# EDGAR Filing Document

**Accession Number:** 0000778365
**File Stem:** 0001410368-26-067143
**Filing Date:** 2026-6
**Character Count:** 106240
**Document Hash:** 55ea42fde91ccff8b35923564203694f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-067143.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001410368-26-067143

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20260731

**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:** 261124770

**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           |

## Nport-Ex

Eaton Vance<br>

Arizona Municipal Income Fund

April 30, 2026

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 96.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 15.2% | Education — 15.2% | Education — 15.2% |
| Arizona Industrial Development Authority, (Academies of Math & Science): |  |  |
| &nbsp;&nbsp;&nbsp;4.875% to 7/1/35 (Put Date), 7/1/60<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$257680 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250842 |
| Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp; 1465488 |
| Arizona Industrial Development Authority, (Equitable School Revolving Fund LLC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 943338 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99703 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 247746 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp; 1378702 |
| Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 49109 |
| Arizona Industrial Development Authority, (Somerset Academy of Las Vegas), 3.00%, 12/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 514976 |
| Glendale Industrial Development Authority, AZ, (Midwestern University Foundation), (AMT), 2.125%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 211491 |
| Kayenta Unified School District No. 27, AZ, 6.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp; 2606055 |
| La Paz County Industrial Development Authority, AZ, (Harmony Public Schools), 4.00%, 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 735040 |
| Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/41<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 453652 |
| &nbsp;&nbsp;&nbsp;4.25%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 437348 |
| Northern Arizona University, 5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001825 |
| Phoenix Industrial Development Authority, AZ, (Legacy Traditional Schools), 5.00%, 7/1/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 475101 |
| Sierra Vista Industrial Development Authority, AZ, (American Leadership Academy Johnston), 5.50%, 6/15/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 733942 |
| Sierra Vista Industrial Development Authority, AZ, (American Leadership Academy), 5.00%, 6/15/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 934995 |
| University of Arizona: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1624578 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1502738 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084371 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 805461 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 640250 |
|  |  | &nbsp;&nbsp;**$18454431** |
| Electric Utilities — 2.7% | Electric Utilities — 2.7% | Electric Utilities — 2.7% |
| Mesa, AZ, Utility Systems Revenue, 4.00%, 7/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;$1475230 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| Salt River Project Agricultural Improvement and Power District, AZ, 5.25%, 1/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;$1814345 |
|  |  | &nbsp;&nbsp;**$3289575** |
| General Obligations — 13.7% | General Obligations — 13.7% | General Obligations — 13.7% |
| Agua Fria Union High School District No. 216, AZ, 5.00%, 7/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1093029 |
| Buckeye Elementary School District No. 33, AZ, 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 368814 |
| Chandler Unified School District No. 80, AZ, 4.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 763715 |
| Chandler, AZ, 4.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp; 1347478 |
| Flagstaff Unified School District No. 1, AZ, 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 273681 |
| Glendale, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 695496 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 195588 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 655646 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 413181 |
| Lake Havasu City, AZ, Wastewater System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 689854 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1342969 |
| Laveen Elementary School District No. 59, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 386724 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 325971 |
| Litchfield Elementary County Elementary School District No. 79, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 414705 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 538889 |
| Paradise Valley Unified School District No. 69, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 378355 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114961 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1970751 |
| Pendergast Elementary County Elementary School District No. 92, AZ, 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 454702 |
| Pima County Unified School District No. 1 Tucson, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 438802 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087375 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 544195 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052950 |
|  |  | &nbsp;&nbsp;**$16547831** |
| Hospital — 5.8% | Hospital — 5.8% | Hospital — 5.8% |
| Arizona Health Facilities Authority, (Banner Health), (LOC: Bank of America, N.A.), 3.35%, 1/1/46<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$750000 |

---

------

Eaton Vance<br>

Arizona Municipal Income Fund

April 30, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Arizona Industrial Development Authority, (Phoenix Children's Hospital), 4.00%, 2/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;$1006687 |
| Maricopa County Industrial Development Authority, AZ, (Banner Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 409295 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp; 2066348 |
| Maricopa County Industrial Development Authority, AZ, (HonorHealth), 5.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 416738 |
| Phoenix Industrial Development Authority, AZ, (Mayo Clinic): |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 11/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 821510 |
| &nbsp;&nbsp;&nbsp;(SPA: Northern Trust Co.), 3.25%, 11/15/52<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081725 |
|  |  | &nbsp;&nbsp;**$7052303** |
| Housing — 6.4% | Housing — 6.4% | Housing — 6.4% |
| Arizona Industrial Development Authority, (FHLMC), (FNMA), (GNMA), 5.00%, 10/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$769935 |
| Arizona Industrial Development Authority, (Hacienda Del Rio), (FNMA), 4.50%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp; 1006151 |
| Arizona Industrial Development Authority, (University at West Glendale), 5.00% to 9/1/26 (Put Date), 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006552 |
| Maricopa County and Phoenix Industrial Development Authorities, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.10%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 374709 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.65%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 955674 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.85%, 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 176083 |
| &nbsp;&nbsp;&nbsp;(GNMA), 4.45%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 958742 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504639 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250138 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 420706 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504855 |
| Pima County Industrial Development Authority, AZ, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;(GNMA), 4.45%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 371561 |
| &nbsp;&nbsp;&nbsp;(GNMA), 4.60%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 463598 |
|  |  | &nbsp;&nbsp;**$7763343** |
| Industrial Development Revenue — 6.4% | Industrial Development Revenue — 6.4% | Industrial Development Revenue — 6.4% |
| Chandler Industrial Development Authority, AZ, (Intel Corp.), (AMT), 5.00% to 9/1/27 (Put Date), 9/1/52 | $&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2531121 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue (continued) | Industrial Development Revenue (continued) | Industrial Development Revenue (continued) |
| Maricopa County Industrial Development Authority, AZ, (Commercial Metals Co.), (AMT), 4.00%, 10/15/47<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$865370 |
| Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 850056 |
| Yavapai County Industrial Development Authority, AZ, (Republic Services, Inc.), 2.55% to 6/1/26 (Put Date), 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| Yavapai County Industrial Development Authority, AZ, (Waste Management, Inc.), (AMT), 4.25%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023794 |
|  |  | &nbsp;&nbsp;**$7770341** |
| Insured - Education — 1.3% | Insured - Education — 1.3% | Insured - Education — 1.3% |
| Northern Arizona University: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$575338 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 572123 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 457611 |
|  |  | &nbsp;&nbsp;**$1605072** |
| Insured - Electric Utilities — 0.4% | Insured - Electric Utilities — 0.4% | Insured - Electric Utilities — 0.4% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;$490152 |
|  |  | &nbsp;&nbsp;**$490152** |
| Insured - General Obligations — 14.1% | Insured - General Obligations — 14.1% | Insured - General Obligations — 14.1% |
| Buckeye Union High School District No. 201, AZ, (AG), 5.00%, 7/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$871304 |
| Cartwright Elementary School District No. 83, AZ, (AG), 5.25%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1226711 |
| Festival Ranch Community Facilities District, AZ, (AG), 4.50%, 7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002238 |
| Glendale Union High School District No. 205, AZ, (AG), 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1197998 |
| Liberty Elementary School District No. 25, AZ, (AG), 4.375%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 206984 |
| Marana Unified School District No. 6, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 811507 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 355089 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 824677 |
| Maricopa County School District No. 17, AZ, Tolleson Elementary, (AG), 4.00%, 7/1/45<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 660112 |
| Maricopa County School District No. 66, AZ, Roosevelt Elementary, (BAM), 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 1051596 |
| Osborn Elementary School District No. 8, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 935316 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1354167 |
| Phoenix Elementary School District No. 1, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 300446 |

---

------

Eaton Vance<br>

Arizona Municipal Income Fund

April 30, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Phoenix Elementary School District No. 1, AZ: <br> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;$1234049 |
| Pinal County Elementary School District No. 4 Casa Grande, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/43<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 647678 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/44<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 430362 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/45<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 319233 |
| Verde Valley Fire District, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 272643 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 941036 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 370922 |
| Washington Elementary School District No. 6, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 634971 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 546660 |
| Wilson Elementary School District No. 7, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 393410 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 223856 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 222656 |
|  |  | &nbsp;&nbsp;**$17035621** |
| Insured - Hospital — 0.2% | Insured - Hospital — 0.2% | Insured - Hospital — 0.2% |
| Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), (AG), 4.00%, 8/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;$279949 |
|  |  | &nbsp;&nbsp;**$279949** |
| Insured - Lease Revenue/Certificates of Participation — 0.5% | Insured - Lease Revenue/Certificates of Participation — 0.5% | Insured - Lease Revenue/Certificates of Participation — 0.5% |
| Higley Unified School District No. 60, AZ, Certificates of Participation: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.125%, 6/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$502287 |
| &nbsp;&nbsp;&nbsp;(AG), 4.25%, 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 101217 |
|  |  | &nbsp;&nbsp;**$603504** |
| Insured - Special Tax Revenue — 2.5% | Insured - Special Tax Revenue — 2.5% | Insured - Special Tax Revenue — 2.5% |
| Phoenix Civic Improvement Corp., AZ, (Civic Plaza), (NPFG), 5.50%, 7/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;$1596240 |
| Pinal County, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 742382 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 704895 |
|  |  | &nbsp;&nbsp;**$3043517** |
| Insured - Water and Sewer — 0.9% | Insured - Water and Sewer — 0.9% | Insured - Water and Sewer — 0.9% |
| Goodyear, AZ, Water and Sewer Revenue, (AG), 5.00%, 7/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;$1029479 |
|  |  | &nbsp;&nbsp;**$1029479** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation — 0.7% | Lease Revenue/Certificates of Participation — 0.7% | Lease Revenue/Certificates of Participation — 0.7% |
| Queen Creek, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$433778 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 466543 |
|  |  | &nbsp;&nbsp;**$900321** |
| Other Revenue — 1.2% | Other Revenue — 1.2% | Other Revenue — 1.2% |
| Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;$1437570 |
|  |  | &nbsp;&nbsp;**$1437570** |
| Senior Living/Life Care — 2.2% | Senior Living/Life Care — 2.2% | Senior Living/Life Care — 2.2% |
| Glendale Industrial Development Authority, AZ, (Royal Oaks - Inspirata Pointe), 5.00%, 5/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$589666 |
| Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 4.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 149926 |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 385238 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 507552 |
| Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.00%, 10/1/37<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1070036 |
|  |  | &nbsp;&nbsp;**$2702418** |
| Special Tax Revenue — 9.8% | Special Tax Revenue — 9.8% | Special Tax Revenue — 9.8% |
| American Samoa Economic Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/35<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;$287015 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 204123 |
| Buckeye, AZ, Excise Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 571685 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 653146 |
| Bullhead City, AZ, Excise Taxes Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;1.30%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 477063 |
| &nbsp;&nbsp;&nbsp;2.10%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 489487 |
| &nbsp;&nbsp;&nbsp;2.55%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1430281 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 280541 |
| &nbsp;&nbsp;&nbsp;4.25%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 831403 |
| Marana, AZ, Pledged Excise Tax Revenue, 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 997973 |
| Maricopa, AZ, Pledged Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 276151 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 375920 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 660629 |
| Phoenix Civic Improvement Corp., AZ, Excise Tax Revenue, 4.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 662593 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 974604 |
| Queen Creek, AZ, Excise Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 983643 |

---

------

Eaton Vance<br>

Arizona Municipal Income Fund

April 30, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Queen Creek, AZ, Excise Tax Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1044323 |
| Yuma, AZ, 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 623733 |
|  |  | &nbsp;&nbsp;**$11824313** |
| Transportation — 6.1% | Transportation — 6.1% | Transportation — 6.1% |
| Arizona Department of Transportation, State Highway Fund Revenue, 5.00%, 7/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1111532 |
| Phoenix Civic Improvement Corp., AZ, Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 957800 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;4495 | &nbsp;&nbsp;&nbsp;&nbsp; 4186857 |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078599 |
|  |  | &nbsp;&nbsp;**$7334788** |
| Water and Sewer — 6.5% | Water and Sewer — 6.5% | Water and Sewer — 6.5% |
| Central Arizona Water Conservation District, 5.00%, 1/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1503482 |
| Gilbert Water Resources Municipal Property Corp., AZ, Green Bonds, 4.00%, 7/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 990860 |
| Phoenix Civic Improvement Corp., AZ, Wastewater System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 861713 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 886142 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;1795 | &nbsp;&nbsp;&nbsp;&nbsp; 1927287 |
| Tucson, AZ, Water System Revenue, 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1658745 |
|  |  | &nbsp;&nbsp;**$7828229** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $115,752,074) |  | &nbsp;&nbsp;**$116992757** |

---

Taxable Municipal Obligations — 3.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 0.4% | Education — 0.4% | Education — 0.4% |
| Maricopa County Industrial Development Authority, AZ, (Grand Canyon University), 7.375%, 10/1/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$525724 |
|  |  | &nbsp;&nbsp;**$525724** |
| Hospital — 1.2% | Hospital — 1.2% | Hospital — 1.2% |
| Maricopa County Industrial Development Authority, AZ, (Banner Health), 3.80%, 1/1/61<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;$1400000 |
|  |  | &nbsp;&nbsp;**$1400000** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue — 0.3% | Insured - Special Tax Revenue — 0.3% | Insured - Special Tax Revenue — 0.3% |
| Pinal County, AZ, (BAM), 5.165%, 8/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$309632 |
|  |  | &nbsp;&nbsp;**$309632** |
| Other Revenue — 0.8% | Other Revenue — 0.8% | Other Revenue — 0.8% |
| Arizona Industrial Development Authority, (The Reinvestment Fund, Inc.), 4.936%, 10/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1006753 |
|  |  | &nbsp;&nbsp;**$1006753** |
| Special Tax Revenue — 0.6% | Special Tax Revenue — 0.6% | Special Tax Revenue — 0.6% |
| Cottonwood, AZ, Pledged Revenue, 2.625%, 7/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;$709584 |
|  |  | &nbsp;&nbsp;**$709584** |
| Total Taxable Municipal Obligations<br> (identified cost $4,050,000) |  | &nbsp;&nbsp;**$3951693** |

---

U.S. Treasury Obligations — 0.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Notes, 3.375%, 2/29/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$743481 |
| Total U.S. Treasury Obligations<br> (identified cost $742,442) |  | &nbsp;&nbsp;**$743481** |

---

Short-Term Investments — 0.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 3.31%<sup>(5)</sup> | 160087 | &nbsp;&nbsp;$160103 |
| Total Short-Term Investments<br> (identified cost $160,103) |  | &nbsp;&nbsp;**$160103** |
| Total Investments — 100.7%<br> (identified cost $120,704,619) |  | &nbsp;&nbsp;**$121848034** |
| Other Assets, Less Liabilities — (0.7)% |  | &nbsp;&nbsp;**$(787761)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$121060273** |

---

------

Eaton Vance<br>

Arizona Municipal Income Fund

April 30, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | 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 April 30, 2026, the aggregate value of these securities is $8,088,053 or 6.7% of the Fund's net assets. |
| <sup>(2)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at April 30, 2026. |
| <sup>(3)</sup> | When-issued security. |
| <sup>(4)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at April 30, 2026. |
| <sup>(5)</sup> | The rate shown is the annualized seven-day yield as of April 30, 2026. |
| The Fund invests primarily in debt securities issued by Arizona municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At April 30, 2026, 20.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.7% to 9.4% of total investments. | The Fund invests primarily in debt securities issued by Arizona municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At April 30, 2026, 20.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.7% to 9.4% of total investments. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SFMR | – Single Family Mortgage Revenue |
| SPA | – Standby Bond Purchase Agreement |

---

The Fund did not have any open derivative instruments at April 30, 2026.

Fair Value Measurements

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

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

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

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

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

At April 30, 2026, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$116992757 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$116992757 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3951693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3951693 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743481 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;160103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160103 |
| **Total Investments** | &nbsp;&nbsp;**$160103** | &nbsp;&nbsp;&nbsp;&nbsp;**$121687931** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$121848034** |

---

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 annual or semi-annual financial statements.

## 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:** 2026-07-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $123376670.97

**Total Liabilities:** $2524779.05

**Net Assets:** $120851891.92

**Delayed Delivery Securities:** $2058825.35

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -188.22000000 | **1-Year:** -3474.05000000 | **5-Year:** -15378.30000000 | **10-Year:** -51663.38000000 | **30-Year:** -11352.70000000

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

- **3-Month:** -14.72000000 | **1-Year:** -739.96000000 | **5-Year:** -1964.17000000 | **10-Year:** -2482.07000000 | **30-Year:** -659.90000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092720 | 1.61%                | -2.33%               | 1.30%                |
| Class ID C000013133 | 1.59%                | -2.46%               | 1.29%                |
| Class ID C000013135 | 1.60%                | -2.54%               | 1.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26257.96                | $1540146.42                                |
| Month 2  | $12709.91                | $-3204749.20                               |
| Month 3  | $150585.08               | $1032411.21                                |

**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        |    625000 | PA      | $704895.44    | 0.58%             | 2038-08-01      | 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: 721812RX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $811506.75    | 0.67%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Samoa Economic Development Authority                             | AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE                  | CUSIP: 02936TAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $287015.38    | 0.24%             | 2035-09-01      | 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        |    105000 | PA      | $101216.72    | 0.08%             | 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        |    750000 | PA      | $769935.15    | 0.64%             | 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: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |    615000 | PA      | $640249.99    | 0.53%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Buckeye AZ Excise Tax Revenue                                     | BUCKEYE AZ EXCISE TAX REVENUE                                | CUSIP: 118087EZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $571684.55    | 0.47%             | 2036-07-01      | 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      | $477063.05    | 0.39%             | 2028-07-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Northern Arizona University                                               | NORTHERN AZ UNIV REV                                         | CUSIP: 664755AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $575337.75    | 0.48%             | 2036-06-01      | Fixed         | 5.00%                 | 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        |   1100000 | PA      | $1197997.90   | 0.99%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ                                                       | GLENDALE AZ                                                  | CUSIP: 378280ZK0<br>LEI: 5493002BC35ZY7XRQ949 | Long             | DBT              | MUN               | US        |    585000 | PA      | $655645.89    | 0.54%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verde Valley Fire District                                                | VERDE VLY FIRE DIST AZ                                       | CUSIP: 92339EAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272643.13    | 0.23%             | 2041-07-01      | 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        |   2500000 | PA      | $2531121.00   | 2.09%             | 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        |    800000 | PA      | $886141.84    | 0.73%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                  | ARIZONA BRD OF RGTS ST UNIV SYS REVENUE                      | CUSIP: 04048RYD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084371.50   | 0.90%             | 2045-08-01      | 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        |   1800000 | PA      | $1970751.06   | 1.63%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima County Unified School District No 1 Tucson                           | PIMA CNTY AZ UNIF SCH DIST #1TUCSON                          | CUSIP: 721799L51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $438802.18    | 0.36%             | 2039-07-01      | 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      | $865369.80    | 0.72%             | 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      | $416738.40    | 0.34%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                  | ARIZONA ST INDL DEV AUTH NATIONAL CHRT SCH REVOLVING LOAN FD | CUSIP: 04052FFY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1378701.64   | 1.14%             | 2051-11-01      | Fixed         | 5.50%                 | 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      | $1234048.52   | 1.02%             | 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        |   1185000 | PA      | $1342969.27   | 1.11%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pinal County Elementary School District No 4 Casa Grande                  | PINAL CNTY AZ ELEM SCH DIST #4 CASA GRANDE ELEM              | CUSIP: 722086HP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $430361.92    | 0.36%             | 2044-07-01      | 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      | $589666.32    | 0.49%             | 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        |    375000 | PA      | $378355.39    | 0.31%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                  | ARIZONA ST INDL DEV AUTH EDU REVENUE                         | CUSIP: 04052BTS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257679.65    | 0.21%             | 2060-07-01      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                          | MARICOPA CNTY AZ INDL DEV AUTH                               | CUSIP: 56682HDC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 1.16%             | 2061-01-01      | Floating      | 3.80%                 | 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        |   2285000 | PA      | $2606054.61   | 2.16%             | 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      | $742381.71    | 0.61%             | 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      | $763715.48    | 0.63%             | 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        |    175000 | PA      | $176082.50    | 0.15%             | 2054-09-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| City of Buckeye AZ Excise Tax Revenue                                     | BUCKEYE AZ EXCISE TAX REVENUE                                | CUSIP: 118087FA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $653145.95    | 0.54%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The       | PHOENIX AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 71885FFG7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    500000 | PA      | $475100.80    | 0.39%             | 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      | $250842.48    | 0.21%             | 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      | $974604.40    | 0.81%             | 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        |   1325000 | PA      | $1596239.69   | 1.32%             | 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      | $489486.48    | 0.41%             | 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      | $1503482.25   | 1.24%             | 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        |    765000 | PA      | $824676.50    | 0.68%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 79-Litchfield Elementary    | MARICOPA CNTY AZ ELEM SCH DIST #79 LITCHFIELD ELEM           | CUSIP: 567385KJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538889.20    | 0.45%             | 2045-07-01      | 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        |   2325000 | PA      | $2066348.17   | 1.71%             | 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      | $211491.08    | 0.18%             | 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      | $463597.99    | 0.38%             | 2049-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| City of Chandler AZ                                                       | CHANDLER AZ                                                  | CUSIP: 158843A28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1347478.00   | 1.11%             | 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: 71884SAG5<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $821510.20    | 0.68%             | 2057-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Pima County Unified School District No 1 Tucson                           | PIMA CNTY AZ UNIF SCH DIST #1TUCSON                          | CUSIP: 721799M27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087374.80   | 0.90%             | 2044-07-01      | 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: 71885DED0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504639.30    | 0.42%             | 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      | $990859.60    | 0.82%             | 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        |   1000000 | PA      | $983642.80    | 0.81%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 92-Pendergast Elementary/AZ | MARICOPA CNTY AZ ELEM SCH DIST #92 PENDERGAST ELEM           | CUSIP: 567426TH4<br>LEI: 54930076HGOXEKIIH691 | Long             | DBT              | MUN               | US        |    400000 | PA      | $454701.84    | 0.38%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 8 Osborn                    | MARICOPA CNTY AZ ELEM SCH DIST #8 OSBORN                     | CUSIP: 56674MEP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $935316.37    | 0.77%             | 2042-07-01      | Fixed         | 5.00%                 | 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        |    570000 | PA      | $634970.99    | 0.53%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No 216 Agua Fria               | MARICOPA CNTY AZ UN HIGH SCH DIST #216 AGUA FRIA             | CUSIP: 567541TE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093029.10   | 0.90%             | 2044-07-01      | 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      | $997973.10    | 0.83%             | 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        |    800000 | PA      | $831402.48    | 0.69%             | 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      | $709583.74    | 0.59%             | 2035-07-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Maricopa County School District No 17 Tolleson Elementary                 | MARICOPA CNTY AZ SCH DIST #17 TOLLESON ELEM                  | CUSIP: 567105LD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $660111.52    | 0.55%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                  | ARIZONA ST INDL DEV AUTH NATIONAL CHRT SCH REVOLVING LOAN FD | CUSIP: 04052FFV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $247745.77    | 0.20%             | 2044-11-01      | 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        |    980000 | PA      | $1006150.42   | 0.83%             | 2041-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 8 Osborn                    | MARICOPA CNTY AZ ELEM SCH DIST #8 OSBORN                     | CUSIP: 56674MER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1354166.63   | 1.12%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Arizona University                                               | NORTHERN AZ UNIV REV                                         | CUSIP: 664755AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $572122.55    | 0.47%             | 2037-06-01      | Fixed         | 5.00%                 | 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      | $934995.20    | 0.77%             | 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      | $1814345.10   | 1.50%             | 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      | $1044323.20   | 0.86%             | 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        |    680000 | PA      | $689854.29    | 0.57%             | 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        |    500000 | PA      | $500000.00    | 0.41%             | 2052-11-15      | Floating      | 3.25%                 | 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      | $850056.10    | 0.70%             | 2042-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                  | ARIZONA ST INDL DEV AUTH NATIONAL CHRT SCH REVOLVING LOAN FD | CUSIP: 04052FFM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $943338.50    | 0.78%             | 2036-11-01      | Fixed         | 5.00%                 | 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      | $507551.95    | 0.42%             | 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      | $204122.94    | 0.17%             | 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        |     95000 | PA      | $99702.88     | 0.08%             | 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      | $490152.06    | 0.41%             | 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        |   1500000 | PA      | $1658744.70   | 1.37%             | 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      | $861713.46    | 0.71%             | 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      | $502286.95    | 0.42%             | 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        |   1465000 | PA      | $1465488.14   | 1.21%             | 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      | $371561.29    | 0.31%             | 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      | $2023794.40   | 1.67%             | 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        |    950000 | PA      | $1029479.00   | 0.85%             | 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        |    970000 | PA      | $957799.92    | 0.79%             | 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      | $1475229.81   | 1.22%             | 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: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502738.40   | 1.24%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                    | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MPZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4495000 | PA      | $4186856.96   | 3.46%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The       | PHOENIX AZ INDL DEV AUTH STUDENT HSG REVENUE                 | CUSIP: 71885DEE8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250138.10    | 0.21%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds - MuniCash                                      | BlackRock Liquidity Funds - MuniCash                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    160087 | NS      | $160103.27    | 0.13%             |  |  |  | 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: 98521UAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 1.24%             | 2029-04-01      | Floating      | 2.55%                 | 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      | $453652.05    | 0.38%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Maricopa AZ Pledged Revenue                                       | MARICOPA AZ PLEDGED REVENUE OBLIGS                           | CUSIP: 566732BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $375920.20    | 0.31%             | 2045-07-15      | Fixed         | 5.00%                 | 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      | $1430281.20   | 1.18%             | 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      | $149925.83    | 0.12%             | 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        |   1175000 | PA      | $1006686.89   | 0.83%             | 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        |   1135000 | PA      | $1226710.95   | 1.02%             | 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      | $413180.54    | 0.34%             | 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: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1624577.84   | 1.34%             | 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        |    275000 | PA      | $273680.63    | 0.23%             | 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      | $1052950.00   | 0.87%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Maricopa County School District No 7-Wilson Elementary                    | MARICOPA CNTY AZ SCH DIST #7 WILSON ELEM                     | CUSIP: 567048HJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $222655.74    | 0.18%             | 2040-07-01      | Fixed         | 5.00%                 | 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        |    310000 | PA      | $279949.10    | 0.23%             | 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      | $871303.92    | 0.72%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 33 Buckeye                  | MARICOPA CNTY AZ ELEM SCH DIST #33 BUCKEYE                   | CUSIP: 567167MM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $368814.30    | 0.31%             | 2040-07-01      | 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      | $1081724.80   | 0.90%             | 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        |    955000 | PA      | $958741.79    | 0.79%             | 2044-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Maricopa County School District No 7-Wilson Elementary                    | MARICOPA CNTY AZ SCH DIST #7 WILSON ELEM                     | CUSIP: 567048HH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $223856.22    | 0.19%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pinal AZ                                                        | PINAL CNTY AZ REVENUE OBLGS                                  | CUSIP: 72205RJR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309631.77    | 0.26%             | 2034-08-01      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 59 Laveen                   | MARICOPA CNTY AZ ELEM SCH DIST #59 LAVEEN                    | CUSIP: 567303JL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $386723.61    | 0.32%             | 2042-07-01      | 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: 567373W68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114961.00   | 0.92%             | 2041-07-01      | Fixed         | 5.00%                 | 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        |    665000 | PA      | $662592.97    | 0.55%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Verde Valley Fire District                                                | VERDE VLY FIRE DIST AZ                                       | CUSIP: 92339EAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $941036.16    | 0.78%             | 2043-07-01      | Fixed         | 5.00%                 | 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        |   1250000 | PA      | $1070035.63   | 0.89%             | 2037-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                  | ARIZONA BRD OF RGTS ST UNIV SYS REVENUE                      | CUSIP: 04048RYE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $805460.70    | 0.67%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Yuma AZ                                                           | YUMA AZ PLEDGED REVENUE                                      | CUSIP: 98851WBP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $623733.19    | 0.52%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Arizona University                                               | NORTHERN AZ UNIV REV                                         | CUSIP: 664755AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $457611.32    | 0.38%             | 2038-06-01      | Fixed         | 5.00%                 | 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      | $546660.15    | 0.45%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County School District No 7-Wilson Elementary                    | MARICOPA CNTY AZ SCH DIST #7 WILSON ELEM                     | CUSIP: 567048HG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $393410.33    | 0.33%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Department of Transportation State Highway Fund Revenue           | ARIZONA ST TRANSPRTN BRD HIGHWAY REVENUE                     | CUSIP: 040654ZG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111532.40   | 0.92%             | 2043-07-01      | 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      | $420705.75    | 0.35%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verde Valley Fire District                                                | VERDE VLY FIRE DIST AZ                                       | CUSIP: 92339EAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $370922.27    | 0.31%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 59 Laveen                   | MARICOPA CNTY AZ ELEM SCH DIST #59 LAVEEN                    | CUSIP: 567303JN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $325970.97    | 0.27%             | 2044-07-01      | 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      | $660628.98    | 0.55%             | 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        |    800000 | PA      | $735039.60    | 0.61%             | 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        |    305000 | PA      | $300445.92    | 0.25%             | 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        |    330000 | PA      | $355088.71    | 0.29%             | 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        |   1795000 | PA      | $1927287.19   | 1.59%             | 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      | $1006552.00   | 0.83%             | 2045-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                  | ARIZONA ST INDL DEV AUTH REVENUE                             | CUSIP: 04052AEN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006752.80   | 0.83%             | 2031-10-01      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                       | ARIZONA ST HLTH FACS AUTH                                    | CUSIP: 040507QB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750000.00    | 0.62%             | 2046-01-01      | Floating      | 3.35%                 | 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      | $385238.22    | 0.32%             | 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      | $525724.50    | 0.44%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No 79-Litchfield Elementary    | MARICOPA CNTY AZ ELEM SCH DIST #79 LITCHFIELD ELEM           | CUSIP: 567385KE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $414704.63    | 0.34%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Maricopa AZ Pledged Revenue                                       | MARICOPA AZ PLEDGED REVENUE OBLIGS                           | CUSIP: 566732BL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276151.38    | 0.23%             | 2041-07-15      | Fixed         | 5.00%                 | 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        |    550000 | PA      | $514975.84    | 0.43%             | 2031-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pinal County Elementary School District No 4 Casa Grande                  | PINAL CNTY AZ ELEM SCH DIST #4 CASA GRANDE ELEM              | CUSIP: 722086HN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $647678.46    | 0.54%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County & Phoenix Industrial Development Authorities              | MARICOPA CNTY & PHOENIX AZ INDL DEV AUTHORITIES MTGE REVENUE | CUSIP: 566736GN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $955673.87    | 0.79%             | 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      | $1078599.20   | 0.89%             | 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        |    200000 | PA      | $206984.34    | 0.17%             | 2042-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ                                                    | QUEEN CREEK AZ COPS                                          | CUSIP: 74823NAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $466543.31    | 0.39%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Arizona University                                               | NTHRN AZ UNIV                                                | CUSIP: 6647544N5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001825.60   | 0.83%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | U.S. Treasury Notes                                          | CUSIP: 91282CQB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $743481.44    | 0.62%             | 2028-02-29      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                             | SIERRA VISTA AZ INDL DEV AUTH AUTH ED FAC REV                | CUSIP: 82652UBQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $733941.68    | 0.61%             | 2036-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ                                                       | GLENDALE AZ                                                  | CUSIP: 378280YU9<br>LEI: 5493002BC35ZY7XRQ949 | Long             | DBT              | MUN               | US        |    175000 | PA      | $195588.16    | 0.16%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pinal County Elementary School District No 4 Casa Grande                  | PINAL CNTY AZ ELEM SCH DIST #4 CASA GRANDE ELEM              | CUSIP: 722086HQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $319233.48    | 0.26%             | 2045-07-01      | 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      | $544195.50    | 0.45%             | 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        |    435000 | PA      | $409294.59    | 0.34%             | 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        |    370000 | PA      | $374709.03    | 0.31%             | 2036-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ                                                    | QUEEN CREEK AZ COPS                                          | CUSIP: 74823NAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $433777.32    | 0.36%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County School District No 66 Roosevelt Elementary                | MARICOPA CNTY AZ ELEM SCH DIST #66 ROOSEVELT ELEM            | CUSIP: 567337VL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $1051595.81   | 0.87%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Festival Ranch Community Facilities District                              | FESTIVAL RANCH AZ CMNTY FACS DIST                            | CUSIP: 315598KE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002238.30   | 0.83%             | 2045-07-15      | Fixed         | 4.50%                 | 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      | $280540.87    | 0.23%             | 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      | $1437570.04   | 1.19%             | 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      | $504855.35    | 0.42%             | 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      | $49109.08     | 0.04%             | 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        |    490000 | PA      | $437348.13    | 0.36%             | 2044-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ                                                       | GLENDALE AZ                                                  | CUSIP: 378280ZG9<br>LEI: 5493002BC35ZY7XRQ949 | Long             | DBT              | MUN               | US        |    610000 | PA      | $695495.59    | 0.58%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-29

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

**Signature:** James Kirchner

**Name of Signer:** James Kirchner

**Title:** Treasurer