SCH DIST #60 COPS HIGLEY               | CUSIP: 56756QBG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $270062.28    | 0.29%             | 2047-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                            | AZ INDL DEV AUTH SF MTGE REVENUE                             | CUSIP: 04052JDC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989036.50    | 1.05%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                            | ARIZONA BRD OF RGTS UNIV ARIZONA SYS REVENUE                 | CUSIP: 040484UB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015195.50   | 1.08%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bullhead AZ Excise Taxes Revenue                            | BULLHEAD CITY AZ EXCISE TAX REVENUE                          | CUSIP: 12022MAV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $471811.85    | 0.50%             | 2028-07-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Glendale Union High School District No 205                          | GLENDALE AZ UNION SCH DIST #205                              | CUSIP: 378334QT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1158711.75   | 1.23%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                           | CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                   | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034765.00   | 2.17%             | 2052-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                              | PHOENIX AZ CIVIC IMPT CORP WSTWTR SYS REVENUE                | CUSIP: 71883PMH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068375.90   | 1.14%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No 69 Paradise Valley       | MARICOPA CNTY AZ UNIF SCH DIST #69 PARADISE VLY              | CUSIP: 567373T70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088626.40   | 2.22%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                    | MARICOPA CNTY INDL DEV AUTH EXEMPT FACS REVENUE              | CUSIP: 56678TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $783693.60    | 0.83%             | 2047-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                    | MARICOPA CNTY AZ INDL DEV AUTH HOSP REVENUE                  | CUSIP: 56678PAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $418874.44    | 0.45%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 1-Phoenix Elementary  | MARICOPA CNTY AZ ELEM SCH DIST #1 PHOENIX ELEM               | CUSIP: 566865LT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1166616.72   | 1.24%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue               | LAKE HAVASU CITY AZ WSTWTR SYS REVENUE                       | CUSIP: 50989RAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1364278.75   | 1.45%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                           | GLENDALE AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE         | CUSIP: 378287AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $550087.86    | 0.59%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No 69 Paradise Valley       | MARICOPA CNTY AZ UNIF SCH DIST #69 PARADISE VLY              | CUSIP: 567373R64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $461192.35    | 0.49%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Navajo County Unified School District No 27 Kayenta                 | NAVAJO CNTY AZ UNIF SCH DIST #27 KAYENTA IMPACT AID REV      | CUSIP: 639147AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2614914.90   | 2.78%             | 2040-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Pinal AZ                                                  | PINAL CNTY AZ REVENUE OBLGS                                  | CUSIP: 72205RHU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $720737.10    | 0.77%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No 80 Chandler              | MARICOPA CNTY AZ UNIF SCH DIST #80 CHANDLER                  | CUSIP: 567389YH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $749784.08    | 0.80%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County & Phoenix Industrial Development Authorities        | MARICOPA CNTY & PHOENIX AZ INDL DEV AUTHORITIES MTGE REVENUE | CUSIP: 566736GQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $284667.78    | 0.30%             | 2054-09-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The | PHOENIX AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 71885FFG7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    500000 | PA      | $462457.65    | 0.49%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                            | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BKK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $240690.98    | 0.26%             | 2039-07-01      | 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        |   1000000 | PA      | $915316.40    | 0.97%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                              | PHOENIX AZ CIVIC IMPT CORP DISTRIBUTION REVENUE              | CUSIP: 71884WBF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1851358.57   | 1.97%             | 2041-07-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Bullhead AZ Excise Taxes Revenue                            | BULLHEAD CITY AZ EXCISE TAX REVENUE                          | CUSIP: 12022MAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $456141.81    | 0.49%             | 2036-07-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Central Arizona Water Conservation District                         | CENTRL ARIZONA ST WTR CONSV DIST WTR DELIVERY O&M REVENUE CE | CUSIP: 15240AAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510044.60   | 1.61%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima County Unified School District No 6 Marana/AZ                  | PIMA CNTY AZ UNIF SCH DIST #6MARANA                          | CUSIP: 721812SM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $883472.08    | 0.94%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                    | MARICOPA CNTY AZ INDL DEV AUTH                               | CUSIP: 56682HCX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $1991325.61   | 2.12%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                           | GLENDALE AZ INDL DEV AUTH                                    | CUSIP: 378286KU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $203997.98    | 0.22%             | 2033-07-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The          | PIMA CNTY AZ INDL DEV AUTH SFMTGE                            | CUSIP: 721905ST5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    470000 | PA      | $438752.99    | 0.47%             | 2049-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The | PHOENIX AZ INDL DEV AUTH HLTHCARE FACS REVENUE               | CUSIP: 71884SAG5<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $762332.60    | 0.81%             | 2057-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The | PHOENIX AZ INDL DEV AUTH STUDENT HSG REVENUE                 | CUSIP: 71885DED0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    500000 | PA      | $489968.95    | 0.52%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gilbert Water Resource Municipal Property Corp                      | GILBERT AZ WTR RESOURCE MUNI PROPERTY CORP UTILITY SYS REVEN | CUSIP: 37530ACH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $887279.40    | 0.94%             | 2047-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                           | QUEEN CREEK AZ EXCISE TAX & ST SHARED REVENUE                | CUSIP: 74823YEK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $918933.81    | 0.98%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 6 Washington          | MARICOPA CNTY AZ SCH DIST #6 WASHINGTON ELEM                 | CUSIP: 567031VG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $713472.34    | 0.76%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Marana AZ Pledged Excise Revenue                            | MARANA AZ PLEDGED EXCISE TAX REVENUE                         | CUSIP: 56574CCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $889179.90    | 0.95%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bullhead AZ Excise Taxes Revenue                            | BULLHEAD CITY AZ EXCISE TAX REVENUE                          | CUSIP: 12022MCJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986602.00    | 1.05%             | 2040-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Cottonwood AZ Pledged Revenue                               | COTTONWOOD AZ PLEDGED REVENUE                                | CUSIP: 221821BU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $693418.78    | 0.74%             | 2035-07-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                            | ARIZONA BRD OF RGTS ST UNIV SYS REVENUE                      | CUSIP: 04048RNV4<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150887.11   | 1.22%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                            | ARIZONA ST INDL DEV AUTH MF HSG REVENUE                      | CUSIP: 04062AAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $961814.70    | 1.02%             | 2041-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                       | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UAV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $902785.10    | 0.96%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District        | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CFR9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1782726.68   | 1.90%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                           | QUEEN CREEK AZ EXCISE TAX & ST SHARED REVENUE                | CUSIP: 74823YHC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015112.40   | 1.08%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue               | LAKE HAVASU CITY AZ WSTWTR SYS REVENUE                       | CUSIP: 50989RAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909432.20    | 0.97%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The | PHOENIX AZ INDL DEV AUTH HLTHCARE FACS REVENUE               | CUSIP: 71884SAC4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 2.13%             | 2052-11-15      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp                              | MARICOPA CNTY AZ POLL CONTROLCORP POLL CONTROL REVENUE       | CUSIP: 566854EA9<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |    850000 | PA      | $792126.82    | 0.84%             | 2042-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                              | TEMPE AZ INDL DEV AUTH REVENUE                               | CUSIP: 87972MBP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498209.30    | 0.53%             | 2030-12-01      | Fixed         | 4.00%                 | 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      | $195425.32    | 0.21%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                            | ARIZONA ST INDL DEV AUTH NATIONAL CHRT SCH REVOLVING LOAN FD | CUSIP: 04052FFD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $193350.44    | 0.21%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526Q2M3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    485000 | PA      | $488725.92    | 0.52%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Tucson AZ Water System Revenue                              | TUCSON AZ WTR REVENUE                                        | CUSIP: 898797JU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1972762.58   | 2.10%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                              | PHOENIX AZ CIVIC IMPT CORP WSTWTR SYS REVENUE                | CUSIP: 71883PJT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $861334.20    | 0.92%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No 60 Higley                | MARICOPA CNTY AZ UNIF SCH DIST #60 COPS HIGLEY               | CUSIP: 56756QBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $461642.60    | 0.49%             | 2042-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                            | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BMB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $994613.87    | 1.06%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima/The          | PIMA CNTY AZ INDL DEV AUTH SFMTGE                            | CUSIP: 721905SS7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    370000 | PA      | $348625.54    | 0.37%             | 2044-07-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai/The       | YAVAPAI CNTY AZ INDL DEV AUTH SOL WST DISP REVENUE           | CUSIP: 98521UAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022768.80   | 2.15%             | 2028-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Goodyear AZ Water & Sewer Revenue                           | GOODYEAR AZ WTR & SWR REVENUE                                | CUSIP: 382900GE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035277.40   | 1.10%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                              | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MPW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945742.50    | 1.01%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                              | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 590545TY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1449860.69   | 1.54%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                            | ARIZONA BRD OF RGTS UNIV ARIZONA SYS REVENUE                 | CUSIP: 040484NY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525113.90   | 1.62%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The | PHOENIX AZ INDL DEV AUTH STUDENT HSG REVENUE                 | CUSIP: 71885DEE8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    250000 | PA      | $236874.38    | 0.25%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                    | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NGS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $430210.00    | 0.46%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bullhead AZ Excise Taxes Revenue                            | BULLHEAD CITY AZ EXCISE TAX REVENUE                          | CUSIP: 12022MBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1269704.20   | 1.35%             | 2046-07-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                           | GLENDALE AZ INDL DEV AUTH                                    | CUSIP: 378286JQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149203.50    | 0.16%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                            | ARIZONA INDL DEV AUTH HOSP REVENUE                           | CUSIP: 04052EAY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1168841.90   | 1.24%             | 2050-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County School District No 83-Cartwright Elementary         | MARICOPA CNTY AZ SCH DIST #83CARTWRIGHT ELEM                 | CUSIP: 567405JU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1440986.17   | 1.53%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ                                                 | GLENDALE AZ                                                  | CUSIP: 378280YE5<br>LEI: 5493002BC35ZY7XRQ949 | Long             | DBT              | MUN               | US        |    380000 | PA      | $392639.71    | 0.42%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                            | ARIZONA BRD OF RGTS UNIV ARIZONA SYS REVENUE                 | CUSIP: 040484WY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $1958031.96   | 2.08%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Coconino County Unified School District No 1-Flagstaff/AZ           | COCONINO CNTY AZ UNIF SCH DIST #1 FLAGSTAFF                  | CUSIP: 191810LE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $858502.69    | 0.91%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                         | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059072.10   | 1.13%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Yuma Industrial Development Authority                               | YUMA AZ INDL DEV AUTH HOSP REVENUE                           | CUSIP: 988514DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $424889.35    | 0.45%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No 201 Buckeye           | BUCKEYE AZ UNIF SCH DIST #201                                | CUSIP: 118106KP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $881013.84    | 0.94%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yuma Industrial Development Authority                               | YUMA AZ INDL DEV AUTH HOSP REVENUE                           | CUSIP: 988514CX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026239.70   | 1.09%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County & Phoenix Industrial Development Authorities        | MARICOPA CNTY & PHOENIX AZ INDL DEV AUTHORITIES MTGE REVENUE | CUSIP: 566736FK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $928052.91    | 0.99%             | 2044-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| County of Pinal AZ                                                  | PINAL CNTY AZ REVENUE OBLGS                                  | CUSIP: 72205RJR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509158.65    | 0.54%             | 2034-08-01      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                              | PHOENIX AZ CIVIC IMPT CORP EXCISE TAX REVENUE                | CUSIP: 71884AE54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903441.70    | 0.96%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                              | TEMPE AZ INDL DEV AUTH REVENUE                               | CUSIP: 87972MAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $667333.89    | 0.71%             | 2037-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 6 Washington          | MARICOPA CNTY AZ SCH DIST #6 WASHINGTON ELEM                 | CUSIP: 567031VL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521173.80    | 0.55%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The | PHOENIX AZ INDL DEV AUTH STUDENT HSG REVENUE                 | CUSIP: 71885DCS9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    415000 | PA      | $425757.80    | 0.45%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Maricopa AZ Pledged Revenue                                 | MARICOPA AZ PLEDGED REVENUE OBLIGS                           | CUSIP: 566732AU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $629859.36    | 0.67%             | 2042-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                      | LA PAZ CNTY AZ INDL DEV AUTH EDU FAC LEASE REVENUE           | CUSIP: 50376FBQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $357261.33    | 0.38%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 1-Phoenix Elementary  | MARICOPA CNTY AZ ELEM SCH DIST #1 PHOENIX ELEM               | CUSIP: 566865LU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $591240.01    | 0.63%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pima County Unified School District No 6 Marana/AZ                  | PIMA CNTY AZ UNIF SCH DIST #6MARANA                          | CUSIP: 721812RY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $741443.94    | 0.79%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                              | PHOENIX AZ CIVIC IMPT CORP WSTWTR SYS REVENUE                | CUSIP: 71883PMN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1866625.20   | 1.99%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                            | ARIZONA ST INDL DEV AUTH MF HSG REVENUE                      | CUSIP: 04062PCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015466.20   | 1.08%             | 2045-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                 | ARIZONA ST HLTH FACS AUTH                                    | CUSIP: 040507QB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 1.17%             | 2046-01-01      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                              | TEMPE AZ INDL DEV AUTH REVENUE                               | CUSIP: 87972MBN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $380379.89    | 0.40%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                    | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516447.70    | 0.55%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                            | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BMR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $581023.17    | 0.62%             | 2031-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County & Phoenix Industrial Development Authorities        | MARICOPA CNTY & PHOENIX AZ INDL DEV AUTHORITIES MTGE REVENUE | CUSIP: 566736GN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $968874.39    | 1.03%             | 2044-09-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Transportation & Infrastructure Corp                 | VIRGIN ISLANDS TRANSPRTN & INFRASTRUCTURE CORP GRANT ANTIC   | CUSIP: 927686AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014713.10   | 1.08%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 25-Liberty            | MARICOPA CNTY AZ ELEM SCH DIST #25 LIBERTY                   | CUSIP: 567134HR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2075401.35   | 2.21%             | 2042-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Northern Arizona University                                         | NTHRN AZ UNIV                                                | CUSIP: 6647544N5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015996.40   | 1.08%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sedona AZ Excise Tax Revenue                                | SEDONA AZ EXCISE TAX REVENUE                                 | CUSIP: 81567LEJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254510.03    | 0.27%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District        | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CEP4<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010026.50   | 1.07%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ                                                 | GLENDALE AZ                                                  | CUSIP: 378280YU9<br>LEI: 5493002BC35ZY7XRQ949 | Long             | DBT              | MUN               | US        |    550000 | PA      | $587381.14    | 0.63%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                         | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    750000 | PA      | $520642.80    | 0.55%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                    | MARICOPA CNTY AZ INDL DEV AUTH                               | CUSIP: 56682HCQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $445453.50    | 0.47%             | 2044-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County & Phoenix Industrial Development Authorities        | MARICOPA CNTY & PHOENIX AZ INDL DEV AUTHORITIES MTGE REVENUE | CUSIP: 566736HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $523426.09    | 0.56%             | 2036-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| City of Bullhead AZ Excise Taxes Revenue                            | BULLHEAD CITY AZ EXCISE TAX REVENUE                          | CUSIP: 12022MAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $280798.29    | 0.30%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                           | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1408779.68   | 1.50%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The | PHOENIX AZ INDL DEV AUTH STUDENT HSG REVENUE                 | CUSIP: 71885DDC3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500860.10    | 0.53%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                            | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BLS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $45898.13     | 0.05%             | 2050-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                    | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NJA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $427178.65    | 0.45%             | 2044-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-15

**Name of Applicant:** Eaton Vance Municipals Trust

**Signature:** James Kirchner

**Name of Signer:** James Kirchner

**Title:** Treasurer