# EDGAR Filing Document

**Accession Number:** 0000778365
**File Stem:** 0001752724-25-180816
**Filing Date:** 2025-7
**Character Count:** 55482
**Document Hash:** 9cbad68f31499803bf1676ee1f22477c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180816.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180816

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**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:** 251155334

**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 Virginia Municipal Income Fund (Series ID: S000004857)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000013157 | Eaton Vance Virginia Municipal Income Fund Class A | ETVAX           |
| C000013159 | Eaton Vance Virginia Municipal Income Fund Class C | ECVAX           |
| C000063953 | Eaton Vance Virginia Municipal Income Fund Class I | EVAIX           |

## Nport-Ex

Eaton Vance<br>

Virginia Municipal Income Fund

May 31, 2025

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 100.8%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 3.4% | Bond Bank — 3.4% | Bond Bank — 3.4% |
| Virginia Resources Authority, (Pooled Financing Program): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/41 | $1500 | &nbsp;&nbsp;$1407132 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 240958 |
| Virginia Resources Authority, (State Revolving Fund), 3.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 412494 |
|  |  | &nbsp;&nbsp;**$2060584** |
| Education — 6.2% | Education — 6.2% | Education — 6.2% |
| Alexandria Industrial Development Authority, VA, (Episcopal High School), 4.00%, 1/1/36 | $1000 | &nbsp;&nbsp;$1000660 |
| Salem Economic Development Authority, VA, (Roanoke College), 5.50%, 4/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 596037 |
| Virginia College Building Authority, 3.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 183120 |
| Virginia College Building Authority, (University of Richmond): |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: U.S. Bank, N.A.), 2.00%, 8/1/34<sup>(2)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;(SPA: U.S. Bank, N.A.), 2.80%, 11/1/36<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 |
| Virginia Public School Authority, 3.00%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 179204 |
|  |  | &nbsp;&nbsp;**$3809021** |
| Electric Utilities — 2.2% | Electric Utilities — 2.2% | Electric Utilities — 2.2% |
| Richmond, VA, Public Utility Revenue, 4.25%, 1/15/53 | $1500 | &nbsp;&nbsp;$1359580 |
|  |  | &nbsp;&nbsp;**$1359580** |
| General Obligations — 17.4% | General Obligations — 17.4% | General Obligations — 17.4% |
| Alexandria, VA, 4.00%, 12/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;$723474 |
| Bristol, VA, 5.00%, 9/1/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004192 |
| Fairfax County, VA, 4.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 947198 |
| Falls Church, VA, 3.00%, 7/15/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 805337 |
| Loudoun County, VA: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 12/1/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 814881 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 945658 |
| Lynchburg, VA: |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, 8/1/40 | 1245 | &nbsp;&nbsp;&nbsp;&nbsp; 901206 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 468818 |
| Newport News, VA, 4.00%, 2/1/42 | 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1575847 |
| Norfolk, VA, 4.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 901737 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 508360 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048255 |
|  |  | &nbsp;&nbsp;**$10644963** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital — 9.5% | Hospital — 9.5% | Hospital — 9.5% |
| Fairfax County Industrial Development Authority, VA, (Inova Health System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/48 | $&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;$855478 |
| &nbsp;&nbsp;&nbsp;4.125%, 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 580045 |
| Henrico County Economic Development Authority, VA, (Bon Secours Mercy Health, Inc.), 5.00%, 11/1/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006325 |
| Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 729938 |
| Virginia Small Business Financing Authority, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/49 | 2015 | &nbsp;&nbsp;&nbsp;&nbsp; 1701397 |
| Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 949580 |
|  |  | &nbsp;&nbsp;**$5822763** |
| Housing — 8.7% | Housing — 8.7% | Housing — 8.7% |
| Harrisonburg Redevelopment and Housing Authority, VA, (Wesley Apartments), 4.00% to 12/1/26 (Put Date), 12/1/28 | $1640 | &nbsp;&nbsp;$1657639 |
| Virginia Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 10/1/27 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000806 |
| &nbsp;&nbsp;&nbsp;4.10%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 440155 |
| &nbsp;&nbsp;&nbsp;4.40%, 10/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 963944 |
| &nbsp;&nbsp;&nbsp;4.45%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 277655 |
|  |  | &nbsp;&nbsp;**$5340199** |
| Industrial Development Revenue — 1.7% | Industrial Development Revenue — 1.7% | Industrial Development Revenue — 1.7% |
| Amelia County Industrial Development Authority, VA, (Waste Management, Inc.), (AMT), 1.45%, 4/1/27 | $1050 | &nbsp;&nbsp;$997242 |
| Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 57707 |
|  |  | &nbsp;&nbsp;**$1054949** |
| Insured - Education — 3.2% | Insured - Education — 3.2% | Insured - Education — 3.2% |
| Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31 | $1830 | &nbsp;&nbsp;$1973539 |
|  |  | &nbsp;&nbsp;**$1973539** |
| Insured - Electric Utilities — 1.6% | Insured - Electric Utilities — 1.6% | Insured - Electric Utilities — 1.6% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | $1000 | &nbsp;&nbsp;$999180 |
|  |  | &nbsp;&nbsp;**$999180** |
| Insured - Hospital — 3.8% | Insured - Hospital — 3.8% | Insured - Hospital — 3.8% |
| Isle of Wight County Economic Development Authority, VA, (Riverside Health System), (AGM), 5.25%, 7/1/43 | $1000 | &nbsp;&nbsp;$1046272 |

---

------

Eaton Vance<br>

Virginia Municipal Income Fund

May 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Hospital (continued) | Insured - Hospital (continued) | Insured - Hospital (continued) |
| Virginia Commonwealth University Health System Authority, (BAM), 4.00%, 7/1/54 | $1415 | &nbsp;&nbsp;$1252215 |
|  |  | &nbsp;&nbsp;**$2298487** |
| Insured - Transportation — 1.4% | Insured - Transportation — 1.4% | Insured - Transportation — 1.4% |
| Chesapeake Bay Bridge and Tunnel District, VA, (NPFG), Escrowed to Maturity, 5.50%, 7/1/25 | $&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;$881625 |
|  |  | &nbsp;&nbsp;**$881625** |
| Lease Revenue/Certificates of Participation — 5.3% | Lease Revenue/Certificates of Participation — 5.3% | Lease Revenue/Certificates of Participation — 5.3% |
| Chesterfield County Economic Development Authority, VA, (County Mobility), 4.00%, 4/1/50 | $1000 | &nbsp;&nbsp;$872011 |
| Loudoun County Economic Development Authority, VA, 4.00%, 12/1/41<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 474784 |
| Virginia Port Authority, 5.25%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 846101 |
| Virginia Public Building Authority, (AMT), 4.00%, 8/1/39 | 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1021999 |
|  |  | &nbsp;&nbsp;**$3214895** |
| Senior Living/Life Care — 10.0% | Senior Living/Life Care — 10.0% | Senior Living/Life Care — 10.0% |
| James City County Economic Development Authority, VA, (Williamsburg Landing), 5.75%, 12/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;$640204 |
| James City County Economic Development Authority, VA, (WindsorMeade), 4.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 510086 |
| Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge), 5.00%, 1/1/34 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1484774 |
| Virginia Beach Development Authority, VA, (Westminster-Canterbury on Chesapeake Bay): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/34 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1161262 |
| &nbsp;&nbsp;&nbsp;7.00%, 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 547095 |
| Virginia Small Business Financing Authority, (Lifespire of Virginia), 5.00%, 12/1/39 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1779742 |
|  |  | &nbsp;&nbsp;**$6123163** |
| Special Tax Revenue — 1.8% | Special Tax Revenue — 1.8% | Special Tax Revenue — 1.8% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$195945 |
| Puerto Rico Sales Tax Financing Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp; 15647 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp; 14439 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 17095 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 35439 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp; 92137 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp; 124648 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 109268 |
| &nbsp;&nbsp;&nbsp;4.536%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Puerto Rico Sales Tax Financing Corp.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/58 | $&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;$481052 |
|  |  | &nbsp;&nbsp;**$1088270** |
| Transportation — 11.7% | Transportation — 11.7% | Transportation — 11.7% |
| Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/44 | $2750 | &nbsp;&nbsp;$2712858 |
| Northern Virginia Transportation Commission, Green Bonds, 5.00%, 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 621244 |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/41<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 775985 |
| Virginia Port Authority, (AMT), 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 430816 |
| Virginia Small Business Financing Authority, (95 Express Lanes, LLC), (AMT), 5.00%, 7/1/38 | 1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1659976 |
| Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/52 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 933606 |
|  |  | &nbsp;&nbsp;**$7134485** |
| Water and Sewer — 12.9% | Water and Sewer — 12.9% | Water and Sewer — 12.9% |
| Alexandria Sanitation Authority, VA, Green Bonds, 5.00%, 7/15/40 | $&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;$757122 |
| Fairfax County, VA, Sewer Revenue, 4.00%, 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 766218 |
| Hampton Roads Sanitation District, VA, 4.00%, 10/1/38 | 1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1680798 |
| Prince William County Service Authority, VA, Water and Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 269297 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 603727 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062510 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 261096 |
| Virginia Beach, VA, Storm Water Utility Revenue, 4.00%, 11/15/45 | 2125 | &nbsp;&nbsp;&nbsp;&nbsp; 1998880 |
| Virginia Resources Authority, (State Revolving Fund), 3.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 459235 |
|  |  | &nbsp;&nbsp;**$7858883** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $63,321,723) |  | &nbsp;&nbsp;**$61664586** |

---

------

Eaton Vance<br>

Virginia Municipal Income Fund

May 31, 2025

Portfolio of Investments (Unaudited) — continued

------

Taxable Municipal Obligations — 0.8%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.6% | Bond Bank — 0.6% | Bond Bank — 0.6% |
| Virginia Resources Authority, (Pooled Financing Program), 1.816%, 11/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;$375520 |
|  |  | &nbsp;&nbsp;**$375520** |
| General Obligations — 0.2% | General Obligations — 0.2% | General Obligations — 0.2% |
| Portsmouth, VA, 2.20%, 7/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;$121307 |
|  |  | &nbsp;&nbsp;**$121307** |
| Total Taxable Municipal Obligations<br> (identified cost $580,000) |  | &nbsp;&nbsp;**$496827** |
| Total Investments — 101.6%<br> (identified cost $63,901,723) |  | &nbsp;&nbsp;**$62161413** |
| Other Assets, Less Liabilities — (1.6)% |  | &nbsp;&nbsp;**$(965435)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$61195978** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | When-issued security. |
| <sup>(2)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the 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 May 31, 2025. |

---

---

| | |
|:---|:---|
| <sup>(3)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at May 31, 2025. |
| <sup>(4)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2025, the aggregate value of these securities is $253,652 or 0.4% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by Virginia 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 May 31, 2025, 9.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.7% to 6.2% of total investments. | The Fund invests primarily in debt securities issued by Virginia 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 May 31, 2025, 9.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.7% to 6.2% of total investments. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AGM | – Assured Guaranty Municipal Corp. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| NPFG | – National Public Finance Guarantee Corp. |
| SPA | – Standby Bond Purchase Agreement |

---

The Fund did not have any open derivative instruments at May 31, 2025.

Fair Value Measurements

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

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

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

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

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

------

Eaton Vance<br>

Virginia Municipal Income Fund

May 31, 2025

Portfolio of Investments (Unaudited) — continued

------

At May 31, 2025, 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;$61664586 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$61664586 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496827 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$62161413** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$62161413** |

---

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 Virginia Municipal Income Fund

- **b. EDGAR series identifier (if any):** S000004857

- **c. LEI of Series:** 549300WUMX0U6I2AXM07

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $63255673.85

**Total Liabilities:** $2154443.37

**Net Assets:** $61101230.48

**Delayed Delivery Securities:** $1856643.50

**Cash Not Reported:** $224106.15

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -91.71000000 | **1-Year:** -1660.62000000 | **5-Year:** -7313.42000000 | **10-Year:** -23801.81000000 | **30-Year:** -7556.49000000

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

- **3-Month:** -24.47000000 | **1-Year:** -730.43000000 | **5-Year:** -1926.58000000 | **10-Year:** -1187.91000000 | **30-Year:** -357.33000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013159 | -1.79%               | -0.80%               | -0.82%               |
| Class ID C000063953 | -1.79%               | -0.69%               | -0.71%               |
| Class ID C000013157 | -1.81%               | -0.57%               | -0.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $17820.96                | $-1291920.55                               |
| Month 2  | $-95017.46               | $-493008.56                                |
| Month 3  | $15985.55                | $-637328.13                                |

**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 Fairfax VA                                        | FAIRFAX CNTY VA                                              | CUSIP: 30382ANS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $947198.11    | 1.55%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bristol VA                                          | BRISTOL VA                                                   | CUSIP: 110331QS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004192.10   | 1.64%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lynchburg VA                                        | LYNCHBURG VA                                                 | CUSIP: 55127LDW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $468818.06    | 0.77%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue      | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      3000 | PA      | $2599.65      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647GN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2712857.95   | 4.44%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                         | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE               | CUSIP: 9277803U8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 1.64%             | 2034-08-01      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                 | VIRGINIA ST SMALL BUSINESS FING AUTH HLTHCARE FACS REVENUE   | CUSIP: 928105BU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $949580.07    | 1.55%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue      | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $109268.19    | 0.18%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Lynchburg VA                                        | LYNCHBURG VA                                                 | CUSIP: 55127LAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $901205.70    | 1.47%             | 2040-08-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                | VIRGINIA ST RESOURCES AUTH INFRASTRUCTURE REVENUE            | CUSIP: 92818NJ33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $375519.93    | 0.61%             | 2029-11-01      | Fixed         | 1.82%                 | No            |                  2 | On Loan: No      |
| City of Virginia Beach VA Storm Water Utility Revenue       | VIRGINIA BEACH VA STORM WTR UTILITY REVENUE                  | CUSIP: 927747GM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $1998880.40   | 3.27%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                         | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE PUBLIC HGR ED | CUSIP: 92778WQQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $183120.06    | 0.30%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                 | VIRGINIA ST SMALL BUSINESS FING AUTH RSDL FAC CARE REVENUE   | CUSIP: 928103AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1779742.30   | 2.91%             | 2039-12-01      | 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        |    512000 | PA      | $481052.47    | 0.79%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                        | VIRGINIA BEACH VA DEV AUTH RSDL CARE FAC REVENUE             | CUSIP: 92774NBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547095.60    | 0.90%             | 2053-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                      | VIRGINIA HSG DEV AUTH                                        | CUSIP: 92812XCD2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    285000 | PA      | $277654.58    | 0.45%             | 2045-07-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                        | SALEM VA ECON DEV AUTH EDUCTNL FACS REVENUE                  | CUSIP: 794565BJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $596037.30    | 0.98%             | 2045-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                 | VIRGINIA SMALL BUSINESS FING AUTH PRIV ACTIVITY REVENUE SR   | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933606.10    | 1.53%             | 2052-12-31      | 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: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     17000 | PA      | $15646.74     | 0.03%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                 | VIRGINIA ST SMALL BUSINESS FING AUTH HLTHCARE FACS REVENUE   | CUSIP: 928105BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $1701397.09   | 2.78%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Newport News VA                                     | NEWPORT NEWS VA                                              | CUSIP: 652233PW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1575846.86   | 2.58%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Falls Church VA                                     | FALLS CHURCH VA                                              | CUSIP: 306567SU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $805337.00    | 1.32%             | 2041-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Service Authority                     | PRINCE WILLIAM CNTY VA SVC AUTH WTR & SWR SYS REVENUE        | CUSIP: 741765HY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261095.60    | 0.43%             | 2050-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth University Health System Authority    | VIRGINIA ST CMWLTH UNIV HLTH SYS AUTH REVENUE                | CUSIP: 92778LDN7<br>LEI: 07ROV40HIZGU2Q6OXJ58 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1252215.29   | 2.05%             | 2054-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Isle Wight County Industrial Development Authority          | ISLE OF WIGHT CNTY VA ECON DEV AUTH                          | CUSIP: 464637AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046271.60   | 1.71%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority             | FAIRFAX CNTY VA INDL DEV AUTH REVENUE                        | CUSIP: 303823MW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $855478.39    | 1.40%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Service Authority                     | PRINCE WILLIAM CNTY VA SVC AUTH WTR & SWR SYS REVENUE        | CUSIP: 741765HQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $603727.53    | 0.99%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Sanitation Authority                             | ALEXANDRIA VA SANTN AUTH WSTWTR REVENUE                      | CUSIP: 015343AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $757121.82    | 1.24%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Loudoun VA                                        | LOUDOUN CNTY VA                                              | CUSIP: 54589TMC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $945657.72    | 1.55%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority Commonwealth Port Fund              | VIRGINIA ST PORT AUTH CMWLTH PORT FND REVENUE                | CUSIP: 928075KG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $846100.89    | 1.38%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                       | ALEXANDRIA VA                                                | CUSIP: 015303FF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $723474.14    | 1.18%             | 2044-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA Sewer Revenue                          | FAIRFAX CNTY VA SWR REVENUE                                  | CUSIP: 303867MJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $766217.71    | 1.25%             | 2040-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Economic Development Authority                      | NORFOLK VA ECON DEV AUTH HOSPFACS REVENUE                    | CUSIP: 65588TAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $729937.57    | 1.19%             | 2048-11-01      | 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      | $195945.46    | 0.32%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portsmouth VA                                       | PORTSMOUTH VA                                                | CUSIP: 73723RP49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $121307.37    | 0.20%             | 2037-07-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                     | VIRGINIA ST PORT AUTH PORT FAC REVENUE                       | CUSIP: 928077JN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $430816.07    | 0.71%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                | VIRGINIA ST RESOURCES AUTH INFRASTRUCTURE REVENUE            | CUSIP: 92818PMU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $240958.51    | 0.39%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alexandria Industrial Development Authority                 | ALEXANDRIA VA INDL DEV AUTH EDUCTNL FACS REVENUE             | CUSIP: 015304FE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000659.80   | 1.64%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chesterfield County Economic Development Authority          | CHESTERFIELD CNTY VA ECON DEV AUTH REVENUE                   | CUSIP: 16639EBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $872011.00    | 1.43%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority Clean Water Revolving Fund     | VIRGINIA ST RESOURCES AUTH CLEAN WTR REVENUE                 | CUSIP: 92817LSN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $412494.00    | 0.68%             | 2040-10-01      | Fixed         | 3.00%                 | 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        |   1000000 | PA      | $999180.30    | 1.64%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                        | VIRGINIA BEACH VA DEV AUTH RSDL CARE FAC REVENUE             | CUSIP: 92774NAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1161261.61   | 1.90%             | 2034-09-01      | 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: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $35438.97     | 0.06%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority Clean Water Revolving Fund     | VIRGINIA ST RESOURCES AUTH CLEAN WTR REVENUE                 | CUSIP: 92817LSK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $459234.78    | 0.75%             | 2037-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Northern Virginia Transportation Commission                 | NORTHERN VIRGINA TRANSPRTN COMMN TRANSPRTN DIST SPL OBLIG    | CUSIP: 66604PAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $621244.26    | 1.02%             | 2047-06-01      | 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: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     17000 | PA      | $14439.24     | 0.02%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                 | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104PP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1659975.53   | 2.72%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Transportation & Infrastructure Corp         | VIRGIN ISLANDS TRANSPRTN & INFRASTRUCTURE CORP GRANT ANTIC   | CUSIP: 927686AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $775985.25    | 1.27%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                         | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE               | CUSIP: 927780SK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1973538.98   | 3.23%             | 2031-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                | VIRGINIA ST RESOURCES AUTH INFRASTRUCTURE REVENUE            | CUSIP: 92818L3A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1407131.70   | 2.30%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority               | HENRICO CNTY VA ECON DEV AUTH HLTH FACS REVENUE              | CUSIP: 42605XAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006325.00   | 1.65%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                 | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048255.20   | 1.72%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Amelia County Industrial Development Authority              | AMELIA CNTY VA INDL DEV AUTH SOL WST DISP REVENUE            | CUSIP: 023445AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $997242.23    | 1.63%             | 2027-04-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                           | HAMPTON ROADS VA SANTN DIST WSTWTR REVENUE                   | CUSIP: 409327JL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1680798.29   | 2.75%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue      | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     22000 | PA      | $17094.88     | 0.03%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                 | VIRGINIA ST SMALL BUSINESS FING AUTH SOL WST DISP FAC REVENU | CUSIP: 928106AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $57707.33     | 0.09%             | 2048-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Harrisonburg Redevelopment & Housing Authority              | HARRISONBURG VA REDEV & HSG AUTH MF HSG REVENUE              | CUSIP: 415690NW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1657639.51   | 2.71%             | 2028-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                      | VIRGINIA ST HSG DEV AUTH                                     | CUSIP: 92812WLB8<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000805.80   | 3.27%             | 2027-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                     | CHESAPEAKE BAY VA BRIDGE & TUNNEL DIST REVENUE               | CUSIP: 165141CB6<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |    880000 | PA      | $881624.39    | 1.44%             | 2025-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Prince William County Service Authority                     | PRINCE WILLIAM CNTY VA SVC AUTH WTR & SWR SYS REVENUE        | CUSIP: 741765HR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062509.80   | 1.74%             | 2043-07-15      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    287000 | PA      | $92136.84     | 0.15%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| James City County Economic Development Authority            | JAMES CITY CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE       | CUSIP: 47029WEH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $640204.16    | 1.05%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority             | FAIRFAX CNTY VA INDL DEV AUTH HLTH CARE REVENUE              | CUSIP: 30382VAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $580045.17    | 0.95%             | 2054-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                         | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE               | CUSIP: 927781CR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $850000.00    | 1.39%             | 2036-11-01      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| County of Loudoun VA                                        | LOUDOUN CNTY VA                                              | CUSIP: 54589TJN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $814880.70    | 1.33%             | 2034-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue      | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    528000 | PA      | $124647.86    | 0.20%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                      | VIRGINIA ST HSG DEV AUTH                                     | CUSIP: 92812WWQ3<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    470000 | PA      | $440154.53    | 0.72%             | 2040-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Prince William County Service Authority                     | PRINCE WILLIAM CNTY VA SVC AUTH WTR & SWR SYS REVENUE        | CUSIP: 741765HP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269296.85    | 0.44%             | 2041-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Redevelopment & Housing Authority                   | NORFOLK VA REDEV & HSG AUTH REVENUE                          | CUSIP: 655909CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1484773.65   | 2.43%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                  | RICHMOND VA PUBLIC UTILITY REVENUE                           | CUSIP: 765433NA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1359580.05   | 2.23%             | 2053-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                          | VIRGINIA ST PUBLIC BLDG AUTH PUBLIC FACS REVENUE             | CUSIP: 9281724T9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1021999.06   | 1.67%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                 | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    750000 | PA      | $508359.98    | 0.83%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                      | VIRGINIA ST HSG DEV AUTH CMWLTH MTGE                         | CUSIP: 92812U6J2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963943.90    | 1.58%             | 2044-10-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| City of Norfolk VA                                          | NORFOLK VA                                                   | CUSIP: 655867F46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $901737.26    | 1.48%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| James City County Economic Development Authority            | JAMES CITY CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE       | CUSIP: 47029WDQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $510085.74    | 0.83%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority               | LOUDOUN CNTY VA ECONOMIC DEV AUTH PUBLIC FAC REVENUE         | CUSIP: 54602QGA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474783.60    | 0.78%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                            | VIRGINIA ST PUBLIC SCH AUTH SPL OBLG PRINCE WM               | CUSIP: 92817TGL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $179203.88    | 0.29%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-27

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

**Signature:** James Kirchner

**Name of Signer:** James Kirchner

**Title:** Treasurer