# EDGAR Filing Document

**Accession Number:** 0000778365
**File Stem:** 0001193125-26-248038
**Filing Date:** 2026-5
**Character Count:** 679294
**Document Hash:** bea5aead5e366e53580e63e04f8cec1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-248038.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-248038

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**EFFECTIVENESS DATE**: 20260529

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04409
- **FILM NUMBER:** 261043679

**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 Massachusetts Municipal Income Fund (Series ID: S000004841)

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

### Eaton Vance National Municipal Income Fund (Series ID: S000004846)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000013123 | Eaton Vance National Municipal Income Fund Class A | EANAX           |
| C000013125 | Eaton Vance National Municipal Income Fund Class C | ECHMX           |
| C000013126 | Eaton Vance National Municipal Income Fund Class I | EIHMX           |

### Eaton Vance New York Municipal Income Fund (Series ID: S000004848)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000013130 | Eaton Vance New York Municipal Income Fund Class A | ETNYX           |
| C000013132 | Eaton Vance New York Municipal Income Fund Class C | ECNYX           |
| C000063949 | Eaton Vance New York Municipal Income Fund Class I | EINYX           |

### Eaton Vance Ohio Municipal Income Fund (Series ID: S000004851)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000013139 | Eaton Vance Ohio Municipal Income Fund Class A | ETOHX           |
| C000013141 | Eaton Vance Ohio Municipal Income Fund Class C | ECOHX           |
| C000092721 | Eaton Vance Ohio Municipal Income Fund Class I | EIOHX           |

### Eaton Vance California Municipal Opportunities Fund (Series ID: S000004860)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000013166 | Eaton Vance California Municipal Opportunities Fund Class A | EACAX           |
| C000013168 | Eaton Vance California Municipal Opportunities Fund Class C | ECCAX           |
| C000063954 | Eaton Vance California Municipal Opportunities Fund Class I | EICAX           |

?xml version='1.0' encoding='ASCII'? Eaton Vance Municipals Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act File Number: 811-04409

## Eaton Vance Municipals Trust

#### (Exact Name of Registrant as Specified in Charter)

#### One Post Office Square, Boston, Massachusetts 02109

#### (Address of Principal Executive Offices)

#### Deidre E. Walsh

#### One Post Office Square, Boston, Massachusetts 02109

#### (Name and Address of Agent for Services)
(617) 482-8260

#### (Registrant's Telephone Number)

#### September 30

#### Date of Fiscal Year End

#### March 31, 2026

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) ![Image](g117338g12u96.jpg)

# Eaton Vance California Municipal Opportunities Fund

# Class A EACAX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance California Municipal Opportunities Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1031361007 |
| # of Portfolio Holdings | 421 |
| Portfolio Turnover Rate | 40% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g14a05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 14.0% |
| Housing | 3.1% |
| Hospital | 4.1% |
| Other Revenue | 7.7% |
| Education | 7.8% |
| Transportation | 12.0% |
| General Obligations | 51.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g117338g37m18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 1.3% |
| BB | 3.6% |
| BBB | 2.8% |
| A | 14.3% |
| AA | 65.4% |
| AAA | 12.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# EACAX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance California Municipal Opportunities Fund

# Class C ECCAX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance California Municipal Opportunities Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $75 | 1.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1031361007 |
| # of Portfolio Holdings | 421 |
| Portfolio Turnover Rate | 40% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g14a05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 14.0% |
| Housing | 3.1% |
| Hospital | 4.1% |
| Other Revenue | 7.7% |
| Education | 7.8% |
| Transportation | 12.0% |
| General Obligations | 51.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g117338g37m18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 1.3% |
| BB | 3.6% |
| BBB | 2.8% |
| A | 14.3% |
| AA | 65.4% |
| AAA | 12.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# ECCAX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance California Municipal Opportunities Fund

# Class I EICAX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance California Municipal Opportunities Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $25 | 0.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1031361007 |
| # of Portfolio Holdings | 421 |
| Portfolio Turnover Rate | 40% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g14a05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 14.0% |
| Housing | 3.1% |
| Hospital | 4.1% |
| Other Revenue | 7.7% |
| Education | 7.8% |
| Transportation | 12.0% |
| General Obligations | 51.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g117338g37m18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 1.3% |
| BB | 3.6% |
| BBB | 2.8% |
| A | 14.3% |
| AA | 65.4% |
| AAA | 12.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# EICAX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance Massachusetts Municipal Income Fund

# Class A ETMAX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Massachusetts Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $41 | 0.82%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $136115190 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 13% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g13b10.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 12.6% |
| Housing | 5.1% |
| Water and Sewer | 5.5% |
| Transportation | 8.5% |
| Special Tax Revenue | 11.8% |
| General Obligations | 13.8% |
| Hospital | 19.2% |
| Education | 23.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g117338g36y90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 3.9% |
| B | 0.9% |
| BB | 5.1% |
| BBB | 8.4% |
| A | 10.3% |
| AA | 51.5% |
| AAA | 19.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# ETMAX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance Massachusetts Municipal Income Fund

# Class C ECMMX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Massachusetts Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $79 | 1.57%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $136115190 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 13% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g13b10.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 12.6% |
| Housing | 5.1% |
| Water and Sewer | 5.5% |
| Transportation | 8.5% |
| Special Tax Revenue | 11.8% |
| General Obligations | 13.8% |
| Hospital | 19.2% |
| Education | 23.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g117338g36y90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 3.9% |
| B | 0.9% |
| BB | 5.1% |
| BBB | 8.4% |
| A | 10.3% |
| AA | 51.5% |
| AAA | 19.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# ECMMX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance Massachusetts Municipal Income Fund

# Class I EIMAX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Massachusetts Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $31 | 0.62%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $136115190 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 13% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g13b10.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 12.6% |
| Housing | 5.1% |
| Water and Sewer | 5.5% |
| Transportation | 8.5% |
| Special Tax Revenue | 11.8% |
| General Obligations | 13.8% |
| Hospital | 19.2% |
| Education | 23.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g117338g36y90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 3.9% |
| B | 0.9% |
| BB | 5.1% |
| BBB | 8.4% |
| A | 10.3% |
| AA | 51.5% |
| AAA | 19.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# EIMAX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance National Municipal Income Fund

# Class A EANAX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance National Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $34 | 0.68%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4064483282 |
| # of Portfolio Holdings | 628 |
| Portfolio Turnover Rate | 32% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g93r46.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.7% |
| Housing | 3.5% |
| Lease Rev./Cert. of Participation | 3.8% |
| Electric Utilities | 4.2% |
| Other Revenue | 4.7% |
| Education | 4.7% |
| Hospital | 6.2% |
| Water and Sewer | 10.6% |
| Special Tax Revenue | 11.1% |
| Transportation | 18.8% |
| General Obligations | 25.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g117338g31d04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.1% |
| BB | 1.4% |
| BBB | 3.9% |
| A | 15.3% |
| AA | 56.6% |
| AAA | 18.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# EANAX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance National Municipal Income Fund

# Class C ECHMX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance National Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $72 | 1.43%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4064483282 |
| # of Portfolio Holdings | 628 |
| Portfolio Turnover Rate | 32% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g93r46.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.7% |
| Housing | 3.5% |
| Lease Rev./Cert. of Participation | 3.8% |
| Electric Utilities | 4.2% |
| Other Revenue | 4.7% |
| Education | 4.7% |
| Hospital | 6.2% |
| Water and Sewer | 10.6% |
| Special Tax Revenue | 11.1% |
| Transportation | 18.8% |
| General Obligations | 25.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g117338g31d04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.1% |
| BB | 1.4% |
| BBB | 3.9% |
| A | 15.3% |
| AA | 56.6% |
| AAA | 18.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# ECHMX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance National Municipal Income Fund

# Class I EIHMX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance National Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $22 | 0.43%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4064483282 |
| # of Portfolio Holdings | 628 |
| Portfolio Turnover Rate | 32% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g93r46.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.7% |
| Housing | 3.5% |
| Lease Rev./Cert. of Participation | 3.8% |
| Electric Utilities | 4.2% |
| Other Revenue | 4.7% |
| Education | 4.7% |
| Hospital | 6.2% |
| Water and Sewer | 10.6% |
| Special Tax Revenue | 11.1% |
| Transportation | 18.8% |
| General Obligations | 25.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g117338g31d04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.1% |
| BB | 1.4% |
| BBB | 3.9% |
| A | 15.3% |
| AA | 56.6% |
| AAA | 18.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# EIHMX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance New York Municipal Income Fund

# Class A ETNYX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance New York Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $41 | 0.81%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $417387196 |
| # of Portfolio Holdings | 227 |
| Portfolio Turnover Rate | 28% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g97v00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 14.3% |
| Lease Rev./Cert. of Participation | 3.4% |
| Industrial Development Revenue | 4.2% |
| Housing | 6.1% |
| Water and Sewer | 8.5% |
| Education | 10.7% |
| General Obligations | 12.0% |
| Transportation | 19.9% |
| Special Tax Revenue | 20.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g117338g49n12.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.3% |
| B | 1.4% |
| BB | 1.6% |
| BBB | 11.6% |
| A | 9.0% |
| AA | 53.6% |
| AAA | 16.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# ETNYX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance New York Municipal Income Fund

# Class C ECNYX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance New York Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $78 | 1.56%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $417387196 |
| # of Portfolio Holdings | 227 |
| Portfolio Turnover Rate | 28% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g97v00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 14.3% |
| Lease Rev./Cert. of Participation | 3.4% |
| Industrial Development Revenue | 4.2% |
| Housing | 6.1% |
| Water and Sewer | 8.5% |
| Education | 10.7% |
| General Obligations | 12.0% |
| Transportation | 19.9% |
| Special Tax Revenue | 20.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g117338g49n12.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.3% |
| B | 1.4% |
| BB | 1.6% |
| BBB | 11.6% |
| A | 9.0% |
| AA | 53.6% |
| AAA | 16.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# ECNYX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance New York Municipal Income Fund

# Class I EINYX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance New York Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $31 | 0.61%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $417387196 |
| # of Portfolio Holdings | 227 |
| Portfolio Turnover Rate | 28% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g97v00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 14.3% |
| Lease Rev./Cert. of Participation | 3.4% |
| Industrial Development Revenue | 4.2% |
| Housing | 6.1% |
| Water and Sewer | 8.5% |
| Education | 10.7% |
| General Obligations | 12.0% |
| Transportation | 19.9% |
| Special Tax Revenue | 20.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g117338g49n12.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.3% |
| B | 1.4% |
| BB | 1.6% |
| BBB | 11.6% |
| A | 9.0% |
| AA | 53.6% |
| AAA | 16.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# EINYX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance Ohio Municipal Income Fund

# Class A ETOHX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Ohio Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $44 | 0.87%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $194888875 |
| # of Portfolio Holdings | 152 |
| Portfolio Turnover Rate | 24% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g63o57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.1% |
| Housing | 3.4% |
| Other Revenue | 3.5% |
| Special Tax Revenue | 3.8% |
| Water and Sewer | 4.1% |
| Transportation | 4.5% |
| Electric Utilities | 8.7% |
| Hospital | 14.3% |
| Education | 15.4% |
| General Obligations | 36.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g117338g49r21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.1% |
| BB | 1.4% |
| BBB | 4.6% |
| A | 14.4% |
| AA | 71.3% |
| AAA | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# ETOHX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance Ohio Municipal Income Fund

# Class C ECOHX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Ohio Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $81 | 1.62%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $194888875 |
| # of Portfolio Holdings | 152 |
| Portfolio Turnover Rate | 24% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g63o57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.1% |
| Housing | 3.4% |
| Other Revenue | 3.5% |
| Special Tax Revenue | 3.8% |
| Water and Sewer | 4.1% |
| Transportation | 4.5% |
| Electric Utilities | 8.7% |
| Hospital | 14.3% |
| Education | 15.4% |
| General Obligations | 36.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g117338g49r21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.1% |
| BB | 1.4% |
| BBB | 4.6% |
| A | 14.4% |
| AA | 71.3% |
| AAA | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# ECOHX-TSR-SAR
![Image](g117338g12u96.jpg)

# Eaton Vance Ohio Municipal Income Fund

# Class I EIOHX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Ohio Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $34 | 0.67%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $194888875 |
| # of Portfolio Holdings | 152 |
| Portfolio Turnover Rate | 24% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g117338g63o57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.1% |
| Housing | 3.4% |
| Other Revenue | 3.5% |
| Special Tax Revenue | 3.8% |
| Water and Sewer | 4.1% |
| Transportation | 4.5% |
| Electric Utilities | 8.7% |
| Hospital | 14.3% |
| Education | 15.4% |
| General Obligations | 36.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g117338g49r21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.1% |
| BB | 1.4% |
| BBB | 4.6% |
| A | 14.4% |
| AA | 71.3% |
| AAA | 4.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g117338g55x30.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# EIOHX-TSR-SAR

------

(b) Not applicable.

#### Item 2. Code of Ethics
Not required in this filing.

#### Item 3. Audit Committee Financial Expert
Not required in this filing.

#### Item 4. Principal Accountant Fees and Services
Not required in this filing.

#### Item 5. Audit Committee of Listed Registrants
Not applicable.

#### Item 6. Schedule of Investments
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

## Eaton Vance

## Municipal Income Funds

## Semi-Annual Financial Statements and Additional Information
March 31, 2026

------

California Opportunities&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;New York&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Ohio

![](g117338img32da755b1.gif)

------

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

------

#### Semi-Annual Financial Statements and Additional Information March 31, 2026
Eaton Vance

Municipal Income Funds

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_840bc7f7-28d2-4434-8d9a-bbe4d90e3322_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_ea8c62f3-a7b7-46e9-88f6-af610220e75e_1) | [Items 6 and 7 of Form N-CSR:](#xx_ea8c62f3-a7b7-46e9-88f6-af610220e75e_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_ea8c62f3-a7b7-46e9-88f6-af610220e75e_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_ea8c62f3-a7b7-46e9-88f6-af610220e75e_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[California Municipal Opportunities Fund](#xx_ea8c62f3-a7b7-46e9-88f6-af610220e75e_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Massachusetts Municipal Income Fund](#xx_ea8c62f3-a7b7-46e9-88f6-af610220e75e_11) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[New York Municipal Income Fund](#xx_ea8c62f3-a7b7-46e9-88f6-af610220e75e_14) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ohio Municipal Income Fund](#xx_ea8c62f3-a7b7-46e9-88f6-af610220e75e_20) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_024de13b-9028-46ba-a65c-529ecd9abfe3_1) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_024de13b-9028-46ba-a65c-529ecd9abfe3_3) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_024de13b-9028-46ba-a65c-529ecd9abfe3_4) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_014c47e2-0cfd-4e71-9d8b-b80d54749deb_1) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_8f2d285a-cd91-44b0-94fa-9fa3c28bb406_1) | 41 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

California Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments (Unaudited)

------

Closed-End Funds — 0.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock MuniHoldings California Quality Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;258432 | &nbsp;&nbsp;$2687693 |
| Total Closed-End Funds<br> (identified cost $2,706,954) |  | &nbsp;&nbsp;**$2687693** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Tax-Exempt Municipal Obligations — 91.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 7.1% | Education — 7.1% | Education — 7.1% |
| California Enterprise Development Authority, (Campbell Hall Episcopal), 4.00%, 8/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740 | &nbsp;&nbsp;$4743577 |
| California Enterprise Development Authority, (Castilleja School Foundation), 4.00%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;11390 | &nbsp;&nbsp;&nbsp;&nbsp; 10128117 |
| California Enterprise Development Authority, (Curtis School Foundation): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2727114 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1781336 |
| California Enterprise Development Authority, (Sage Hill School): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;13760 | &nbsp;&nbsp;&nbsp;&nbsp; 12153698 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5163339 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1325211 |
| California Enterprise Development Authority, (The Rocklin Academy), 5.00%, 6/1/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 471405 |
| California Infrastructure and Economic Development Bank, (The Colburn School), Social Bonds, 3.32%, (SIFMA + 0.90%), 6/1/27 (Put Date), 8/1/72<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp; 5748308 |
| California Municipal Finance Authority (St. Ignatius College Preparatory), 5.00%, 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5860 | &nbsp;&nbsp;&nbsp;&nbsp; 6037420 |
| California Municipal Finance Authority, (California Baptist University), 5.00%, 11/1/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp; 2284813 |
| California Municipal Finance Authority, (Magnolia Public Schools Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp; 1055704 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/56<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp; 1013912 |
| California School Finance Authority, (Alliance for College Ready Public Schools): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 864754 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 284168 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp; 2995339 |
| California School Finance Authority, (Green Dot Public Schools): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 587890 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2529997 |
| California State University: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95071 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10741629 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| University of California, 5.25%, 5/15/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;$662341 |
|  |  | &nbsp;&nbsp;**$73395143** |
| Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% |
| Trinity Public Utilities District, CA, Green Bonds, 3.00%, 4/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;$651780 |
| Vernon, CA, Electric System Revenue, 5.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1538682 |
|  |  | &nbsp;&nbsp;**$2190462** |
| General Obligations — 42.8% | General Obligations — 42.8% | General Obligations — 42.8% |
| ABC Unified School District, CA, (Election of 2018), 4.00%, 8/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;$5418572 |
| Benicia Unified School District, CA, (Election of 2024), 5.00%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp; 1688143 |
| Berkeley Unified School District, CA, (Election of 2020), 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;&nbsp;&nbsp; 2967955 |
| Beverly Hills Unified School District, CA, (Election of 2008): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 894587 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465 | &nbsp;&nbsp;&nbsp;&nbsp; 2065394 |
| Beverly Hills Unified School District, CA, (Election of 2018), 3.25%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9120 | &nbsp;&nbsp;&nbsp;&nbsp; 8282297 |
| California: |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060738 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 708549 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10792051 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 2089955 |
| Calistoga Joint Unified School District, CA, (Election of 2022), 5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 670352 |
| Chaffey Joint Union High School District, CA, (Election of 2012), 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;10520 | &nbsp;&nbsp;&nbsp;&nbsp; 10525361 |
| Corona-Norco Unified School District, CA, (Election of 2014): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 444516 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp; 1499352 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1312248 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2168049 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1371784 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1892783 |
| Culver City Unified School District, CA, (Election of 2024), 4.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6290 | &nbsp;&nbsp;&nbsp;&nbsp; 6091210 |
| Cupertino Union School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 170279 |
| &nbsp;&nbsp;&nbsp;5.75%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;10410 | &nbsp;&nbsp;&nbsp;&nbsp; 11664090 |
| Desert Community College District, CA, (Election of 2016), 5.00%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1973353 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

California Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Desert Sands Unified School District, CA, (Election of 2024), 4.00%, 8/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;$1041438 |
| El Monte Union High School District, CA, (Election of 2018): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 448747 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 333647 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 330804 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1344008 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1600226 |
| Encinitas Union School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 303527 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp; 2021231 |
| Fairfield-Suisun Unified School District, CA, 0.00%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 217634 |
| Folsom Cordova Unified School District Facilities Improvement No 5, CA, (Election of 2014), 4.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 995793 |
| Fontana Unified School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1467130 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1255877 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;12940 | &nbsp;&nbsp;&nbsp;&nbsp; 13745982 |
| Foothill-De Anza Community College District, CA, (Election of 2020), 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 808812 |
| Gilroy Unified School District, CA, (Election of 2016), 4.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1721841 |
| Glendale Community College District, CA, (Election of 2024), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1580266 |
| Grossmont-Cuyamaca Community College District, CA, (Election of 2012): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/51<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 806052 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/56<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3122022 |
| Hacienda La Puente Unified School District, CA, (Election of 2016): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 483827 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp; 1974067 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1130514 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4704630 |
| Hermosa Beach City School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 163842 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 224402 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 256174 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 135361 |
| Hillsborough City School District, CA, (Election of 2022), 5.00%, 9/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp; 1217581 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Jefferson Union High School District, CA, (Election of 2020): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 8/1/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;$142232 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 281272 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1116335 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1438614 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1641544 |
| Jurupa Unified School District, CA, 4.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 460346 |
| Kern Community College District, CA, (Election of 2016): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1702698 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109230 |
| La Canada Unified School District, CA, (Election of 2017): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1334857 |
| &nbsp;&nbsp;&nbsp;5.50%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | &nbsp;&nbsp;&nbsp;&nbsp; 2002097 |
| &nbsp;&nbsp;&nbsp;5.75%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940 | &nbsp;&nbsp;&nbsp;&nbsp; 4330324 |
| &nbsp;&nbsp;&nbsp;6.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 296548 |
| &nbsp;&nbsp;&nbsp;6.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp; 2254897 |
| &nbsp;&nbsp;&nbsp;6.50%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 357385 |
| Lakeside Union School District San Diego County, CA, (Election of 2008), 0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1325834 |
| Lemon Grove School District, CA, (Election of 2022), 5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 523035 |
| Lemon Grove School District, CA, (Election of 2024), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 520508 |
| Lompoc Unified School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096022 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610 | &nbsp;&nbsp;&nbsp;&nbsp; 2782847 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290 | &nbsp;&nbsp;&nbsp;&nbsp; 4537174 |
| Long Beach Community College District, CA, 5.00%, 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 | &nbsp;&nbsp;&nbsp;&nbsp; 4160052 |
| Long Beach Unified School District, CA, (Election of 2016), 4.25%, 8/1/49<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6480 | &nbsp;&nbsp;&nbsp;&nbsp; 6309190 |
| Los Altos Elementary School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/46<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 306727 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/51<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 637738 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/55<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047108 |
| Los Angeles Unified School District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(Election of 2008), 4.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6730 | &nbsp;&nbsp;&nbsp;&nbsp; 6586868 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4485100 |
| Lucia Mar Unified School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2105349 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3125545 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

California Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Manteca Unified School District, CA, (Election of 2020), 5.25%, 8/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;$1203711 |
| Menlo Park City School District, CA, (Election of 2024), 5.00%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 219917 |
| Milpitas Unified School District, CA, (Election of 2018), 4.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 650734 |
| Modesto High School District, CA, (Election of 2022), 5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2958312 |
| Monterey Peninsula Unified School District, CA, 4.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp; 11151827 |
| Morgan Hill Unified School District, CA, (Election of 2012): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 | &nbsp;&nbsp;&nbsp;&nbsp; 2683116 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1909471 |
| Mountain View Whisman School District, CA, (Election of 2020): |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 13931 |
| &nbsp;&nbsp;&nbsp;3.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;10285 | &nbsp;&nbsp;&nbsp;&nbsp; 8406268 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30535 |
| Mt. San Antonio Community College District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 | &nbsp;&nbsp;&nbsp;&nbsp; 2891162 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330 | &nbsp;&nbsp;&nbsp;&nbsp; 3558043 |
| Napa Valley Unified School District, CA, (Election of 2024), 5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1518246 |
| Newark Unified School District, CA, (Election of 2024), 5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4855 | &nbsp;&nbsp;&nbsp;&nbsp; 5180356 |
| North Monterey County Unified School District, CA, 4.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 4932 |
| Oak Grove School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1498458 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1871652 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 491612 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1057936 |
| Oxnard Union High School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1677694 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1271661 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1507015 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1846998 |
| Pacific Grove Unified School District, CA, (Election of 2020): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 249099 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 274580 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 310256 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 344553 |
| Pajaro Valley Unified School District, CA, 4.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7985 | &nbsp;&nbsp;&nbsp;&nbsp; 7748015 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Palmdale Elementary School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$219037 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 244272 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1311005 |
| Palo Alto Unified School District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(Election of 2008), 0.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 | &nbsp;&nbsp;&nbsp;&nbsp; 4800284 |
| &nbsp;&nbsp;&nbsp;(Election of 2018), 3.25%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 118959 |
| Pasadena Unified School District, CA, (Election of 2020): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2223290 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2201944 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1307281 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935 | &nbsp;&nbsp;&nbsp;&nbsp; 4229937 |
| Pasadena, CA, (Central Library), 5.00%, 9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040 | &nbsp;&nbsp;&nbsp;&nbsp; 5302419 |
| Piner-Olivet Union Elementary School District, CA, (Election of 2024), 4.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 56458 |
| Pleasanton Unified School District, CA, (Election of 2016): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp; 1206957 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp; 1322595 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp; 2765729 |
| Pleasanton Unified School District, CA, (Election of 2022), 4.25%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 841279 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp; 463437 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045 | &nbsp;&nbsp;&nbsp;&nbsp; 3216142 |
| Rio Hondo Community College District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1116335 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106626 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1352998 |
| San Bernardino Community College District, CA, (Election of 2008): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2263263 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185 | &nbsp;&nbsp;&nbsp;&nbsp; 4701684 |
| San Carlos School District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp; 1530291 |
| &nbsp;&nbsp;&nbsp;(Election of 2024), 4.50%, 10/1/55<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 378290 |
| San Diego Community College District, CA, (Election of 2024), 5.00%, 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615 | &nbsp;&nbsp;&nbsp;&nbsp; 4818102 |
| San Diego Unified School District, CA, (Election of 2008), 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 713731 |
| San Diego Unified School District, CA, (Election of 2012), 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp; 1768305 |
| San Diego Unified School District, CA, (Election of 2018): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60829 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

California Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| San Diego Unified School District, CA, (Election of 2018): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;$1984733 |
| San Francisco Bay Area Rapid Transit District, CA, (Election of 2016): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5831734 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7695207 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4896464 |
| San Jacinto Unified School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 871564 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090 | &nbsp;&nbsp;&nbsp;&nbsp; 3251704 |
| San Jose Unified School District, CA, (Election of 2024), 5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 9110033 |
| San Jose-Evergreen Community College District, CA, (Election of 2016), 4.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15265 |
| San Juan Unified School District, CA, (Election of 2016), 4.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp; 1087621 |
| San Leandro Unified School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 728364 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 846126 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 826974 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093022 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082385 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1714670 |
| San Luis Coastal Unified School District, CA, (Election of 2022), 4.00%, 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 308682 |
| San Marcos Unified School District, CA, (Election of 2024), 5.25%, 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9575 | &nbsp;&nbsp;&nbsp;&nbsp; 10132754 |
| San Marino Unified School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 979733 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp; 1001456 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 543345 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 576098 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 950999 |
| San Rafael City Elementary School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 595219 |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp; 2201047 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 459632 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 270600 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1721519 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1534279 |
| San Rafael City High School District, CA, (Election of 2015), 4.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp;&nbsp;&nbsp; 1889780 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Santa Monica-Malibu Unified School District, CA, (Election of 2018), 5.00%, 8/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7420 | &nbsp;&nbsp;$8067342 |
| Santa Monica-Malibu Unified School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 47126 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092882 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 978129 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 287542 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;10405 | &nbsp;&nbsp;&nbsp;&nbsp; 10893543 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1630729 |
| Scotts Valley Unified School District, CA, (Election of 2024), 5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1167651 |
| Sebastopol Union School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 519733 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028587 |
| Solano County Community College District, CA, (Election of 2012): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 783552 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp;&nbsp;&nbsp; 2043810 |
| Southwestern Community College District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1686856 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1481434 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091951 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3195497 |
| Sunnyvale School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1430775 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp; 2145764 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 1059151 |
| Tamalpais Union High School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4125 | &nbsp;&nbsp;&nbsp;&nbsp; 4208579 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8240 | &nbsp;&nbsp;&nbsp;&nbsp; 8288371 |
| &nbsp;&nbsp;&nbsp;4.125%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490 | &nbsp;&nbsp;&nbsp;&nbsp; 2481621 |
| Torrance Unified School District, CA, (Election of 2008), 4.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp; 1586304 |
| Ventura Unified School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1633413 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;10405 | &nbsp;&nbsp;&nbsp;&nbsp; 10941157 |
| Walnut Creek Elementary School District Contra Costa County, CA, (Election of 2022), 5.00%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 417081 |
| Washington Unified School District, CA, (Election of 2020): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2372004 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp; 2139968 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

California Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| West Sonoma County Union High School District, CA, (Election of 2018), 5.00%, 8/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;$1370668 |
| West Valley-Mission Community College District, CA, (Election of 2012), 4.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9775 | &nbsp;&nbsp;&nbsp;&nbsp; 9487249 |
|  |  | &nbsp;&nbsp;**$441135576** |
| Hospital — 2.6% | Hospital — 2.6% | Hospital — 2.6% |
| California Health Facilities Financing Authority, (Cedars-Sinai Health System), 5.00%, 8/15/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4205 | &nbsp;&nbsp;$4348451 |
| California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 4.00%, 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2946585 |
| California Health Facilities Financing Authority, (Providence Health & Services), 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010 | &nbsp;&nbsp;&nbsp;&nbsp; 3011786 |
| California Health Facilities Financing Authority, (Sutter Health), 5.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3009274 |
| California Infrastructure and Economic Development Bank, (Adventist Health Energy), 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp;&nbsp; 1283647 |
| California Municipal Finance Authority, (NorthBay Healthcare Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 503632 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 687609 |
| California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 426985 |
| California Statewide Communities Development Authority, (Loma Linda University Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2803577 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050 | &nbsp;&nbsp;&nbsp;&nbsp; 6058257 |
| California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055022 |
|  |  | &nbsp;&nbsp;**$27134825** |
| Housing — 1.8% | Housing — 1.8% | Housing — 1.8% |
| California Housing Finance Agency, Sustainability Bonds, 3.60% to 8/1/26 (Put Date), 8/1/63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1500550 |
| California Housing Finance Agency, (Shoreview Apartments), (FHLMC), 4.10%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 4818262 |
| California Municipal Finance Authority, (Gibson Drive Apartments), (FNMA), 4.45%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp; 2328104 |
| California Municipal Finance Authority, (Maison's Sierra Phase 2), (FNMA), 4.45%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5053213 |
| Independent Cities Finance Authority, CA, (Castle Mobile Estates), 3.00%, 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 903263 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Independent Cities Finance Authority, CA, (Vista de Santa Barbara Mobilehome Park), 3.00%, 9/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;$1410272 |
| Los Angeles Housing Authority, CA, (Claredon Apartments), 4.15%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2347795 |
|  |  | &nbsp;&nbsp;**$18361459** |
| Industrial Development Revenue — 2.9% | Industrial Development Revenue — 2.9% | Industrial Development Revenue — 2.9% |
| California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/43 | $&nbsp;&nbsp;&nbsp;&nbsp;14165 | &nbsp;&nbsp;$14313329 |
| California Municipal Finance Authority, (Republic Services, Inc.), (AMT), 4.375% to 9/1/33 (Put Date), 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2064073 |
| California Municipal Finance Authority, (United Airlines, Inc. Los Angeles International Airport), (AMT), 4.00%, 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;10130 | &nbsp;&nbsp;&nbsp;&nbsp; 10167257 |
| California Municipal Finance Authority, (Waste Management, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 3.375% to 9/1/28 (Put Date), 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1241677 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.45% to 12/1/26 (Put Date), 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000363 |
|  |  | &nbsp;&nbsp;**$29786699** |
| Insured - Electric Utilities — 0.2% | Insured - Electric Utilities — 0.2% | Insured - Electric Utilities — 0.2% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;$2110595 |
|  |  | &nbsp;&nbsp;**$2110595** |
| Insured - General Obligations — 6.4% | Insured - General Obligations — 6.4% | Insured - General Obligations — 6.4% |
| Aromas-San Juan Unified School District, CA, (Election of 2024), (AG), 5.00%, 8/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;$729178 |
| Bassett Unified School District, CA, (Election of 2020), (BAM), 5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1684277 |
| Biggs Unified High School District, CA, (Election of 2024), (BAM), 5.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 886367 |
| Byron Union School District, CA, (Election of 2024), (BAM), 4.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 382257 |
| Carmichael Recreation and Park District, CA, (BAM), 5.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 180620 |
| Central Unified School District, CA, (AG), 3.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 129122 |
| Cottonwood Union School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 359686 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 641618 |
| Durham Unified School District, CA, (Election of 2024), (BAM), 5.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 231795 |
| Eastern Sierra Unified School District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 283110 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

California Municipal Opportunities Fund

March 31, 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) |
| Eastern Sierra Unified School District, CA: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;$159386 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 214069 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 220983 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 190731 |
| El Rancho Unified School District, CA, (Election of 2016), (BAM), 5.75%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1672970 |
| Fulton-El Camino Recreation and Park District, CA, (Election of 2024), (BAM), 5.25%, 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2090991 |
| Glendale Unified School District, CA, (Election of 2011), (BAM), 3.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8140 | &nbsp;&nbsp;&nbsp;&nbsp; 7346438 |
| Gonzales Unified School District, CA, (Election of 2020), (BAM), 5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1587547 |
| Hayward Unified School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 369707 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 273746 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 134414 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 325074 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1580120 |
| Lake Tahoe Unified School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124755 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69949 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405 | &nbsp;&nbsp;&nbsp;&nbsp; 3556081 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 217353 |
| Long Beach Unified School District, CA, (Election of 1999), (AG), 0.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp; 2713192 |
| Mount Pleasant Elementary School District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 184998 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 407191 |
| Mount Pleasant Elementary School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 278477 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 254595 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 529472 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 669394 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1249103 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1431264 |
| Mountain View School District Los Angeles County, CA, (Election of 2020), (BAM), 5.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1566307 |
| Napa Valley Unified School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37820 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 468410 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Patterson Joint Unified School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1083524 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1836759 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 514132 |
| Ravenswood City School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 172166 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 352442 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 511214 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 481836 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 386575 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 403954 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp; 423650 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 146566 |
| Riverbank Unified School District, CA, (Election of 2018), (AG), 5.50%, 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070033 |
| Sacramento City Unified School District, CA, (Election of 2020), (AG), 5.50%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6920 | &nbsp;&nbsp;&nbsp;&nbsp; 7436321 |
| Sacramento City Unified School District, CA, (Election of 2024), (AG), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp;&nbsp;&nbsp; 5052222 |
| Sanger Unified School District, CA, (Election of 2024), (BAM), 5.25%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 2300257 |
| Simi Valley Unified School District, CA, (Election of 2004), (AG), 0.00%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 4611371 |
| Temecula Valley Unified School District, CA, (Election of 2012), (AG), 4.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 289941 |
| Ukiah Unified School District, CA, (Election of 2020), (AG), 5.50%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2505795 |
| Washington Township Health Care District, CA, (Election of 2020), (AG), 4.125%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017517 |
|  |  | &nbsp;&nbsp;**$66028842** |
| Insured - Hospital — 1.0% | Insured - Hospital — 1.0% | Insured - Hospital — 1.0% |
| California Health Facilities Financing Authority, (Adventist Health System), (AG), 4.00%, 3/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6155 | &nbsp;&nbsp;$5995734 |
| California Health Facilities Financing Authority, (Kaiser Permanente), (BAM), 4.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp; 3954919 |
| Cambria Community Healthcare District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 325315 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 140607 |
|  |  | &nbsp;&nbsp;**$10416575** |
| Insured - Lease Revenue/Certificates of Participation — 0.3% | Insured - Lease Revenue/Certificates of Participation — 0.3% | Insured - Lease Revenue/Certificates of Participation — 0.3% |
| Inglewood Joint Powers Authority, CA, (Inglewood Main Library Renovation and Seismic Retrofit): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$267173 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

California Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Lease Revenue/Certificates of Participation (continued) | Insured - Lease Revenue/Certificates of Participation (continued) | Insured - Lease Revenue/Certificates of Participation (continued) |
| Inglewood Joint Powers Authority, CA, (Inglewood Main Library Renovation and Seismic Retrofit): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.25%, 8/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2640051 |
|  |  | &nbsp;&nbsp;**$2907224** |
| Insured - Special Tax Revenue — 1.5% | Insured - Special Tax Revenue — 1.5% | Insured - Special Tax Revenue — 1.5% |
| Elk Grove Finance Authority, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 9/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;$621025 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 242026 |
| Golden Valley Unified School District Financing Authority, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 357042 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 327103 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 289954 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 9/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 323443 |
| RNR School Financing Authority Community Facilities District No. 92-1, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp; 832546 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 727395 |
| San Clemente, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp; 3458554 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp; 1909059 |
| Tracy Community Facilities District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 219479 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 272380 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 209971 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 304221 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3123061 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp; 2790641 |
|  |  | &nbsp;&nbsp;**$16007900** |
| Insured - Water and Sewer — 0.3% | Insured - Water and Sewer — 0.3% | Insured - Water and Sewer — 0.3% |
| Mountain House Financing Authority, CA, Utility Systems Revenue, Green Bonds, (BAM), 4.125%, 12/1/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320 | &nbsp;&nbsp;$2181882 |
| Stockton-East Water District, CA, Green Bonds, (BAM), 5.00%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp; 1252767 |
|  |  | &nbsp;&nbsp;**$3434649** |
| Lease Revenue/Certificates of Participation — 1.6% | Lease Revenue/Certificates of Participation — 1.6% | Lease Revenue/Certificates of Participation — 1.6% |
| California Municipal Finance Authority, (Mammoth Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;$1407043 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp; 1429272 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1571670 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp; 1650534 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) |
| California Municipal Finance Authority, (Mammoth Hospital): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;$1604902 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4414843 |
| Fontana Public Facilities Financing Authority, CA, 5.00%, 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4688652 |
|  |  | &nbsp;&nbsp;**$16766916** |
| Other Revenue — 7.2% | Other Revenue — 7.2% | Other Revenue — 7.2% |
| California Community Choice Financing Authority, Clean Energy Project Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 12/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;$7582324 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030 | &nbsp;&nbsp;&nbsp;&nbsp; 8406336 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;19625 | &nbsp;&nbsp;&nbsp;&nbsp; 20048998 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 11/1/32 (Put Date), 2/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10754365 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 10/1/32 (Put Date), 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7267803 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 7/1/34 (Put Date), 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9091041 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 10/1/33 (Put Date), 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2608141 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325 | &nbsp;&nbsp;&nbsp;&nbsp; 4705568 |
| California Public Finance Authority, (Hazelden Betty Ford Foundation), 5.00%, 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3023078 |
| Morongo Band of Mission Indians, CA, 5.00%, 10/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 466479 |
|  |  | &nbsp;&nbsp;**$73954133** |
| Senior Living/Life Care — 2.0% | Senior Living/Life Care — 2.0% | Senior Living/Life Care — 2.0% |
| California Health Facilities Financing Authority, (Episcopal Communities and Services): |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, 11/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1500438 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 | &nbsp;&nbsp;&nbsp;&nbsp; 1681159 |
| California Municipal Finance Authority, (HumanGood - California Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 | &nbsp;&nbsp;&nbsp;&nbsp; 3661428 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 3073069 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp; 1567184 |
| California Public Finance Authority, (Enso Village), Green Bonds, 5.00%, 11/15/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1572937 |
| California Statewide Communities Development Authority, (Odd Fellows Home of California): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/45<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 286900 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/46<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 657341 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/48<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 826709 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

California Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| California Statewide Communities Development Authority, (Odd Fellows Home of California): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/49<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;$566040 |
| California Statewide Communities Development Authority, (Sequoia Living): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp; 2187370 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110 | &nbsp;&nbsp;&nbsp;&nbsp; 2279076 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 687371 |
|  |  | &nbsp;&nbsp;**$20547022** |
| Special Tax Revenue — 0.4% | Special Tax Revenue — 0.4% | Special Tax Revenue — 0.4% |
| Irvine Community Facilities District No. 2013-3, CA, (Great Park): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;$1183740 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023075 |
| &nbsp;&nbsp;&nbsp;Series 2018, 5.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 644455 |
| &nbsp;&nbsp;&nbsp;Series 2018, 5.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 788703 |
| San Luis Obispo Community Facilities District No. 2019-1, CA, (San Luis Ranch), 4.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126576 |
|  |  | &nbsp;&nbsp;**$3766549** |
| Transportation — 11.3% | Transportation — 11.3% | Transportation — 11.3% |
| Bay Area Toll Authority, CA, (San Francisco Bay Area): |  |  |
| &nbsp;&nbsp;&nbsp;2.72%, (SIFMA + 0.30%), 4/1/56<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$4967743 |
| &nbsp;&nbsp;&nbsp;(LOC: Bank of America, N.A.), 2.35%, 4/1/59<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2457511 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4536911 |
| California Municipal Finance Authority, (LINXS Automated People Mover): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/31/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570 | &nbsp;&nbsp;&nbsp;&nbsp; 2621371 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/31/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7705 | &nbsp;&nbsp;&nbsp;&nbsp; 7709683 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028546 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215 | &nbsp;&nbsp;&nbsp;&nbsp; 3271367 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 3765052 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;17435 | &nbsp;&nbsp;&nbsp;&nbsp; 17664218 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10487565 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5612008 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5568156 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 4.00%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 522340 |
| Sacramento County, CA, Airport System Revenue, (AMT), 5.25%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8530 | &nbsp;&nbsp;&nbsp;&nbsp; 8776614 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| San Diego County Regional Airport Authority, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$655489 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1664682 |
| San Diego County Regional Airport Authority, CA, (San Diego International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3193097 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp; 7190874 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7240 | &nbsp;&nbsp;&nbsp;&nbsp; 7560796 |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3265641 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp; 2485833 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.75%, 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9390 | &nbsp;&nbsp;&nbsp;&nbsp; 10036079 |
|  |  | &nbsp;&nbsp;**$116591576** |
| Water and Sewer — 1.8% | Water and Sewer — 1.8% | Water and Sewer — 1.8% |
| California Department of Water Resources, CA, (Central Valley), 5.00%, 12/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 | &nbsp;&nbsp;$2392270 |
| San Francisco City and County Public Utilities Commission, CA, Water Revenue, 4.00%, 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;13240 | &nbsp;&nbsp;&nbsp;&nbsp; 13041555 |
| San Mateo-Foster City Public Financing Authority, CA, (Clean Water Program), 5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915 | &nbsp;&nbsp;&nbsp;&nbsp; 3039902 |
|  |  | &nbsp;&nbsp;**$18473727** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $937,126,770) |  | &nbsp;&nbsp;**$943009872** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Taxable Municipal Obligations — 8.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 0.6% | Education — 0.6% | Education — 0.6% |
| California Municipal Finance Authority, (Albert Einstein Academies), 3.75%, 8/1/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105 | &nbsp;&nbsp;$1875087 |
| University of California, 3.73%, 7/1/41<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030 | &nbsp;&nbsp;&nbsp;&nbsp; 4030000 |
|  |  | &nbsp;&nbsp;**$5905087** |
| General Obligations — 1.8% | General Obligations — 1.8% | General Obligations — 1.8% |
| California, 7.50%, 4/1/34<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;$9196783 |
| Chaffey Community College District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;4.756%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045 | &nbsp;&nbsp;&nbsp;&nbsp; 3124066 |
| &nbsp;&nbsp;&nbsp;4.812%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870 | &nbsp;&nbsp;&nbsp;&nbsp; 2946484 |
| Huntington Beach Union High School District, CA, 1.884%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp; 1653201 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

California Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Palmdale School District, CA, 1.67%, 8/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$462390 |
| San Mateo Union High School District, CA, 2.111%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1018134 |
|  |  | &nbsp;&nbsp;**$18401058** |
| Hospital — 0.2% | Hospital — 0.2% | Hospital — 0.2% |
| California Infrastructure and Economic Development Bank, (Adventist Health Energy), 5.929%, 7/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;$2147240 |
|  |  | &nbsp;&nbsp;**$2147240** |
| Housing — 1.3% | Housing — 1.3% | Housing — 1.3% |
| California Municipal Finance Authority, (View at San Bruno LP), 4.50% to 7/1/27 (Put Date), 7/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$10042748 |
| California Municipal Finance Authority, (Witmer Manor Community Partners LP), (FNMA), 6.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008174 |
| Independent Cities Finance Authority, CA, (Sahara Mobile Home Park): |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 562858 |
| &nbsp;&nbsp;&nbsp;3.20%, 6/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685 | &nbsp;&nbsp;&nbsp;&nbsp; 2059728 |
|  |  | &nbsp;&nbsp;**$13673508** |
| Insured - Education — 0.1% | Insured - Education — 0.1% | Insured - Education — 0.1% |
| University of California College of the Law San Francisco, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.719%, 8/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$200356 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.819%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200095 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.992%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200778 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.092%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 501521 |
|  |  | &nbsp;&nbsp;**$1102750** |
| Insured - General Obligations — 0.6% | Insured - General Obligations — 0.6% | Insured - General Obligations — 0.6% |
| Mojave Unified School District, CA, (BAM), 2.731%, 8/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$409515 |
| Peralta Community College District, CA, (NPFG), (LOC: Barclays Bank PLC), 3.72%, 8/5/31<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840 | &nbsp;&nbsp;&nbsp;&nbsp; 5840000 |
|  |  | &nbsp;&nbsp;**$6249515** |
| Insured - Hospital — 0.3% | Insured - Hospital — 0.3% | Insured - Hospital — 0.3% |
| California Municipal Finance Authority, (Children's Hospital Los Angeles), (AG), 5.40%, 11/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2553433 |
|  |  | &nbsp;&nbsp;**$2553433** |
| Insured - Lease Revenue/Certificates of Participation — 0.2% | Insured - Lease Revenue/Certificates of Participation — 0.2% | Insured - Lease Revenue/Certificates of Participation — 0.2% |
| Fresno County, CA, (BAM), (NPFG), 0.00%, 8/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745 | &nbsp;&nbsp;$2182219 |
|  |  | &nbsp;&nbsp;**$2182219** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue — 0.2% | Insured - Special Tax Revenue — 0.2% | Insured - Special Tax Revenue — 0.2% |
| Rio Elementary School District Community Facilities District No. 1, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 1.826%, 9/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$940284 |
| &nbsp;&nbsp;&nbsp;(BAM), 2.307%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1328594 |
|  |  | &nbsp;&nbsp;**$2268878** |
| Insured - Transportation — 0.8% | Insured - Transportation — 0.8% | Insured - Transportation — 0.8% |
| Alameda Corridor Transportation Authority, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 10/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;$692478 |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp; 902261 |
| San Joaquin Hills Transportation Corridor Agency, CA, (AG), 2.303%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7145 | &nbsp;&nbsp;&nbsp;&nbsp; 6936019 |
|  |  | &nbsp;&nbsp;**$8530758** |
| Lease Revenue/Certificates of Participation — 0.7% | Lease Revenue/Certificates of Participation — 0.7% | Lease Revenue/Certificates of Participation — 0.7% |
| California State Public Works Board: |  |  |
| &nbsp;&nbsp;&nbsp;4.859%, 4/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3054886 |
| &nbsp;&nbsp;&nbsp;4.879%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1537034 |
| &nbsp;&nbsp;&nbsp;4.917%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019780 |
|  |  | &nbsp;&nbsp;**$6611700** |
| Other Revenue — 0.6% | Other Revenue — 0.6% | Other Revenue — 0.6% |
| Pasadena, CA, 3.097%, 5/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;$6396382 |
|  |  | &nbsp;&nbsp;**$6396382** |
| Senior Living/Life Care — 0.1% | Senior Living/Life Care — 0.1% | Senior Living/Life Care — 0.1% |
| California Municipal Finance Authority, (Channing House), 4.51%, 5/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;$1020354 |
|  |  | &nbsp;&nbsp;**$1020354** |
| Special Tax Revenue — 0.5% | Special Tax Revenue — 0.5% | Special Tax Revenue — 0.5% |
| Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.654%, 7/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;$1664486 |
| &nbsp;&nbsp;&nbsp;4.726%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp; 1996009 |
| &nbsp;&nbsp;&nbsp;4.792%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 952087 |
| Successor Agency to San Diego Redevelopment Agency, CA, 3.75%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 249722 |
|  |  | &nbsp;&nbsp;**$4862304** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

California Municipal Opportunities Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer — 0.1% | Water and Sewer — 0.1% | Water and Sewer — 0.1% |
| Santa Clara Valley Water District, CA, 4.57%, 6/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;$1406705 |
|  |  | &nbsp;&nbsp;**$1406705** |
| Total Taxable Municipal Obligations<br> (identified cost $84,786,079) |  | &nbsp;&nbsp;**$83311891** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills, 0.00%, 4/7/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;$7995187 |
| Total Short-Term Investments<br> (identified cost $7,995,189) |  | &nbsp;&nbsp;**$7995187** |
| Total Investments — 100.5%<br> (identified cost $1,032,614,992) |  | &nbsp;&nbsp;**$1037004643** |
| Other Assets, Less Liabilities — (0.5)% |  | &nbsp;&nbsp;**$(5643636)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$1031361007** |

---

---

| | |
|:---|:---|
| 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 March 31, 2026, the aggregate value of these securities is $16,002,485 or 1.6% of the Fund's net assets. |
| <sup>(2)</sup> | Floating rate security. The stated interest rate represents the rate in effect at March 31, 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 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 March 31, 2026. |
| <sup>(5)</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 March 31, 2026. |
| <sup>(6)</sup> | Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. |

---

The Fund invests primarily in debt securities issued by California 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 March 31, 2026, 11.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.2% to 6.0% of total investments.

---

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

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Massachusetts Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 99.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 2.7% | Bond Bank — 2.7% | Bond Bank — 2.7% |
| Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105 | &nbsp;&nbsp;$3653500 |
|  |  | &nbsp;&nbsp;**$3653500** |
| Education — 19.4% | Education — 19.4% | Education — 19.4% |
| Massachusetts Development Finance Agency, (Amherst College), 5.00% to 11/1/35 (Put Date), 11/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1146375 |
| Massachusetts Development Finance Agency, (Bentley University), 4.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1272022 |
| Massachusetts Development Finance Agency, (Boston College), 5.00%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2583578 |
| Massachusetts Development Finance Agency, (Boston University), 5.00%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040490 |
| Massachusetts Development Finance Agency, (Dexter Southfield): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1551108 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp; 1661016 |
| Massachusetts Development Finance Agency, (Harvard University), 5.00% to 5/13/32 (Put Date), 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp; 1964925 |
| Massachusetts Development Finance Agency, (Middlesex School), 4.25%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1442338 |
| Massachusetts Development Finance Agency, (Springfield College), Green Bonds, 4.00%, 6/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 1718495 |
| Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 758011 |
| Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1577658 |
| Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5818584 |
| University of Massachusetts Building Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp;&nbsp; 1794746 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2044338 |
|  |  | &nbsp;&nbsp;**$26373684** |
| Electric Utilities — 0.7% | Electric Utilities — 0.7% | Electric Utilities — 0.7% |
| Massachusetts Municipal Wholesale Electric Co., 4.00%, 7/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$882171 |
|  |  | &nbsp;&nbsp;**$882171** |
| General Obligations — 14.0% | General Obligations — 14.0% | General Obligations — 14.0% |
| Concord, MA, 4.00%, 1/15/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1896575 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| East Longmeadow, MA, 3.00%, 11/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1706958 |
| Framingham, MA, 3.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp;&nbsp; 1617354 |
| Greater Fall River Vocational School District, MA, 5.00%, 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1531948 |
| Massachusetts: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 874205 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2107049 |
| New Bedford, MA, 4.00%, 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2452685 |
| Northeast Metropolitan Regional Vocational School District, MA, 4.00%, 4/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp; 2864302 |
| Puerto Rico, 5.625%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1834945 |
| Spencer East Brookfield Regional School District, MA, 4.25%, 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 764167 |
| Tyngsborough, MA, 3.00%, 10/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp; 1415543 |
|  |  | &nbsp;&nbsp;**$19065731** |
| Hospital — 19.5% | Hospital — 19.5% | Hospital — 19.5% |
| Massachusetts Development Finance Agency, (Beth Israel Lahey Health, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1004125 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2788365 |
| Massachusetts Development Finance Agency, (Boston Children's Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2609134 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.70%, 3/1/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 |
| Massachusetts Development Finance Agency, (Boston Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1598858 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp; 2930766 |
| Massachusetts Development Finance Agency, (Mass General Brigham): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1131480 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2114358 |
| Massachusetts Development Finance Agency, (Partners Healthcare System), 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002190 |
| Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp; 1272882 |
| Massachusetts Development Finance Agency, (Umass Memorial Health Care, Inc.), 5.25%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1756570 |
| Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.70%, 7/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.70%, 7/1/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165 | &nbsp;&nbsp;&nbsp;&nbsp; 3165000 |
|  |  | &nbsp;&nbsp;**$26473728** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Massachusetts Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 5.2% | Housing — 5.2% | Housing — 5.2% |
| Massachusetts Development Finance Agency, (Merrimack College Student Housing): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 7/1/34<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$507938 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/44<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014782 |
| Massachusetts Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 2.40%, 12/1/48<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 875000 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Social Bonds, 4.90%, 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2013806 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 2.65%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 999314 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 3.00%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 708234 |
|  |  | &nbsp;&nbsp;**$7119074** |
| Industrial Development Revenue — 0.9% | Industrial Development Revenue — 0.9% | Industrial Development Revenue — 0.9% |
| National Finance Authority, NH, (Covanta): |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/1/42<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;$581542 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.875%, 11/1/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 661724 |
|  |  | &nbsp;&nbsp;**$1243266** |
| Insured - Education — 4.5% | Insured - Education — 4.5% | Insured - Education — 4.5% |
| Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5460 | &nbsp;&nbsp;$6156259 |
|  |  | &nbsp;&nbsp;**$6156259** |
| Insured - Special Tax Revenue — 4.0% | Insured - Special Tax Revenue — 4.0% | Insured - Special Tax Revenue — 4.0% |
| Massachusetts, Dedicated Tax Revenue, (NPFG), Escrowed to Maturity, 5.50%, 1/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955 | &nbsp;&nbsp;$5426071 |
|  |  | &nbsp;&nbsp;**$5426071** |
| Lease Revenue/Certificates of Participation — 1.0% | Lease Revenue/Certificates of Participation — 1.0% | Lease Revenue/Certificates of Participation — 1.0% |
| National Finance Authority, NH, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;$1406112 |
|  |  | &nbsp;&nbsp;**$1406112** |
| Other Revenue — 1.4% | Other Revenue — 1.4% | Other Revenue — 1.4% |
| Massachusetts Development Finance Agency, (Broad Institute), 4.00%, 4/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;$1929409 |
|  |  | &nbsp;&nbsp;**$1929409** |
| Senior Living/Life Care — 1.6% | Senior Living/Life Care — 1.6% | Senior Living/Life Care — 1.6% |
| Massachusetts Development Finance Agency, (Linden Ponds, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/33<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;$211339 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 138101 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1890696 |
|  |  | &nbsp;&nbsp;**$2240136** |
| Special Tax Revenue — 8.0% | Special Tax Revenue — 8.0% | Special Tax Revenue — 8.0% |
| American Samoa Economic Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/32<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;$352893 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/33<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 259714 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201769 |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 481299 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360 | &nbsp;&nbsp;&nbsp;&nbsp; 2422650 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1401028 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670 | &nbsp;&nbsp;&nbsp;&nbsp; 2832995 |
| Massachusetts School Building Authority, Social Bonds, 5.25%, 2/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056769 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1904250 |
|  |  | &nbsp;&nbsp;**$10913367** |
| Student Loan — 2.3% | Student Loan — 2.3% | Student Loan — 2.3% |
| Massachusetts Educational Financing Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 3.625%, 7/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;$1369510 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.25%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1811651 |
|  |  | &nbsp;&nbsp;**$3181161** |
| Transportation — 8.6% | Transportation — 8.6% | Transportation — 8.6% |
| Massachusetts Port Authority, (AMT), 5.00%, 7/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4090 | &nbsp;&nbsp;$4106426 |
| Massachusetts Port Authority, (Bosfuel Project): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1406996 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2506330 |
| Massachusetts, (Rail Enhancement Program): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp; 1080760 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2573817 |
|  |  | &nbsp;&nbsp;**$11674329** |
| Water and Sewer — 5.6% | Water and Sewer — 5.6% | Water and Sewer — 5.6% |
| Boston Water and Sewer Commission, MA: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 11/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1284712 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001956 |
| Massachusetts Clean Water Trust, Sustainability Bonds, 5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077714 |
| Massachusetts Water Resources Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(LOC: Bank of America, N.A.), 2.52%, 8/1/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Massachusetts Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Massachusetts Water Resources Authority: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: U.S. Bank, N.A.), 2.60%, 8/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3000000 |
|  |  | &nbsp;&nbsp;**$7614382** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $134,859,654) |  | &nbsp;&nbsp;**$135352380** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Taxable Municipal Obligations — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation — 0.1% | Lease Revenue/Certificates of Participation — 0.1% | Lease Revenue/Certificates of Participation — 0.1% |
| National Finance Authority, NH, (Centurion BioSquare, Inc.), 9.58%, 12/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;$86089 |
| National Finance Authority, NH, (Centurion Foundation), 11.00%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45549 |
| Total Taxable Municipal Obligations<br> (identified cost $130,000) |  | &nbsp;&nbsp;**$131638** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 2.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.23%<sup>(5)</sup> | 2824722 | &nbsp;&nbsp;$2825005 |
| Total Short-Term Investments<br> (identified cost $2,825,005) |  | &nbsp;&nbsp;**$2825005** |
| Total Investments — 101.6%<br> (identified cost $137,814,659) |  | &nbsp;&nbsp;**$138309023** |
| Other Assets, Less Liabilities — (1.6)% |  | &nbsp;&nbsp;**$(2193833)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$136115190** |

---

---

| | |
|:---|:---|
| 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> | 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 March 31, 2026. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2026, the aggregate value of these securities is $6,820,498 or 5.0% of the Fund's net assets. |

---

---

| | |
|:---|:---|
| <sup>(3)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at March 31, 2026. |
| <sup>(4)</sup> | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| <sup>(5)</sup> | The rate shown is the annualized seven-day yield as of March 31, 2026. |
| The Fund invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2026, 8.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 3.9% to 4.5% of total investments. | The Fund invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2026, 8.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 3.9% to 4.5% of total investments. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AMBAC | – AMBAC Financial Group, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| 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. |
| SPA | – Standby Bond Purchase Agreement |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

New York Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited)

------

Corporate Bonds — 0.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 0.4% | Education — 0.4% | Education — 0.4% |
| Cornell University, 4.169%, 6/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;$1435283 |
| Total Corporate Bonds<br> (identified cost $1,445,000) |  | &nbsp;&nbsp;**$1435283** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Tax-Exempt Municipal Obligations — 99.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 1.4% | Bond Bank — 1.4% | Bond Bank — 1.4% |
| New York State Environmental Facilities Corp., (State Revolving Fund): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 9/15/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;$3915994 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 9/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp; 1988994 |
|  |  | &nbsp;&nbsp;**$5904988** |
| Education — 8.7% | Education — 8.7% | Education — 8.7% |
| Albany Capital Resource Corp., NY, (KIPP Capital Region Public Charter Schools), 4.75%, 6/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;$1205106 |
| Build NYC Resource Corp., NY, (Grand Concourse Academy Charter School), 5.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 313384 |
| Build NYC Resource Corp., NY, (Nightingale-Bamford School), 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3522069 |
| Build NYC Resource Corp., NY, (South Bronx Classical Charter School V): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2068898 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 819132 |
| Build NYC Resource Corp., NY, (Success Academy Charter School): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1106537 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 697174 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1297181 |
| Build NYC Resource Corp., NY, (The Renaissance Charter School), 5.25%, 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2085522 |
| Dutchess County Local Development Corp., NY, (Culinary Institute of America): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 128133 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 496380 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 382337 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 440826 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 618523 |
| Monroe County Industrial Development Corp., NY, (True North Rochester Preparatory Charter School), 5.00%, 6/1/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1137336 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Monroe County Industrial Development Corp., NY, (University of Rochester): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;$1776165 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 569045 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 562986 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 410468 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1064949 |
| Nassau County Industrial Development Agency, NY, (Cold Spring Harbor Laboratory), (SPA: TD Bank, N.A.), 2.70%, 1/1/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| New York Dormitory Authority, (Barnard College), 4.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1702017 |
| New York Dormitory Authority, (Columbia University), 5.00%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 218702 |
| New York Dormitory Authority, (New York University), 4.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455 | &nbsp;&nbsp;&nbsp;&nbsp; 2280590 |
| New York Dormitory Authority, (Pace University), 5.25%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 450448 |
| New York Dormitory Authority, (Rockefeller University), 4.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610 | &nbsp;&nbsp;&nbsp;&nbsp; 2325678 |
| Onondaga County Trust for Cultural Resources, NY, (Syracuse University): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875 | &nbsp;&nbsp;&nbsp;&nbsp; 2629364 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 723787 |
| Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 475129 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp;&nbsp;&nbsp; 2843959 |
|  |  | &nbsp;&nbsp;**$36351825** |
| Electric Utilities — 0.9% | Electric Utilities — 0.9% | Electric Utilities — 0.9% |
| Utility Debt Securitization Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;$638063 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 12/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 1031468 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 1044138 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 9/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp; 1231984 |
|  |  | &nbsp;&nbsp;**$3945653** |
| General Obligations — 9.8% | General Obligations — 9.8% | General Obligations — 9.8% |
| Amherst, NY: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 11/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;$571177 |
| &nbsp;&nbsp;&nbsp;2.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 492696 |
| Islip, NY, 4.125%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 530431 |
| Kingston, NY, 4.00%, 4/1/37<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp; 1581404 |
| Nassau County, NY, 4.00%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 226070 |
| New York: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2514595 |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

New York Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| New York: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 | &nbsp;&nbsp;$2643507 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2355476 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855 | &nbsp;&nbsp;&nbsp;&nbsp; 2648969 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1519219 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1138286 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1558278 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 541976 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 314027 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2052421 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 508432 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1683324 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp; 6729055 |
| &nbsp;&nbsp;&nbsp;5.50%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2138152 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 330679 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp; 1725329 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092309 |
| Rye City School District, NY, 4.125%, 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 306428 |
| Valley Stream, NY: |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 239469 |
| &nbsp;&nbsp;&nbsp;2.25%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 211156 |
| &nbsp;&nbsp;&nbsp;2.375%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 246644 |
| Westchester County, NY, 5.00%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535 | &nbsp;&nbsp;&nbsp;&nbsp; 5035314 |
|  |  | &nbsp;&nbsp;**$40934823** |
| Health Care - Miscellaneous — 0.2% | Health Care - Miscellaneous — 0.2% | Health Care - Miscellaneous — 0.2% |
| New York Dormitory Authority, (United Cerebral Palsy Association): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$341388 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 411054 |
|  |  | &nbsp;&nbsp;**$752442** |
| Hospital — 2.5% | Hospital — 2.5% | Hospital — 2.5% |
| Dutchess County Local Development Corp., NY, (Health Quest System, Inc.), 4.00%, 7/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4965 | &nbsp;&nbsp;$4613740 |
| Genesee County Funding Corp., NY, (Rochester Regional Health Energy), 5.50%, 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1530460 |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 879536 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1090065 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 372912 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| New York Dormitory Authority, (Northwell Health Obligated Group), 4.00%, 5/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1727755 |
|  |  | &nbsp;&nbsp;**$10214468** |
| Housing — 5.5% | Housing — 5.5% | Housing — 5.5% |
| New York City Housing Development Corp., NY: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 2.60%, 11/1/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$701168 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 2.85%, 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920 | &nbsp;&nbsp;&nbsp;&nbsp; 4054388 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 4.30%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp; 1957023 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 4.45%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 971316 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 4.85%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1309139 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 5.00%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 666312 |
| New York Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.70%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1252362 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 2.60%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1051752 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, (SPA: Barclays Bank PLC), 2.85%, 11/1/64<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 |
| New York Mortgage Agency: |  |  |
| &nbsp;&nbsp;&nbsp;3.65%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 115025 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.55%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5905 | &nbsp;&nbsp;&nbsp;&nbsp; 5739027 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.875%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1206890 |
| Westchester County Local Development Corp., NY, (Purchase Housing Corp. II): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 170287 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2476384 |
|  |  | &nbsp;&nbsp;**$23071073** |
| Industrial Development Revenue — 4.3% | Industrial Development Revenue — 4.3% | Industrial Development Revenue — 4.3% |
| New York Energy Research and Development Authority, (Rochester Gas and Electric Corp.), (AMT), 4.00%, 5/15/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;$1445164 |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 2.875% to 12/3/29 (Put Date), 12/1/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp; 1142589 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.125% to 6/1/26 (Put Date), 12/1/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 998704 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016344 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2031497 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2960 | &nbsp;&nbsp;&nbsp;&nbsp; 3003265 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.00%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp; 2068069 |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

New York Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue (continued) | Industrial Development Revenue (continued) | Industrial Development Revenue (continued) |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), (AMT), 3.00%, 8/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;$2626227 |
| Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3524388 |
|  |  | &nbsp;&nbsp;**$17856247** |
| Insured - Education — 1.8% | Insured - Education — 1.8% | Insured - Education — 1.8% |
| New York Dormitory Authority, (CUNY Student Housing), (AMBAC), (BAM), 5.50%, 7/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;$7500322 |
|  |  | &nbsp;&nbsp;**$7500322** |
| Insured - Electric Utilities — 2.0% | Insured - Electric Utilities — 2.0% | Insured - Electric Utilities — 2.0% |
| Long Island Power Authority, NY, (BAM), 5.00%, 9/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;$2127877 |
| New York Power Authority, Green Transmission Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AG), 5.00%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1987266 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AG), 5.25%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129822 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AG), 5.25%, 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128469 |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2069979 |
|  |  | &nbsp;&nbsp;**$8443413** |
| Insured - Escrowed/Prerefunded — 2.4% | Insured - Escrowed/Prerefunded — 2.4% | Insured - Escrowed/Prerefunded — 2.4% |
| New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;11530 | &nbsp;&nbsp;$10134457 |
|  |  | &nbsp;&nbsp;**$10134457** |
| Insured - General Obligations — 2.2% | Insured - General Obligations — 2.2% | Insured - General Obligations — 2.2% |
| Long Beach, NY, (BAM), 4.00%, 9/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;$811106 |
| Nassau County, NY, (AG), 4.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 346104 |
| Oswego, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 4/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1288151 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 4/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1235413 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 4/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 751981 |
| Yonkers, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.125%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 251595 |
| &nbsp;&nbsp;&nbsp;(AG), 4.125%, 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 493649 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1136193 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 960850 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 651049 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 221139 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 877487 |
|  |  | &nbsp;&nbsp;**$9024717** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Hospital — 0.2% | Insured - Hospital — 0.2% | Insured - Hospital — 0.2% |
| New York Dormitory Authority, (Montefiore Obligated Group), (BAM), 4.00%, 9/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$51461 |
| Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), (AG), 5.00%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 725450 |
|  |  | &nbsp;&nbsp;**$776911** |
| Insured - Other Revenue — 0.3% | Insured - Other Revenue — 0.3% | Insured - Other Revenue — 0.3% |
| New York City Industrial Development Agency, NY, (Yankee Stadium), (AG), 0.00%, 3/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;$1428069 |
|  |  | &nbsp;&nbsp;**$1428069** |
| Insured - Solid Waste — 0.2% | Insured - Solid Waste — 0.2% | Insured - Solid Waste — 0.2% |
| Onondaga County Resource Recovery Agency, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.00%, 5/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$150253 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.00%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 756484 |
|  |  | &nbsp;&nbsp;**$906737** |
| Insured - Transportation — 1.8% | Insured - Transportation — 1.8% | Insured - Transportation — 1.8% |
| Metropolitan Transportation Authority, NY, Green Bonds, (BAM), 4.00%, 11/15/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp;$3088823 |
| New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AG), (AMT), 5.00%, 6/30/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | &nbsp;&nbsp;&nbsp;&nbsp; 1772058 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AG), (AMT), 6.00%, 6/30/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp; 2476974 |
|  |  | &nbsp;&nbsp;**$7337855** |
| Insured - Water and Sewer — 1.0% | Insured - Water and Sewer — 1.0% | Insured - Water and Sewer — 1.0% |
| Buffalo Municipal Water Finance Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/32<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$454259 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 230157 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/34<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 406193 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/35<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 309381 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/36<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 339304 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/37<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 561654 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/44<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 804846 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/45<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 531868 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/46<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 474953 |
|  |  | &nbsp;&nbsp;**$4112615** |
| Lease Revenue/Certificates of Participation — 3.4% | Lease Revenue/Certificates of Participation — 3.4% | Lease Revenue/Certificates of Participation — 3.4% |
| Battery Park City Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 11/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;$291625 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039549 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 11/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;&nbsp;&nbsp; 4095999 |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

New York Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) |
| Nassau County Industrial Development Agency, NY, (Cold Spring Harbor Laboratory), (SPA: TD Bank, N.A.), 2.65%, 1/1/34<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6790 | &nbsp;&nbsp;$6790000 |
| New York City Transitional Finance Authority, NY, (Building Aid), 4.00%, 7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 885575 |
| Schenectady County Capital Resource Corp., NY, (One Broadway Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039096 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103639 |
|  |  | &nbsp;&nbsp;**$14245483** |
| Other Revenue — 1.8% | Other Revenue — 1.8% | Other Revenue — 1.8% |
| New York Energy Finance Development Corp., 5.00% to 12/1/33 (Put Date), 7/1/56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7420 | &nbsp;&nbsp;$7580010 |
|  |  | &nbsp;&nbsp;**$7580010** |
| Senior Living/Life Care — 2.3% | Senior Living/Life Care — 2.3% | Senior Living/Life Care — 2.3% |
| Brookhaven Local Development Corp., NY, (Jefferson's Ferry), 4.00%, 11/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$271350 |
| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4503304 |
| New York Dormitory Authority, (Orchard Park CCRC, Inc.), 5.125%, 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1594758 |
| Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033765 |
| &nbsp;&nbsp;&nbsp;Series 2020B, 5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2028525 |
|  |  | &nbsp;&nbsp;**$9431702** |
| Special Tax Revenue — 20.4% | Special Tax Revenue — 20.4% | Special Tax Revenue — 20.4% |
| American Samoa Economic Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;$653889 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 259714 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201769 |
| Metropolitan Transportation Authority, NY, Green Bonds, 4.00%, 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 659722 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375 | &nbsp;&nbsp;&nbsp;&nbsp; 4073959 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5636 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1134217 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 754260 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1594250 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3666522 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/1/45<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10720000 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 2.70%, 2/1/45<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2000000 |
| New York Dormitory Authority, Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 801443 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp; 1479557 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1183400 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 562406 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2973344 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855 | &nbsp;&nbsp;&nbsp;&nbsp; 2902384 |
| New York Dormitory Authority, Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp; 1583935 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5103787 |
| New York State Thruway Authority, Personal Income Tax Revenue, 4.00%, 3/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1739458 |
| New York State Urban Development Corp., Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1329363 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990 | &nbsp;&nbsp;&nbsp;&nbsp; 5143087 |
| New York Thruway Authority, 5.00%, 3/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1566916 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6445 | &nbsp;&nbsp;&nbsp;&nbsp; 6136446 |
| Triborough Bridge and Tunnel Authority, NY, Payroll Mobility Tax: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5493110 |
| &nbsp;&nbsp;&nbsp;Series 2021A, 5.00%, 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3570386 |
| &nbsp;&nbsp;&nbsp;Series 2021C, 5.00%, 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7152884 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3671866 |
| Triborough Bridge and Tunnel Authority, NY, Real Estate Transfer Tax Revenue, 5.25%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp; 1994795 |
| Triborough Bridge and Tunnel Authority, NY, Sales Tax Revenue, 5.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5158229 |
|  |  | &nbsp;&nbsp;**$85270734** |
| Transportation — 18.4% | Transportation — 18.4% | Transportation — 18.4% |
| Metropolitan Transportation Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;$1377202 |
| &nbsp;&nbsp;&nbsp;(LOC: Barclays Bank PLC), 2.85%, 11/1/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;(LOC: Truist Bank), 2.65%, 11/1/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp; 2200296 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 544415 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 2166368 |
| New York State Thruway Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp; 3697075 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 257931 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp; 981546 |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

New York Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| New York Thruway Authority, 5.00%, 1/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810 | &nbsp;&nbsp;$4350168 |
| New York Transportation Development Corp., (John F. Kennedy Airport Terminals 6 Redevelopment), Green Bonds, (AMT), 5.50%, 12/31/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2137811 |
| New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One), Green Bonds, (AMT), 6.00%, 6/30/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1995036 |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1560058 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2150766 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp; 8099657 |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), (AMT), 4.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp; 1792843 |
| Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp; 1210000 |
| Port Authority of New York and New Jersey: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1618875 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 722300 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1210684 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 747828 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090941 |
| &nbsp;&nbsp;&nbsp;6.125%, 6/1/94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2504750 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 | &nbsp;&nbsp;&nbsp;&nbsp; 3783824 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023095 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2089204 |
| Triborough Bridge and Tunnel Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4945 | &nbsp;&nbsp;&nbsp;&nbsp; 3817100 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp; 3279110 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8545 | &nbsp;&nbsp;&nbsp;&nbsp; 8711257 |
| &nbsp;&nbsp;&nbsp;(LOC: U.S. Bank, N.A.), 2.75%, 1/1/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 792088 |
|  |  | &nbsp;&nbsp;**$76912228** |
| Water and Sewer — 7.7% | Water and Sewer — 7.7% | Water and Sewer — 7.7% |
| Buffalo Sewer Authority, NY, 5.00%, 6/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$278482 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350 | &nbsp;&nbsp;&nbsp;&nbsp; 3870104 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2675829 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp; 2057855 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1118364 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 | &nbsp;&nbsp;&nbsp;&nbsp; 2479256 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3089234 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025 | &nbsp;&nbsp;$3159490 |
| New York State Environmental Facilities Corp., (New York City Municipal Water Finance Authority): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805 | &nbsp;&nbsp;&nbsp;&nbsp; 4402206 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 582293 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 431852 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 140256 |
| Suffolk County Water Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 2405171 |
| &nbsp;&nbsp;&nbsp;3.25%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975 | &nbsp;&nbsp;&nbsp;&nbsp; 5280023 |
|  |  | &nbsp;&nbsp;**$31970415** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $412,251,593) |  | &nbsp;&nbsp;**$414107187** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Taxable Municipal Obligations — 1.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations — 0.1% | General Obligations — 0.1% | General Obligations — 0.1% |
| New York, NY, 5.372%, 10/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;$581248 |
|  |  | &nbsp;&nbsp;**$581248** |
| Hospital — 0.2% | Hospital — 0.2% | Hospital — 0.2% |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.25%, 11/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;$620220 |
|  |  | &nbsp;&nbsp;**$620220** |
| Housing — 0.6% | Housing — 0.6% | Housing — 0.6% |
| New York Housing Finance Agency, (Liq: Barclays Bank PLC), 3.72%, 11/1/45<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;$2600000 |
|  |  | &nbsp;&nbsp;**$2600000** |
| Special Tax Revenue — 0.7% | Special Tax Revenue — 0.7% | Special Tax Revenue — 0.7% |
| New York Dormitory Authority, Personal Income Tax Revenue, Escrowed to Maturity, 1.538%, 3/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;$405987 |
| Oneida Indian Nation of New York: |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 9/1/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 468854 |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

New York Municipal Income Fund

March 31, 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) |
| Oneida Indian Nation of New York: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 9/1/40<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2026270 |
|  |  | &nbsp;&nbsp;**$2901111** |
| Total Taxable Municipal Obligations<br> (identified cost $6,625,988) |  | &nbsp;&nbsp;**$6702579** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.23%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;206906 | &nbsp;&nbsp;$206927 |
| Total Short-Term Investments<br> (identified cost $206,927) |  | &nbsp;&nbsp;**$206927** |
| Total Investments — 101.2%<br> (identified cost $420,529,508) |  | &nbsp;&nbsp;**$422451976** |
| Other Assets, Less Liabilities — (1.2)% |  | &nbsp;&nbsp;**$(5064780)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$417387196** |

---

---

| | |
|:---|:---|
| 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>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <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 March 31, 2026, the aggregate value of these securities is $10,413,513 or 2.5% 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 March 31, 2026. |
| <sup>(3)</sup> | When-issued security. |
| <sup>(4)</sup> | Security represents the municipal bond held by a trust that issues residual interest bonds. |
| <sup>(5)</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 March 31, 2026. |
| <sup>(6)</sup> | The rate shown is the annualized seven-day yield as of March 31, 2026. |

---

The Fund invests primarily in debt securities issued by New York 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 March 31, 2026, 11.8% 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 1.8% to 5.0% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| AMBAC | – AMBAC Financial Group, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SPA | – Standby Bond Purchase Agreement |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Ohio Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 103.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.7% | Bond Bank — 0.7% | Bond Bank — 0.7% |
| Ohio Water Development Authority, Water Pollution Control Loan Fund, (Liq: TD Bank, N.A.), 2.70%, 12/1/54<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$100000 |
| Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1347189 |
|  |  | &nbsp;&nbsp;**$1447189** |
| Education — 15.9% | Education — 15.9% | Education — 15.9% |
| Bowling Green State University, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;$906506 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp; 1037509 |
| Dayton-Montgomery County Port Authority, OH, (Dayton Regional STEM Schools, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp; 865531 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1256279 |
| Kent University, OH, 5.00%, 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 555901 |
| Miami University, OH, 4.00%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1911465 |
| Ohio Higher Educational Facility Commission, (Case Western Reserve University), 5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006772 |
| Ohio Higher Educational Facility Commission, (Denison University), 5.00%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2306295 |
| Ohio Higher Educational Facility Commission, (Oberlin College), Green Bonds, 5.00%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175 | &nbsp;&nbsp;&nbsp;&nbsp; 2235045 |
| Ohio Higher Educational Facility Commission, (The College of Wooster), 5.00%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031493 |
| Ohio Higher Educational Facility Commission, (University of Dayton): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1283379 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 536407 |
| Ohio State University: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp; 1145923 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2295848 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2122674 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1282134 |
| Ohio University, 5.25%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3104330 |
| University of Cincinnati, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010447 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4116947 |
|  |  | &nbsp;&nbsp;**$31010885** |
| Electric Utilities — 3.9% | Electric Utilities — 3.9% | Electric Utilities — 3.9% |
| American Municipal Power, Inc., OH, (Combined Hydroelectric): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;$705782 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| American Municipal Power, Inc., OH, (Combined Hydroelectric): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;$773724 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1333842 |
| American Municipal Power, Inc., OH, (Greenup Hydroelectric Facility), 5.00%, 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp; 2606077 |
| American Municipal Power, Inc., OH, (Meldahl Hydroelectric), 5.00%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2107941 |
|  |  | &nbsp;&nbsp;**$7527366** |
| Escrowed/Prerefunded — 0.2% | Escrowed/Prerefunded — 0.2% | Escrowed/Prerefunded — 0.2% |
| Akron, Bath and Copley Joint Township Hospital District, OH, (Summa Health Obligated Group), Prerefunded to 11/15/30, 4.00%, 11/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;$410552 |
| Ohio, (Cleveland Clinic Health System), Prerefunded to 1/1/28, 4.00%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20458 |
|  |  | &nbsp;&nbsp;**$431010** |
| General Obligations — 23.1% | General Obligations — 23.1% | General Obligations — 23.1% |
| Avon Lake City School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;$364770 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022136 |
| Big Walnut Local School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 313704 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 515447 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 287890 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 317083 |
| Butler County, OH, Special Tax Assessment, 5.50%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 546235 |
| Central Ohio Transit Authority, OH, 5.00%, 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2077485 |
| Cleveland, OH, 5.00%, 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2041549 |
| Columbus, OH, 5.00%, 4/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2917659 |
| Cuyahoga Community College District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1313258 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 560189 |
| Dublin School District, OH, 4.00%, 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 708705 |
| Euclid City School District, OH, 5.00%, 1/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066035 |
| Hamilton County, OH, 5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1212497 |
| Hilliard School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 282904 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 477097 |
| Jonathan Alder Local School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 453161 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 409203 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 508132 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 538090 |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Ohio Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Jonathan Alder Local School District, OH: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$640936 |
| Mayfield Heights, OH, 4.00%, 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1137058 |
| Milford Exempted Village School District, OH, 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44309 |
| North Canton City School District, OH, 5.00%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 571327 |
| North Olmsted City School District, OH, 5.00%, 10/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2553771 |
| North Ridgeville City School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2594757 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1315614 |
| North Royalton City School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 695220 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 954039 |
| Norwalk City School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 243697 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1490533 |
| Oak Hills Local School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 312732 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 310128 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 486032 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 563790 |
| Oakwood City School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 137860 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 218826 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 217706 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 283969 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 209292 |
| Olentangy Local School District, OH, 5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1484063 |
| Olmsted Falls City School District, OH, 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11348 |
| Puerto Rico, 5.625%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019414 |
| Shaker Heights City School District, OH, 5.00%, 12/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3078125 |
| Summit County, OH, 5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055397 |
| Sylvania City School District, OH, 5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 728902 |
| Troy City School District, OH, 5.00%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027178 |
| Upper Arlington, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 315620 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 260178 |
| Worthington City School District, OH, 5.50%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3141954 |
|  |  | &nbsp;&nbsp;**$45037004** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital — 13.2% | Hospital — 13.2% | Hospital — 13.2% |
| Akron, Bath and Copley Joint Township Hospital District, OH, (Children's Hospital Medical Center of Akron), 4.00%, 11/15/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;$1200046 |
| Allen County, OH, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 955552 |
| Allen County, OH, (Mercy Health), 4.00%, 8/1/47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150 | &nbsp;&nbsp;&nbsp;&nbsp; 4490027 |
| Butler County, OH, (UC Health), 5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 603930 |
| Franklin County, OH, (Nationwide Children's Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1547967 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 2.70%, 11/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| Franklin County, OH, (OhioHealth Corp.), 5.00%, 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1201259 |
| Franklin County, OH, (Trinity Health Credit Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445 | &nbsp;&nbsp;&nbsp;&nbsp; 2269953 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3020731 |
| Hamilton County, OH, (UC Health), 5.00%, 9/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1115874 |
| Miami County, OH, (Kettering Health Network Obligated Group), 5.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025824 |
| Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 460327 |
| Ohio, (Childrens Hospital Medical Center), 5.25%, 8/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1580256 |
| Ohio, (Cleveland Clinic Health System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2066834 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp;&nbsp;&nbsp; 1876483 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp; 1763874 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 1/1/28, 4.00%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 230149 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 1/1/29, 4.00%, 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113780 |
|  |  | &nbsp;&nbsp;**$25622866** |
| Housing — 3.5% | Housing — 3.5% | Housing — 3.5% |
| Dayton-Montgomery County Port Authority, OH, (Northcrest Gardens Apartments), Sustainability Bonds, (FNMA), 4.50%, 1/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;$997356 |
| Ohio Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 328022 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Social Bonds, 4.35%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865 | &nbsp;&nbsp;&nbsp;&nbsp; 2839979 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Social Bonds, 4.80%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 875522 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Social Bonds, 5.50%, 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 813189 |
| Port of Greater Cincinnati Development Authority, OH, (Senior Chateau), Sustainability Bonds, (FNMA), 4.55%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015272 |
|  |  | &nbsp;&nbsp;**$6869340** |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Ohio Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue — 2.2% | Industrial Development Revenue — 2.2% | Industrial Development Revenue — 2.2% |
| Cleveland, OH, (Continental Airlines), 5.375%, 9/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;$1632209 |
| Ohio Air Quality Development Authority, (American Electric Power Co., Inc.), (AMT), 3.75%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009297 |
| Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1670642 |
|  |  | &nbsp;&nbsp;**$4312148** |
| Insured - Electric Utilities — 5.2% | Insured - Electric Utilities — 5.2% | Insured - Electric Utilities — 5.2% |
| Cleveland, OH, Public Power System Revenue, (NPFG), 0.00%, 11/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;$2408728 |
| Ohio Municipal Electric Generation Agency: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), 0.00%, 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2431077 |
| &nbsp;&nbsp;&nbsp;(NPFG), 0.00%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4467307 |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 766993 |
|  |  | &nbsp;&nbsp;**$10074105** |
| Insured - General Obligations — 14.3% | Insured - General Obligations — 14.3% | Insured - General Obligations — 14.3% |
| Cincinnati City School District, OH, (AG), 5.25%, 12/1/29<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;$8162025 |
| Green Local School District, OH, (AG), 4.625%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1014571 |
| Kettering City School District, OH, (AG), 5.25%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505 | &nbsp;&nbsp;&nbsp;&nbsp; 4730472 |
| Mason City School District, OH, (AG), 5.25%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp; 3837051 |
| Springboro Community City School District, OH, (AG), 5.25%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5422096 |
| Westerville City School District, OH, (XLCA), 5.00%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590 | &nbsp;&nbsp;&nbsp;&nbsp; 4711729 |
|  |  | &nbsp;&nbsp;**$27877944** |
| Insured - Hospital — 1.6% | Insured - Hospital — 1.6% | Insured - Hospital — 1.6% |
| Fayette County, OH, (AG), 5.25%, 12/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1552165 |
| Lucas County, OH, (ProMedica Healthcare Obligated Group), (AG), 4.00%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp; 1591883 |
|  |  | &nbsp;&nbsp;**$3144048** |
| Insured - Special Tax Revenue — 0.4% | Insured - Special Tax Revenue — 0.4% | Insured - Special Tax Revenue — 0.4% |
| Port of Greater Cincinnati Development Authority, OH, (Duke Energy Convention Center), (AG), 4.375%, 12/1/58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;$757532 |
|  |  | &nbsp;&nbsp;**$757532** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Transportation — 1.3% | Insured - Transportation — 1.3% | Insured - Transportation — 1.3% |
| Cleveland, OH, Airport System Revenue, (AG), (AMT), 5.00%, 1/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1010911 |
| Ohio, (Portsmouth Gateway Group, LLC), (AG), (AMT), 5.00%, 12/31/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1501266 |
|  |  | &nbsp;&nbsp;**$2512177** |
| Insured - Water and Sewer — 1.9% | Insured - Water and Sewer — 1.9% | Insured - Water and Sewer — 1.9% |
| Newark, OH, Water System Revenue, (AG), 5.00%, 12/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3680 | &nbsp;&nbsp;$3702023 |
|  |  | &nbsp;&nbsp;**$3702023** |
| Lease Revenue/Certificates of Participation — 0.9% | Lease Revenue/Certificates of Participation — 0.9% | Lease Revenue/Certificates of Participation — 0.9% |
| Bay Village City School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$220453 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 218586 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 189027 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041700 |
|  |  | &nbsp;&nbsp;**$1669766** |
| Other Revenue — 3.6% | Other Revenue — 3.6% | Other Revenue — 3.6% |
| Buckeye Tobacco Settlement Financing Authority, OH: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | &nbsp;&nbsp;$2632156 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp; 1005338 |
| Lancaster Port Authority, OH, Gas Supply Revenue, 5.00% to 8/1/30 (Put Date), 2/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2632106 |
| Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 830376 |
|  |  | &nbsp;&nbsp;**$7099976** |
| Senior Living/Life Care — 2.3% | Senior Living/Life Care — 2.3% | Senior Living/Life Care — 2.3% |
| Franklin County, OH, (Ohio Living Communities): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;$920075 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1545569 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 7/1/28, 4.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5286 |
| Hamilton County, OH, (Life Enriching Communities): |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 378550 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 618997 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 428163 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 520584 |
|  |  | &nbsp;&nbsp;**$4417224** |
| Special Tax Revenue — 3.5% | Special Tax Revenue — 3.5% | Special Tax Revenue — 3.5% |
| American Samoa Economic Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/32<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;$352893 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 259714 |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Ohio Municipal Income Fund

March 31, 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) |
| American Samoa Economic Development Authority: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$201769 |
| JobsOhio Beverage System, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2272297 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1626141 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp; 2175606 |
|  |  | &nbsp;&nbsp;**$6888420** |
| Transportation — 3.4% | Transportation — 3.4% | Transportation — 3.4% |
| Columbus Regional Airport Authority, OH, (John Glenn Columbus International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2596217 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1695733 |
| Ohio Turnpike and Infrastructure Commission, 4.00%, 2/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1871980 |
| Ohio, Major New State Infrastructure Project Revenue, 5.00%, 12/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 381606 |
|  |  | &nbsp;&nbsp;**$6545536** |
| Water and Sewer — 2.3% | Water and Sewer — 2.3% | Water and Sewer — 2.3% |
| Cleveland, OH, Department of Public Utilities, Division of Water, 5.00%, 1/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;$1117252 |
| Cleveland, OH, Water Pollution Control Revenue, 5.00%, 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 771616 |
| Mahoning County, OH, Sewer System Revenue, 5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;&nbsp; 1596030 |
| Northeast Ohio Regional Sewer District, 5.00%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064116 |
|  |  | &nbsp;&nbsp;**$4549014** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $202,797,639) |  | &nbsp;&nbsp;**$201495573** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.23%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41040 | &nbsp;&nbsp;$41044 |
| Total Short-Term Investments<br> (identified cost $41,044) |  | &nbsp;&nbsp;**$41044** |
| Total Investments — 103.4%<br> (identified cost $202,838,683) |  | &nbsp;&nbsp;**$201536617** |
| Other Assets, Less Liabilities — (3.4)% |  | &nbsp;&nbsp;**$(6647742)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$194888875** |

---

---

| | |
|:---|:---|
| 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>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</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 March 31, 2026. |
| <sup>(2)</sup> | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| <sup>(3)</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 March 31, 2026, the aggregate value of these securities is $2,485,018 or 1.3% of the Fund's net assets. |
| <sup>(4)</sup> | The rate shown is the annualized seven-day yield as of March 31, 2026. |
| The Fund invests primarily in debt securities issued by Ohio 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 March 31, 2026, 23.9% 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 2.3% to 16.5% of total investments. | The Fund invests primarily in debt securities issued by Ohio 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 March 31, 2026, 23.9% 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 2.3% to 16.5% 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. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| NPFG | – National Public Finance Guarantee Corp. |
| SPA | – Standby Bond Purchase Agreement |
| XLCA | – XL Capital Assurance, Inc. |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Statements of Assets and Liabilities (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**California<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund** | &nbsp;&nbsp;&nbsp;**New York Fund** | &nbsp;&nbsp;&nbsp;**Ohio Fund** |
| Assets |  |  |  |  |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Identified cost | &nbsp;&nbsp;$1032614992 | &nbsp;&nbsp;$137814659 | &nbsp;&nbsp;$420529508 | &nbsp;&nbsp;$202838683 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4389651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1302066) |
| **Investments, at value** | &nbsp;&nbsp;**$1037004643** | &nbsp;&nbsp;**$138309023** | &nbsp;&nbsp;**$422451976** | &nbsp;&nbsp;**$201536617** |
| Cash | &nbsp;&nbsp;$873568 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11047537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4993853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536919 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15618 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20586 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65358 |
| **Total assets** | &nbsp;&nbsp;**$1052129124** | &nbsp;&nbsp;**$140237187** | &nbsp;&nbsp;**$432448524** | &nbsp;&nbsp;**$204175098** |
| Liabilities |  |  |  |  |
| Payable for floating rate notes issued | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3655785 | &nbsp;&nbsp;$8010479 | &nbsp;&nbsp;$8434290 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16009722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497835 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51793 |
| Payable to affiliates: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64103 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14068 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65358 |
| Interest expense and fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64413 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91074 |
| **Total liabilities** | &nbsp;&nbsp;**$20768117** | &nbsp;&nbsp;**$4121997** | &nbsp;&nbsp;**$15061328** | &nbsp;&nbsp;**$9286223** |
| **Net Assets** | &nbsp;&nbsp;**$1031361007** | &nbsp;&nbsp;**$136115190** | &nbsp;&nbsp;**$417387196** | &nbsp;&nbsp;**$194888875** |
| Sources of Net Assets |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;$1076499186 | &nbsp;&nbsp;$148909556 | &nbsp;&nbsp;$455745685 | &nbsp;&nbsp;$211054518 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45138179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12794366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38358489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16165643) |
| **Net Assets** | &nbsp;&nbsp;**$1031361007** | &nbsp;&nbsp;**$136115190** | &nbsp;&nbsp;**$417387196** | &nbsp;&nbsp;**$194888875** |
| Class A Shares |  |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$152005889 | &nbsp;&nbsp;$66742300 | &nbsp;&nbsp;$174992303 | &nbsp;&nbsp;$67700064 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15199478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8626529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19233037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8306146 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$7.74 | &nbsp;&nbsp;$9.10 | &nbsp;&nbsp;$8.15 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$10.34 | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;$9.41 | &nbsp;&nbsp;$8.42 |
| Class C Shares |  |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$11740122 | &nbsp;&nbsp;$2149744 | &nbsp;&nbsp;$6053906 | &nbsp;&nbsp;$3037353 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372897 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.24 | &nbsp;&nbsp;$7.74 | &nbsp;&nbsp;$9.10 | &nbsp;&nbsp;$8.15 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Statements of Assets and Liabilities (Unaudited) — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**California<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund** | &nbsp;&nbsp;&nbsp;**New York Fund** | &nbsp;&nbsp;&nbsp;**Ohio Fund** |
| Class I Shares |  |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$867614996 | &nbsp;&nbsp;$67223146 | &nbsp;&nbsp;$236340987 | &nbsp;&nbsp;$124151458 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86698412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8686593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25980117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15223197 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.01 | &nbsp;&nbsp;$7.74 | &nbsp;&nbsp;$9.10 | &nbsp;&nbsp;$8.16 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Statements of Operations (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026** | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026** | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026** | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**California<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund** | &nbsp;&nbsp;&nbsp;**New York Fund** | &nbsp;&nbsp;&nbsp;**Ohio Fund** |
| Investment Income |  |  |  |  |
| Dividend income | &nbsp;&nbsp;$70052 | &nbsp;&nbsp;$10441 | &nbsp;&nbsp;$17421 | &nbsp;&nbsp;$10620 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;21510195 | &nbsp;&nbsp;&nbsp;&nbsp;2799874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8118128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288885 |
| **Total investment income** | &nbsp;&nbsp;**$21580247** | &nbsp;&nbsp;**$2810315** | &nbsp;&nbsp;**$8135549** | &nbsp;&nbsp;**$4299505** |
| Expenses |  |  |  |  |
| Investment adviser fee | &nbsp;&nbsp;$2082069 | &nbsp;&nbsp;$241196 | &nbsp;&nbsp;$703027 | &nbsp;&nbsp;$374969 |
| Distribution and service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69056 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15133 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5651 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27966 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39174 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42879 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127478 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32291 |
| **Total expenses** | &nbsp;&nbsp;**$2807600** | &nbsp;&nbsp;**$490108** | &nbsp;&nbsp;**$1227281** | &nbsp;&nbsp;**$745194** |
| Deduct: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$900 | &nbsp;&nbsp;$— |
| **Total expense reductions** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$900** | &nbsp;&nbsp;**$—** |
| **Net expenses** | &nbsp;&nbsp;**$2807600** | &nbsp;&nbsp;**$490108** | &nbsp;&nbsp;**$1226381** | &nbsp;&nbsp;**$745194** |
| **Net investment income** | &nbsp;&nbsp;**$18772647** | &nbsp;&nbsp;**$2320207** | &nbsp;&nbsp;**$6909168** | &nbsp;&nbsp;**$3554311** |
| Realized and Unrealized Gain (Loss) |  |  |  |  |
| Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$4842456 | &nbsp;&nbsp;$360586 | &nbsp;&nbsp;$1049491 | &nbsp;&nbsp;$189047 |
| **Net realized gain** | &nbsp;&nbsp;**$4842456** | &nbsp;&nbsp;**$360586** | &nbsp;&nbsp;**$1049491** | &nbsp;&nbsp;**$189047** |
| Change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(5569978) | &nbsp;&nbsp;$(966160) | &nbsp;&nbsp;$(2608827) | &nbsp;&nbsp;$(1595654) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(5569978)** | &nbsp;&nbsp;**$(966160)** | &nbsp;&nbsp;**$(2608827)** | &nbsp;&nbsp;**$(1595654)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(727522)** | &nbsp;&nbsp;**$(605574)** | &nbsp;&nbsp;**$(1559336)** | &nbsp;&nbsp;**$(1406607)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$18045125** | &nbsp;&nbsp;**$1714633** | &nbsp;&nbsp;**$5349832** | &nbsp;&nbsp;**$2147704** |

---

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026 (Unaudited)** | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026 (Unaudited)** | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026 (Unaudited)** | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026 (Unaudited)** |
|  | &nbsp;&nbsp;&nbsp;**California<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund** | &nbsp;&nbsp;&nbsp;**New York Fund** | &nbsp;&nbsp;&nbsp;**Ohio Fund** |
| Increase (Decrease) in Net Assets |  |  |  |  |
| From operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$18772647 | &nbsp;&nbsp;$2320207 | &nbsp;&nbsp;$6909168 | &nbsp;&nbsp;$3554311 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4842456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189047 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5569978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(966160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2608827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1595654) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$18045125** | &nbsp;&nbsp;**$1714633** | &nbsp;&nbsp;**$5349832** | &nbsp;&nbsp;**$2147704** |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(2712300) | &nbsp;&nbsp;$(1112686) | &nbsp;&nbsp;$(2855090) | &nbsp;&nbsp;$(1193297) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43063) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15993983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1160527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3523689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2263093) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(18874593)** | &nbsp;&nbsp;**$(2300251)** | &nbsp;&nbsp;**$(6452004)** | &nbsp;&nbsp;**$(3499453)** |
| Transactions in shares of beneficial interest: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(3614517) | &nbsp;&nbsp;$896055 | &nbsp;&nbsp;$15686357 | &nbsp;&nbsp;$(1128021) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(915724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360239) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40746787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60034949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566538 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$36216546** | &nbsp;&nbsp;**$4592270** | &nbsp;&nbsp;**$76563311** | &nbsp;&nbsp;**$3078278** |
| **Net increase in net assets** | &nbsp;&nbsp;**$35387078** | &nbsp;&nbsp;**$4006652** | &nbsp;&nbsp;**$75461139** | &nbsp;&nbsp;**$1726529** |
| Net Assets |  |  |  |  |
| At beginning of period | &nbsp;&nbsp;$995973929 | &nbsp;&nbsp;$132108538 | &nbsp;&nbsp;$341926057 | &nbsp;&nbsp;$193162346 |
| **At end of period** | &nbsp;&nbsp;**$1031361007** | &nbsp;&nbsp;**$136115190** | &nbsp;&nbsp;**$417387196** | &nbsp;&nbsp;**$194888875** |

---

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Statements of Changes in Net Assets — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended September 30, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended September 30, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;**California<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund** | &nbsp;&nbsp;&nbsp;**New York Fund** | &nbsp;&nbsp;&nbsp;**Ohio Fund** |
| Increase (Decrease) in Net Assets |  |  |  |  |
| From operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$35441008 | &nbsp;&nbsp;$4975592 | &nbsp;&nbsp;$13029120 | &nbsp;&nbsp;$6752982 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14021335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2767096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2776019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697035) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15451134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3817941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13283132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4938541) |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$5968539** | &nbsp;&nbsp;**$(1609445)** | &nbsp;&nbsp;**$(3030031)** | &nbsp;&nbsp;**$1117406** |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(5360279) | &nbsp;&nbsp;$(2434752) | &nbsp;&nbsp;$(6078276) | &nbsp;&nbsp;$(2352157) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96082) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29767878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2492085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6621665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4211418) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(35482048)** | &nbsp;&nbsp;**$(4967443)** | &nbsp;&nbsp;**$(12868941)** | &nbsp;&nbsp;**$(6659657)** |
| Transactions in shares of beneficial interest: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$8298797 | &nbsp;&nbsp;$(10264129) | &nbsp;&nbsp;$(10706658) | &nbsp;&nbsp;$(3565236) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1100966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1247165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517875) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76008432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17906164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6955061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14129180 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$83206263** | &nbsp;&nbsp;**$(27798623)** | &nbsp;&nbsp;**$(4998762)** | &nbsp;&nbsp;**$10046069** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$53692754** | &nbsp;&nbsp;**$(34375511)** | &nbsp;&nbsp;**$(20897734)** | &nbsp;&nbsp;**$4503818** |
| Net Assets |  |  |  |  |
| At beginning of year | &nbsp;&nbsp;$942281175 | &nbsp;&nbsp;$166484049 | &nbsp;&nbsp;$362823791 | &nbsp;&nbsp;$188658528 |
| **At end of year** | &nbsp;&nbsp;**$995973929** | &nbsp;&nbsp;**$132108538** | &nbsp;&nbsp;**$341926057** | &nbsp;&nbsp;**$193162346** |

---

*28*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class A** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class A** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class A** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class A** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class A** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.01 | &nbsp;&nbsp;$10.31 | &nbsp;&nbsp;$9.68 | &nbsp;&nbsp;$9.66 | &nbsp;&nbsp;$10.99 | &nbsp;&nbsp;$10.93 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.17** | &nbsp;&nbsp;**$0.04** | &nbsp;&nbsp;**$0.97** | &nbsp;&nbsp;**$0.33** | &nbsp;&nbsp;**$(1.12)** | &nbsp;&nbsp;**$0.23** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.14) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Total distributions** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$10.00** | &nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;**$10.31** | &nbsp;&nbsp;**$9.68** | &nbsp;&nbsp;**$9.66** | &nbsp;&nbsp;**$10.99** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.66%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.37%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10.35)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.06%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$152006 | &nbsp;&nbsp;$155656 | &nbsp;&nbsp;$152008 | &nbsp;&nbsp;$116041 | &nbsp;&nbsp;$117491 | &nbsp;&nbsp;$145636 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104% |

---

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

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

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

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

<sup>(7)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class C** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class C** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class C** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class C** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class C** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.25 | &nbsp;&nbsp;$9.52 | &nbsp;&nbsp;$8.95 | &nbsp;&nbsp;$8.93 | &nbsp;&nbsp;$10.15 | &nbsp;&nbsp;$10.11 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;$0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$0.81** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$(1.10)** | &nbsp;&nbsp;**$0.12** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$(0.05) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Total distributions** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.08)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.24** | &nbsp;&nbsp;**$9.25** | &nbsp;&nbsp;**$9.52** | &nbsp;&nbsp;**$8.95** | &nbsp;&nbsp;**$8.93** | &nbsp;&nbsp;**$10.15** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.27%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.18)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.20%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.62%** | &nbsp;&nbsp;&nbsp;&nbsp;**(10.92)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$11740 | &nbsp;&nbsp;$12653 | &nbsp;&nbsp;$14169 | &nbsp;&nbsp;$16663 | &nbsp;&nbsp;$19575 | &nbsp;&nbsp;$30823 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104% |

---

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

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

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

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

<sup>(7)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*30*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class I** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class I** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class I** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class I** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class I** | &nbsp;&nbsp;&nbsp;**California Opportunities Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.01 | &nbsp;&nbsp;$10.31 | &nbsp;&nbsp;$9.69 | &nbsp;&nbsp;$9.67 | &nbsp;&nbsp;$10.99 | &nbsp;&nbsp;$10.94 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.19** | &nbsp;&nbsp;**$0.07** | &nbsp;&nbsp;**$0.99** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$(1.09)** | &nbsp;&nbsp;**$0.24** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.16) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Total distributions** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.19)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;**$10.31** | &nbsp;&nbsp;**$9.69** | &nbsp;&nbsp;**$9.67** | &nbsp;&nbsp;**$10.99** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.88%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.75%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.32%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.63%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10.03)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.22%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$867615 | &nbsp;&nbsp;$827665 | &nbsp;&nbsp;$776104 | &nbsp;&nbsp;$576087 | &nbsp;&nbsp;$443039 | &nbsp;&nbsp;$572453 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104% |

---

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

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

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

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

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

<sup>(7)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*31*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class A** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class A** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class A** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class A** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class A** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$7.77 | &nbsp;&nbsp;$8.10 | &nbsp;&nbsp;$7.63 | &nbsp;&nbsp;$7.65 | &nbsp;&nbsp;$8.97 | &nbsp;&nbsp;$9.03 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.10** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$0.73** | &nbsp;&nbsp;**$0.22** | &nbsp;&nbsp;**$(1.14)** | &nbsp;&nbsp;**$0.11** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.74** | &nbsp;&nbsp;**$7.77** | &nbsp;&nbsp;**$8.10** | &nbsp;&nbsp;**$7.63** | &nbsp;&nbsp;**$7.65** | &nbsp;&nbsp;**$8.97** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.29%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.70)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.75%** | &nbsp;&nbsp;&nbsp;&nbsp;**(12.89)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$66742 | &nbsp;&nbsp;$66108 | &nbsp;&nbsp;$79640 | &nbsp;&nbsp;$77294 | &nbsp;&nbsp;$73926 | &nbsp;&nbsp;$96499 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*32*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class C** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class C** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class C** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class C** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class C** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$7.77 | &nbsp;&nbsp;$8.10 | &nbsp;&nbsp;$7.63 | &nbsp;&nbsp;$7.65 | &nbsp;&nbsp;$8.96 | &nbsp;&nbsp;$9.04 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.07** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$0.67** | &nbsp;&nbsp;**$0.16** | &nbsp;&nbsp;**$(1.20)** | &nbsp;&nbsp;**$0.03** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.11) |
| **Total distributions** | &nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.11)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.74** | &nbsp;&nbsp;**$7.77** | &nbsp;&nbsp;**$8.10** | &nbsp;&nbsp;**$7.63** | &nbsp;&nbsp;**$7.65** | &nbsp;&nbsp;**$8.96** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.92%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.44)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.86%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.99%** | &nbsp;&nbsp;&nbsp;&nbsp;**(13.45)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.39%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$2150 | &nbsp;&nbsp;$1864 | &nbsp;&nbsp;$1544 | &nbsp;&nbsp;$3581 | &nbsp;&nbsp;$4452 | &nbsp;&nbsp;$8464 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*33*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class I** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class I** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class I** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class I** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class I** | &nbsp;&nbsp;&nbsp;**Massachusetts Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$7.77 | &nbsp;&nbsp;$8.10 | &nbsp;&nbsp;$7.63 | &nbsp;&nbsp;$7.66 | &nbsp;&nbsp;$8.97 | &nbsp;&nbsp;$9.03 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$(0.05)** | &nbsp;&nbsp;**$0.75** | &nbsp;&nbsp;**$0.22** | &nbsp;&nbsp;**$(1.12)** | &nbsp;&nbsp;**$0.13** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.19) |
| **Total distributions** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.19)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.74** | &nbsp;&nbsp;**$7.77** | &nbsp;&nbsp;**$8.10** | &nbsp;&nbsp;**$7.63** | &nbsp;&nbsp;**$7.66** | &nbsp;&nbsp;**$8.97** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.40%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.51)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.90%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.82%** | &nbsp;&nbsp;&nbsp;&nbsp;**(12.60)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.42%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$67223 | &nbsp;&nbsp;$64136 | &nbsp;&nbsp;$85300 | &nbsp;&nbsp;$66350 | &nbsp;&nbsp;$60667 | &nbsp;&nbsp;$99684 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*34*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**New York Fund — Class A** | &nbsp;&nbsp;&nbsp;**New York Fund — Class A** | &nbsp;&nbsp;&nbsp;**New York Fund — Class A** | &nbsp;&nbsp;&nbsp;**New York Fund — Class A** | &nbsp;&nbsp;&nbsp;**New York Fund — Class A** | &nbsp;&nbsp;&nbsp;**New York Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.54 | &nbsp;&nbsp;$8.77 | &nbsp;&nbsp;$8.79 | &nbsp;&nbsp;$10.40 | &nbsp;&nbsp;$10.47 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.13** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$1.09** | &nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;**$(1.34)** | &nbsp;&nbsp;**$0.34** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.16) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| **Total distributions** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.41)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.10** | &nbsp;&nbsp;**$9.14** | &nbsp;&nbsp;**$9.54** | &nbsp;&nbsp;**$8.77** | &nbsp;&nbsp;**$8.79** | &nbsp;&nbsp;**$10.40** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.38%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.61)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.57%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.09)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.30%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$174992 | &nbsp;&nbsp;$159740 | &nbsp;&nbsp;$178093 | &nbsp;&nbsp;$177164 | &nbsp;&nbsp;$184700 | &nbsp;&nbsp;$250441 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

<sup>(7)</sup> Amount is less than 0.005%.

*35*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**New York Fund — Class C** | &nbsp;&nbsp;&nbsp;**New York Fund — Class C** | &nbsp;&nbsp;&nbsp;**New York Fund — Class C** | &nbsp;&nbsp;&nbsp;**New York Fund — Class C** | &nbsp;&nbsp;&nbsp;**New York Fund — Class C** | &nbsp;&nbsp;&nbsp;**New York Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.55 | &nbsp;&nbsp;$8.77 | &nbsp;&nbsp;$8.80 | &nbsp;&nbsp;$10.40 | &nbsp;&nbsp;$10.47 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.09** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$1.03** | &nbsp;&nbsp;**$0.17** | &nbsp;&nbsp;**$(1.40)** | &nbsp;&nbsp;**$0.26** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.08) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| **Total distributions** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.33)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.10** | &nbsp;&nbsp;**$9.14** | &nbsp;&nbsp;**$9.55** | &nbsp;&nbsp;**$8.77** | &nbsp;&nbsp;**$8.80** | &nbsp;&nbsp;**$10.40** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.45)%** | &nbsp;&nbsp;&nbsp;&nbsp;**11.84%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.89%** | &nbsp;&nbsp;&nbsp;&nbsp;**(13.65)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.53%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$6054 | &nbsp;&nbsp;$5221 | &nbsp;&nbsp;$6756 | &nbsp;&nbsp;$8975 | &nbsp;&nbsp;$12833 | &nbsp;&nbsp;$22375 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

<sup>(7)</sup> Amount is less than 0.005%.

*36*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**New York Fund — Class I** | &nbsp;&nbsp;&nbsp;**New York Fund — Class I** | &nbsp;&nbsp;&nbsp;**New York Fund — Class I** | &nbsp;&nbsp;&nbsp;**New York Fund — Class I** | &nbsp;&nbsp;&nbsp;**New York Fund — Class I** | &nbsp;&nbsp;&nbsp;**New York Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.54 | &nbsp;&nbsp;$8.77 | &nbsp;&nbsp;$8.79 | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$10.47 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.15** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$1.11** | &nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;**$(1.31)** | &nbsp;&nbsp;**$0.35** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.18) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| **Total distributions** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.43)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.10** | &nbsp;&nbsp;**$9.13** | &nbsp;&nbsp;**$9.54** | &nbsp;&nbsp;**$8.77** | &nbsp;&nbsp;**$8.79** | &nbsp;&nbsp;**$10.39** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.59%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.52)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.79%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.98%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12.83)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.41%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$236341 | &nbsp;&nbsp;$176965 | &nbsp;&nbsp;$177975 | &nbsp;&nbsp;$159079 | &nbsp;&nbsp;$146582 | &nbsp;&nbsp;$191239 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

<sup>(7)</sup> Amount is less than 0.005%.

*37*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class A** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class A** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class A** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class A** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class A** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.20 | &nbsp;&nbsp;$8.45 | &nbsp;&nbsp;$7.93 | &nbsp;&nbsp;$8.02 | &nbsp;&nbsp;$9.26 | &nbsp;&nbsp;$9.32 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.09** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$0.79** | &nbsp;&nbsp;**$0.15** | &nbsp;&nbsp;**$(1.01)** | &nbsp;&nbsp;**$0.18** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.24) |
| **Total distributions** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$8.15** | &nbsp;&nbsp;**$8.20** | &nbsp;&nbsp;**$8.45** | &nbsp;&nbsp;**$7.93** | &nbsp;&nbsp;**$8.02** | &nbsp;&nbsp;**$9.26** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.05%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.81%** | &nbsp;&nbsp;&nbsp;&nbsp;**(11.06)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.95%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$67700 | &nbsp;&nbsp;$69272 | &nbsp;&nbsp;$74900 | &nbsp;&nbsp;$78705 | &nbsp;&nbsp;$89734 | &nbsp;&nbsp;$111629 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*38*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class C** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class C** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class C** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class C** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class C** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.20 | &nbsp;&nbsp;$8.44 | &nbsp;&nbsp;$7.93 | &nbsp;&nbsp;$8.01 | &nbsp;&nbsp;$9.26 | &nbsp;&nbsp;$9.32 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.06** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$0.72** | &nbsp;&nbsp;**$0.10** | &nbsp;&nbsp;**$(1.08)** | &nbsp;&nbsp;**$0.11** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$8.15** | &nbsp;&nbsp;**$8.20** | &nbsp;&nbsp;**$8.44** | &nbsp;&nbsp;**$7.93** | &nbsp;&nbsp;**$8.01** | &nbsp;&nbsp;**$9.26** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.74%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.23)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17%** | &nbsp;&nbsp;&nbsp;&nbsp;**(11.84)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$3037 | &nbsp;&nbsp;$3415 | &nbsp;&nbsp;$4050 | &nbsp;&nbsp;$4561 | &nbsp;&nbsp;$6697 | &nbsp;&nbsp;$11078 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*39*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class I** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class I** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class I** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class I** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class I** | &nbsp;&nbsp;&nbsp;**Ohio Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.21 | &nbsp;&nbsp;$8.45 | &nbsp;&nbsp;$7.94 | &nbsp;&nbsp;$8.02 | &nbsp;&nbsp;$9.27 | &nbsp;&nbsp;$9.33 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.10** | &nbsp;&nbsp;**$0.06** | &nbsp;&nbsp;**$0.79** | &nbsp;&nbsp;**$0.18** | &nbsp;&nbsp;**$(1.00)** | &nbsp;&nbsp;**$0.20** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.26) |
| **Total distributions** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.26)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$8.16** | &nbsp;&nbsp;**$8.21** | &nbsp;&nbsp;**$8.45** | &nbsp;&nbsp;**$7.94** | &nbsp;&nbsp;**$8.02** | &nbsp;&nbsp;**$9.27** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.22%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.72%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14%** | &nbsp;&nbsp;&nbsp;&nbsp;**(10.98)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$124151 | &nbsp;&nbsp;$120476 | &nbsp;&nbsp;$109709 | &nbsp;&nbsp;$106759 | &nbsp;&nbsp;$93156 | &nbsp;&nbsp;$73812 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*40*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited)

------

1 Significant Accounting Policies

Eaton Vance Municipals Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Trust presently consists of eighteen funds, four of which, each non-diversified, are included in these financial statements. They include Eaton Vance California Municipal Opportunities Fund (California Opportunities Fund), Eaton Vance Massachusetts Municipal Income Fund (Massachusetts Fund), Eaton Vance New York Municipal Income Fund (New York Fund) and Eaton Vance Ohio Municipal Income Fund (Ohio Fund), (each individually referred to as the Fund, and collectively, the Funds). The investment objective of the Massachusetts Fund, New York Fund and Ohio Fund is to provide current income exempt from regular federal income tax and from particular state or local income or other taxes. The investment objective of the California Opportunities Fund is to seek to maximize after-tax total return. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Funds' prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

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

B Investment Transactions and Related Income—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

As of March 31, 2026, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

H Floating Rate Notes Issued in Conjunction with Securities Held—The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption "Payable for floating rate notes issued" in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 9) at March 31, 2026. Interest expense related to a Fund's liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At March 31, 2026, the amounts of the Funds' Floating Rate Notes and related interest rates and collateral were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Massachusetts<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New York<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ohio<br> Fund** |
| Floating Rate Notes Outstanding | &nbsp;&nbsp;$3655785 | &nbsp;&nbsp;&nbsp;&nbsp;$8010479 | &nbsp;&nbsp;&nbsp;&nbsp;$8434290 |
| Interest Rate or Range of Interest Rates (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 - 2.54 |
| Collateral for Floating Rate Notes Outstanding | &nbsp;&nbsp;$6156259 | &nbsp;&nbsp;&nbsp;&nbsp;$10720000 | &nbsp;&nbsp;&nbsp;&nbsp;$12652053 |

---

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

For the six months ended March 31, 2026, the Funds' average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Massachusetts<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New York<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ohio<br> Fund** |
| Average Floating Rate Notes Outstanding | &nbsp;&nbsp;$3640000 | &nbsp;&nbsp;&nbsp;&nbsp;$8118681 | &nbsp;&nbsp;&nbsp;&nbsp;$8435000 |
| Average Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.03% |

---

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2026.

The Funds may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Funds' investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds' investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Effective August 19, 2022, the Funds began operating under Rule 18f-4 under the 1940 Act, which, among other things, governs the use of derivative investments and certain financing transactions by registered investment companies. As of the date of this report, consistent with Rule 18f-4, the Funds have elected to treat their investments in residual interest bonds, along with similar financing transactions, as derivatives transactions subject to the Funds' value-at-risk (VaR)-based limits on leverage risk. The Funds may change this election (and elect to treat these investments and other similar financing transactions like bank borrowings subject to the asset coverage requirements of Section 18 of the 1940 Act) at any time. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

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

J Segment Reporting—Each Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Funds' President acts as each Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of each Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Funds' financial statements.

K Interim Financial Statements—The interim financial statements relating to March 31, 2026 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

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

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

At September 30, 2025, the following Funds, for federal income tax purposes, had deferred capital losses which would reduce the respective Fund's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of a Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**California<br> Opportunities<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Massachusetts<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New York<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ohio<br> Fund** |
| **Deferred capital losses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;&nbsp;$38757299 | &nbsp;&nbsp;&nbsp;&nbsp;$4836325 | &nbsp;&nbsp;&nbsp;&nbsp;$14235296 | &nbsp;&nbsp;&nbsp;&nbsp;$7504455 |
| &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;&nbsp;$15745536 | &nbsp;&nbsp;&nbsp;&nbsp;$9003393 | &nbsp;&nbsp;&nbsp;&nbsp;$23382722 | &nbsp;&nbsp;&nbsp;&nbsp;$8141703 |

---

In addition, in connection with the reorganization on March 20, 2026 (see Note 10), the New York Fund acquired deferred capital losses of $4,302,853. Utilization of these deferred capital losses may be limited in accordance with certain income tax regulations.

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2026, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**California<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Massachusetts<br> Fund** | &nbsp;&nbsp;**New York<br> Fund** | &nbsp;&nbsp;**Ohio<br> Fund** |
| **Aggregate cost** | &nbsp;&nbsp;**$1032481929** | &nbsp;&nbsp;**$133969769** | &nbsp;&nbsp;**$412287606** | &nbsp;&nbsp;**$193776548** |
| Gross unrealized appreciation | &nbsp;&nbsp;$14334418 | &nbsp;&nbsp;$2905805 | &nbsp;&nbsp;$6851752 | &nbsp;&nbsp;$3373437 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9811704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2222336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4697861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4047658) |
| **Net unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$4522714** | &nbsp;&nbsp;**$683469** | &nbsp;&nbsp;**$2153891** | &nbsp;&nbsp;**$(674221)** |

---

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to each Fund. The investment adviser fee is based upon a percentage of total daily net assets plus a percentage of total daily gross income (i.e., income other than gains from the sale of securities) as follows and is payable monthly:

#### California Opportunities Fund

---

| | | |
|:---|:---|:---|
| **Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Asset<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Daily Income<br> Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.300% | &nbsp;&nbsp;&nbsp;&nbsp;3.000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.275% | &nbsp;&nbsp;&nbsp;&nbsp;2.750% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp;2.500% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.225% | &nbsp;&nbsp;&nbsp;&nbsp;2.250% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.200% | &nbsp;&nbsp;&nbsp;&nbsp;2.000% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.175% | &nbsp;&nbsp;&nbsp;&nbsp;1.750% |

---

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

#### Massachusetts Fund, New York Fund and Ohio Fund

---

| | | |
|:---|:---|:---|
| **Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Asset<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Daily Income<br> Rate** |
| Up to $20 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.100% | &nbsp;&nbsp;&nbsp;&nbsp;1.000% |
| $20 million but less than $40 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.200% | &nbsp;&nbsp;&nbsp;&nbsp;2.000% |
| $40 million but less than $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.300% | &nbsp;&nbsp;&nbsp;&nbsp;3.000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.275% | &nbsp;&nbsp;&nbsp;&nbsp;2.750% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp;2.500% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.225% | &nbsp;&nbsp;&nbsp;&nbsp;2.250% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.200% | &nbsp;&nbsp;&nbsp;&nbsp;2.000% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.175% | &nbsp;&nbsp;&nbsp;&nbsp;1.750% |

---

For the six months ended March 31, 2026, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**California<br> Opportunities<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Massachusetts<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New York<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ohio<br> Fund** |
| Investment Adviser Fee | &nbsp;&nbsp;&nbsp;&nbsp;$2082069 | &nbsp;&nbsp;&nbsp;&nbsp;$241196 | &nbsp;&nbsp;&nbsp;&nbsp;$703027 | &nbsp;&nbsp;&nbsp;&nbsp;$374969 |
| Effective Annual Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% |

---

Eaton Vance Management (EVM), an affiliate of BMR, serves as the administrator of each Fund, but receives no compensation.

Effective March 23, 2026, EVM has agreed to reimburse New York Fund's operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.70%, 1.45% and 0.50% of the Fund's average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after August 1, 2026. Pursuant to this agreement, EVM waived and/or reimbursed $900 of the Fund's operating expenses for the six months ended March 31, 2026.

EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds' principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of BMR, EVM and EVD, also received a portion of the sales charge on sales of Class A shares. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD and Morgan Stanley affiliated broker-dealers for the six months ended March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**California<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Massachusetts<br> Fund** | &nbsp;&nbsp;**New York<br> Fund** | &nbsp;&nbsp;**Ohio<br> Fund** |
| EVM's Sub-Transfer Agent Fees | &nbsp;&nbsp;$7668 | &nbsp;&nbsp;$6500 | &nbsp;&nbsp;$16017 | &nbsp;&nbsp;$6418 |
| EVD's Class A Sales Charges | &nbsp;&nbsp;$3246 | &nbsp;&nbsp;$2375 | &nbsp;&nbsp;$3489 | &nbsp;&nbsp;$3948 |
| Morgan Stanley affiliated broker-dealers' Class A Sales Charges | &nbsp;&nbsp;$3675 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1500 |

---

Trustees and officers of the Funds who are members of EVM's or BMR's organizations receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Funds are officers of the above organizations.

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

4 Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that each Fund will pay EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.20% (0.25% for California Opportunities Fund) per annum of each Fund's average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2026 for Class A shares amounted to the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**California<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Massachusetts<br> Fund** | &nbsp;&nbsp;**New York<br> Fund** | &nbsp;&nbsp;**Ohio<br> Fund** |
| Class A Distribution and Service Fees | &nbsp;&nbsp;$193729 | &nbsp;&nbsp;$66223 | &nbsp;&nbsp;$156767 | &nbsp;&nbsp;$69056 |

---

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the respective Funds. For the six months ended March 31, 2026, the Funds paid or accrued to EVD the following distribution fees for Class C shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**California<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Massachusetts<br> Fund** | &nbsp;&nbsp;**New York<br> Fund** | &nbsp;&nbsp;**Ohio<br> Fund** |
| Class C Distribution Fees | &nbsp;&nbsp;$45915 | &nbsp;&nbsp;$7754 | &nbsp;&nbsp;$19002 | &nbsp;&nbsp;$11947 |

---

The Class C Plan also authorizes each Fund to make payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to Class C shares. The Trustees approved service fee payments equal to 0.20% (0.25% for California Opportunities Fund) per annum of each Fund's average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2026 amounted to the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**California<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Massachusetts<br> Fund** | &nbsp;&nbsp;**New York<br> Fund** | &nbsp;&nbsp;**Ohio<br> Fund** |
| Class C Service Fees | &nbsp;&nbsp;$15305 | &nbsp;&nbsp;$2068 | &nbsp;&nbsp;$5067 | &nbsp;&nbsp;$3186 |

---

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

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended March 31, 2026, the Funds were informed that EVD received the following amounts of CDSCs paid by Class A and Class C shareholders:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**California<br> Opportunities<br> Fund** | &nbsp;&nbsp;**Massachusetts<br> Fund** | &nbsp;&nbsp;**New York<br> Fund** | &nbsp;&nbsp;**Ohio<br> Fund** |
| Class A | &nbsp;&nbsp;$4342 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2928 | &nbsp;&nbsp;$432 |
| Class C | &nbsp;&nbsp;$105 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$113 |

---

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, for the six months ended March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**California<br> Opportunities<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Massachusetts<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New York<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Ohio<br> Fund** |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;$464803922 | &nbsp;&nbsp;&nbsp;&nbsp;$18639666 | &nbsp;&nbsp;&nbsp;&nbsp;$105442720 | &nbsp;&nbsp;&nbsp;&nbsp;$52412399 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;$399282469 | &nbsp;&nbsp;&nbsp;&nbsp;$16804794 | &nbsp;&nbsp;&nbsp;&nbsp;$107298664 | &nbsp;&nbsp;&nbsp;&nbsp;$48669967 |

---

7 Shares of Beneficial Interest

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **California Opportunities Fund** | **California Opportunities Fund** | **California Opportunities Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 1495946 | &nbsp;&nbsp;&nbsp;&nbsp;$15088937 | &nbsp;&nbsp;&nbsp;&nbsp; 4215138 | &nbsp;&nbsp;&nbsp;&nbsp;$42328686 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 206228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2086335 | &nbsp;&nbsp;&nbsp;&nbsp; 424790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4237742 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2058423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20789789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3832130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38267631) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(356249)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3614517)** | &nbsp;&nbsp;&nbsp;&nbsp; **807798** | &nbsp;&nbsp;&nbsp;&nbsp;**$8298797** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 66237 | &nbsp;&nbsp;&nbsp;&nbsp;$618372 | &nbsp;&nbsp;&nbsp;&nbsp; 267907 | &nbsp;&nbsp;&nbsp;&nbsp;$2467655 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 17565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164188 | &nbsp;&nbsp;&nbsp;&nbsp; 37425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345101 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (181862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1698284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (424538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3913722) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(98060)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(915724)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(119206)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1100966)** |

---

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **California Opportunities Fund (continued)** | **California Opportunities Fund (continued)** | **California Opportunities Fund (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;15333293 | &nbsp;&nbsp;&nbsp;&nbsp;$154938289 | &nbsp;&nbsp;&nbsp;&nbsp;43209136 | &nbsp;&nbsp;&nbsp;&nbsp;$430313665 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1280782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12965255 | &nbsp;&nbsp;&nbsp;&nbsp; 2395705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23907066 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(12576556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127156757) | &nbsp;&nbsp;&nbsp;&nbsp;(38192838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378212299) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **4037519** | &nbsp;&nbsp;&nbsp;&nbsp;**$40746787** | &nbsp;&nbsp;&nbsp;&nbsp; **7412003** | &nbsp;&nbsp;&nbsp;&nbsp;**$76008432** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Massachusetts Fund** | **Massachusetts Fund** | **Massachusetts Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 993939 | &nbsp;&nbsp;&nbsp;&nbsp;$7765499 | &nbsp;&nbsp;&nbsp;&nbsp; 542599 | &nbsp;&nbsp;&nbsp;&nbsp;$4250133 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 109696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859295 | &nbsp;&nbsp;&nbsp;&nbsp; 245851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1909730 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (987437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7728739) | &nbsp;&nbsp;&nbsp;&nbsp;(2112928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16423992) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **116198** | &nbsp;&nbsp;&nbsp;&nbsp;**$896055** | &nbsp;&nbsp;&nbsp;&nbsp;**(1324478)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(10264129)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 50137 | &nbsp;&nbsp;&nbsp;&nbsp;$392708 | &nbsp;&nbsp;&nbsp;&nbsp; 81594 | &nbsp;&nbsp;&nbsp;&nbsp;$622055 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 2687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21045 | &nbsp;&nbsp;&nbsp;&nbsp; 4721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36610 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (286995) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **37865** | &nbsp;&nbsp;&nbsp;&nbsp;**$296419** | &nbsp;&nbsp;&nbsp;&nbsp; **49351** | &nbsp;&nbsp;&nbsp;&nbsp;**$371670** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1864140 | &nbsp;&nbsp;&nbsp;&nbsp;$14593811 | &nbsp;&nbsp;&nbsp;&nbsp;3563192 | &nbsp;&nbsp;&nbsp;&nbsp;$27723295 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 90858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711717 | &nbsp;&nbsp;&nbsp;&nbsp; 185963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1445057 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1523387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11905732) | &nbsp;&nbsp;&nbsp;&nbsp;(6025906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47074516) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **431611** | &nbsp;&nbsp;&nbsp;&nbsp;**$3399796** | &nbsp;&nbsp;&nbsp;&nbsp;**(2276751)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(17906164)** |

---

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New York Fund** | **New York Fund** | **New York Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 808334 | &nbsp;&nbsp;&nbsp;&nbsp;$7225312 | &nbsp;&nbsp;&nbsp;&nbsp;1660406 | &nbsp;&nbsp;&nbsp;&nbsp;$15205280 |
| &nbsp;&nbsp;&nbsp;Issued in connection with tax-free reorganization (see Note 10) | &nbsp;&nbsp;&nbsp;&nbsp;2309268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21037432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 280144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2580176 | &nbsp;&nbsp;&nbsp;&nbsp; 588374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5370335 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1649386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15156563) | &nbsp;&nbsp;&nbsp;&nbsp;(3428128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31282273) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**1748360** | &nbsp;&nbsp;&nbsp;&nbsp;**$15686357** | &nbsp;&nbsp;&nbsp;&nbsp;**(1179348)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(10706658)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 60893 | &nbsp;&nbsp;&nbsp;&nbsp;$554728 | &nbsp;&nbsp;&nbsp;&nbsp; 61236 | &nbsp;&nbsp;&nbsp;&nbsp;$554592 |
| &nbsp;&nbsp;&nbsp;Issued in connection with tax-free reorganization (see Note 10) | &nbsp;&nbsp;&nbsp;&nbsp; 147967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1347978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 7352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67734 | &nbsp;&nbsp;&nbsp;&nbsp; 16589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151625 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (122461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1128435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (214279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1953382) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **93751** | &nbsp;&nbsp;&nbsp;&nbsp;**$842005** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(136454)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1247165)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;3131898 | &nbsp;&nbsp;&nbsp;&nbsp;$28597478 | &nbsp;&nbsp;&nbsp;&nbsp;7471722 | &nbsp;&nbsp;&nbsp;&nbsp;$68009228 |
| &nbsp;&nbsp;&nbsp;Issued in connection with tax-free reorganization (see Note 10) | &nbsp;&nbsp;&nbsp;&nbsp;5891084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53608868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 337002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3102427 | &nbsp;&nbsp;&nbsp;&nbsp; 630951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5758176 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2753263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25273824) | &nbsp;&nbsp;&nbsp;&nbsp;(7384562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66812343) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**6606721** | &nbsp;&nbsp;&nbsp;&nbsp;**$60034949** | &nbsp;&nbsp;&nbsp;&nbsp; **718111** | &nbsp;&nbsp;&nbsp;&nbsp;**$6955061** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ohio Fund** | **Ohio Fund** | **Ohio Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 515074 | &nbsp;&nbsp;&nbsp;&nbsp;$4251417 | &nbsp;&nbsp;&nbsp;&nbsp; 976374 | &nbsp;&nbsp;&nbsp;&nbsp;$7920929 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 125935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1039869 | &nbsp;&nbsp;&nbsp;&nbsp; 257661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2107054 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (777638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6419307) | &nbsp;&nbsp;&nbsp;&nbsp;(1660027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13593219) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(136629)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1128021)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(425992)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3565236)** |

---

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ohio Fund (continued)** | **Ohio Fund (continued)** | **Ohio Fund (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 11154 | &nbsp;&nbsp;&nbsp;&nbsp;$92225 | &nbsp;&nbsp;&nbsp;&nbsp; 102126 | &nbsp;&nbsp;&nbsp;&nbsp;$833314 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 4855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40075 | &nbsp;&nbsp;&nbsp;&nbsp; 10862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88785 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (492539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (176314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1439974) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(43623)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(360239)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(63326)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(517875)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;2765613 | &nbsp;&nbsp;&nbsp;&nbsp;$22855623 | &nbsp;&nbsp;&nbsp;&nbsp;6391056 | &nbsp;&nbsp;&nbsp;&nbsp;$52243891 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 257962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2131658 | &nbsp;&nbsp;&nbsp;&nbsp; 491715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4020948 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2474957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20420743) | &nbsp;&nbsp;&nbsp;&nbsp;(5190902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42135659) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **548618** | &nbsp;&nbsp;&nbsp;&nbsp;**$4566538** | &nbsp;&nbsp;&nbsp;&nbsp;**1691869** | &nbsp;&nbsp;&nbsp;&nbsp;**$14129180** |

---

8 Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Funds solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to each Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended March 31, 2026.

9 Fair Value Measurements

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

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

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

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

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

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

At March 31, 2026, the hierarchy of inputs used in valuing the Funds' investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **California Opportunities Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Closed-End Funds | &nbsp;&nbsp;$2687693 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2687693 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943009872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943009872 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83311891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83311891 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7995187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7995187 |
| **Total Investments** | &nbsp;&nbsp;**$2687693** | &nbsp;&nbsp;&nbsp;&nbsp;**$1034316950** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$1037004643** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Massachusetts Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$135352380 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$135352380 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131638 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2825005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2825005 |
| **Total Investments** | &nbsp;&nbsp;**$2825005** | &nbsp;&nbsp;&nbsp;&nbsp;**$135484018** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$138309023** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New York Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1435283 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1435283 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414107187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414107187 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6702579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6702579 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 206927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206927 |
| **Total Investments** | &nbsp;&nbsp;**$206927** | &nbsp;&nbsp;&nbsp;&nbsp;**$422245049** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$422451976** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ohio Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$201495573 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$201495573 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 41044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41044 |
| **Total Investments** | &nbsp;&nbsp;**$41044** | &nbsp;&nbsp;&nbsp;&nbsp;**$201495573** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$201536617** |

---

10 Reorganization

As of the close of business on March 20, 2026, the Eaton Vance New York Municipal Income Fund (the Fund) acquired the net assets of Eaton Vance New York Municipal Opportunities Fund (New York Municipal Opportunities Fund), pursuant to a plan of reorganization approved by the Board of Directors of New York Municipal Opportunities Fund. The purpose of the transaction was to combine two funds managed by EVM with substantially similar investment objectives and policies. The reorganization was accomplished by a tax-free exchange of 2,309,268 shares of Class A of the Fund (valued at $21,037,432) for the 2,230,590 shares of Class A of New York Municipal Opportunities Fund, 147,967 shares of Class C of the Fund (valued at $1,347,978) for the 150,433 shares of Class C of New York Municipal Opportunities Fund and 5,891,084 shares of Class I of the Fund (valued at $53,608,868) for the 5,684,653 shares of Class I of New York Municipal Opportunities Fund, each outstanding on March 20, 2026.

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

The investment portfolio of New York Municipal Opportunities Fund, with a fair value of $74,932,939 and identified cost of $74,508,049, was the principal asset acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the identified cost of the investments received from New York Municipal Opportunities Fund was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of the Fund immediately before the acquisition were $341,899,394. The net assets of New York Municipal Opportunities Fund at that date of $75,994,278, including $3,886,320 of accumulated net realized losses and $424,890 of unrealized appreciation, were combined with those of the Fund, resulting in combined net assets of $417,893,672.

Assuming the acquisition had been completed on October 1, 2025, the beginning of the Fund's annual reporting period, the Fund's pro forma results of operations for the six months ended March 31, 2026 are as follows:

---

| | |
|:---|:---|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$8123669 |
| Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;&nbsp;$(1512754) |
| Net increase in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;$6610915 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of New York Municipal Opportunities Fund that have been included in the Fund's Statement of Operations since March 20, 2026.

------

[**Table of Contents**](#JOB_EV_AR_a954591e-656a-4b2d-9ecf-0c8f1bd4b793_TOC)

MUNI4-NCSR&nbsp;&nbsp;&nbsp;&nbsp;3.31.26

------

## Eaton Vance

## Municipal Income Funds

## Semi-Annual Financial Statements and Additional Information
March 31, 2026

------

AMT-Free&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; National

![](g117338img9e48ae461.gif)

------

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

------

#### Semi-Annual Financial Statements and Additional Information March 31, 2026
Eaton Vance

Municipal Income Funds

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_d4664537-1579-4a8a-940e-aa14ba4e6e80_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_e6143ae6-2968-41e4-9308-b1ff8cffb20a_1) | [Items 6 and 7 of Form N-CSR:](#xx_e6143ae6-2968-41e4-9308-b1ff8cffb20a_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_e6143ae6-2968-41e4-9308-b1ff8cffb20a_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_e6143ae6-2968-41e4-9308-b1ff8cffb20a_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[AMT-Free Municipal Income Fund](#xx_e6143ae6-2968-41e4-9308-b1ff8cffb20a_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[National Municipal Income Fund](#xx_e6143ae6-2968-41e4-9308-b1ff8cffb20a_5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_125198e2-fa0d-4b92-8ab4-3c4a39838987_1) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_125198e2-fa0d-4b92-8ab4-3c4a39838987_2) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_125198e2-fa0d-4b92-8ab4-3c4a39838987_3) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_3ea9c6c6-d26c-41b9-9000-b25e0b8280c2_1) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_10885910-af12-45cb-a5bc-c25ef4122a75_1) | 29 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 100.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 1.2% | Education — 1.2% | Education — 1.2% |
| District of Columbia, (KIPP DC), 4.00%, 7/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;$92987 |
| Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 20616 |
| Georgia Private Colleges and Universities Authority, (Savannah College of Art and Design): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 715194 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1242573 |
|  |  | &nbsp;&nbsp;**$2071370** |
| Electric Utilities — 4.0% | Electric Utilities — 4.0% | Electric Utilities — 4.0% |
| Douglas County Public Utility District No. 1, WA, 3.00%, 9/1/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;$987107 |
| Gainesville, FL, Utilities System Revenue, (SPA: Truist Bank), 2.70%, 10/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 |
| Philadelphia, PA, Gas Works Revenue, 5.25%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320 | &nbsp;&nbsp;&nbsp;&nbsp; 2415543 |
| Seattle, WA, Municipal Light and Power Revenue, 5.25%, 2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060715 |
| South Carolina Public Service Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081447 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 576233 |
|  |  | &nbsp;&nbsp;**$7021045** |
| Escrowed/Prerefunded — 3.4% | Escrowed/Prerefunded — 3.4% | Escrowed/Prerefunded — 3.4% |
| New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 12/15/28, 5.00%, 6/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3199801 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), Prerefunded to 12/15/28, 5.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2665146 |
|  |  | &nbsp;&nbsp;**$5864947** |
| General Obligations — 14.9% | General Obligations — 14.9% | General Obligations — 14.9% |
| Arapahoe County School District No. 5 Cherry Creek, CO, 5.25%, 12/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2345156 |
| Beverly Hills Unified School District, CA, (Election of 2018): |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp; 921769 |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp; 845554 |
| Chicago Board of Education, IL, 5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1872984 |
| Chicago, IL, 5.00%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 977969 |
| East Grand Rapids Public School District, MI, 5.00%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 369980 |
| Houston, TX, 4.125%, 3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp; 1352764 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;$216093 |
| &nbsp;&nbsp;&nbsp;5.50%, 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2441898 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 219916 |
| Lubbock Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp; 2407078 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1762887 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1519219 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016863 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp; 2070880 |
| Northside Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1548542 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033817 |
| Sherman Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3048746 |
|  |  | &nbsp;&nbsp;**$25972115** |
| Hospital — 7.6% | Hospital — 7.6% | Hospital — 7.6% |
| Brevard County Health Facilities Authority, FL, (Health First Obligated Group), 5.00%, 4/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2550913 |
| California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3003333 |
| Colorado Health Facilities Authority, (CommonSpirit Health), 5.25%, 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018174 |
| Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070 | &nbsp;&nbsp;&nbsp;&nbsp; 3134328 |
| Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.00%, 1/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp; 1077866 |
| South Carolina Jobs-Economic Development Authority, (McLeod Health), 4.25%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp; 936722 |
| St. Paul Housing and Redevelopment Authority, MN, (Children's Health Care), 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1582579 |
|  |  | &nbsp;&nbsp;**$13303915** |
| Housing — 4.4% | Housing — 4.4% | Housing — 4.4% |
| Cuyahoga Metropolitan Housing Authority, OH, Social Bonds, 2.00%, 12/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;$957025 |
| FW Texas Street Public Facility Corp., TX, (River District), 5.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1525720 |
| Massachusetts Housing Finance Agency, (FHLMC), (FNMA), (GNMA), Social Bonds, 4.95%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2472560 |
| Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 5.15%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp; 1953745 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$503443 |
| Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 |
|  |  | &nbsp;&nbsp;**$7697493** |
| Industrial Development Revenue — 0.1% | Industrial Development Revenue — 0.1% | Industrial Development Revenue — 0.1% |
| Mississippi Business Finance Corp., (Chevron USA, Inc.), 2.65%, 12/1/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$200000 |
|  |  | &nbsp;&nbsp;**$200000** |
| Insured - Education — 0.6% | Insured - Education — 0.6% | Insured - Education — 0.6% |
| Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;$966619 |
|  |  | &nbsp;&nbsp;**$966619** |
| Insured - Electric Utilities — 1.5% | Insured - Electric Utilities — 1.5% | Insured - Electric Utilities — 1.5% |
| Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865 | &nbsp;&nbsp;$2600569 |
|  |  | &nbsp;&nbsp;**$2600569** |
| Insured - General Obligations — 1.9% | Insured - General Obligations — 1.9% | Insured - General Obligations — 1.9% |
| Carbondale and Rural Fire Protection District, CO, (BAM), 5.50%, 12/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1088564 |
| Rhode Island Health and Educational Building Corp., (AG), 5.25%, 5/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2122485 |
|  |  | &nbsp;&nbsp;**$3211049** |
| Insured - Lease Revenue/Certificates of Participation — 4.2% | Insured - Lease Revenue/Certificates of Participation — 4.2% | Insured - Lease Revenue/Certificates of Participation — 4.2% |
| Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AG), 0.00%, 9/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8680 | &nbsp;&nbsp;$7390264 |
|  |  | &nbsp;&nbsp;**$7390264** |
| Insured - Other Revenue — 0.6% | Insured - Other Revenue — 0.6% | Insured - Other Revenue — 0.6% |
| Hudson Yards Infrastructure Corp., NY, (AG), 4.00%, 2/15/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;$1054580 |
|  |  | &nbsp;&nbsp;**$1054580** |
| Insured - Special Tax Revenue — 9.7% | Insured - Special Tax Revenue — 9.7% | Insured - Special Tax Revenue — 9.7% |
| Harris County-Houston Sports Authority, TX, (AG), (NPFG), 0.00%, 11/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;$6962529 |
| Massachusetts, Dedicated Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 5.50%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6124573 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 5.50%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp; 2808854 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue (continued) | Insured - Special Tax Revenue (continued) | Insured - Special Tax Revenue (continued) |
| Park Creek Metropolitan District, CO, (AG), 5.00%, 12/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1053343 |
|  |  | &nbsp;&nbsp;**$16949299** |
| Insured - Transportation — 8.7% | Insured - Transportation — 8.7% | Insured - Transportation — 8.7% |
| E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120 | &nbsp;&nbsp;$3642620 |
| Pennsylvania Turnpike Commission, (AG), 6.375%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11501659 |
|  |  | &nbsp;&nbsp;**$15144279** |
| Insured - Water and Sewer — 0.9% | Insured - Water and Sewer — 0.9% | Insured - Water and Sewer — 0.9% |
| Grand Prairie Water Commission, IL, (BAM), 5.25%, 1/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1562223 |
|  |  | &nbsp;&nbsp;**$1562223** |
| Lease Revenue/Certificates of Participation — 4.6% | Lease Revenue/Certificates of Participation — 4.6% | Lease Revenue/Certificates of Participation — 4.6% |
| Battery Park City Authority, NY, Sustainability Bonds, 5.25%, 11/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;$1746919 |
| National Finance Authority, NH, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026359 |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 | &nbsp;&nbsp;&nbsp;&nbsp; 4182587 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028815 |
|  |  | &nbsp;&nbsp;**$7984680** |
| Other Revenue — 7.4% | Other Revenue — 7.4% | Other Revenue — 7.4% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1566106 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp; 1071835 |
| Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1292000 |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 858148 |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 468000 |
| Energy Southeast A Cooperative District, AL, 5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041206 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 12/1/30 (Put Date), 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1576012 |
| Southeast Energy Authority, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/35 (Put Date), 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100642 |
| &nbsp;&nbsp;&nbsp;5.25% to 11/1/35 (Put Date), 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2160479 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Tennessee Energy Acquisition Corp., 5.00%, 12/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;$1764418 |
| Texas Municipal Gas Acquisition and Supply Corp. VI, TX, 5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062643 |
|  |  | &nbsp;&nbsp;**$12961489** |
| Senior Living/Life Care — 3.8% | Senior Living/Life Care — 3.8% | Senior Living/Life Care — 3.8% |
| Manhattan, KS, (Meadowlark Hills), 4.00%, 6/1/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;$993243 |
| National Finance Authority, NH, (The Vista): |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/46<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 360799 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 764294 |
| New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven), 6.75%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021528 |
| St. Louis County Industrial Development Authority, MO, (St. Andrew's Resources for Seniors Obligated Group), 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1700490 |
| Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp; 1746168 |
|  |  | &nbsp;&nbsp;**$6586522** |
| Special Tax Revenue — 9.3% | Special Tax Revenue — 9.3% | Special Tax Revenue — 9.3% |
| Durango, CO, Sales and Use Tax Revenue, 5.25%, 12/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1059232 |
| JobsOhio Beverage System, OH, 5.00%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 513867 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 4.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195 | &nbsp;&nbsp;&nbsp;&nbsp; 3748200 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1310375 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/1/45<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2144000 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1608758 |
| Puerto Rico Sales Tax Financing Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 1153455 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817 | &nbsp;&nbsp;&nbsp;&nbsp; 2682136 |
| Tampa, FL, (Central and Lower Basin Stormwater Improvements), 5.00%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2059968 |
|  |  | &nbsp;&nbsp;**$16279991** |
| Transportation — 3.7% | Transportation — 3.7% | Transportation — 3.7% |
| Denver City and County, CO, Airport System Revenue, 5.25%, 11/15/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2073129 |
| Metropolitan Transportation Authority, NY, 5.25%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061255 |
| New Jersey Turnpike Authority, 5.25%, 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042749 |
| New York State Thruway Authority, 5.00%, 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 256141 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| South Jersey Transportation Authority, NJ, 4.625%, 11/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1502100 |
| Texas Transportation Commission, 0.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 507647 |
|  |  | &nbsp;&nbsp;**$6443021** |
| Water and Sewer — 7.7% | Water and Sewer — 7.7% | Water and Sewer — 7.7% |
| Allegheny County Sanitary Authority, PA, 5.00%, 12/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;$2009389 |
| District of Columbia Water and Sewer Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1665673 |
| &nbsp;&nbsp;&nbsp;(SPA: Bank of America, N.A.), 2.70%, 10/1/60<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| King County, WA, Sewer Improvement and Refunding Revenue, (SPA: U.S. Bank, N.A.), 2.60%, 1/1/65<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| Margate, FL, Water and Sewer Revenue, 5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 1002067 |
| Metro Water Recovery, CO, 5.00%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114707 |
| Metropolitan Government of Nashville and Davidson County, TN, Water and Sewer Revenue, 5.00%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1548269 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655 | &nbsp;&nbsp;&nbsp;&nbsp; 1472419 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/52<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044450 |
| San Antonio, TX, Water System Revenue, (SPA: TD Bank, N.A.), 2.70%, 5/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 |
|  |  | &nbsp;&nbsp;**$13356974** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $171,920,693) |  | &nbsp;&nbsp;**$174622444** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.23%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;310229 | &nbsp;&nbsp;$310260 |
| Total Short-Term Investments<br> (identified cost $310,260) |  | &nbsp;&nbsp;**$310260** |
| Total Investments — 100.4%<br> (identified cost $172,230,953) |  | &nbsp;&nbsp;**$174932704** |
| Other Assets, Less Liabilities — (0.4)% |  | &nbsp;&nbsp;**$(633305)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$174299399** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 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> | 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 March 31, 2026. |
| <sup>(2)</sup> | Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. |
| <sup>(3)</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 March 31, 2026, the aggregate value of these securities is $2,871,261 or 1.6% of the Fund's net assets. |
| <sup>(4)</sup> | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| <sup>(5)</sup> | The rate shown is the annualized seven-day yield as of March 31, 2026. |
| At March 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: | At March 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 13.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 66.7% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2026, 27.9% 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 1.5% to 17.2% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SPA | – Standby Bond Purchase Agreement |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited)

------

Corporate Bonds — 0.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 0.3% | Education — 0.3% | Education — 0.3% |
| Cornell University, 4.169%, 6/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;13555 | &nbsp;&nbsp;$13463846 |
|  |  | &nbsp;&nbsp;**$13463846** |
| Hospital — 0.5% | Hospital — 0.5% | Hospital — 0.5% |
| Ascension Health: |  |  |
| &nbsp;&nbsp;&nbsp;4.078%, 11/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715 | &nbsp;&nbsp;$6681141 |
| &nbsp;&nbsp;&nbsp;4.923%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6375 | &nbsp;&nbsp;&nbsp;&nbsp; 6301997 |
| UPMC, 1.803%, 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp; 7292377 |
|  |  | &nbsp;&nbsp;**$20275515** |
| Total Corporate Bonds<br> (identified cost $33,283,328) |  | &nbsp;&nbsp;**$33739361** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Tax-Exempt Municipal Obligations — 97.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 2.3% | Bond Bank — 2.3% | Bond Bank — 2.3% |
| Delaware Valley Regional Finance Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.45%, 3/1/52<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;$1365000 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.70%, 9/1/59<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| New York State Environmental Facilities Corp., (State Revolving Fund): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 9/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9330 | &nbsp;&nbsp;&nbsp;&nbsp; 9769043 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 9/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245 | &nbsp;&nbsp;&nbsp;&nbsp; 6554760 |
| Ohio Water Development Authority, Water Pollution Control Loan Fund, (Liq: TD Bank, N.A.), 2.70%, 12/1/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42200 | &nbsp;&nbsp;&nbsp;&nbsp; 42200000 |
| Oklahoma Water Resources Board, (State Loan Program): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1163152 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp; 1053453 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp; 1399668 |
| Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7860 | &nbsp;&nbsp;&nbsp;&nbsp; 8574015 |
| Texas Water Development Board, 4.00%, 10/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6785 | &nbsp;&nbsp;&nbsp;&nbsp; 6142105 |
|  |  | &nbsp;&nbsp;**$93221196** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cogeneration — 0.2% | Cogeneration — 0.2% | Cogeneration — 0.2% |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 6/30/27<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;14652 | &nbsp;&nbsp;$6447019 |
|  |  | &nbsp;&nbsp;**$6447019** |
| Education — 3.9% | Education — 3.9% | Education — 3.9% |
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), (SPA: Bank of New York Mellon), 2.75%, 12/1/37<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;$32000000 |
| Arizona Industrial Development Authority, (Equitable School Revolving Fund LLC), 5.00%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp; 2124944 |
| Clemson University, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 3277579 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 196483 |
| Colorado State University, 5.25%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1266118 |
| Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 37109 |
| Louisiana Public Facilities Authority, (Acadiana Renaissance Charter Academy), 6.15%, 6/15/55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7097564 |
| Monroe County Industrial Development Corp., NY, (University of Rochester), 4.00%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205 | &nbsp;&nbsp;&nbsp;&nbsp; 2860608 |
| New York Dormitory Authority, (New York University), 5.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8157660 |
| Ohio State University, 5.25%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;14315 | &nbsp;&nbsp;&nbsp;&nbsp; 15193036 |
| Oregon State University: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4380 | &nbsp;&nbsp;&nbsp;&nbsp; 4308276 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6395 | &nbsp;&nbsp;&nbsp;&nbsp; 6839935 |
| Pennsylvania Economic Development Financing Authority, (Villanova University), 4.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125 | &nbsp;&nbsp;&nbsp;&nbsp; 4424037 |
| Private Colleges and Universities Authority, GA, (Emory University): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 2002556 |
| &nbsp;&nbsp;&nbsp;5.25%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1658073 |
| Texas Tech University System, 4.00%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp; 3580152 |
| University of Alabama, 4.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1288746 |
| University of California, 5.25%, 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1649940 |
| University of Cincinnati, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2646670 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3680028 |
| University of Massachusetts Building Authority, 5.00%, 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6206614 |
| University of Oregon: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2961706 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615 | &nbsp;&nbsp;&nbsp;&nbsp; 3862578 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7395 | &nbsp;&nbsp;&nbsp;&nbsp; 7494596 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9090 | &nbsp;&nbsp;&nbsp;&nbsp; 9275595 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| University of Texas System: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$4413269 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3286808 |
| Vermont Educational and Health Buildings Financing Agency, (Middlebury College), 4.00%, 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1145637 |
| Washington Housing Finance Commission, (Evergreen School), 4.50%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;14320 | &nbsp;&nbsp;&nbsp;&nbsp; 13042073 |
|  |  | &nbsp;&nbsp;**$155978390** |
| Electric Utilities — 4.0% | Electric Utilities — 4.0% | Electric Utilities — 4.0% |
| Energy Northwest, WA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3310558 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 3075319 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720 | &nbsp;&nbsp;&nbsp;&nbsp; 2968911 |
| Fayetteville, NC, Public Works Commission Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9435 | &nbsp;&nbsp;&nbsp;&nbsp; 9298992 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615 | &nbsp;&nbsp;&nbsp;&nbsp; 4829956 |
| Gainesville, FL, Utilities System Revenue, (SPA: Truist Bank), 2.70%, 10/1/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38035 | &nbsp;&nbsp;&nbsp;&nbsp; 38035000 |
| Indiana Municipal Power Agency, (LOC: Truist Bank), 2.75%, 1/1/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9920 | &nbsp;&nbsp;&nbsp;&nbsp; 9920000 |
| Long Island Power Authority, NY, Electric System Revenue, 5.00%, 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5183622 |
| Omaha Public Power District, NE: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp; 2751702 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10331560 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10551813 |
| Orlando Utilities Commission, FL, 5.00%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3105941 |
| Salt River Project Agricultural Improvement and Power District, AZ, 5.00%, 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8675 | &nbsp;&nbsp;&nbsp;&nbsp; 9038594 |
| San Antonio, TX, Electric and Gas Systems Revenue, 5.25%, 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;15725 | &nbsp;&nbsp;&nbsp;&nbsp; 16433300 |
| Snohomish County Public Utility District No. 1, WA, Electric System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8205 | &nbsp;&nbsp;&nbsp;&nbsp; 9061660 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp; 1843682 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870 | &nbsp;&nbsp;&nbsp;&nbsp; 5221559 |
| South Carolina Public Service Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7595 | &nbsp;&nbsp;&nbsp;&nbsp; 6604527 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3678185 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6215 | &nbsp;&nbsp;&nbsp;&nbsp; 6571169 |
|  |  | &nbsp;&nbsp;**$161816050** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Escrowed/Prerefunded — 1.1% | Escrowed/Prerefunded — 1.1% | Escrowed/Prerefunded — 1.1% |
| New Jersey Economic Development Authority, (School Facilities Construction): |  |  |
| &nbsp;&nbsp;&nbsp;Prerefunded to 12/15/28, 5.00%, 6/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8460 | &nbsp;&nbsp;$9023438 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 12/15/28, 5.00%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp; 14185783 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), Prerefunded to 12/15/28, 5.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp; 21854201 |
|  |  | &nbsp;&nbsp;**$45063422** |
| General Obligations — 24.1% | General Obligations — 24.1% | General Obligations — 24.1% |
| Antelope Valley Union High School District, CA, (Election of 2024), 5.00%, 8/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;13610 | &nbsp;&nbsp;$14284874 |
| Arapahoe County School District No. 5 Cherry Creek, CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 590701 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4359822 |
| Austin Independent School District, TX, (PSF Guaranteed), 5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5319297 |
| Azle Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 182373 |
| Banquete Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895 | &nbsp;&nbsp;&nbsp;&nbsp; 6175438 |
| Beaverton School District No. 48J, OR, 5.00%, 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6040 | &nbsp;&nbsp;&nbsp;&nbsp; 6170697 |
| Belmont-Redwood Shores School District, CA, (Election of 2024), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 5474166 |
| Bend, OR, 5.00%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820 | &nbsp;&nbsp;&nbsp;&nbsp; 2940455 |
| Berkeley Unified School District, CA, (Election of 2020): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195 | &nbsp;&nbsp;&nbsp;&nbsp; 4683025 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4785 | &nbsp;&nbsp;&nbsp;&nbsp; 5295206 |
| Bethel Park School District, PA, 5.25%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055 | &nbsp;&nbsp;&nbsp;&nbsp; 5535395 |
| Beverly Hills Unified School District, CA, (Election of 2018), 3.25%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;14820 | &nbsp;&nbsp;&nbsp;&nbsp; 12786840 |
| Bishop Consolidated Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;&nbsp;&nbsp; 2793714 |
| Bullard Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 | &nbsp;&nbsp;&nbsp;&nbsp; 4581023 |
| California, 5.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26980127 |
| Chandler, AZ, 4.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5145 | &nbsp;&nbsp;&nbsp;&nbsp; 5063515 |
| Chicago Board of Education, IL, 5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;20515 | &nbsp;&nbsp;&nbsp;&nbsp; 19212135 |
| Chicago, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6040 | &nbsp;&nbsp;&nbsp;&nbsp; 5839209 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp; 6912477 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635 | &nbsp;&nbsp;&nbsp;&nbsp; 4565555 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5182713 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp;&nbsp;&nbsp; 2924781 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Chicago, IL: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;$2170396 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp; 6664562 |
| Collin County Community College District, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9805 | &nbsp;&nbsp;&nbsp;&nbsp; 9494733 |
| &nbsp;&nbsp;&nbsp;4.125%, 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215 | &nbsp;&nbsp;&nbsp;&nbsp; 4124066 |
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5315737 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp;&nbsp;&nbsp; 5124808 |
| Dallas Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;14925 | &nbsp;&nbsp;&nbsp;&nbsp; 15976292 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8595 | &nbsp;&nbsp;&nbsp;&nbsp; 9117828 |
| Delaware County, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp; 1989751 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp; 2669327 |
| Denton County, TX, 4.00%, 7/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945 | &nbsp;&nbsp;&nbsp;&nbsp; 7297967 |
| Denton Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;13150 | &nbsp;&nbsp;&nbsp;&nbsp; 13569709 |
| Desert Sands Unified School District, CA, (Election of 2024), 4.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;14485 | &nbsp;&nbsp;&nbsp;&nbsp; 13588686 |
| District of Columbia: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 5946922 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 9166605 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9710 | &nbsp;&nbsp;&nbsp;&nbsp; 10202970 |
| Eagle Mountain and Saginaw Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2163763 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1343651 |
| Ector County Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp; 2432747 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp; 3414844 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | &nbsp;&nbsp;&nbsp;&nbsp; 3076883 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp; 3421284 |
| Fayetteville School District No. 1, AR, 4.00%, 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9785 | &nbsp;&nbsp;&nbsp;&nbsp; 9303976 |
| Fayetteville, NC, 4.00%, 2/1/45<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1964645 |
| Forney Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/50<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10326400 |
| Freehold Township Board Of Education, NJ, 4.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5270 | &nbsp;&nbsp;&nbsp;&nbsp; 5308573 |
| Fullerton Joint Union High School District, CA, (Election of 2024), 4.00%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;23275 | &nbsp;&nbsp;&nbsp;&nbsp; 21336146 |
| Fulshear, TX, 4.00%, 4/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385 | &nbsp;&nbsp;&nbsp;&nbsp; 3965473 |
| Grand Rapids, MI, 5.00%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;12970 | &nbsp;&nbsp;&nbsp;&nbsp; 13351522 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Gregory-Portland Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245 | &nbsp;&nbsp;$2381762 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp; 2036206 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp; 2837349 |
| Hacienda La Puente Unified School District, CA, (Election of 2016), 5.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8265 | &nbsp;&nbsp;&nbsp;&nbsp; 8614660 |
| Hampton County School District, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000802 |
| &nbsp;&nbsp;&nbsp;4.25%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1095697 |
| Harford County, MD, 4.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 4917 |
| Harris County Flood Control District, TX, Sustainability Bonds, 4.00%, 9/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1022977 |
| Hays Consolidated Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 6892169 |
| Highline School District No. 401, WA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8315 | &nbsp;&nbsp;&nbsp;&nbsp; 8933175 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058246 |
| Hillsboro, OR: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp; 3248872 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp; 3980394 |
| Houston, TX, 4.125%, 3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8745 | &nbsp;&nbsp;&nbsp;&nbsp; 7939543 |
| Howell Public Schools, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp; 5344966 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 7239014 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 1029154 |
| Humble Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;10250 | &nbsp;&nbsp;&nbsp;&nbsp; 10610746 |
| Hutto Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 181131 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8365 | &nbsp;&nbsp;&nbsp;&nbsp; 7569591 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15233341 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 917079 |
| &nbsp;&nbsp;&nbsp;5.50%, 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp; 12421831 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 911079 |
| Jackson County Reorganized School District No. 7, MO, 5.50%, 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8939694 |
| Jefferson City School District, MO, 5.50%, 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 7017958 |
| Larimer Weld and Boulder County School District R-2J Thompson, CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1749451 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2484102 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 | &nbsp;&nbsp;&nbsp;&nbsp; 2451354 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2275960 |
| Leander Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4388637 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Long Beach Unified School District, CA, (Election of 2016), 4.25%, 8/1/49<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$9736405 |
| Mabank Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730 | &nbsp;&nbsp;&nbsp;&nbsp; 5160433 |
| Manteca Unified School District, CA, (Election of 2020), 5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9696124 |
| Massachusetts: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 6751819 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;10105 | &nbsp;&nbsp;&nbsp;&nbsp; 10911503 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10379875 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7267301 |
| Maui County, HI, 5.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110 | &nbsp;&nbsp;&nbsp;&nbsp; 4481676 |
| Mesquite Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10553757 |
| Metropolitan Government of Nashville and Davidson County, TN, 4.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4912646 |
| Mida Cormont Public Infrastructure District, UT, 6.25%, 6/1/55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2813356 |
| Mobile, AL, 5.00%, 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;12885 | &nbsp;&nbsp;&nbsp;&nbsp; 14047420 |
| Montgomery County, MD: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;&nbsp;&nbsp; 2989984 |
| &nbsp;&nbsp;&nbsp;(SPA: U.S. Bank, N.A.), 2.35%, 11/1/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31800 | &nbsp;&nbsp;&nbsp;&nbsp; 31800000 |
| Multnomah County School District No. 1J Portland, OR: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1817196 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;10915 | &nbsp;&nbsp;&nbsp;&nbsp; 11618116 |
| Nassau County, NY, 5.00%, 4/1/49<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10410100 |
| Nettleton School District, AR: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1843928 |
| &nbsp;&nbsp;&nbsp;4.50%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1489573 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9405 | &nbsp;&nbsp;&nbsp;&nbsp; 8726289 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5131053 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp; 3377337 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10480446 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5207192 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;14405 | &nbsp;&nbsp;&nbsp;&nbsp; 15055569 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;24805 | &nbsp;&nbsp;&nbsp;&nbsp; 25878173 |
| North East Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4473182 |
| North Little Rock School District No. 1, AR, 4.25%, 2/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp; 2095185 |
| North Royalton City School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 350514 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 615374 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78283 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Northshore School District No. 417, WA, 5.00%, 12/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2142669 |
| Oregon, 5.25%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1489310 |
| Oregon City School District No. 62, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71579 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495 | &nbsp;&nbsp;&nbsp;&nbsp; 3547970 |
| Pasadena, CA, (Central Library), 5.00%, 9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;11925 | &nbsp;&nbsp;&nbsp;&nbsp; 12545903 |
| Pine Bluff School District No. 3, AR, 4.125%, 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 880357 |
| Pitkin County School District No. 1 Aspen, CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/44<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 566251 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/45<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 475973 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;10762 | &nbsp;&nbsp;&nbsp;&nbsp; 11366610 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;12303 | &nbsp;&nbsp;&nbsp;&nbsp; 13438527 |
| Rio Hondo Community College District, CA, (Election of 2024), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;17850 | &nbsp;&nbsp;&nbsp;&nbsp; 18651481 |
| Riverside Community College District, CA, (Election of 2024), 4.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690 | &nbsp;&nbsp;&nbsp;&nbsp; 5282466 |
| Royse City Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12349784 |
| San Diego Unified School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;11050 | &nbsp;&nbsp;&nbsp;&nbsp; 11854759 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;20625 | &nbsp;&nbsp;&nbsp;&nbsp; 21672212 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 4.00%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 7820694 |
| Santa Clarita Community College District, CA, (Election of 2016), 5.25%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10727382 |
| Spring Branch Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074710 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1732149 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1586944 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2128212 |
| Spring Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185 | &nbsp;&nbsp;&nbsp;&nbsp; 3510289 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4383626 |
| Tacoma School District No. 10, WA, 5.00%, 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 223598 |
| Tamalpais Union High School District, CA, (Election of 2024), 4.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9495 | &nbsp;&nbsp;&nbsp;&nbsp; 9618811 |
| Terrell Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2193715 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2833681 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3245907 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1384773 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Texas: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 | &nbsp;&nbsp;$5308816 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp; 4039469 |
| Tigard-Tualatin School District No. 23J, OR, 5.00%, 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6472526 |
| Wake County, NC, 5.00%, 4/1/39<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5650202 |
| Washington, 5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21137938 |
| Westchester County, NY, 5.00%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16654840 |
| Wilson School District, PA, 5.00%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2912917 |
| Wylie Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845 | &nbsp;&nbsp;&nbsp;&nbsp; 2635954 |
|  |  | &nbsp;&nbsp;**$977258474** |
| Hospital — 5.0% | Hospital — 5.0% | Hospital — 5.0% |
| Arizona Industrial Development Authority, (Phoenix Children's Hospital), 4.00%, 2/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110 | &nbsp;&nbsp;$2651933 |
| Brevard County Health Facilities Authority, FL, (Health First Obligated Group), 5.00%, 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10203651 |
| California Health Facilities Financing Authority, (Cedars-Sinai Health System), 5.00%, 8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;12610 | &nbsp;&nbsp;&nbsp;&nbsp; 13040184 |
| Connecticut Health and Educational Facilities Authority, (Trinity Health Corp.), 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp; 2581966 |
| Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp; 1905298 |
| Geisinger Authority, PA, (Geisinger Health System), 4.00%, 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9105 | &nbsp;&nbsp;&nbsp;&nbsp; 7970362 |
| Greenville Health System, SC, 5.00%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1225760 |
| Harris County Cultural Education Facilities Finance Corp., TX, (Texas Children's Hospital), 4.00%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;10805 | &nbsp;&nbsp;&nbsp;&nbsp; 9756061 |
| Indiana Finance Authority, (Franciscan Alliance, Inc.), 5.00%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5007470 |
| Maricopa County Industrial Development Authority, AZ, (Banner Health), Series 2019-E, 4.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7310 | &nbsp;&nbsp;&nbsp;&nbsp; 6640752 |
| Massachusetts Development Finance Agency, (Mass General Brigham), 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 6127677 |
| Michigan Finance Authority, (Henry Ford Health System), 4.00%, 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;11775 | &nbsp;&nbsp;&nbsp;&nbsp; 10070033 |
| Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395 | &nbsp;&nbsp;&nbsp;&nbsp; 5581064 |
| Minnesota Agricultural and Economic Development Board, (HealthPartners Obligated Group), 4.00%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;14955 | &nbsp;&nbsp;&nbsp;&nbsp; 13149842 |
| Missouri Health and Educational Facilities Authority, (BJC Health System), 4.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575 | &nbsp;&nbsp;&nbsp;&nbsp; 5190973 |
| Missouri Health and Educational Facilities Authority, (Children's Mercy Hospital), 4.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;18120 | &nbsp;&nbsp;&nbsp;&nbsp; 16144581 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Missouri Health and Educational Facilities Authority, (CoxHealth), 4.00%, 11/15/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;$8270254 |
| New York Dormitory Authority, (Northwell Health Obligated Group), 4.00%, 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;15575 | &nbsp;&nbsp;&nbsp;&nbsp; 13454889 |
| Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 711005 |
| Philadelphia Authority for Industrial Development, PA, (Children's Hospital of Philadelphia), 4.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;11655 | &nbsp;&nbsp;&nbsp;&nbsp; 10445423 |
| Salem Hospital Facility Authority, OR, (Salem Health), 5.00%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;11620 | &nbsp;&nbsp;&nbsp;&nbsp; 11859659 |
| South Carolina Jobs-Economic Development Authority, (Anmed Health), 4.25%, 2/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6565 | &nbsp;&nbsp;&nbsp;&nbsp; 6197105 |
| South Carolina Jobs-Economic Development Authority, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420 | &nbsp;&nbsp;&nbsp;&nbsp; 4959646 |
| South Carolina Jobs-Economic Development Authority, (McLeod Health), 4.25%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935 | &nbsp;&nbsp;&nbsp;&nbsp; 2669203 |
| South Dakota Health and Educational Facilities Authority, (Sanford Health), 5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290 | &nbsp;&nbsp;&nbsp;&nbsp; 4291631 |
| Spartanburg Regional Health Services District, Inc., SC, 4.00%, 4/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp; 1941813 |
| St. Cloud, MN, (CentraCare Health System), 4.00%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5242474 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott and White Health): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625 | &nbsp;&nbsp;&nbsp;&nbsp; 3901762 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2881192 |
| Utah County, UT, (IHC Health Services, Inc.), 4.00%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8565 | &nbsp;&nbsp;&nbsp;&nbsp; 7624315 |
| Wisconsin Health and Educational Facilities Authority, (Children's Hospital of Wisconsin, Inc.), 4.00%, 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp; 2747048 |
|  |  | &nbsp;&nbsp;**$204445026** |
| Housing — 3.4% | Housing — 3.4% | Housing — 3.4% |
| Delaware Housing Authority, (FHLMC), (FNMA), (GNMA), 4.60%, 7/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp;$1735852 |
| EP Cimarron Ventanas PFC, TX, (Lifestyles at Los Paseos and Lifestyles on the Reserve), 4.125%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1947515 |
| Georgia Housing and Finance Authority, 3.65%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7585 | &nbsp;&nbsp;&nbsp;&nbsp; 6882592 |
| Illinois Housing Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp; 3229790 |
| Indiana Finance Authority, (CHF-Tippecanoe, LLC - Student Housing), 5.00%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 640186 |
| Louisiana Housing Corp., SFMR, (FHLMC), (FNMA), (GNMA), 4.60%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp; 6684493 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.75%, 7/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2068414 |
| Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (4th and Shelby Apartments), (FNMA), 4.60%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285 | &nbsp;&nbsp;&nbsp;&nbsp; 8233671 |
| Michigan Housing Development Authority, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.50%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855 | &nbsp;&nbsp;&nbsp;&nbsp; 2890350 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.85%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp; 2508147 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1363299 |
| Missouri Housing Development Commission, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 332532 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.30%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 | &nbsp;&nbsp;&nbsp;&nbsp; 1014452 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.40%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809 | &nbsp;&nbsp;&nbsp;&nbsp; 1664656 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Series 2024-A, 4.45%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 584126 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Series 2024-E, 4.45%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;12165 | &nbsp;&nbsp;&nbsp;&nbsp; 12043888 |
| Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), GNMA), 4.50%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;11540 | &nbsp;&nbsp;&nbsp;&nbsp; 11476522 |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, (FHLMC), (FNMA), (GNMA), 4.45%, 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 280489 |
| New York City Housing Development Corp., NY: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 4.55%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp; 912465 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 5.00%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp; 3341578 |
| North Carolina Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp;&nbsp; 1723701 |
| Pennsylvania Housing Finance Agency, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.50%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360 | &nbsp;&nbsp;&nbsp;&nbsp; 4336716 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.15%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4780 | &nbsp;&nbsp;&nbsp;&nbsp; 4876710 |
| South Carolina Housing Finance and Development Authority, 4.375%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp; 2316147 |
| South Carolina Jobs-Economic Development Authority, (Latitude at Wescott): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4240 | &nbsp;&nbsp;&nbsp;&nbsp; 4172845 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;12580 | &nbsp;&nbsp;&nbsp;&nbsp; 13173723 |
| South Carolina Jobs-Economic Development Authority, (Sixteenth Floor Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465 | &nbsp;&nbsp;&nbsp;&nbsp; 2425648 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp; 2682102 |
| Texas Student Housing Corp., (University of North Texas), 6.85%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;10640 | &nbsp;&nbsp;&nbsp;&nbsp; 10640000 |
| Utah State University, 4.00%, 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;10875 | &nbsp;&nbsp;&nbsp;&nbsp; 10063126 |
| Virginia Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.05%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045 | &nbsp;&nbsp;&nbsp;&nbsp; 2997058 |
| &nbsp;&nbsp;&nbsp;4.45%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1363321 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Virginia Housing Development Authority: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 12/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$980109 |
| &nbsp;&nbsp;&nbsp;5.125%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 254980 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 218515 |
| Wisconsin Housing and Economic Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.50%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 | &nbsp;&nbsp;&nbsp;&nbsp; 4425522 |
|  |  | &nbsp;&nbsp;**$136485240** |
| Industrial Development Revenue — 1.2% | Industrial Development Revenue — 1.2% | Industrial Development Revenue — 1.2% |
| Houston, TX, (United Airlines, Inc.), (AMT), 5.50%, 7/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$4190738 |
| Mobile County Industrial Development Authority, AL, (AM/NS Calvert LLC), (AMT), 4.75%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;16925 | &nbsp;&nbsp;&nbsp;&nbsp; 15559537 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.375%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9326573 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;10980 | &nbsp;&nbsp;&nbsp;&nbsp; 11140489 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.00%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7360 | &nbsp;&nbsp;&nbsp;&nbsp; 8074797 |
|  |  | &nbsp;&nbsp;**$48292134** |
| Insured - Education — 0.6% | Insured - Education — 0.6% | Insured - Education — 0.6% |
| College of Charleston, SC, (AG), 4.375%, 4/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;11590 | &nbsp;&nbsp;$11087616 |
| Florida, (Florida State University Athletics Association), (BAM), 4.25%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 5884194 |
| Western Michigan University: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 376375 |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6720082 |
|  |  | &nbsp;&nbsp;**$24068267** |
| Insured - Electric Utilities — 0.2% | Insured - Electric Utilities — 0.2% | Insured - Electric Utilities — 0.2% |
| Griffin, GA, Public Utility Revenue, (BAM), 5.00%, 1/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;$1648369 |
| Long Island Power Authority, NY, (BAM), 5.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 | &nbsp;&nbsp;&nbsp;&nbsp; 5584378 |
|  |  | &nbsp;&nbsp;**$7232747** |
| Insured - General Obligations — 1.4% | Insured - General Obligations — 1.4% | Insured - General Obligations — 1.4% |
| Bristol Township School District, PA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2107989 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 2108925 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp; 2432921 |
| Fayette County School District, KY, (BAM), 5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;10710 | &nbsp;&nbsp;&nbsp;&nbsp; 11555840 |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 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) |
| Generation Park Management District, TX, (AG), 3.50%, 9/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | &nbsp;&nbsp;$2311654 |
| Harris County Municipal Utility District No. 165, TX: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 3.375%, 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 573870 |
| &nbsp;&nbsp;&nbsp;(BAM), 3.375%, 3/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp; 1695308 |
| Harris County Municipal Utility District No. 489, TX: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), Series 2024, 4.00%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295 | &nbsp;&nbsp;&nbsp;&nbsp; 3737475 |
| &nbsp;&nbsp;&nbsp;(BAM), Series 2024A, 4.00%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920 | &nbsp;&nbsp;&nbsp;&nbsp; 5151538 |
| Johnson and Miami Counties Unified School District No. 230 Spring Hills, KS, (AG), 6.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1711718 |
| Lucia Mar Unified School District, CA, (Election of 2016), (BAM), 3.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7639385 |
| Sacramento City Unified School District, CA, (Election of 2020), (AG), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5729324 |
| Waller Independent School District, TX, (BAM), 4.00%, 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7490 | &nbsp;&nbsp;&nbsp;&nbsp; 6776945 |
| Yonkers, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 401451 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 683743 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 240656 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 557122 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 541050 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 808666 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1178066 |
|  |  | &nbsp;&nbsp;**$57943646** |
| Insured - Hospital — 0.7% | Insured - Hospital — 0.7% | Insured - Hospital — 0.7% |
| Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), (AG), 4.25%, 11/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;19610 | &nbsp;&nbsp;$17731505 |
| Virginia Commonwealth University Health System Authority, (BAM), 4.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9725 | &nbsp;&nbsp;&nbsp;&nbsp; 8725818 |
| Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), (AG), 4.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 | &nbsp;&nbsp;&nbsp;&nbsp; 1523062 |
|  |  | &nbsp;&nbsp;**$27980385** |
| Insured - Housing — 0.2% | Insured - Housing — 0.2% | Insured - Housing — 0.2% |
| Chester County Industrial Development Authority, PA, (University Student Housing LLC), (BAM), 4.00%, 8/1/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;$6635909 |
| Knox County Health, Educational and Housing Facility Board, TN, (University of Tennessee), (BAM), 5.50%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1277892 |
|  |  | &nbsp;&nbsp;**$7913801** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Lease Revenue/Certificates of Participation — 0.4% | Insured - Lease Revenue/Certificates of Participation — 0.4% | Insured - Lease Revenue/Certificates of Participation — 0.4% |
| Maryland Stadium Authority, (Baltimore City Public Schools Construction and Revitalization Program), (AG), 5.00%, 5/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8430 | &nbsp;&nbsp;$8795447 |
| Nevada System of Higher Education, NV, (BAM), 4.25%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9320 | &nbsp;&nbsp;&nbsp;&nbsp; 8502023 |
|  |  | &nbsp;&nbsp;**$17297470** |
| Insured - Special Tax Revenue — 2.3% | Insured - Special Tax Revenue — 2.3% | Insured - Special Tax Revenue — 2.3% |
| Alabama Highway Authority, (AG), 5.00%, 9/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$10770148 |
| Downtown Revitalization Public Infrastructure District, UT: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2695339 |
| &nbsp;&nbsp;&nbsp;(AG), 5.50%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 8067775 |
| Fort Smith, AR, Sales and Use Tax Revenue, (AG), 5.25%, 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp; 2031052 |
| Harris County-Houston Sports Authority, TX, (AG), (NPFG), 0.00%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;58155 | &nbsp;&nbsp;&nbsp;&nbsp; 38198670 |
| Houston, TX, Hotel Occupancy Tax and Special Revenue, (AG), 5.00%, 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3133453 |
| Massachusetts, Dedicated Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 5.50%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11797270 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 5.50%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp; 3372815 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place), (BAM), 4.00%, 12/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp; 9643784 |
| Park Creek Metropolitan District, CO: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065093 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1218503 |
| Pasco Public Facilities District, WA, Sales Tax Revenue, (AG), 4.25%, 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245 | &nbsp;&nbsp;&nbsp;&nbsp; 2101015 |
|  |  | &nbsp;&nbsp;**$94094917** |
| Insured - Transportation — 1.5% | Insured - Transportation — 1.5% | Insured - Transportation — 1.5% |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 1/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;10450 | &nbsp;&nbsp;$11181398 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp; 4328042 |
| E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;13335 | &nbsp;&nbsp;&nbsp;&nbsp; 7557620 |
| Houston, TX, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;11890 | &nbsp;&nbsp;&nbsp;&nbsp; 12264843 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 12163624 |
| Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AG), (AMT), 5.00%, 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 790768 |
| Metropolitan Transportation Authority, NY, Green Bonds, (BAM), 4.00%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7305 | &nbsp;&nbsp;&nbsp;&nbsp; 6568808 |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Transportation (continued) | Insured - Transportation (continued) | Insured - Transportation (continued) |
| New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One), Green Bonds, (AG), (AMT), 5.00%, 6/30/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7125 | &nbsp;&nbsp;$7093208 |
| St. Louis, MO, (Lambert International Airport), (AG), 5.25%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108637 |
|  |  | &nbsp;&nbsp;**$62056948** |
| Insured - Water and Sewer — 0.1% | Insured - Water and Sewer — 0.1% | Insured - Water and Sewer — 0.1% |
| Buffalo Municipal Water Finance Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/38<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;$640641 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/39<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 662324 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/40<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102879 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/41<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 987087 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/42<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 844427 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/43<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 648929 |
|  |  | &nbsp;&nbsp;**$4886287** |
| Lease Revenue/Certificates of Participation — 3.4% | Lease Revenue/Certificates of Participation — 3.4% | Lease Revenue/Certificates of Participation — 3.4% |
| Battery Park City Authority, NY, Sustainability Bonds, 5.00%, 11/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;11970 | &nbsp;&nbsp;$12287996 |
| Broomfield City and County, CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089438 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082995 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 912097 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 797522 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1578962 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1566565 |
| Brownsburg 1999 School Building Corp., IN, 5.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 535177 |
| Castle Rock, CO, 5.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955 | &nbsp;&nbsp;&nbsp;&nbsp; 5072119 |
| Clark-Pleasant Community School Building Corp., IN, 5.00%, 7/15/44<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6720 | &nbsp;&nbsp;&nbsp;&nbsp; 7075391 |
| Jacksonville, FL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp; 12628201 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9405 | &nbsp;&nbsp;&nbsp;&nbsp; 10156521 |
| Johnson County School District No. R-VIII Knob Noster, MO, 4.50%, 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1571785 |
| Kentucky Property and Building Commission, 4.125%, 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 395119 |
| Manatee County School District, FL, 5.00%, 7/1/36<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2923861 |
| National Finance Authority, NH, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9185 | &nbsp;&nbsp;&nbsp;&nbsp; 9427106 |
| New Hampshire Business Finance Authority, (Centurion Foundation Broward Health Medical Center LLC), 5.625%, 9/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5115602 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;12625 | &nbsp;&nbsp;$13217813 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430 | &nbsp;&nbsp;&nbsp;&nbsp; 5924596 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6250243 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7330066 |
| &nbsp;&nbsp;&nbsp;2019 Series AA, 5.25%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10333880 |
| &nbsp;&nbsp;&nbsp;2020 Series AA, 4.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;12255 | &nbsp;&nbsp;&nbsp;&nbsp; 11071051 |
| &nbsp;&nbsp;&nbsp;2022 Series CC, 5.25%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp; 6160149 |
| Queen Creek, AZ, 5.00%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;&nbsp;&nbsp; 4905629 |
|  |  | &nbsp;&nbsp;**$139409884** |
| Other Revenue — 4.7% | Other Revenue — 4.7% | Other Revenue — 4.7% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375 | &nbsp;&nbsp;$4576203 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;10750 | &nbsp;&nbsp;&nbsp;&nbsp; 11223757 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720 | &nbsp;&nbsp;&nbsp;&nbsp; 5729810 |
| &nbsp;&nbsp;&nbsp;5.25% to 10/1/30 (Put Date), 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;11250 | &nbsp;&nbsp;&nbsp;&nbsp; 11936535 |
| Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;21890 | &nbsp;&nbsp;&nbsp;&nbsp; 17676175 |
| California Community Choice Financing Authority, Clean Energy Project Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp; 21555865 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;10195 | &nbsp;&nbsp;&nbsp;&nbsp; 11092084 |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 97500 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 9/1/30 (Put Date), 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10517475 |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/31 (Put Date), 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 13237075 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/30 (Put Date), 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;11750 | &nbsp;&nbsp;&nbsp;&nbsp; 12345425 |
| Missouri Development Finance Board, (Nelson Gallery Foundation), (SPA: U.S. Bank, N.A.), 2.75%, 12/1/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| Oregon, State Lottery Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2190690 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 | &nbsp;&nbsp;&nbsp;&nbsp; 3315104 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4020 | &nbsp;&nbsp;&nbsp;&nbsp; 4425546 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;10750 | &nbsp;&nbsp;&nbsp;&nbsp; 11564262 |
| Southeast Energy Authority, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 2/1/31 (Put Date), 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2645581 |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/35 (Put Date), 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 754816 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Southeast Energy Authority, AL: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.25% to 11/1/35 (Put Date), 11/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$10802397 |
| Tennessee Energy Acquisition Corp., 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 13246381 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605 | &nbsp;&nbsp;&nbsp;&nbsp; 3690912 |
| Texas Municipal Gas Acquisition and Supply Corp. VI, TX, 5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080 | &nbsp;&nbsp;&nbsp;&nbsp; 9648797 |
|  |  | &nbsp;&nbsp;**$192272390** |
| Senior Living/Life Care — 1.9% | Senior Living/Life Care — 1.9% | Senior Living/Life Care — 1.9% |
| Iowa Finance Authority, (Lifespace Communities, Inc.), 5.125%, 5/15/59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;$8590088 |
| Manhattan, KS, (Meadowlark Hills), 5.50%, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1194580 |
| Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/47<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3694667 |
| Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2501318 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Bella Vida Forefront Living): |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp; 3129362 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110 | &nbsp;&nbsp;&nbsp;&nbsp; 5058723 |
| North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.25%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705 | &nbsp;&nbsp;&nbsp;&nbsp; 3802923 |
| North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.125%, 10/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3018784 |
| Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village): |  |  |
| &nbsp;&nbsp;&nbsp;11.50%, 7/1/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5570 | &nbsp;&nbsp;&nbsp;&nbsp; 8333641 |
| &nbsp;&nbsp;&nbsp;11.50%, 7/1/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 616454 |
| South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1318946 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 993016 |
| South Carolina Jobs-Economic Development Authority, (Seafields Kiawah Island Project), 5.25%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp; 2923002 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks): |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 716445 |
| &nbsp;&nbsp;&nbsp;6.875%, 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 177708 |
| Washington Housing Finance Commission, (Horizon House): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8826050 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6755 | &nbsp;&nbsp;&nbsp;&nbsp; 6793245 |
| &nbsp;&nbsp;&nbsp;6.25%, 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;12545 | &nbsp;&nbsp;&nbsp;&nbsp; 12512988 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| Wisconsin Health and Educational Facilities Authority, (Three Pillars Senior Living Communities), 4.20%, 8/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;$2180405 |
|  |  | &nbsp;&nbsp;**$76382345** |
| Special Tax Revenue — 8.9% | Special Tax Revenue — 8.9% | Special Tax Revenue — 8.9% |
| Aerotropolis Regional Transportation Authority, CO, 5.50%, 12/1/44<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;14625 | &nbsp;&nbsp;$14895263 |
| Atlanta Development Authority, GA, (Westside Gulch Area), 5.50%, 4/1/39<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10213239 |
| Central Puget Sound Regional Transit Authority, WA, Sales and Motor Vehicle Excise Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745 | &nbsp;&nbsp;&nbsp;&nbsp; 3589756 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;13840 | &nbsp;&nbsp;&nbsp;&nbsp; 13960639 |
| Connecticut, Special Tax Obligation Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3871679 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5495135 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5458545 |
| Denver City and County, CO, Dedicated Tax Revenue, 4.00%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650 | &nbsp;&nbsp;&nbsp;&nbsp; 4147604 |
| District of Columbia, Income Tax Revenue, 5.25%, 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;13880 | &nbsp;&nbsp;&nbsp;&nbsp; 14608048 |
| Hampton Roads Transportation Accountability Commission, VA, 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1651328 |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895 | &nbsp;&nbsp;&nbsp;&nbsp; 5263796 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;14550 | &nbsp;&nbsp;&nbsp;&nbsp; 15374306 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp; 11140992 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 4.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;10115 | &nbsp;&nbsp;&nbsp;&nbsp; 9037674 |
| Metropolitan Transportation Authority, NY, Green Bonds, 4.00%, 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725 | &nbsp;&nbsp;&nbsp;&nbsp; 3298610 |
| Michigan Trunk Line Fund, 5.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;15855 | &nbsp;&nbsp;&nbsp;&nbsp; 16587688 |
| Mida Mountain Village Public Infrastructure District, UT, 6.00%, 6/15/54<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370 | &nbsp;&nbsp;&nbsp;&nbsp; 3438339 |
| Nevada, Highway Improvement Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610 | &nbsp;&nbsp;&nbsp;&nbsp; 2298145 |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415 | &nbsp;&nbsp;&nbsp;&nbsp; 3008658 |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5078669 |
| &nbsp;&nbsp;&nbsp;Series 2024C, 3.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 | &nbsp;&nbsp;&nbsp;&nbsp; 5154301 |
| &nbsp;&nbsp;&nbsp;Series 2024D, 3.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515 | &nbsp;&nbsp;&nbsp;&nbsp; 3048796 |
| New River Community Development District, FL, (Capital Improvements): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/13<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;5.35%, 5/1/38<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 282487 |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 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) |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;30355 | &nbsp;&nbsp;$33492781 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp; 2440870 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13410176 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 8032603 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6908414 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15713550 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5362528 |
| New York Dormitory Authority, Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 3/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 1006709 |
| &nbsp;&nbsp;&nbsp;5.25%, 3/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6396911 |
| New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8945 | &nbsp;&nbsp;&nbsp;&nbsp; 9313653 |
| New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;22270 | &nbsp;&nbsp;&nbsp;&nbsp; 22899283 |
| New York State Urban Development Corp., Sales Tax Revenue, 5.00%, 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9980 | &nbsp;&nbsp;&nbsp;&nbsp; 10286174 |
| New York Thruway Authority, 5.00%, 3/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5223052 |
| Oregon Department of Transportation, (Highway User Tax): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094583 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089890 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1160155 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068800 |
| Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 4.00%, 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4049976 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;11726 | &nbsp;&nbsp;&nbsp;&nbsp; 11164618 |
| Southeastern Pennsylvania Transportation Authority, 5.25%, 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;12670 | &nbsp;&nbsp;&nbsp;&nbsp; 13022745 |
| Southern Hills Plantation I Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;Series A1, 5.80%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 305468 |
| &nbsp;&nbsp;&nbsp;Series A2, 5.80%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 177000 |
| Sterling Hill Community Development District, FL, 6.20%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 | &nbsp;&nbsp;&nbsp;&nbsp; 627975 |
| Triborough Bridge and Tunnel Authority, NY, Payroll Mobility Tax: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021A, 5.00%, 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6630717 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8065 | &nbsp;&nbsp;&nbsp;&nbsp; 8461028 |
| Triborough Bridge and Tunnel Authority, NY, Real Estate Transfer Tax Revenue, 5.25%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835 | &nbsp;&nbsp;&nbsp;&nbsp; 3994798 |
| Tri-County Metropolitan Transportation District of Oregon, 3.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 5745788 |
| Utah Transit Authority, 5.00%, 12/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2705681 |
|  |  | &nbsp;&nbsp;**$362689623** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation — 15.8% | Transportation — 15.8% | Transportation — 15.8% |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AMT), 5.00%, 1/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;11555 | &nbsp;&nbsp;$11553080 |
| Arizona Department of Transportation, State Highway Fund Revenue, 5.00%, 7/1/43<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4374632 |
| Atlanta, GA, Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 7/1/49<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10332200 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5820 | &nbsp;&nbsp;&nbsp;&nbsp; 6287858 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 9127618 |
| Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175 | &nbsp;&nbsp;&nbsp;&nbsp; 6384018 |
| Broward County, FL, Port Facilities Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057064 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2179482 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 1983452 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1605937 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp; 1776046 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10570523 |
| Burbank-Glendale-Pasadena Airport Authority, CA, (AMT), 5.25%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;16620 | &nbsp;&nbsp;&nbsp;&nbsp; 17269948 |
| Charlotte, NC, Airport Revenue, 5.25%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp; 2217688 |
| Chicago, IL, (O'Hare International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 8934627 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp; 2617391 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26419333 |
| Columbus Regional Airport Authority, OH, (John Glenn Columbus International Airport), (AMT), 5.50%, 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3140246 |
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980 | &nbsp;&nbsp;&nbsp;&nbsp; 5581615 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10689147 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13681828 |
| Denver City and County, CO, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 8723457 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9575 | &nbsp;&nbsp;&nbsp;&nbsp; 9976417 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5835 | &nbsp;&nbsp;&nbsp;&nbsp; 5843730 |
| Florida Department of Transportation, 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7310 | &nbsp;&nbsp;&nbsp;&nbsp; 8064880 |
| Greater Orlando Aviation Authority, FL, (AMT), 5.25%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 12922153 |
| Houston, TX, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5388407 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2750530 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3274656 |
| Illinois Toll Highway Authority, 5.25%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;16835 | &nbsp;&nbsp;&nbsp;&nbsp; 18245790 |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Indianapolis Local Public Improvement Bond Bank, IN, (Indianapolis Airport Authority), (AMT), 5.25%, 1/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$5299874 |
| Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp; 13760173 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;30435 | &nbsp;&nbsp;&nbsp;&nbsp; 31021443 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7699092 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 7041105 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7595225 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7535651 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8539559 |
| Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp; 16987080 |
| Metropolitan Nashville Airport Authority, TN: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3115727 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2576494 |
| Metropolitan Transportation Authority, NY, 5.00%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 | &nbsp;&nbsp;&nbsp;&nbsp; 3454388 |
| Metropolitan Washington Airports Authority, D.C.: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;15750 | &nbsp;&nbsp;&nbsp;&nbsp; 16038362 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2270808 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092830 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085984 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 826872 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093636 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1657575 |
| Minneapolis-St. Paul Metropolitan Airports Commission, MN, (AMT), 5.25%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750 | &nbsp;&nbsp;&nbsp;&nbsp; 8898425 |
| New Jersey Turnpike Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 401082 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8855 | &nbsp;&nbsp;&nbsp;&nbsp; 9466765 |
| New York State Thruway Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1357320 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp; 1941549 |
| New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One), Green Bonds, (AMT), 6.00%, 6/30/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5765 | &nbsp;&nbsp;&nbsp;&nbsp; 5974745 |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 | &nbsp;&nbsp;&nbsp;&nbsp; 3985120 |
| Oklahoma Turnpike Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 13147836 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7455944 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Pennsylvania Turnpike Commission: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825 | &nbsp;&nbsp;$2827170 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp; 2248971 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10247583 |
| Phoenix Civic Improvement Corp., AZ, Airport Revenue, (AMT), 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp; 6298810 |
| Port Authority of New York and New Jersey: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 5052622 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2125932 |
| Port of Portland, OR, (Portland International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7495 | &nbsp;&nbsp;&nbsp;&nbsp; 7620322 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;11980 | &nbsp;&nbsp;&nbsp;&nbsp; 12178032 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;17945 | &nbsp;&nbsp;&nbsp;&nbsp; 19205374 |
| Port of Seattle, WA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;11490 | &nbsp;&nbsp;&nbsp;&nbsp; 11548994 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8615 | &nbsp;&nbsp;&nbsp;&nbsp; 8737069 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;11915 | &nbsp;&nbsp;&nbsp;&nbsp; 12127916 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4917735 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5429921 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3241853 |
| Public Finance Authority, WI, (Georgia SR 400 Express Lanes), (AMT), 5.75%, 6/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;10665 | &nbsp;&nbsp;&nbsp;&nbsp; 11010302 |
| Sacramento County, CA, Airport System Revenue, (AMT), 5.25%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3086734 |
| Salt Lake City, UT, (Salt Lake City International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6595 | &nbsp;&nbsp;&nbsp;&nbsp; 6597198 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9640 | &nbsp;&nbsp;&nbsp;&nbsp; 9805666 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4281064 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;16260 | &nbsp;&nbsp;&nbsp;&nbsp; 16451066 |
| San Diego County Regional Airport Authority, CA, (San Diego International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;14825 | &nbsp;&nbsp;&nbsp;&nbsp; 15012695 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076589 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5208877 |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.50%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7155 | &nbsp;&nbsp;&nbsp;&nbsp; 7727920 |
| South Jersey Port Corp., NJ, (AMT), 5.00%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1609089 |
| Triborough Bridge and Tunnel Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.70%, 1/1/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12255 | &nbsp;&nbsp;&nbsp;&nbsp; 12255000 |
| &nbsp;&nbsp;&nbsp;(LOC: U.S. Bank, N.A.), 2.75%, 1/1/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), (AMT), 5.75%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073738 |
|  |  | &nbsp;&nbsp;**$643298659** |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer — 10.6% | Water and Sewer — 10.6% | Water and Sewer — 10.6% |
| Allegheny County Sanitary Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 12/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;$1467471 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp; 2009389 |
| Aurora, CO, Water Revenue, 5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9845 | &nbsp;&nbsp;&nbsp;&nbsp; 10226796 |
| Beaufort-Jasper Water and Sewer Authority, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 241455 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1302488 |
| Broomfield City and County, CO, Sewer Revenue, 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 988498 |
| Camas, WA, Water and Sewer Revenue, 5.25%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 423028 |
| Cartersville, GA, Water and Sewer Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104294 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 822517 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087207 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3083805 |
| Charleston, SC, Waterworks and Sewer System Revenue, Series 2022, 5.00%, 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4915 | &nbsp;&nbsp;&nbsp;&nbsp; 5129567 |
| Dallas, TX, Waterworks and Sewer System Revenue, 4.25%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260 | &nbsp;&nbsp;&nbsp;&nbsp; 5925643 |
| DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;11950 | &nbsp;&nbsp;&nbsp;&nbsp; 13004458 |
| District of Columbia Water and Sewer Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9560 | &nbsp;&nbsp;&nbsp;&nbsp; 8453269 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 8020774 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 4198153 |
| &nbsp;&nbsp;&nbsp;(SPA: Bank of America, N.A.), 2.90%, 10/1/60<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5280493 |
| East Bay Municipal Utility District, CA, Water System Revenue, Green Bonds, 5.00%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp; 1488918 |
| Fort Lauderdale, FL, Water and Sewer Revenue, 5.50%, 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp; 11377271 |
| Fuquay-Varina, NC, Combined Utilities Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1071153 |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp; 1363507 |
| Grand Strand Water and Sewer Authority, SC, 4.00%, 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1385380 |
| Greenville County Metropolitan Sewer Subdistrict, SC, 4.00%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 | &nbsp;&nbsp;&nbsp;&nbsp; 1873562 |
| Holly Springs, NC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/43<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 2208716 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/44<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1275447 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/48<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048504 |
| Honolulu City and County, HI, Wastewater System Revenue, Green Bonds, 5.25%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp; 3130364 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| JEA, FL, Water and Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 10/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;10425 | &nbsp;&nbsp;$11101007 |
| &nbsp;&nbsp;&nbsp;(SPA: U.S. Bank, N.A.), 2.75%, 10/1/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19785 | &nbsp;&nbsp;&nbsp;&nbsp; 19785000 |
| Kansas Development Finance Authority (Kansas Department of Health and Environment), 5.00%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;&nbsp;&nbsp; 2759044 |
| King County, WA, Sewer Improvement and Refunding Revenue, (SPA: U.S. Bank, N.A.), 2.60%, 1/1/65<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp; 58000000 |
| Massachusetts Water Resources Authority, (SPA: U.S. Bank, N.A.), 2.60%, 8/1/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11110 | &nbsp;&nbsp;&nbsp;&nbsp; 11110000 |
| Metropolitan St. Louis Sewer District, MO, 5.00%, 5/1/46<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6395740 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7910 | &nbsp;&nbsp;&nbsp;&nbsp; 8241837 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;14595 | &nbsp;&nbsp;&nbsp;&nbsp; 15183743 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150 | &nbsp;&nbsp;&nbsp;&nbsp; 6368298 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 | &nbsp;&nbsp;&nbsp;&nbsp; 2479255 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;10250 | &nbsp;&nbsp;&nbsp;&nbsp; 10554883 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp; 14216060 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4180045 |
| Oklahoma Water Resources Board, (Clean Water Program): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2125694 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp; 2384633 |
| Peace River Manasota Regional Water Supply Authority, FL: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp; 5085612 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5460386 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3755435 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005 | &nbsp;&nbsp;&nbsp;&nbsp; 4281127 |
| Phoenix Civic Improvement Corp., AZ, Wastewater System Revenue, 5.25%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp; 17267444 |
| Portland, OR, Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895 | &nbsp;&nbsp;&nbsp;&nbsp; 5105348 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5204066 |
| San Antonio, TX, Water System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5438918 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9728694 |
| &nbsp;&nbsp;&nbsp;(SPA: Truist Bank), 2.75%, 5/1/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29000000 |
| San Mateo-Foster City Public Financing Authority, CA, (Clean Water Program), 5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705 | &nbsp;&nbsp;&nbsp;&nbsp; 4906600 |
| Seattle, WA, Drainage and Wastewater Revenue, 5.25%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp; 1677959 |
| Suffolk County Water Authority, NY, 3.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 2405171 |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Tarrant Regional Water District, TX, Water Revenue, 4.00%, 3/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$8862233 |
| Washington Suburban Sanitary District, MD, 2.125%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;10770 | &nbsp;&nbsp;&nbsp;&nbsp; 8525114 |
|  |  | &nbsp;&nbsp;**$430581473** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $3,959,430,253) |  | &nbsp;&nbsp;**$3977115793** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Taxable Municipal Obligations — 2.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cogeneration — 0.0%<sup>†</sup> | Cogeneration — 0.0%<sup>†</sup> | Cogeneration — 0.0%<sup>†</sup> |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 6/30/27<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8071 | &nbsp;&nbsp;$1452794 |
|  |  | &nbsp;&nbsp;**$1452794** |
| Education — 0.0%<sup>†</sup> | Education — 0.0%<sup>†</sup> | Education — 0.0%<sup>†</sup> |
| San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 3.15%, 4/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;$1279152 |
|  |  | &nbsp;&nbsp;**$1279152** |
| Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% |
| San Antonio, TX, Electric and Gas Systems Revenue, 5.469%, 2/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;$3686184 |
|  |  | &nbsp;&nbsp;**$3686184** |
| General Obligations — 0.5% | General Obligations — 0.5% | General Obligations — 0.5% |
| King County, WA, Sustainability Bonds, 2.16%, 12/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;$13183080 |
| New York, NY, 5.372%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825 | &nbsp;&nbsp;&nbsp;&nbsp; 4635573 |
|  |  | &nbsp;&nbsp;**$17818653** |
| Insured - Transportation — 1.2% | Insured - Transportation — 1.2% | Insured - Transportation — 1.2% |
| Alameda Corridor Transportation Authority, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 10/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;14295 | &nbsp;&nbsp;$5006995 |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;14395 | &nbsp;&nbsp;&nbsp;&nbsp; 14083155 |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;22355 | &nbsp;&nbsp;&nbsp;&nbsp; 20919389 |
| &nbsp;&nbsp;&nbsp;(AMBAC), Escrowed to Maturity, 0.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8105 | &nbsp;&nbsp;&nbsp;&nbsp; 7948520 |
|  |  | &nbsp;&nbsp;**$47958059** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation — 0.0%<sup>†</sup> | Lease Revenue/Certificates of Participation — 0.0%<sup>†</sup> | Lease Revenue/Certificates of Participation — 0.0%<sup>†</sup> |
| National Finance Authority, NH, (Centurion BioSquare, Inc.), 9.58%, 12/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;$622878 |
| National Finance Authority, NH, (Centurion Foundation), 11.00%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 303663 |
|  |  | &nbsp;&nbsp;**$926541** |
| Transportation — 0.4% | Transportation — 0.4% | Transportation — 0.4% |
| Foothill/Eastern Transportation Corridor Agency, CA, 4.094%, 1/15/49 | $&nbsp;&nbsp;&nbsp;&nbsp;20856 | &nbsp;&nbsp;$16938100 |
|  |  | &nbsp;&nbsp;**$16938100** |
| Total Taxable Municipal Obligations<br> (identified cost $96,915,948) |  | &nbsp;&nbsp;**$90059483** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.23%<sup>(8)</sup> | 2363481 | &nbsp;&nbsp;$2363718 |
| Total Short-Term Investments<br> (identified cost $2,363,718) |  | &nbsp;&nbsp;**$2363718** |
| Total Investments — 101.0%<br> (identified cost $4,091,993,247) |  | &nbsp;&nbsp;**$4103278355** |
| Other Assets, Less Liabilities — (1.0)% |  | &nbsp;&nbsp;**$(38795073)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$4064483282** |

---

---

| | |
|:---|:---|
| 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>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</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 March 31, 2026. |
| <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 March 31, 2026. |
| <sup>(3)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <sup>(4)</sup> | Security 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 March 31, 2026, the aggregate value of these securities is $51,102,523 or 1.3% of the Fund's net assets. |
| <sup>(5)</sup> | When-issued security. |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | |
|:---|:---|
| <sup>(6)</sup> | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| <sup>(7)</sup> | Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. |
| <sup>(8)</sup> | The rate shown is the annualized seven-day yield as of March 31, 2026. |
| At March 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: | At March 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 12.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California | 11.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 63.3% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2026, 8.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.0% to 4.5% of total investments.

---

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

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Statements of Assets and Liabilities (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund** | &nbsp;&nbsp;&nbsp;**National Fund** |
| Assets |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;Identified cost | &nbsp;&nbsp;$172230953 | &nbsp;&nbsp;$4091993247 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11285108 |
| **Investments, at value** | &nbsp;&nbsp;**$174932704** | &nbsp;&nbsp;**$4103278355** |
| Interest and dividends receivable | &nbsp;&nbsp;$2175800 | &nbsp;&nbsp;$52555464 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24276261 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444824 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450346 |
| **Total assets** | &nbsp;&nbsp;**$177296249** | &nbsp;&nbsp;**$4183005250** |
| Liabilities |  |  |
| Payable for floating rate notes issued | &nbsp;&nbsp;$2402017 | &nbsp;&nbsp;$49244446 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185070 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51989105 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9476042 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637445 |
| Payable to affiliates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115052 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241723 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23399 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450346 |
| Interest expense and fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452125 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707215 |
| **Total liabilities** | &nbsp;&nbsp;**$2996850** | &nbsp;&nbsp;**$118521968** |
| **Net Assets** | &nbsp;&nbsp;**$174299399** | &nbsp;&nbsp;**$4064483282** |
| Sources of Net Assets |  |  |
| Paid-in capital | &nbsp;&nbsp;$223311627 | &nbsp;&nbsp;$4530074462 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49012228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465591180) |
| **Net Assets** | &nbsp;&nbsp;**$174299399** | &nbsp;&nbsp;**$4064483282** |
| Class A Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$90301998 | &nbsp;&nbsp;$1007078484 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11473907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111599148 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.87 | &nbsp;&nbsp;$9.02 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$8.13 | &nbsp;&nbsp;$9.32 |
| Class C Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$1546243 | &nbsp;&nbsp;$30778953 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411175 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.82 | &nbsp;&nbsp;$9.02 |
| Class I Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$82451158 | &nbsp;&nbsp;$3026625845 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9593981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335446437 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.59 | &nbsp;&nbsp;$9.02 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Statements of Operations (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026** | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund** | &nbsp;&nbsp;&nbsp;**National Fund** |
| Investment Income |  |  |
| Dividend income | &nbsp;&nbsp;$12454 | &nbsp;&nbsp;$208378 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4049464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91286444 |
| **Total investment income** | &nbsp;&nbsp;**$4061918** | &nbsp;&nbsp;**$91494822** |
| Expenses |  |  |
| Investment adviser fee | &nbsp;&nbsp;$380019 | &nbsp;&nbsp;$6615516 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278001 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159764 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54754 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353273 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639077 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172274 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38996 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121746 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733561 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87688 |
| **Total expenses** | &nbsp;&nbsp;**$694378** | &nbsp;&nbsp;**$10254650** |
| **Net investment income** | &nbsp;&nbsp;**$3367540** | &nbsp;&nbsp;**$81240172** |
| Realized and Unrealized Gain (Loss) |  |  |
| Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$574252 | &nbsp;&nbsp;$8427040 |
| **Net realized gain** | &nbsp;&nbsp;**$574252** | &nbsp;&nbsp;**$8427040** |
| Change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(1406152) | &nbsp;&nbsp;$(14782628) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(1406152)** | &nbsp;&nbsp;**$(14782628)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(831900)** | &nbsp;&nbsp;**$(6355588)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$2535640** | &nbsp;&nbsp;**$74884584** |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026 (Unaudited)** | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026 (Unaudited)** |
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund** | &nbsp;&nbsp;&nbsp;**National Fund** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$3367540 | &nbsp;&nbsp;$81240172 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8427040 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1406152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14782628) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$2535640** | &nbsp;&nbsp;**$74884584** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1690635) | &nbsp;&nbsp;$(19218634) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(480737) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1661682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61238431) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(3378372)** | &nbsp;&nbsp;**$(80937802)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$2242198 | &nbsp;&nbsp;$(22678005) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1430784) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1789772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38462917) |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$274430** | &nbsp;&nbsp;**$(62571706)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(568302)** | &nbsp;&nbsp;**$(68624924)** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$174867701 | &nbsp;&nbsp;$4133108206 |
| **At end of period** | &nbsp;&nbsp;**$174299399** | &nbsp;&nbsp;**$4064483282** |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Statements of Changes in Net Assets — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund** | &nbsp;&nbsp;&nbsp;**National Fund** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$7081158 | &nbsp;&nbsp;$169417061 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2874739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50222639) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5608101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142445491) |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(1401682)** | &nbsp;&nbsp;**$(23251069)** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(3410095) | &nbsp;&nbsp;$(41137525) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1117876) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3559759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128990150) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(7031592)** | &nbsp;&nbsp;**$(171245551)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(11523430) | &nbsp;&nbsp;$(119716451) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8131998) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5046693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162744386) |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(17301218)** | &nbsp;&nbsp;**$(290592835)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(25734492)** | &nbsp;&nbsp;**$(485089455)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$200602193 | &nbsp;&nbsp;$4618197661 |
| **At end of year** | &nbsp;&nbsp;**$174867701** | &nbsp;&nbsp;**$4133108206** |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class A** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class A** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class A** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class A** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class A** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$7.91 | &nbsp;&nbsp;$8.26 | &nbsp;&nbsp;$7.62 | &nbsp;&nbsp;$7.79 | &nbsp;&nbsp;$9.29 | &nbsp;&nbsp;$9.25 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$0.93** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$(1.27)** | &nbsp;&nbsp;**$0.29** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.25) |
| **Total distributions** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.25)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.87** | &nbsp;&nbsp;**$7.91** | &nbsp;&nbsp;**$8.26** | &nbsp;&nbsp;**$7.62** | &nbsp;&nbsp;**$7.79** | &nbsp;&nbsp;**$9.29** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.39%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.36%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.85)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.14%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$90302 | &nbsp;&nbsp;$88516 | &nbsp;&nbsp;$104233 | &nbsp;&nbsp;$100835 | &nbsp;&nbsp;$113933 | &nbsp;&nbsp;$157981 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class C** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class C** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class C** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class C** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class C** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$7.86 | &nbsp;&nbsp;$8.21 | &nbsp;&nbsp;$7.58 | &nbsp;&nbsp;$7.74 | &nbsp;&nbsp;$9.24 | &nbsp;&nbsp;$9.20 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.08** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$0.86** | &nbsp;&nbsp;**$0.06** | &nbsp;&nbsp;**$(1.33)** | &nbsp;&nbsp;**$0.22** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.18) |
| **Total distributions** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.18)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.82** | &nbsp;&nbsp;**$7.86** | &nbsp;&nbsp;**$8.21** | &nbsp;&nbsp;**$7.58** | &nbsp;&nbsp;**$7.74** | &nbsp;&nbsp;**$9.24** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.39)%** | &nbsp;&nbsp;&nbsp;&nbsp;**11.58%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.51%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.59)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.38%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$1546 | &nbsp;&nbsp;$1731 | &nbsp;&nbsp;$2565 | &nbsp;&nbsp;$3258 | &nbsp;&nbsp;$4906 | &nbsp;&nbsp;$9017 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class I** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class I** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class I** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class I** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class I** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$9.02 | &nbsp;&nbsp;$8.32 | &nbsp;&nbsp;$8.50 | &nbsp;&nbsp;$10.15 | &nbsp;&nbsp;$10.11 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.13** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$1.04** | &nbsp;&nbsp;**$0.15** | &nbsp;&nbsp;**$(1.37)** | &nbsp;&nbsp;**$0.34** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.30) |
| **Total distributions** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.30)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$8.59** | &nbsp;&nbsp;**$8.64** | &nbsp;&nbsp;**$9.02** | &nbsp;&nbsp;**$8.32** | &nbsp;&nbsp;**$8.50** | &nbsp;&nbsp;**$10.15** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.45%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.35)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.66%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.64)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.36%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$82451 | &nbsp;&nbsp;$84621 | &nbsp;&nbsp;$93804 | &nbsp;&nbsp;$116348 | &nbsp;&nbsp;$119467 | &nbsp;&nbsp;$184002 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**National Fund — Class A** | &nbsp;&nbsp;&nbsp;**National Fund — Class A** | &nbsp;&nbsp;&nbsp;**National Fund — Class A** | &nbsp;&nbsp;&nbsp;**National Fund — Class A** | &nbsp;&nbsp;&nbsp;**National Fund — Class A** | &nbsp;&nbsp;&nbsp;**National Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.04 | &nbsp;&nbsp;$9.42 | &nbsp;&nbsp;$8.75 | &nbsp;&nbsp;$8.78 | &nbsp;&nbsp;$10.31 | &nbsp;&nbsp;$10.24 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.15** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$1.02** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$(1.28)** | &nbsp;&nbsp;**$0.31** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.24) |
| **Total distributions** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.02** | &nbsp;&nbsp;**$9.04** | &nbsp;&nbsp;**$9.42** | &nbsp;&nbsp;**$8.75** | &nbsp;&nbsp;**$8.78** | &nbsp;&nbsp;**$10.31** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.66%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.34)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.99%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$1007078 | &nbsp;&nbsp;$1031070 | &nbsp;&nbsp;$1198847 | &nbsp;&nbsp;$1126345 | &nbsp;&nbsp;$1179909 | &nbsp;&nbsp;$1558418 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**National Fund — Class C** | &nbsp;&nbsp;&nbsp;**National Fund — Class C** | &nbsp;&nbsp;&nbsp;**National Fund — Class C** | &nbsp;&nbsp;&nbsp;**National Fund — Class C** | &nbsp;&nbsp;&nbsp;**National Fund — Class C** | &nbsp;&nbsp;&nbsp;**National Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.04 | &nbsp;&nbsp;$9.42 | &nbsp;&nbsp;$8.75 | &nbsp;&nbsp;$8.78 | &nbsp;&nbsp;$10.31 | &nbsp;&nbsp;$10.24 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$0.95** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$(1.36)** | &nbsp;&nbsp;**$0.23** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.16) |
| **Total distributions** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.16)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.02** | &nbsp;&nbsp;**$9.04** | &nbsp;&nbsp;**$9.42** | &nbsp;&nbsp;**$8.75** | &nbsp;&nbsp;**$8.78** | &nbsp;&nbsp;**$10.31** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.28%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.09)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.99%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.60%** | &nbsp;&nbsp;&nbsp;&nbsp;**(13.28)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.22%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$30779 | &nbsp;&nbsp;$32247 | &nbsp;&nbsp;$42141 | &nbsp;&nbsp;$45670 | &nbsp;&nbsp;$55558 | &nbsp;&nbsp;$94851 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**National Fund — Class I** | &nbsp;&nbsp;&nbsp;**National Fund — Class I** | &nbsp;&nbsp;&nbsp;**National Fund — Class I** | &nbsp;&nbsp;&nbsp;**National Fund — Class I** | &nbsp;&nbsp;&nbsp;**National Fund — Class I** | &nbsp;&nbsp;&nbsp;**National Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.04 | &nbsp;&nbsp;$9.42 | &nbsp;&nbsp;$8.75 | &nbsp;&nbsp;$8.78 | &nbsp;&nbsp;$10.31 | &nbsp;&nbsp;$10.24 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.16** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$1.04** | &nbsp;&nbsp;**$0.33** | &nbsp;&nbsp;**$(1.26)** | &nbsp;&nbsp;**$0.33** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.26) |
| **Total distributions** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.26)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.02** | &nbsp;&nbsp;**$9.04** | &nbsp;&nbsp;**$9.42** | &nbsp;&nbsp;**$8.75** | &nbsp;&nbsp;**$8.78** | &nbsp;&nbsp;**$10.31** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.79%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.10)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.64%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12.40)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.24%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$3026626 | &nbsp;&nbsp;$3069792 | &nbsp;&nbsp;$3377209 | &nbsp;&nbsp;$2511115 | &nbsp;&nbsp;$1891224 | &nbsp;&nbsp;$2347177 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*28*

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited)

------

1 Significant Accounting Policies

Eaton Vance AMT-Free Municipal Income Fund (AMT-Free Fund) and Eaton Vance National Municipal Income Fund (National Fund) (each individually referred to as the Fund, and collectively, the Funds) are a diversified series of Eaton Vance Mutual Funds Trust and Eaton Vance Municipals Trust, respectively (collectively, the Trusts). The Trusts are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Each Fund's investment objective is to provide current income exempt from regular federal income tax. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Funds' prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

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

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

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

As of March 31, 2026, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

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

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

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

H Floating Rate Notes Issued in Conjunction with Securities Held—The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption "Payable for floating rate notes issued" in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 9) at March 31, 2026. Interest expense related to a Fund's liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At March 31, 2026, the amounts of the Funds' Floating Rate Notes and related interest rates and collateral were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** |
| Floating Rate Notes Outstanding | &nbsp;&nbsp;$2402017 | &nbsp;&nbsp;&nbsp;&nbsp;$49244446 |
| Interest Rate or Range of Interest Rates (%) | &nbsp;&nbsp;&nbsp;&nbsp;2.44 - 2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 - 2.45 |
| Collateral for Floating Rate Notes Outstanding | &nbsp;&nbsp;$3188450 | &nbsp;&nbsp;&nbsp;&nbsp;$63769330 |

---

For the six months ended March 31, 2026, the Funds' average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** |
| Average Floating Rate Notes Outstanding | &nbsp;&nbsp;$2400000 | &nbsp;&nbsp;&nbsp;&nbsp;$49200000 |
| Average Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99% |

---

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2026.

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[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

The Funds may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Funds' investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds' investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Effective August 19, 2022, the Funds began operating under Rule 18f-4 under the 1940 Act, which, among other things, governs the use of derivative investments and certain financing transactions by registered investment companies. As of the date of this report, consistent with Rule 18f-4, the Funds have elected to treat their investments in residual interest bonds, along with similar financing transactions, as derivatives transactions subject to the Funds' value-at-risk (VaR)-based limits on leverage risk. The Funds may change this election (and elect to treat these investments and other similar financing transactions like bank borrowings subject to the asset coverage requirements of Section 18 of the 1940 Act) at any time. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

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

J Segment Reporting—Each Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Funds' President acts as each Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of each Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Funds' financial statements.

K Interim Financial Statements—The interim financial statements relating to March 31, 2026 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds' management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

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

At September 30, 2025, the following Funds, for federal income tax purposes, had deferred capital losses which would reduce the respective Fund's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of a Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** |
| **Deferred capital losses:** |  |  |
| &nbsp;&nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;&nbsp;$27346914 | &nbsp;&nbsp;&nbsp;&nbsp;$345126196 |
| &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;&nbsp;$25680218 | &nbsp;&nbsp;&nbsp;&nbsp;$142518612 |

---

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[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2026, as determined on a federal income tax basis, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| **Aggregate cost** | &nbsp;&nbsp;**$169748374** | &nbsp;&nbsp;**$4041139533** |
| Gross unrealized appreciation | &nbsp;&nbsp;$5117883 | &nbsp;&nbsp;$64668552 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2335570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51774176) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$2782313** | &nbsp;&nbsp;**$12894376** |

---

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, for AMT-Free Fund and Boston Management and Research (BMR), an affiliate of EVM, for National Fund as compensation for management and investment advisory services rendered to each Fund. The investment adviser fee is based upon a percentage of total daily net assets plus a percentage of total daily gross income (i.e., income other than gains from the sale of securities) as follows and is payable monthly:

---

| | | |
|:---|:---|:---|
| **Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Asset<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Daily Income<br> Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.300% | &nbsp;&nbsp;&nbsp;&nbsp;3.000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.275% | &nbsp;&nbsp;&nbsp;&nbsp;2.750% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp;2.500% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.225% | &nbsp;&nbsp;&nbsp;&nbsp;2.250% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.200% | &nbsp;&nbsp;&nbsp;&nbsp;2.000% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.175% | &nbsp;&nbsp;&nbsp;&nbsp;1.750% |

---

For the six months ended March 31, 2026, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** |
| Investment Adviser Fee | &nbsp;&nbsp;&nbsp;&nbsp;$380019 | &nbsp;&nbsp;&nbsp;&nbsp;$6615516 |
| Effective Annual Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32% |

---

EVM serves as the administrator of each Fund, but receives no compensation.

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

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[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD and Morgan Stanley affiliated broker-dealers for the six months ended March 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| EVM's Sub-Transfer Agent Fees | &nbsp;&nbsp;$5392 | &nbsp;&nbsp;$51680 |
| EVD's Class A Sales Charges | &nbsp;&nbsp;$2263 | &nbsp;&nbsp;$20912 |
| Morgan Stanley affiliated broker-dealers' Class A Sales Charges | &nbsp;&nbsp;$2625 | &nbsp;&nbsp;$566 |

---

Trustees and officers of the Funds who are members of EVM's or BMR's organizations receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment advisers may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Funds are officers of the above organizations.

4 Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2026 for Class A shares amounted to the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| Class A Distribution and Service Fees | &nbsp;&nbsp;$111116 | &nbsp;&nbsp;$1278001 |

---

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the respective Fund. For the six months ended March 31, 2026, the Funds paid or accrued to EVD the following distribution fees:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| Class C Distribution Fees | &nbsp;&nbsp;$6411 | &nbsp;&nbsp;$119823 |

---

The Class C Plan also authorizes each Fund to make payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of the average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2026 amounted to the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| Class C Service Fees | &nbsp;&nbsp;$2137 | &nbsp;&nbsp;$39941 |

---

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

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[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended March 31, 2026, the Funds were informed that EVD received the following amounts of CDSCs paid by Class A and Class C shareholders:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| Class A | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;$— | &nbsp;&nbsp;$204 |

---

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, for the six months ended March 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;$47121143 | &nbsp;&nbsp;&nbsp;&nbsp;$1303263341 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;$50437959 | &nbsp;&nbsp;&nbsp;&nbsp;$1377883617 |

---

7 Shares of Beneficial Interest

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AMT-Free Fund** | **AMT-Free Fund** | **AMT-Free Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1421937 | &nbsp;&nbsp;&nbsp;&nbsp;$11307457 | &nbsp;&nbsp;&nbsp;&nbsp;1090809 | &nbsp;&nbsp;&nbsp;&nbsp;$8618992 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 186045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1480194 | &nbsp;&nbsp;&nbsp;&nbsp; 371769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2948880 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1327103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10545453) | &nbsp;&nbsp;&nbsp;&nbsp;(2893254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23091302) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **280879** | &nbsp;&nbsp;&nbsp;&nbsp;**$2242198** | &nbsp;&nbsp;&nbsp;&nbsp;**(1430676)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11523430)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 17311 | &nbsp;&nbsp;&nbsp;&nbsp;$137100 | &nbsp;&nbsp;&nbsp;&nbsp; 29392 | &nbsp;&nbsp;&nbsp;&nbsp;$235517 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 3105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24551 | &nbsp;&nbsp;&nbsp;&nbsp; 7414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58548 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (339647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (129204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1025160) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(22527)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(177996)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(92398)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(731095)** |

---

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AMT-Free Fund (continued)** | **AMT-Free Fund (continued)** | **AMT-Free Fund (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1164601 | &nbsp;&nbsp;&nbsp;&nbsp;$10094711 | &nbsp;&nbsp;&nbsp;&nbsp;4161736 | &nbsp;&nbsp;&nbsp;&nbsp;$35794798 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 158735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1378785 | &nbsp;&nbsp;&nbsp;&nbsp; 342846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2968163 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1528344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13263268) | &nbsp;&nbsp;&nbsp;&nbsp;(5109384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43809654) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(205008)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1789772)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(604802)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5046693)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **National Fund** | **National Fund** | **National Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 6939638 | &nbsp;&nbsp;&nbsp;&nbsp;$63205508 | &nbsp;&nbsp;&nbsp;&nbsp; 12078992 | &nbsp;&nbsp;&nbsp;&nbsp;$109257957 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1822472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16635068 | &nbsp;&nbsp;&nbsp;&nbsp; 3899451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35266857 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(11242185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102518581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29212164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264241265) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2480075)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(22678005)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13233721)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(119716451)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 343842 | &nbsp;&nbsp;&nbsp;&nbsp;$3136651 | &nbsp;&nbsp;&nbsp;&nbsp; 704515 | &nbsp;&nbsp;&nbsp;&nbsp;$6402396 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447289 | &nbsp;&nbsp;&nbsp;&nbsp; 114573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036885 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (549935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5014724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1726616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15571279) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(157093)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1430784)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(907528)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8131998)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;49106974 | &nbsp;&nbsp;&nbsp;&nbsp;$447775785 | &nbsp;&nbsp;&nbsp;&nbsp;159692054 | &nbsp;&nbsp;&nbsp;&nbsp;$1441854634 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 5867565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53556283 | &nbsp;&nbsp;&nbsp;&nbsp; 12484924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112900130 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(59228139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539794985) | &nbsp;&nbsp;&nbsp;&nbsp;(191177725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1717499150) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4253600)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(38462917)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(19000747)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(162744386)** |

---

8 Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Funds solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to each Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended March 31, 2026.

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

9 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 March 31, 2026, the hierarchy of inputs used in valuing the Funds' investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AMT-Free Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$174622444 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$174622444 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 310260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310260 |
| **Total Investments** | &nbsp;&nbsp;**$310260** | &nbsp;&nbsp;&nbsp;&nbsp;**$174622444** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$174932704** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **National Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$33739361 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$33739361 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3977115793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3977115793 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90059483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90059483 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2363718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2363718 |
| **Total Investments** | &nbsp;&nbsp;**$2363718** | &nbsp;&nbsp;&nbsp;&nbsp;**$4100914637** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$4103278355** |

---

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

MUNI2-NCSR&nbsp;&nbsp;&nbsp;&nbsp;3.31.26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Trustees since the Fund last provided disclosure in response to this item.

------

#### Item 16. Controls and Procedures
(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant's internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

#### Item 19. Exhibits

---

| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d117338dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d117338dex99cert.htm#A) |
| (b) | [Combined Section 906 certification.](d117338dex99906cert.htm) |

---

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Eaton Vance Municipals Trust | Eaton Vance Municipals Trust |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | May 26, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |
| Date: | May 26, 2026 |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | May 26, 2026 |

---

## Ex-99.Cert

**Eaton Vance Municipals Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

1. I have reviewed this report on Form N-CSR of Eaton Vance Municipals
Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 26, 2026 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**Eaton Vance Municipals Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Kenneth A. Topping, certify that:

1. I have reviewed this report on Form N-CSR of Eaton Vance Municipals
Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 26, 2026 | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Form N-CSR Item 19(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Eaton Vance Municipals Trust (the "**Trust**") that:

(a) the Report of the **Trust** on Form N-CSR for the period ended
March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the **Trust** for such period.

**A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.** 

Eaton Vance Municipals Trust

Date: May 26, 2026

<u>/s/ James F. Kirchner</u> 

James F. Kirchner

Principal Financial Officer

Date: May 26, 2026

<u>/s/ Kenneth A. Topping</u> 

Kenneth A. Topping

Principal Executive Officer