# EDGAR Filing Document

**Accession Number:** 0000914529
**File Stem:** 0001193125-26-132449
**Filing Date:** 2026-3
**Character Count:** 779065
**Document Hash:** cc08f79a2e819be3e6ac76c3135d6052
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-132449.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001193125-26-132449

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260330

**EFFECTIVENESS DATE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eaton Vance Municipals Trust II
- **CENTRAL INDEX KEY:** 0000914529

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08134
- **FILM NUMBER:** 26815727

**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 II
- **DATE OF NAME CHANGE:** 19931108

## Series and Classes Contracts Data

### Eaton Vance High Yield Municipal Income Fund (Series ID: S000004834)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000013069 | Eaton Vance High Yield Municipal Income Fund Class A | ETHYX           |
| C000013071 | Eaton Vance High Yield Municipal Income Fund Class C | ECHYX           |
| C000048637 | Eaton Vance High Yield Municipal Income Fund Class I | EIHYX           |
| C000231374 | Eaton Vance High Yield Municipal Income Fund Class W | EWHYX           |

### Parametric TABS Short-Term Municipal Bond Fund (Series ID: S000024906)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000074079 | Parametric TABS Short-Term Municipal Bond Fund Class A | EABSX           |
| C000074080 | Parametric TABS Short-Term Municipal Bond Fund Class C | ECBSX           |
| C000074081 | Parametric TABS Short-Term Municipal Bond Fund Class I | EIBSX           |

### Parametric TABS Intermediate-Term Municipal Bond Fund (Series ID: S000027033)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000081345 | Parametric TABS Intermediate-Term Municipal Bond Fund Class A | EITAX           |
| C000081346 | Parametric TABS Intermediate-Term Municipal Bond Fund Class C | EITCX           |
| C000081347 | Parametric TABS Intermediate-Term Municipal Bond Fund Class I | ETIIX           |

### Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (Series ID: S000027034)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000081348 | Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund Class A | EALTX           |
| C000081349 | Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund Class C | ECLTX           |
| C000081350 | Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund Class I | EILTX           |

### Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (Series ID: S000049164)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000154967 | Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund Class A | EALBX           |
| C000154968 | Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund Class C | ECLBX           |
| C000154969 | Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund Class I | EILBX           |

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

### 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: 811-08134

## Eaton Vance Municipals Trust II

#### (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)

#### January 31

#### Date of Fiscal Year End

#### January 31, 2026

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) # Eaton Vance High Yield Municipal Income Fund
![Image](g152503i1aa31013ff98348f307d.jpg)

# Class A ETHYX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Eaton Vance High Yield Municipal Income Fund for the period of February 1, 2025 to January 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 year?
(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 | $89 | 0.88% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Bond Index (the Index):

↓ Security selections and an overweight exposure to long-maturity bonds with 22 years or more remaining to maturity detracted from Index-relative returns during the period

↓ Security selections and an overweight exposure to 4% coupon bonds detracted from Index-relative returns

↓ Security selections and an underweight exposure to the transportation sector detracted from returns relative to the Index during the period

↑ Security selections in bonds with 8–12 years remaining to maturity contributed to Index relative returns during the period

↑ Security selections in the hospital sector contributed to Index-relative performance

↑ Allocations to taxable municipal bonds contributed to Index-relative returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g152503i351f4f1d989d3088ba45.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** |
| **1/16** | $10000 | $10000 |
| **2/16** | $9665 | $10016 |
| **3/16** | $9763 | $10047 |
| **4/16** | $9870 | $10121 |
| **5/16** | $9956 | $10149 |
| **6/16** | $10174 | $10310 |
| **7/16** | $10174 | $10316 |
| **8/16** | $10217 | $10330 |
| **9/16** | $10148 | $10279 |
| **10/16** | $10013 | $10171 |
| **11/16** | $9591 | $9792 |
| **12/16** | $9678 | $9907 |
| **1/17** | $9699 | $9972 |
| **2/17** | $9765 | $10041 |
| **3/17** | $9808 | $10063 |
| **4/17** | $9885 | $10136 |
| **5/17** | $10086 | $10297 |
| **6/17** | $10073 | $10260 |
| **7/17** | $10151 | $10343 |
| **8/17** | $10263 | $10422 |
| **9/17** | $10284 | $10369 |
| **10/17** | $10315 | $10394 |
| **11/17** | $10335 | $10338 |
| **12/17** | $10448 | $10446 |
| **1/18** | $10342 | $10323 |
| **2/18** | $10294 | $10293 |
| **3/18** | $10349 | $10331 |
| **4/18** | $10323 | $10294 |
| **5/18** | $10449 | $10412 |
| **6/18** | $10505 | $10420 |
| **7/18** | $10528 | $10446 |
| **8/18** | $10549 | $10473 |
| **9/18** | $10511 | $10405 |
| **10/18** | $10400 | $10341 |
| **11/18** | $10482 | $10455 |
| **12/18** | $10599 | $10580 |
| **1/19** | $10683 | $10660 |
| **2/19** | $10757 | $10717 |
| **3/19** | $10978 | $10887 |
| **4/19** | $11028 | $10928 |
| **5/19** | $11237 | $11078 |
| **6/19** | $11287 | $11119 |
| **7/19** | $11374 | $11209 |
| **8/19** | $11597 | $11386 |
| **9/19** | $11523 | $11294 |
| **10/19** | $11523 | $11315 |
| **11/19** | $11549 | $11343 |
| **12/19** | $11587 | $11378 |
| **1/20** | $11810 | $11582 |
| **2/20** | $12021 | $11731 |
| **3/20** | $11157 | $11306 |
| **4/20** | $10835 | $11164 |
| **5/20** | $11173 | $11519 |
| **6/20** | $11461 | $11614 |
| **7/20** | $11686 | $11809 |
| **8/20** | $11669 | $11754 |
| **9/20** | $11651 | $11757 |
| **10/20** | $11646 | $11721 |
| **11/20** | $11886 | $11898 |
| **12/20** | $12038 | $11971 |
| **1/21** | $12201 | $12047 |
| **2/21** | $12051 | $11855 |
| **3/21** | $12109 | $11929 |
| **4/21** | $12257 | $12029 |
| **5/21** | $12353 | $12065 |
| **6/21** | $12437 | $12098 |
| **7/21** | $12534 | $12198 |
| **8/21** | $12485 | $12153 |
| **9/21** | $12383 | $12065 |
| **10/21** | $12361 | $12030 |
| **11/21** | $12472 | $12133 |
| **12/21** | $12503 | $12152 |
| **1/22** | $12199 | $11820 |
| **2/22** | $12096 | $11777 |
| **3/22** | $11724 | $11395 |
| **4/22** | $11367 | $11080 |
| **5/22** | $11428 | $11245 |
| **6/22** | $11150 | $11061 |
| **7/22** | $11444 | $11353 |
| **8/22** | $11206 | $11104 |
| **9/22** | $10652 | $10678 |
| **10/22** | $10481 | $10589 |
| **11/22** | $11044 | $11084 |
| **12/22** | $10970 | $11116 |
| **1/23** | $11369 | $11435 |
| **2/23** | $11059 | $11177 |
| **3/23** | $11210 | $11425 |
| **4/23** | $11277 | $11399 |
| **5/23** | $11203 | $11300 |
| **6/23** | $11383 | $11413 |
| **7/23** | $11407 | $11458 |
| **8/23** | $11276 | $11293 |
| **9/23** | $10887 | $10962 |
| **10/23** | $10640 | $10869 |
| **11/23** | $11415 | $11559 |
| **12/23** | $11816 | $11828 |
| **1/24** | $11871 | $11767 |
| **2/24** | $11928 | $11782 |
| **3/24** | $11998 | $11782 |
| **4/24** | $11849 | $11636 |
| **5/24** | $11920 | $11602 |
| **6/24** | $12156 | $11780 |
| **7/24** | $12289 | $11887 |
| **8/24** | $12406 | $11981 |
| **9/24** | $12583 | $12099 |
| **10/24** | $12386 | $11923 |
| **11/24** | $12609 | $12129 |
| **12/24** | $12381 | $11952 |
| **1/25** | $12439 | $12012 |
| **2/25** | $12604 | $12131 |
| **3/25** | $12343 | $11926 |
| **4/25** | $12144 | $11830 |
| **5/25** | $12036 | $11837 |
| **6/25** | $12127 | $11911 |
| **7/25** | $11987 | $11887 |
| **8/25** | $12064 | $11990 |
| **9/25** | $12499 | $12268 |
| **10/25** | $12670 | $12420 |
| **11/25** | $12716 | $12449 |
| **12/25** | $12731 | $12460 |
| **1/26** | $12846 | $12577 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 3.25% | 1.03% | 2.87% |
| Class A with 3.25% Maximum Sales Charge | (0.16)% | 0.38% | 2.53% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1661337383 |
| # of Portfolio Holdings | 484 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $6072495 |

---

## 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](g152503i14c613c0976dd6ef11a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.9% |
| Other Revenue | 3.1% |
| Housing | 6.2% |
| Education | 7.6% |
| General Obligations | 9.3% |
| Hospital | 10.3% |
| Industrial Development Revenue | 11.2% |
| Transportation | 13.6% |
| Special Tax Revenue | 13.7% |
| Senior Living/Life Care | 17.1% |

---

---

| | |
|:---|:---|
| 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](g152503i6278d23f188b730bfd2f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 28.4% |
| B | 2.3% |
| BB | 17.9% |
| BBB | 24.2% |
| A | 10.9% |
| AA | 13.7% |
| AAA | 2.6% |

---

---

| | |
|:---|:---|
| 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. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

![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](g152503i00337a5c7f25e7f928b9.jpg)

## Additional Information
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
Annual Shareholder Report January 31, 2026

# ETHYX-TSR-AR

# Eaton Vance High Yield Municipal Income Fund
![Image](g152503i1aa31013ff98348f307d.jpg)

# Class C ECHYX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Eaton Vance High Yield Municipal Income Fund for the period of February 1, 2025 to January 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 year?
(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 | $165 | 1.63% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Bond Index (the Index):

↓ Security selections and an overweight exposure to long-maturity bonds with 22 years or more remaining to maturity detracted from Index-relative returns during the period

↓ Security selections and an overweight exposure to 4% coupon bonds detracted from Index-relative returns

↓ Security selections and an underweight exposure to the transportation sector detracted from returns relative to the Index during the period

↑ Security selections in bonds with 8–12 years remaining to maturity contributed to Index relative returns during the period

↑ Security selections in the hospital sector contributed to Index-relative performance

↑ Allocations to taxable municipal bonds contributed to Index-relative returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g152503iae2910cc68711133773a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** |
| **1/16** | $10000 | $10000 |
| **2/16** | $9992 | $10016 |
| **3/16** | $10080 | $10047 |
| **4/16** | $10191 | $10121 |
| **5/16** | $10266 | $10149 |
| **6/16** | $10487 | $10310 |
| **7/16** | $10478 | $10316 |
| **8/16** | $10517 | $10330 |
| **9/16** | $10443 | $10279 |
| **10/16** | $10296 | $10171 |
| **11/16** | $9855 | $9792 |
| **12/16** | $9931 | $9907 |
| **1/17** | $9958 | $9972 |
| **2/17** | $10010 | $10041 |
| **3/17** | $10061 | $10063 |
| **4/17** | $10125 | $10136 |
| **5/17** | $10314 | $10297 |
| **6/17** | $10302 | $10260 |
| **7/17** | $10379 | $10343 |
| **8/17** | $10481 | $10422 |
| **9/17** | $10495 | $10369 |
| **10/17** | $10520 | $10394 |
| **11/17** | $10533 | $10338 |
| **12/17** | $10648 | $10446 |
| **1/18** | $10522 | $10323 |
| **2/18** | $10473 | $10293 |
| **3/18** | $10538 | $10331 |
| **4/18** | $10486 | $10294 |
| **5/18** | $10616 | $10412 |
| **6/18** | $10668 | $10420 |
| **7/18** | $10684 | $10446 |
| **8/18** | $10697 | $10473 |
| **9/18** | $10646 | $10405 |
| **10/18** | $10529 | $10341 |
| **11/18** | $10609 | $10455 |
| **12/18** | $10714 | $10580 |
| **1/19** | $10796 | $10660 |
| **2/19** | $10868 | $10717 |
| **3/19** | $11073 | $10887 |
| **4/19** | $11132 | $10928 |
| **5/19** | $11323 | $11078 |
| **6/19** | $11368 | $11119 |
| **7/19** | $11452 | $11209 |
| **8/19** | $11672 | $11386 |
| **9/19** | $11582 | $11294 |
| **10/19** | $11586 | $11315 |
| **11/19** | $11604 | $11343 |
| **12/19** | $11623 | $11378 |
| **1/20** | $11854 | $11582 |
| **2/20** | $12059 | $11731 |
| **3/20** | $11181 | $11306 |
| **4/20** | $10851 | $11164 |
| **5/20** | $11179 | $11519 |
| **6/20** | $11454 | $11614 |
| **7/20** | $11674 | $11809 |
| **8/20** | $11658 | $11754 |
| **9/20** | $11629 | $11757 |
| **10/20** | $11613 | $11721 |
| **11/20** | $11849 | $11898 |
| **12/20** | $12002 | $11971 |
| **1/21** | $12153 | $12047 |
| **2/21** | $11997 | $11855 |
| **3/21** | $12049 | $11929 |
| **4/21** | $12184 | $12029 |
| **5/21** | $12263 | $12065 |
| **6/21** | $12343 | $12098 |
| **7/21** | $12437 | $12198 |
| **8/21** | $12374 | $12153 |
| **9/21** | $12269 | $12065 |
| **10/21** | $12235 | $12030 |
| **11/21** | $12343 | $12133 |
| **12/21** | $12367 | $12152 |
| **1/22** | $12059 | $11820 |
| **2/22** | $11940 | $11777 |
| **3/22** | $11576 | $11395 |
| **4/22** | $11213 | $11080 |
| **5/22** | $11269 | $11245 |
| **6/22** | $10978 | $11061 |
| **7/22** | $11267 | $11353 |
| **8/22** | $11032 | $11104 |
| **9/22** | $10462 | $10678 |
| **10/22** | $10301 | $10589 |
| **11/22** | $10845 | $11084 |
| **12/22** | $10757 | $11116 |
| **1/23** | $11156 | $11435 |
| **2/23** | $10847 | $11177 |
| **3/23** | $10982 | $11425 |
| **4/23** | $11043 | $11399 |
| **5/23** | $10969 | $11300 |
| **6/23** | $11120 | $11413 |
| **7/23** | $11150 | $11458 |
| **8/23** | $11001 | $11293 |
| **9/23** | $10626 | $10962 |
| **10/23** | $10371 | $10869 |
| **11/23** | $11133 | $11559 |
| **12/23** | $11515 | $11828 |
| **1/24** | $11563 | $11767 |
| **2/24** | $11612 | $11782 |
| **3/24** | $11660 | $11782 |
| **4/24** | $11524 | $11636 |
| **5/24** | $11588 | $11602 |
| **6/24** | $11809 | $11780 |
| **7/24** | $11922 | $11887 |
| **8/24** | $12018 | $11981 |
| **9/24** | $12177 | $12099 |
| **10/24** | $11991 | $11923 |
| **11/24** | $12198 | $12129 |
| **12/24** | $11965 | $11952 |
| **1/25** | $12014 | $12012 |
| **2/25** | $12176 | $12131 |
| **3/25** | $11908 | $11926 |
| **4/25** | $11706 | $11830 |
| **5/25** | $11598 | $11837 |
| **6/25** | $11682 | $11911 |
| **7/25** | $11541 | $11887 |
| **8/25** | $11610 | $11990 |
| **9/25** | $12020 | $12268 |
| **10/25** | $12170 | $12420 |
| **11/25** | $12223 | $12449 |
| **12/25** | $12212 | $12460 |
| **1/26** | $12317 | $12577 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 2.52% | 0.27% | 2.10% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 1.53% | 0.27% | 2.10% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1661337383 |
| # of Portfolio Holdings | 484 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $6072495 |

---

## 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](g152503i14c613c0976dd6ef11a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.9% |
| Other Revenue | 3.1% |
| Housing | 6.2% |
| Education | 7.6% |
| General Obligations | 9.3% |
| Hospital | 10.3% |
| Industrial Development Revenue | 11.2% |
| Transportation | 13.6% |
| Special Tax Revenue | 13.7% |
| Senior Living/Life Care | 17.1% |

---

---

| | |
|:---|:---|
| 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](g152503i6278d23f188b730bfd2f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 28.4% |
| B | 2.3% |
| BB | 17.9% |
| BBB | 24.2% |
| A | 10.9% |
| AA | 13.7% |
| AAA | 2.6% |

---

---

| | |
|:---|:---|
| 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. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

![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](g152503i00337a5c7f25e7f928b9.jpg)

## Additional Information
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
Annual Shareholder Report January 31, 2026

# ECHYX-TSR-AR

# Eaton Vance High Yield Municipal Income Fund
![Image](g152503i1aa31013ff98348f307d.jpg)

# Class I EIHYX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Eaton Vance High Yield Municipal Income Fund for the period of February 1, 2025 to January 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 year?
(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 | $63 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Bond Index (the Index):

↓ Security selections and an overweight exposure to long-maturity bonds with 22 years or more remaining to maturity detracted from Index-relative returns during the period

↓ Security selections and an overweight exposure to 4% coupon bonds detracted from Index-relative returns

↓ Security selections and an underweight exposure to the transportation sector detracted from returns relative to the Index during the period

↑ Security selections in bonds with 8–12 years remaining to maturity contributed to Index relative returns during the period

↑ Security selections in the hospital sector contributed to Index-relative performance

↑ Allocations to taxable municipal bonds contributed to Index-relative returns

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g152503i2081f0057b0bd900869c.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** |
| **1/16** | $1000000 | $1000000 |
| **2/16** | $999190 | $1001573 |
| **3/16** | $1008344 | $1004745 |
| **4/16** | $1020813 | $1012133 |
| **5/16** | $1029871 | $1014871 |
| **6/16** | $1052640 | $1031016 |
| **7/16** | $1052828 | $1031646 |
| **8/16** | $1056403 | $1033038 |
| **9/16** | $1050641 | $1027882 |
| **10/16** | $1036848 | $1017098 |
| **11/16** | $993372 | $979165 |
| **12/16** | $1002622 | $990660 |
| **1/17** | $1005041 | $997192 |
| **2/17** | $1012067 | $1004116 |
| **3/17** | $1016718 | $1006296 |
| **4/17** | $1024902 | $1013597 |
| **5/17** | $1044817 | $1029684 |
| **6/17** | $1044841 | $1025991 |
| **7/17** | $1053096 | $1034292 |
| **8/17** | $1064934 | $1042163 |
| **9/17** | $1067313 | $1036864 |
| **10/17** | $1070794 | $1039395 |
| **11/17** | $1071901 | $1033830 |
| **12/17** | $1085011 | $1044635 |
| **1/18** | $1073058 | $1032337 |
| **2/18** | $1069471 | $1029252 |
| **3/18** | $1075484 | $1033051 |
| **4/18** | $1072922 | $1029365 |
| **5/18** | $1086278 | $1041152 |
| **6/18** | $1092368 | $1042041 |
| **7/18** | $1094976 | $1044569 |
| **8/18** | $1097361 | $1047252 |
| **9/18** | $1092414 | $1040472 |
| **10/18** | $1082401 | $1034065 |
| **11/18** | $1091094 | $1045510 |
| **12/18** | $1103507 | $1058028 |
| **1/19** | $1112421 | $1066026 |
| **2/19** | $1120403 | $1071734 |
| **3/19** | $1142336 | $1088675 |
| **4/19** | $1149078 | $1092767 |
| **5/19** | $1169795 | $1107832 |
| **6/19** | $1176502 | $1111923 |
| **7/19** | $1184472 | $1120884 |
| **8/19** | $1209260 | $1138564 |
| **9/19** | $1201774 | $1129438 |
| **10/19** | $1202039 | $1131462 |
| **11/19** | $1204968 | $1134291 |
| **12/19** | $1209209 | $1137754 |
| **1/20** | $1232651 | $1158196 |
| **2/20** | $1254899 | $1173131 |
| **3/20** | $1165061 | $1130579 |
| **4/20** | $1131729 | $1116390 |
| **5/20** | $1167230 | $1151904 |
| **6/20** | $1196191 | $1161384 |
| **7/20** | $1221322 | $1180945 |
| **8/20** | $1219739 | $1175404 |
| **9/20** | $1218125 | $1175653 |
| **10/20** | $1217842 | $1172121 |
| **11/20** | $1243237 | $1189810 |
| **12/20** | $1259316 | $1197058 |
| **1/21** | $1276631 | $1204686 |
| **2/21** | $1261250 | $1185545 |
| **3/21** | $1267557 | $1192856 |
| **4/21** | $1283339 | $1202862 |
| **5/21** | $1292291 | $1206450 |
| **6/21** | $1302723 | $1209763 |
| **7/21** | $1313119 | $1219797 |
| **8/21** | $1308256 | $1215320 |
| **9/21** | $1297896 | $1206549 |
| **10/21** | $1295828 | $1203021 |
| **11/21** | $1307695 | $1213263 |
| **12/21** | $1311288 | $1215220 |
| **1/22** | $1279647 | $1181956 |
| **2/22** | $1269166 | $1177721 |
| **3/22** | $1230434 | $1139543 |
| **4/22** | $1193192 | $1108024 |
| **5/22** | $1199892 | $1124484 |
| **6/22** | $1171010 | $1106067 |
| **7/22** | $1202121 | $1135291 |
| **8/22** | $1177334 | $1110409 |
| **9/22** | $1118020 | $1067791 |
| **10/22** | $1101810 | $1058911 |
| **11/22** | $1161068 | $1108440 |
| **12/22** | $1152154 | $1111613 |
| **1/23** | $1195804 | $1143544 |
| **2/23** | $1163464 | $1117686 |
| **3/23** | $1179540 | $1142485 |
| **4/23** | $1185312 | $1139875 |
| **5/23** | $1179263 | $1129998 |
| **6/23** | $1196977 | $1141317 |
| **7/23** | $1201275 | $1145832 |
| **8/23** | $1187715 | $1129336 |
| **9/23** | $1147022 | $1096237 |
| **10/23** | $1119813 | $1086908 |
| **11/23** | $1203124 | $1155907 |
| **12/23** | $1245633 | $1182772 |
| **1/24** | $1251729 | $1176731 |
| **2/24** | $1257894 | $1178243 |
| **3/24** | $1265600 | $1178205 |
| **4/24** | $1250155 | $1163614 |
| **5/24** | $1257925 | $1160200 |
| **6/24** | $1283024 | $1177984 |
| **7/24** | $1297290 | $1188721 |
| **8/24** | $1309955 | $1198096 |
| **9/24** | $1328886 | $1209937 |
| **10/24** | $1308415 | $1192295 |
| **11/24** | $1332234 | $1212891 |
| **12/24** | $1306869 | $1195233 |
| **1/25** | $1314834 | $1201223 |
| **2/25** | $1332497 | $1213133 |
| **3/25** | $1305234 | $1192574 |
| **4/25** | $1284492 | $1182966 |
| **5/25** | $1273312 | $1183725 |
| **6/25** | $1283242 | $1191095 |
| **7/25** | $1268685 | $1188689 |
| **8/25** | $1277077 | $1199021 |
| **9/25** | $1323333 | $1226788 |
| **10/25** | $1341736 | $1242003 |
| **11/25** | $1346904 | $1244852 |
| **12/25** | $1347156 | $1245973 |
| **1/26** | $1359355 | $1257666 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 3.39% | 1.26% | 3.12% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1661337383 |
| # of Portfolio Holdings | 484 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $6072495 |

---

## 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](g152503i14c613c0976dd6ef11a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.9% |
| Other Revenue | 3.1% |
| Housing | 6.2% |
| Education | 7.6% |
| General Obligations | 9.3% |
| Hospital | 10.3% |
| Industrial Development Revenue | 11.2% |
| Transportation | 13.6% |
| Special Tax Revenue | 13.7% |
| Senior Living/Life Care | 17.1% |

---

---

| | |
|:---|:---|
| 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](g152503i6278d23f188b730bfd2f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 28.4% |
| B | 2.3% |
| BB | 17.9% |
| BBB | 24.2% |
| A | 10.9% |
| AA | 13.7% |
| AAA | 2.6% |

---

---

| | |
|:---|:---|
| 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. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

![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](g152503i00337a5c7f25e7f928b9.jpg)

## Additional Information
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
Annual Shareholder Report January 31, 2026

# EIHYX-TSR-AR

# Eaton Vance High Yield Municipal Income Fund
![Image](g152503i1aa31013ff98348f307d.jpg)

# Class W EWHYX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Eaton Vance High Yield Municipal Income Fund for the period of February 1, 2025 to January 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 year?
(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 W | $16 | 0.16% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Bond Index (the Index):

↓ Security selections and an overweight exposure to long-maturity bonds with 22 years or more remaining to maturity detracted from Index-relative returns during the period

↓ Security selections and an overweight exposure to 4% coupon bonds detracted from Index-relative returns

↓ Security selections and an underweight exposure to the transportation sector detracted from returns relative to the Index during the period

↑ Security selections in bonds with 8–12 years remaining to maturity contributed to Index relative returns during the period

↑ Security selections in the hospital sector contributed to Index-relative performance

↑ Allocations to taxable municipal bonds contributed to Index-relative returns

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g152503i61d644cf283827fe3e0f.jpg)

---

| | | |
|:---|:---|:---|
| | **Class W** | **Bloomberg Municipal Bond Index** |
| **1/16** | $10000 | $10000 |
| **2/16** | $9992 | $10016 |
| **3/16** | $10083 | $10047 |
| **4/16** | $10208 | $10121 |
| **5/16** | $10299 | $10149 |
| **6/16** | $10526 | $10310 |
| **7/16** | $10528 | $10316 |
| **8/16** | $10564 | $10330 |
| **9/16** | $10506 | $10279 |
| **10/16** | $10368 | $10171 |
| **11/16** | $9934 | $9792 |
| **12/16** | $10026 | $9907 |
| **1/17** | $10050 | $9972 |
| **2/17** | $10121 | $10041 |
| **3/17** | $10167 | $10063 |
| **4/17** | $10249 | $10136 |
| **5/17** | $10448 | $10297 |
| **6/17** | $10448 | $10260 |
| **7/17** | $10531 | $10343 |
| **8/17** | $10649 | $10422 |
| **9/17** | $10673 | $10369 |
| **10/17** | $10708 | $10394 |
| **11/17** | $10719 | $10338 |
| **12/17** | $10850 | $10446 |
| **1/18** | $10731 | $10323 |
| **2/18** | $10695 | $10293 |
| **3/18** | $10755 | $10331 |
| **4/18** | $10729 | $10294 |
| **5/18** | $10863 | $10412 |
| **6/18** | $10924 | $10420 |
| **7/18** | $10950 | $10446 |
| **8/18** | $10974 | $10473 |
| **9/18** | $10924 | $10405 |
| **10/18** | $10824 | $10341 |
| **11/18** | $10911 | $10455 |
| **12/18** | $11035 | $10580 |
| **1/19** | $11124 | $10660 |
| **2/19** | $11204 | $10717 |
| **3/19** | $11423 | $10887 |
| **4/19** | $11491 | $10928 |
| **5/19** | $11698 | $11078 |
| **6/19** | $11765 | $11119 |
| **7/19** | $11845 | $11209 |
| **8/19** | $12093 | $11386 |
| **9/19** | $12018 | $11294 |
| **10/19** | $12020 | $11315 |
| **11/19** | $12050 | $11343 |
| **12/19** | $12092 | $11378 |
| **1/20** | $12327 | $11582 |
| **2/20** | $12549 | $11731 |
| **3/20** | $11651 | $11306 |
| **4/20** | $11317 | $11164 |
| **5/20** | $11672 | $11519 |
| **6/20** | $11962 | $11614 |
| **7/20** | $12213 | $11809 |
| **8/20** | $12197 | $11754 |
| **9/20** | $12181 | $11757 |
| **10/20** | $12178 | $11721 |
| **11/20** | $12432 | $11898 |
| **12/20** | $12593 | $11971 |
| **1/21** | $12766 | $12047 |
| **2/21** | $12613 | $11855 |
| **3/21** | $12676 | $11929 |
| **4/21** | $12833 | $12029 |
| **5/21** | $12923 | $12065 |
| **6/21** | $13027 | $12098 |
| **7/21** | $13131 | $12198 |
| **8/21** | $13083 | $12153 |
| **9/21** | $12979 | $12065 |
| **10/21** | $12959 | $12030 |
| **11/21** | $13096 | $12133 |
| **12/21** | $13123 | $12152 |
| **1/22** | $12811 | $11820 |
| **2/22** | $12710 | $11777 |
| **3/22** | $12327 | $11395 |
| **4/22** | $11958 | $11080 |
| **5/22** | $12030 | $11245 |
| **6/22** | $11745 | $11061 |
| **7/22** | $12062 | $11353 |
| **8/22** | $11817 | $11104 |
| **9/22** | $11227 | $10678 |
| **10/22** | $11068 | $10589 |
| **11/22** | $11668 | $11084 |
| **12/22** | $11583 | $11116 |
| **1/23** | $12012 | $11435 |
| **2/23** | $11706 | $11177 |
| **3/23** | $11857 | $11425 |
| **4/23** | $11935 | $11399 |
| **5/23** | $11879 | $11300 |
| **6/23** | $12062 | $11413 |
| **7/23** | $12110 | $11458 |
| **8/23** | $11963 | $11293 |
| **9/23** | $11572 | $10962 |
| **10/23** | $11303 | $10869 |
| **11/23** | $12148 | $11559 |
| **12/23** | $12582 | $11828 |
| **1/24** | $12649 | $11767 |
| **2/24** | $12716 | $11782 |
| **3/24** | $12783 | $11782 |
| **4/24** | $12647 | $11636 |
| **5/24** | $12731 | $11602 |
| **6/24** | $12989 | $11780 |
| **7/24** | $13139 | $11887 |
| **8/24** | $13272 | $11981 |
| **9/24** | $13453 | $12099 |
| **10/24** | $13251 | $11923 |
| **11/24** | $13513 | $12129 |
| **12/24** | $13261 | $11952 |
| **1/25** | $13330 | $12012 |
| **2/25** | $13530 | $12131 |
| **3/25** | $13259 | $11926 |
| **4/25** | $13053 | $11830 |
| **5/25** | $12944 | $11837 |
| **6/25** | $13051 | $11911 |
| **7/25** | $12891 | $11887 |
| **8/25** | $12998 | $11990 |
| **9/25** | $13474 | $12268 |
| **10/25** | $13667 | $12420 |
| **11/25** | $13725 | $12449 |
| **12/25** | $13733 | $12460 |
| **1/26** | $13862 | $12577 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class W | 3.99% | 1.66% | 3.32% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1661337383 |
| # of Portfolio Holdings | 484 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $6072495 |

---

## 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](g152503i14c613c0976dd6ef11a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.9% |
| Other Revenue | 3.1% |
| Housing | 6.2% |
| Education | 7.6% |
| General Obligations | 9.3% |
| Hospital | 10.3% |
| Industrial Development Revenue | 11.2% |
| Transportation | 13.6% |
| Special Tax Revenue | 13.7% |
| Senior Living/Life Care | 17.1% |

---

---

| | |
|:---|:---|
| 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](g152503i6278d23f188b730bfd2f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 28.4% |
| B | 2.3% |
| BB | 17.9% |
| BBB | 24.2% |
| A | 10.9% |
| AA | 13.7% |
| AAA | 2.6% |

---

---

| | |
|:---|:---|
| 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. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

![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](g152503i00337a5c7f25e7f928b9.jpg)

## Additional Information
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
Annual Shareholder Report January 31, 2026

# EWHYX-TSR-AR
![Image](g152503i3087aa0ee7124d4be5fc.jpg)

# Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund

# Class A EALBX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last year?
(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 | $66 | 0.64% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (the Index):

↑ Security selection and overweight exposures to the housing, health care, lower coupon, and prepaid gas revenue bond sectors contributed to performance

↑ Relative value trading contributed to index relative returns by taking advantage of price and rate differences among similar securities

↑ A slight overweight exposure to BBB rated bonds contributed to Index relative returns as lower quality bonds generally outperformed during the period

↓ An overweight exposure to AAA rated credits detracted from Index relative performance as higher quality bonds underperformed during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g152503i1792a4896a2b2cd492a1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index** |
| **1/16** | $10000 | $10000 | $10000 |
| **2/16** | $9686 | $10016 | $10027 |
| **3/16** | $9686 | $10047 | $10011 |
| **4/16** | $9742 | $10121 | $10058 |
| **5/16** | $9723 | $10149 | $10048 |
| **6/16** | $9827 | $10310 | $10133 |
| **7/16** | $9846 | $10316 | $10158 |
| **8/16** | $9846 | $10330 | $10152 |
| **9/16** | $9818 | $10279 | $10122 |
| **10/16** | $9760 | $10171 | $10075 |
| **11/16** | $9467 | $9792 | $9829 |
| **12/16** | $9534 | $9907 | $9887 |
| **1/17** | $9580 | $9972 | $9964 |
| **2/17** | $9637 | $10041 | $10030 |
| **3/17** | $9656 | $10063 | $10038 |
| **4/17** | $9723 | $10136 | $10098 |
| **5/17** | $9828 | $10297 | $10194 |
| **6/17** | $9791 | $10260 | $10160 |
| **7/17** | $9849 | $10343 | $10225 |
| **8/17** | $9906 | $10422 | $10279 |
| **9/17** | $9850 | $10369 | $10226 |
| **10/17** | $9851 | $10394 | $10229 |
| **11/17** | $9775 | $10338 | $10133 |
| **12/17** | $9824 | $10446 | $10187 |
| **1/18** | $9749 | $10323 | $10146 |
| **2/18** | $9723 | $10293 | $10127 |
| **3/18** | $9724 | $10331 | $10130 |
| **4/18** | $9708 | $10294 | $10101 |
| **5/18** | $9767 | $10412 | $10183 |
| **6/18** | $9780 | $10420 | $10211 |
| **7/18** | $9810 | $10446 | $10247 |
| **8/18** | $9813 | $10473 | $10251 |
| **9/18** | $9777 | $10405 | $10202 |
| **10/18** | $9751 | $10341 | $10182 |
| **11/18** | $9813 | $10455 | $10264 |
| **12/18** | $9896 | $10580 | $10359 |
| **1/19** | $9969 | $10660 | $10445 |
| **2/19** | $10024 | $10717 | $10491 |
| **3/19** | $10096 | $10887 | $10571 |
| **4/19** | $10111 | $10928 | $10580 |
| **5/19** | $10214 | $11078 | $10687 |
| **6/19** | $10249 | $11119 | $10734 |
| **7/19** | $10302 | $11209 | $10810 |
| **8/19** | $10375 | $11386 | $10886 |
| **9/19** | $10330 | $11294 | $10806 |
| **10/19** | $10343 | $11315 | $10846 |
| **11/19** | $10356 | $11343 | $10870 |
| **12/19** | $10379 | $11378 | $10901 |
| **1/20** | $10490 | $11582 | $11029 |
| **2/20** | $10563 | $11731 | $11098 |
| **3/20** | $10288 | $11306 | $10835 |
| **4/20** | $10222 | $11164 | $10814 |
| **5/20** | $10482 | $11519 | $11082 |
| **6/20** | $10593 | $11614 | $11125 |
| **7/20** | $10723 | $11809 | $11245 |
| **8/20** | $10703 | $11754 | $11229 |
| **9/20** | $10674 | $11757 | $11241 |
| **10/20** | $10662 | $11721 | $11219 |
| **11/20** | $10773 | $11898 | $11295 |
| **12/20** | $10852 | $11971 | $11334 |
| **1/21** | $10930 | $12047 | $11373 |
| **2/21** | $10819 | $11855 | $11268 |
| **3/21** | $10848 | $11929 | $11310 |
| **4/21** | $10927 | $12029 | $11358 |
| **5/21** | $10946 | $12065 | $11363 |
| **6/21** | $10965 | $12098 | $11368 |
| **7/21** | $11024 | $12198 | $11434 |
| **8/21** | $11002 | $12153 | $11423 |
| **9/21** | $10929 | $12065 | $11371 |
| **10/21** | $10897 | $12030 | $11341 |
| **11/21** | $10945 | $12133 | $11369 |
| **12/21** | $10951 | $12152 | $11382 |
| **1/22** | $10726 | $11820 | $11143 |
| **2/22** | $10685 | $11777 | $11110 |
| **3/22** | $10460 | $11395 | $10872 |
| **4/22** | $10276 | $11080 | $10703 |
| **5/22** | $10376 | $11245 | $10849 |
| **6/22** | $10306 | $11061 | $10810 |
| **7/22** | $10480 | $11353 | $10997 |
| **8/22** | $10352 | $11104 | $10833 |
| **9/22** | $10133 | $10678 | $10566 |
| **10/22** | $10059 | $10589 | $10544 |
| **11/22** | $10418 | $11084 | $10825 |
| **12/22** | $10448 | $11116 | $10869 |
| **1/23** | $10686 | $11435 | $11071 |
| **2/23** | $10505 | $11177 | $10880 |
| **3/23** | $10665 | $11425 | $11069 |
| **4/23** | $10648 | $11399 | $11027 |
| **5/23** | $10558 | $11300 | $10937 |
| **6/23** | $10634 | $11413 | $11009 |
| **7/23** | $10648 | $11458 | $11044 |
| **8/23** | $10569 | $11293 | $10971 |
| **9/23** | $10321 | $10962 | $10794 |
| **10/23** | $10283 | $10869 | $10778 |
| **11/23** | $10750 | $11559 | $11172 |
| **12/23** | $10964 | $11828 | $11339 |
| **1/24** | $10916 | $11767 | $11304 |
| **2/24** | $10955 | $11782 | $11312 |
| **3/24** | $10925 | $11782 | $11298 |
| **4/24** | $10834 | $11636 | $11210 |
| **5/24** | $10764 | $11602 | $11145 |
| **6/24** | $10908 | $11780 | $11263 |
| **7/24** | $11000 | $11887 | $11366 |
| **8/24** | $11144 | $11981 | $11492 |
| **9/24** | $11248 | $12099 | $11569 |
| **10/24** | $11101 | $11923 | $11450 |
| **11/24** | $11235 | $12129 | $11548 |
| **12/24** | $11130 | $11952 | $11467 |
| **1/25** | $11188 | $12012 | $11543 |
| **2/25** | $11301 | $12131 | $11642 |
| **3/25** | $11185 | $11926 | $11560 |
| **4/25** | $11146 | $11830 | $11499 |
| **5/25** | $11216 | $11837 | $11594 |
| **6/25** | $11330 | $11911 | $11692 |
| **7/25** | $11391 | $11887 | $11764 |
| **8/25** | $11473 | $11990 | $11857 |
| **9/25** | $11589 | $12268 | $11950 |
| **10/25** | $11661 | $12420 | $11982 |
| **11/25** | $11678 | $12449 | $12009 |
| **12/25** | $11716 | $12460 | $12042 |
| **1/26** | $11806 | $12577 | $12157 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 5.55% | 1.56% | 2.01% |
| Class A with 3.25% Maximum Sales Charge | 2.17% | 0.88% | 1.67% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | 5.31% | 1.34% | 1.97% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $80686140 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 63% |
| Total Advisory Fees Paid | $87709 |

---

## 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)
![Credit Rating Chart](g152503i9cedcfc5231d28b3661c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.9% |
| Transportation | 3.9% |
| Education | 4.0% |
| Special Tax Revenue | 5.4% |
| Water and Sewer | 5.7% |
| Senior Living/Life Care | 6.1% |
| Hospital | 6.7% |
| Electric Utilities | 7.4% |
| Other Revenue | 10.0% |
| Housing | 10.6% |
| General Obligations | 37.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g152503i1e50fd8f19a9f1e7acef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 9.5% |
| A | 9.8% |
| AA | 52.7% |
| AAA | 28.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. 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: http://www.eatonvance.com/parametric-fund-documents.php](g152503i6b1888ae4590ee38772e.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/parametric-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 1-800-260-0761 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
Annual Shareholder Report January 31, 2026

# EALBX-TSR-AR
![Image](g152503i3087aa0ee7124d4be5fc.jpg)

# Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund

# Class C ECLBX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last year?
(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 | $142 | 1.39% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (the Index):

↓ An overweight exposure to AAA rated credits detracted from Index relative performance as higher quality bonds underperformed during the period

↑ Security selection and overweight exposures to the housing, health care, lower coupon, and prepaid gas revenue bond sectors contributed to performance

↑ Relative value trading contributed to index relative returns by taking advantage of price and rate differences among similar securities

↑ A slight overweight exposure to BBB rated bonds contributed to Index relative returns as lower quality bonds generally outperformed during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g152503ie43a33385471dc7912dd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index** |
| **1/16** | $10000 | $10000 | $10000 |
| **2/16** | $10005 | $10016 | $10027 |
| **3/16** | $9999 | $10047 | $10011 |
| **4/16** | $10051 | $10121 | $10058 |
| **5/16** | $10025 | $10149 | $10048 |
| **6/16** | $10126 | $10310 | $10133 |
| **7/16** | $10129 | $10316 | $10158 |
| **8/16** | $10132 | $10330 | $10152 |
| **9/16** | $10097 | $10279 | $10122 |
| **10/16** | $10031 | $10171 | $10075 |
| **11/16** | $9725 | $9792 | $9829 |
| **12/16** | $9786 | $9907 | $9887 |
| **1/17** | $9826 | $9972 | $9964 |
| **2/17** | $9879 | $10041 | $10030 |
| **3/17** | $9892 | $10063 | $10038 |
| **4/17** | $9955 | $10136 | $10098 |
| **5/17** | $10056 | $10297 | $10194 |
| **6/17** | $10012 | $10260 | $10160 |
| **7/17** | $10065 | $10343 | $10225 |
| **8/17** | $10117 | $10422 | $10279 |
| **9/17** | $10054 | $10369 | $10226 |
| **10/17** | $10048 | $10394 | $10229 |
| **11/17** | $9965 | $10338 | $10133 |
| **12/17** | $10008 | $10446 | $10187 |
| **1/18** | $9925 | $10323 | $10146 |
| **2/18** | $9893 | $10293 | $10127 |
| **3/18** | $9888 | $10331 | $10130 |
| **4/18** | $9856 | $10294 | $10101 |
| **5/18** | $9919 | $10412 | $10183 |
| **6/18** | $9926 | $10420 | $10211 |
| **7/18** | $9951 | $10446 | $10247 |
| **8/18** | $9947 | $10473 | $10251 |
| **9/18** | $9904 | $10405 | $10202 |
| **10/18** | $9872 | $10341 | $10182 |
| **11/18** | $9929 | $10455 | $10264 |
| **12/18** | $10006 | $10580 | $10359 |
| **1/19** | $10073 | $10660 | $10445 |
| **2/19** | $10123 | $10717 | $10491 |
| **3/19** | $10190 | $10887 | $10571 |
| **4/19** | $10199 | $10928 | $10580 |
| **5/19** | $10296 | $11078 | $10687 |
| **6/19** | $10324 | $11119 | $10734 |
| **7/19** | $10372 | $11209 | $10810 |
| **8/19** | $10438 | $11386 | $10886 |
| **9/19** | $10386 | $11294 | $10806 |
| **10/19** | $10393 | $11315 | $10846 |
| **11/19** | $10400 | $11343 | $10870 |
| **12/19** | $10416 | $11378 | $10901 |
| **1/20** | $10511 | $11582 | $11029 |
| **2/20** | $10587 | $11731 | $11098 |
| **3/20** | $10306 | $11306 | $10835 |
| **4/20** | $10223 | $11164 | $10814 |
| **5/20** | $10487 | $11519 | $11082 |
| **6/20** | $10591 | $11614 | $11125 |
| **7/20** | $10715 | $11809 | $11245 |
| **8/20** | $10688 | $11754 | $11229 |
| **9/20** | $10652 | $11757 | $11241 |
| **10/20** | $10634 | $11721 | $11219 |
| **11/20** | $10738 | $11898 | $11295 |
| **12/20** | $10800 | $11971 | $11334 |
| **1/21** | $10881 | $12047 | $11373 |
| **2/21** | $10764 | $11855 | $11268 |
| **3/21** | $10785 | $11929 | $11310 |
| **4/21** | $10858 | $12029 | $11358 |
| **5/21** | $10880 | $12065 | $11363 |
| **6/21** | $10882 | $12098 | $11368 |
| **7/21** | $10933 | $12198 | $11434 |
| **8/21** | $10904 | $12153 | $11423 |
| **9/21** | $10826 | $12065 | $11371 |
| **10/21** | $10797 | $12030 | $11341 |
| **11/21** | $10828 | $12133 | $11369 |
| **12/21** | $10827 | $12152 | $11382 |
| **1/22** | $10598 | $11820 | $11143 |
| **2/22** | $10551 | $11777 | $11110 |
| **3/22** | $10332 | $11395 | $10872 |
| **4/22** | $10134 | $11080 | $10703 |
| **5/22** | $10227 | $11245 | $10849 |
| **6/22** | $10151 | $11061 | $10810 |
| **7/22** | $10316 | $11353 | $10997 |
| **8/22** | $10184 | $11104 | $10833 |
| **9/22** | $9962 | $10678 | $10566 |
| **10/22** | $9883 | $10589 | $10544 |
| **11/22** | $10230 | $11084 | $10825 |
| **12/22** | $10252 | $11116 | $10869 |
| **1/23** | $10479 | $11435 | $11071 |
| **2/23** | $10296 | $11177 | $10880 |
| **3/23** | $10446 | $11425 | $11069 |
| **4/23** | $10423 | $11399 | $11027 |
| **5/23** | $10328 | $11300 | $10937 |
| **6/23** | $10396 | $11413 | $11009 |
| **7/23** | $10403 | $11458 | $11044 |
| **8/23** | $10320 | $11293 | $10971 |
| **9/23** | $10071 | $10962 | $10794 |
| **10/23** | $10027 | $10869 | $10778 |
| **11/23** | $10476 | $11559 | $11172 |
| **12/23** | $10678 | $11828 | $11339 |
| **1/24** | $10624 | $11767 | $11304 |
| **2/24** | $10656 | $11782 | $11312 |
| **3/24** | $10621 | $11782 | $11298 |
| **4/24** | $10526 | $11636 | $11210 |
| **5/24** | $10451 | $11602 | $11145 |
| **6/24** | $10584 | $11780 | $11263 |
| **7/24** | $10667 | $11887 | $11366 |
| **8/24** | $10800 | $11981 | $11492 |
| **9/24** | $10894 | $12099 | $11569 |
| **10/24** | $10744 | $11923 | $11450 |
| **11/24** | $10867 | $12129 | $11548 |
| **12/24** | $10759 | $11952 | $11467 |
| **1/25** | $10808 | $12012 | $11543 |
| **2/25** | $10911 | $12131 | $11642 |
| **3/25** | $10781 | $11926 | $11560 |
| **4/25** | $10747 | $11830 | $11499 |
| **5/25** | $10808 | $11837 | $11594 |
| **6/25** | $10912 | $11911 | $11692 |
| **7/25** | $10953 | $11887 | $11764 |
| **8/25** | $11035 | $11990 | $11857 |
| **9/25** | $11140 | $12268 | $11950 |
| **10/25** | $11202 | $12420 | $11982 |
| **11/25** | $11211 | $12449 | $12009 |
| **12/25** | $11241 | $12460 | $12042 |
| **1/26** | $11494 | $12577 | $12157 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 4.76% | 0.80% | 1.40% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 3.76% | 0.80% | 1.40% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | 5.31% | 1.34% | 1.97% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $80686140 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 63% |
| Total Advisory Fees Paid | $87709 |

---

## 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)
![Credit Rating Chart](g152503i9cedcfc5231d28b3661c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.9% |
| Transportation | 3.9% |
| Education | 4.0% |
| Special Tax Revenue | 5.4% |
| Water and Sewer | 5.7% |
| Senior Living/Life Care | 6.1% |
| Hospital | 6.7% |
| Electric Utilities | 7.4% |
| Other Revenue | 10.0% |
| Housing | 10.6% |
| General Obligations | 37.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g152503i1e50fd8f19a9f1e7acef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 9.5% |
| A | 9.8% |
| AA | 52.7% |
| AAA | 28.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. 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: http://www.eatonvance.com/parametric-fund-documents.php](g152503i6b1888ae4590ee38772e.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/parametric-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 1-800-260-0761 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
Annual Shareholder Report January 31, 2026

# ECLBX-TSR-AR
![Image](g152503i3087aa0ee7124d4be5fc.jpg)

# Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund

# Class I EILBX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last year?
(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 | $40 | 0.39% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (the Index):

↑ Security selection and overweight exposures to the housing, health care, lower coupon, and prepaid gas revenue bond sectors contributed to performance

↑ Relative value trading contributed to index relative returns by taking advantage of price and rate differences among similar securities

↑ A slight overweight exposure to BBB rated bonds contributed to Index relative returns as lower quality bonds generally outperformed during the period

↓ An overweight exposure to AAA rated credits detracted from Index relative performance as higher quality bonds underperformed during the period

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g152503if667c78b8712f91d1f25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index** |
| **1/16** | $1000000 | $1000000 | $1000000 |
| **2/16** | $1001297 | $1001573 | $1002695 |
| **3/16** | $1001518 | $1004745 | $1001119 |
| **4/16** | $1007601 | $1012133 | $1005756 |
| **5/16** | $1005856 | $1014871 | $1004839 |
| **6/16** | $1016801 | $1031016 | $1013300 |
| **7/16** | $1018949 | $1031646 | $1015780 |
| **8/16** | $1019123 | $1033038 | $1015206 |
| **9/16** | $1016430 | $1027882 | $1012152 |
| **10/16** | $1010693 | $1017098 | $1007527 |
| **11/16** | $980633 | $979165 | $982933 |
| **12/16** | $987654 | $990660 | $988693 |
| **1/17** | $992633 | $997192 | $996429 |
| **2/17** | $998783 | $1004116 | $1002983 |
| **3/17** | $1000944 | $1006296 | $1003811 |
| **4/17** | $1008122 | $1013597 | $1009771 |
| **5/17** | $1019209 | $1029684 | $1019430 |
| **6/17** | $1015601 | $1025991 | $1015995 |
| **7/17** | $1021800 | $1034292 | $1022477 |
| **8/17** | $1028003 | $1042163 | $1027929 |
| **9/17** | $1022412 | $1036864 | $1022591 |
| **10/17** | $1022682 | $1039395 | $1022941 |
| **11/17** | $1015062 | $1033830 | $1013320 |
| **12/17** | $1020326 | $1044635 | $1018697 |
| **1/18** | $1012735 | $1032337 | $1014649 |
| **2/18** | $1010241 | $1029252 | $1012663 |
| **3/18** | $1011614 | $1033051 | $1013013 |
| **4/18** | $1009126 | $1029365 | $1010095 |
| **5/18** | $1015523 | $1041152 | $1018251 |
| **6/18** | $1016998 | $1042041 | $1021075 |
| **7/18** | $1020406 | $1044569 | $1024672 |
| **8/18** | $1020868 | $1047252 | $1025063 |
| **9/18** | $1017328 | $1040472 | $1020181 |
| **10/18** | $1014871 | $1034065 | $1018238 |
| **11/18** | $1021588 | $1045510 | $1026380 |
| **12/18** | $1030335 | $1058028 | $1035908 |
| **1/19** | $1038169 | $1066026 | $1044518 |
| **2/19** | $1044062 | $1071734 | $1049104 |
| **3/19** | $1051828 | $1088675 | $1057064 |
| **4/19** | $1054655 | $1092767 | $1057976 |
| **5/19** | $1064552 | $1107832 | $1068705 |
| **6/19** | $1068370 | $1111923 | $1073373 |
| **7/19** | $1074166 | $1120884 | $1081022 |
| **8/19** | $1081968 | $1138564 | $1088552 |
| **9/19** | $1077500 | $1129438 | $1080592 |
| **10/19** | $1079123 | $1131462 | $1084565 |
| **11/19** | $1080727 | $1134291 | $1086996 |
| **12/19** | $1084344 | $1137754 | $1090123 |
| **1/20** | $1095155 | $1158196 | $1102881 |
| **2/20** | $1102903 | $1173131 | $1109776 |
| **3/20** | $1074538 | $1130579 | $1083487 |
| **4/20** | $1067840 | $1116390 | $1081381 |
| **5/20** | $1095164 | $1151904 | $1108159 |
| **6/20** | $1106970 | $1161384 | $1112530 |
| **7/20** | $1120803 | $1180945 | $1124517 |
| **8/20** | $1119009 | $1175404 | $1122944 |
| **9/20** | $1116133 | $1175653 | $1124139 |
| **10/20** | $1115186 | $1172121 | $1121860 |
| **11/20** | $1126949 | $1189810 | $1129458 |
| **12/20** | $1135478 | $1197058 | $1133396 |
| **1/21** | $1143917 | $1204686 | $1137288 |
| **2/21** | $1132507 | $1185545 | $1126833 |
| **3/21** | $1136784 | $1192856 | $1131029 |
| **4/21** | $1144283 | $1202862 | $1135776 |
| **5/21** | $1147565 | $1206450 | $1136299 |
| **6/21** | $1148760 | $1209763 | $1136834 |
| **7/21** | $1155137 | $1219797 | $1143375 |
| **8/21** | $1153059 | $1215320 | $1142273 |
| **9/21** | $1145723 | $1206549 | $1137078 |
| **10/21** | $1143605 | $1203021 | $1134089 |
| **11/21** | $1147884 | $1213263 | $1136863 |
| **12/21** | $1148769 | $1215220 | $1138246 |
| **1/22** | $1125390 | $1181956 | $1114264 |
| **2/22** | $1122309 | $1177721 | $1110960 |
| **3/22** | $1098976 | $1139543 | $1087154 |
| **4/22** | $1078862 | $1108024 | $1070327 |
| **5/22** | $1089623 | $1124484 | $1084917 |
| **6/22** | $1082479 | $1106067 | $1080961 |
| **7/22** | $1100985 | $1135291 | $1099727 |
| **8/22** | $1087776 | $1110409 | $1083338 |
| **9/22** | $1064973 | $1067791 | $1056592 |
| **10/22** | $1057499 | $1058911 | $1054393 |
| **11/22** | $1095431 | $1108440 | $1082462 |
| **12/22** | $1098717 | $1111613 | $1086867 |
| **1/23** | $1124018 | $1143544 | $1107147 |
| **2/23** | $1105250 | $1117686 | $1088029 |
| **3/23** | $1122237 | $1142485 | $1106873 |
| **4/23** | $1120689 | $1139875 | $1102695 |
| **5/23** | $1111487 | $1129998 | $1093699 |
| **6/23** | $1119761 | $1141317 | $1100862 |
| **7/23** | $1121455 | $1145832 | $1104352 |
| **8/23** | $1113378 | $1129336 | $1097070 |
| **9/23** | $1088627 | $1096237 | $1079398 |
| **10/23** | $1083711 | $1086908 | $1077762 |
| **11/23** | $1133063 | $1155907 | $1117163 |
| **12/23** | $1155912 | $1182772 | $1133863 |
| **1/24** | $1151041 | $1176731 | $1130371 |
| **2/24** | $1155383 | $1178243 | $1131177 |
| **3/24** | $1152553 | $1178205 | $1129772 |
| **4/24** | $1143211 | $1163614 | $1120995 |
| **5/24** | $1136082 | $1160200 | $1114546 |
| **6/24** | $1151484 | $1177984 | $1126255 |
| **7/24** | $1161401 | $1188721 | $1136647 |
| **8/24** | $1176850 | $1198096 | $1149207 |
| **9/24** | $1188098 | $1209937 | $1156924 |
| **10/24** | $1172814 | $1192295 | $1144996 |
| **11/24** | $1187169 | $1212891 | $1154803 |
| **12/24** | $1176349 | $1195233 | $1146739 |
| **1/25** | $1183848 | $1201223 | $1154345 |
| **2/25** | $1194920 | $1213133 | $1164221 |
| **3/25** | $1182923 | $1192574 | $1155979 |
| **4/25** | $1178994 | $1182966 | $1149917 |
| **5/25** | $1186626 | $1183725 | $1159387 |
| **6/25** | $1198990 | $1191095 | $1169153 |
| **7/25** | $1205643 | $1188689 | $1176380 |
| **8/25** | $1214591 | $1199021 | $1185654 |
| **9/25** | $1228284 | $1226788 | $1195018 |
| **10/25** | $1234973 | $1242003 | $1198187 |
| **11/25** | $1237012 | $1244852 | $1200888 |
| **12/25** | $1241362 | $1245973 | $1204231 |
| **1/26** | $1251439 | $1257666 | $1215687 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 5.71% | 1.81% | 2.27% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | 5.31% | 1.34% | 1.97% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $80686140 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 63% |
| Total Advisory Fees Paid | $87709 |

---

## 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)
![Credit Rating Chart](g152503i9cedcfc5231d28b3661c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.9% |
| Transportation | 3.9% |
| Education | 4.0% |
| Special Tax Revenue | 5.4% |
| Water and Sewer | 5.7% |
| Senior Living/Life Care | 6.1% |
| Hospital | 6.7% |
| Electric Utilities | 7.4% |
| Other Revenue | 10.0% |
| Housing | 10.6% |
| General Obligations | 37.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g152503i1e50fd8f19a9f1e7acef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 9.5% |
| A | 9.8% |
| AA | 52.7% |
| AAA | 28.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. 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: http://www.eatonvance.com/parametric-fund-documents.php](g152503i6b1888ae4590ee38772e.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/parametric-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 1-800-260-0761 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
Annual Shareholder Report January 31, 2026

# EILBX-TSR-AR
![Image](g152503i3087aa0ee7124d4be5fc.jpg)

# Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund

# Class A EALTX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last year?
(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 | $67 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 10 Year Municipal Bond Index (the Index):

↓ Out-of-Index exposures to bonds with 1–7 years and 12–15+ years remaining to maturity detracted from performance as the yield-curve steepened more in the longer maturity segment during the period. The net result of the yield-curve positioning was negative relative to the index

↑ Security selection and overweight exposures to the housing sector, lower coupon bonds and prepaid gas revenue bond sectors contributed to performance

↑ Relative-value trading contributed to index relative returns by taking advantage of price and rate differences among similar securities

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g152503ib53afe2a0b289e6e8d05.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg 10 Year Municipal Bond Index** | **Bloomberg 15 Year Municipal Bond Index** |
| **1/16** | $10000 | $10000 | $10000 | $10000 |
| **2/16** | $9673 | $10016 | $10009 | $9999 |
| **3/16** | $9732 | $10047 | $10039 | $10060 |
| **4/16** | $9822 | $10121 | $10120 | $10149 |
| **5/16** | $9832 | $10149 | $10122 | $10187 |
| **6/16** | $10034 | $10310 | $10292 | $10390 |
| **7/16** | $10021 | $10316 | $10300 | $10379 |
| **8/16** | $10040 | $10330 | $10310 | $10401 |
| **9/16** | $9995 | $10279 | $10280 | $10345 |
| **10/16** | $9862 | $10171 | $10156 | $10189 |
| **11/16** | $9354 | $9792 | $9700 | $9712 |
| **12/16** | $9512 | $9907 | $9840 | $9883 |
| **1/17** | $9558 | $9972 | $9913 | $9933 |
| **2/17** | $9629 | $10041 | $9982 | $10002 |
| **3/17** | $9668 | $10063 | $10015 | $10033 |
| **4/17** | $9772 | $10136 | $10111 | $10127 |
| **5/17** | $9955 | $10297 | $10292 | $10329 |
| **6/17** | $9912 | $10260 | $10251 | $10278 |
| **7/17** | $9974 | $10343 | $10346 | $10369 |
| **8/17** | $10069 | $10422 | $10420 | $10468 |
| **9/17** | $10002 | $10369 | $10360 | $10435 |
| **10/17** | $10015 | $10394 | $10382 | $10473 |
| **11/17** | $9948 | $10338 | $10290 | $10421 |
| **12/17** | $10068 | $10446 | $10414 | $10569 |
| **1/18** | $9894 | $10323 | $10254 | $10381 |
| **2/18** | $9844 | $10293 | $10210 | $10343 |
| **3/18** | $9883 | $10331 | $10246 | $10408 |
| **4/18** | $9841 | $10294 | $10223 | $10383 |
| **5/18** | $9947 | $10412 | $10331 | $10511 |
| **6/18** | $9938 | $10420 | $10338 | $10508 |
| **7/18** | $9969 | $10446 | $10378 | $10532 |
| **8/18** | $9984 | $10473 | $10410 | $10581 |
| **9/18** | $9917 | $10405 | $10345 | $10503 |
| **10/18** | $9866 | $10341 | $10285 | $10412 |
| **11/18** | $9965 | $10455 | $10419 | $10563 |
| **12/18** | $10081 | $10580 | $10561 | $10715 |
| **1/19** | $10172 | $10660 | $10675 | $10804 |
| **2/19** | $10231 | $10717 | $10734 | $10867 |
| **3/19** | $10348 | $10887 | $10893 | $11084 |
| **4/19** | $10382 | $10928 | $10922 | $11135 |
| **5/19** | $10533 | $11078 | $11086 | $11312 |
| **6/19** | $10575 | $11119 | $11127 | $11354 |
| **7/19** | $10650 | $11209 | $11223 | $11461 |
| **8/19** | $10784 | $11386 | $11396 | $11703 |
| **9/19** | $10700 | $11294 | $11285 | $11591 |
| **10/19** | $10707 | $11315 | $11302 | $11599 |
| **11/19** | $10723 | $11343 | $11330 | $11628 |
| **12/19** | $10748 | $11378 | $11374 | $11669 |
| **1/20** | $10941 | $11582 | $11594 | $11936 |
| **2/20** | $11068 | $11731 | $11731 | $12131 |
| **3/20** | $10701 | $11306 | $11329 | $11630 |
| **4/20** | $10557 | $11164 | $11214 | $11412 |
| **5/20** | $10904 | $11519 | $11580 | $11822 |
| **6/20** | $11014 | $11614 | $11655 | $11943 |
| **7/20** | $11183 | $11809 | $11863 | $12191 |
| **8/20** | $11146 | $11754 | $11799 | $12101 |
| **9/20** | $11136 | $11757 | $11803 | $12106 |
| **10/20** | $11107 | $11721 | $11766 | $12063 |
| **11/20** | $11268 | $11898 | $11941 | $12312 |
| **12/20** | $11334 | $11971 | $12014 | $12407 |
| **1/21** | $11416 | $12047 | $12083 | $12504 |
| **2/21** | $11241 | $11855 | $11878 | $12255 |
| **3/21** | $11287 | $11929 | $11946 | $12340 |
| **4/21** | $11387 | $12029 | $12039 | $12476 |
| **5/21** | $11418 | $12065 | $12059 | $12523 |
| **6/21** | $11440 | $12098 | $12082 | $12560 |
| **7/21** | $11522 | $12198 | $12196 | $12691 |
| **8/21** | $11483 | $12153 | $12164 | $12634 |
| **9/21** | $11375 | $12065 | $12063 | $12518 |
| **10/21** | $11344 | $12030 | $12016 | $12475 |
| **11/21** | $11419 | $12133 | $12102 | $12622 |
| **12/21** | $11432 | $12152 | $12129 | $12644 |
| **1/22** | $11104 | $11820 | $11779 | $12245 |
| **2/22** | $11040 | $11777 | $11741 | $12204 |
| **3/22** | $10686 | $11395 | $11374 | $11739 |
| **4/22** | $10403 | $11080 | $11072 | $11349 |
| **5/22** | $10522 | $11245 | $11249 | $11515 |
| **6/22** | $10380 | $11061 | $11128 | $11285 |
| **7/22** | $10643 | $11353 | $11454 | $11652 |
| **8/22** | $10440 | $11104 | $11244 | $11383 |
| **9/22** | $10096 | $10678 | $10845 | $10888 |
| **10/22** | $10019 | $10589 | $10787 | $10803 |
| **11/22** | $10547 | $11084 | $11238 | $11395 |
| **12/22** | $10560 | $11116 | $11332 | $11448 |
| **1/23** | $10896 | $11435 | $11637 | $11800 |
| **2/23** | $10662 | $11177 | $11405 | $11529 |
| **3/23** | $10884 | $11425 | $11644 | $11809 |
| **4/23** | $10872 | $11399 | $11618 | $11804 |
| **5/23** | $10760 | $11300 | $11490 | $11688 |
| **6/23** | $10839 | $11413 | $11576 | $11807 |
| **7/23** | $10873 | $11458 | $11628 | $11872 |
| **8/23** | $10726 | $11293 | $11470 | $11664 |
| **9/23** | $10361 | $10962 | $11154 | $11238 |
| **10/23** | $10205 | $10869 | $11086 | $11124 |
| **11/23** | $10968 | $11559 | $11715 | $11967 |
| **12/23** | $11304 | $11828 | $11987 | $12293 |
| **1/24** | $11248 | $11767 | $11927 | $12227 |
| **2/24** | $11265 | $11782 | $11933 | $12248 |
| **3/24** | $11256 | $11782 | $11922 | $12288 |
| **4/24** | $11118 | $11636 | $11762 | $12099 |
| **5/24** | $11015 | $11602 | $11623 | $12052 |
| **6/24** | $11219 | $11780 | $11798 | $12270 |
| **7/24** | $11321 | $11887 | $11893 | $12379 |
| **8/24** | $11441 | $11981 | $12001 | $12428 |
| **9/24** | $11581 | $12099 | $12110 | $12569 |
| **10/24** | $11365 | $11923 | $11909 | $12355 |
| **11/24** | $11561 | $12129 | $12089 | $12606 |
| **12/24** | $11400 | $11952 | $11948 | $12390 |
| **1/25** | $11475 | $12012 | $12046 | $12472 |
| **2/25** | $11616 | $12131 | $12189 | $12620 |
| **3/25** | $11389 | $11926 | $11979 | $12316 |
| **4/25** | $11350 | $11830 | $11891 | $12215 |
| **5/25** | $11379 | $11837 | $11968 | $12203 |
| **6/25** | $11493 | $11911 | $12072 | $12267 |
| **7/25** | $11493 | $11887 | $12085 | $12194 |
| **8/25** | $11618 | $11990 | $12195 | $12312 |
| **9/25** | $11849 | $12268 | $12438 | $12688 |
| **10/25** | $11994 | $12420 | $12590 | $12966 |
| **11/25** | $12024 | $12449 | $12624 | $13013 |
| **12/25** | $12053 | $12460 | $12655 | $13048 |
| **1/26** | $12171 | $12577 | $12803 | $13217 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 6.06% | 1.29% | 2.32% |
| Class A with 3.25% Maximum Sales Charge | 2.60% | 0.63% | 1.98% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |
| Bloomberg 10 Year Municipal Bond Index | 6.28% | 1.16% | 2.50% |
| Bloomberg 15 Year Municipal Bond Index | 5.97% | 1.11% | 2.83% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $824790593 |
| # of Portfolio Holdings | 453 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $2220474 |

---

## 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)
![Credit Rating Chart](g152503id6b775d680fb906b0388.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.1% |
| Bond Bank | 3.2% |
| Hospital | 3.5% |
| Education | 3.7% |
| Lease Rev./Cert. of Participation | 3.8% |
| Water and Sewer | 4.4% |
| Transportation | 5.3% |
| Special Tax Revenue | 5.6% |
| Housing | 9.6% |
| Other Revenue | 9.6% |
| General Obligations | 45.2% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g152503i2c1f2ffcf2d4bed7ae24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.7% |
| BBB | 2.9% |
| A | 13.5% |
| AA | 48.6% |
| AAA | 34.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. 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: http://www.eatonvance.com/parametric-fund-documents.php](g152503i6b1888ae4590ee38772e.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/parametric-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 1-800-260-0761 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
Annual Shareholder Report January 31, 2026

# EALTX-TSR-AR
![Image](g152503i3087aa0ee7124d4be5fc.jpg)

# Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund

# Class C ECLTX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last year?
(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 | $144 | 1.40% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 10 Year Municipal Bond Index (the Index):

↓ Out-of-Index exposures to bonds with 1–7 years and 12–15+ years remaining to maturity detracted from performance as the yield-curve steepened more in the longer maturity segment during the period. The net result of the yield-curve positioning was negative relative to the index

↑ Security selection and overweight exposures to the housing sector, lower coupon bonds and prepaid gas revenue bond sectors contributed to performance

↑ Relative-value trading contributed to index relative returns by taking advantage of price and rate differences among similar securities

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g152503ied0d297f8c0357c50783.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg 10 Year Municipal Bond Index** | **Bloomberg 15 Year Municipal Bond Index** |
| **1/16** | $10000 | $10000 | $10000 | $10000 |
| **2/16** | $9992 | $10016 | $10009 | $9999 |
| **3/16** | $10046 | $10047 | $10039 | $10060 |
| **4/16** | $10133 | $10121 | $10120 | $10149 |
| **5/16** | $10137 | $10149 | $10122 | $10187 |
| **6/16** | $10347 | $10310 | $10292 | $10390 |
| **7/16** | $10319 | $10316 | $10300 | $10379 |
| **8/16** | $10331 | $10330 | $10310 | $10401 |
| **9/16** | $10279 | $10279 | $10280 | $10345 |
| **10/16** | $10136 | $10171 | $10156 | $10189 |
| **11/16** | $9616 | $9792 | $9700 | $9712 |
| **12/16** | $9771 | $9907 | $9840 | $9883 |
| **1/17** | $9804 | $9972 | $9913 | $9933 |
| **2/17** | $9871 | $10041 | $9982 | $10002 |
| **3/17** | $9905 | $10063 | $10015 | $10033 |
| **4/17** | $10005 | $10136 | $10111 | $10127 |
| **5/17** | $10187 | $10297 | $10292 | $10329 |
| **6/17** | $10137 | $10260 | $10251 | $10278 |
| **7/17** | $10202 | $10343 | $10346 | $10369 |
| **8/17** | $10284 | $10422 | $10420 | $10468 |
| **9/17** | $10217 | $10369 | $10360 | $10435 |
| **10/17** | $10224 | $10394 | $10382 | $10473 |
| **11/17** | $10150 | $10338 | $10290 | $10421 |
| **12/17** | $10257 | $10446 | $10414 | $10569 |
| **1/18** | $10074 | $10323 | $10254 | $10381 |
| **2/18** | $10017 | $10293 | $10210 | $10343 |
| **3/18** | $10050 | $10331 | $10246 | $10408 |
| **4/18** | $10010 | $10294 | $10223 | $10383 |
| **5/18** | $10111 | $10412 | $10331 | $10511 |
| **6/18** | $10095 | $10420 | $10338 | $10508 |
| **7/18** | $10112 | $10446 | $10378 | $10532 |
| **8/18** | $10121 | $10473 | $10410 | $10581 |
| **9/18** | $10055 | $10405 | $10345 | $10503 |
| **10/18** | $9988 | $10341 | $10285 | $10412 |
| **11/18** | $10083 | $10455 | $10419 | $10563 |
| **12/18** | $10202 | $10580 | $10561 | $10715 |
| **1/19** | $10287 | $10660 | $10675 | $10804 |
| **2/19** | $10333 | $10717 | $10734 | $10867 |
| **3/19** | $10453 | $10887 | $10893 | $11084 |
| **4/19** | $10481 | $10928 | $10922 | $11135 |
| **5/19** | $10618 | $11078 | $11086 | $11312 |
| **6/19** | $10654 | $11119 | $11127 | $11354 |
| **7/19** | $10723 | $11209 | $11223 | $11461 |
| **8/19** | $10851 | $11386 | $11396 | $11703 |
| **9/19** | $10759 | $11294 | $11285 | $11591 |
| **10/19** | $10760 | $11315 | $11302 | $11599 |
| **11/19** | $10770 | $11343 | $11330 | $11628 |
| **12/19** | $10796 | $11378 | $11374 | $11669 |
| **1/20** | $10975 | $11582 | $11594 | $11936 |
| **2/20** | $11104 | $11731 | $11731 | $12131 |
| **3/20** | $10729 | $11306 | $11329 | $11630 |
| **4/20** | $10577 | $11164 | $11214 | $11412 |
| **5/20** | $10919 | $11519 | $11580 | $11822 |
| **6/20** | $11013 | $11614 | $11655 | $11943 |
| **7/20** | $11176 | $11809 | $11863 | $12191 |
| **8/20** | $11140 | $11754 | $11799 | $12101 |
| **9/20** | $11115 | $11757 | $11803 | $12106 |
| **10/20** | $11087 | $11721 | $11766 | $12063 |
| **11/20** | $11233 | $11898 | $11941 | $12312 |
| **12/20** | $11300 | $11971 | $12014 | $12407 |
| **1/21** | $11366 | $12047 | $12083 | $12504 |
| **2/21** | $11184 | $11855 | $11878 | $12255 |
| **3/21** | $11224 | $11929 | $11946 | $12340 |
| **4/21** | $11316 | $12029 | $12039 | $12476 |
| **5/21** | $11348 | $12065 | $12059 | $12523 |
| **6/21** | $11354 | $12098 | $12082 | $12560 |
| **7/21** | $11437 | $12198 | $12196 | $12691 |
| **8/21** | $11383 | $12153 | $12164 | $12634 |
| **9/21** | $11277 | $12065 | $12063 | $12518 |
| **10/21** | $11239 | $12030 | $12016 | $12475 |
| **11/21** | $11306 | $12133 | $12102 | $12622 |
| **12/21** | $11303 | $12152 | $12129 | $12644 |
| **1/22** | $10972 | $11820 | $11779 | $12245 |
| **2/22** | $10911 | $11777 | $11741 | $12204 |
| **3/22** | $10554 | $11395 | $11374 | $11739 |
| **4/22** | $10259 | $11080 | $11072 | $11349 |
| **5/22** | $10380 | $11245 | $11249 | $11515 |
| **6/22** | $10224 | $11061 | $11128 | $11285 |
| **7/22** | $10485 | $11353 | $11454 | $11652 |
| **8/22** | $10279 | $11104 | $11244 | $11383 |
| **9/22** | $9925 | $10678 | $10845 | $10888 |
| **10/22** | $9843 | $10589 | $10787 | $10803 |
| **11/22** | $10364 | $11084 | $11238 | $11395 |
| **12/22** | $10371 | $11116 | $11332 | $11448 |
| **1/23** | $10685 | $11435 | $11637 | $11800 |
| **2/23** | $10459 | $11177 | $11405 | $11529 |
| **3/23** | $10660 | $11425 | $11644 | $11809 |
| **4/23** | $10651 | $11399 | $11618 | $11804 |
| **5/23** | $10535 | $11300 | $11490 | $11688 |
| **6/23** | $10606 | $11413 | $11576 | $11807 |
| **7/23** | $10632 | $11458 | $11628 | $11872 |
| **8/23** | $10482 | $11293 | $11470 | $11664 |
| **9/23** | $10110 | $10962 | $11154 | $11238 |
| **10/23** | $9950 | $10869 | $11086 | $11124 |
| **11/23** | $10689 | $11559 | $11715 | $11967 |
| **12/23** | $11010 | $11828 | $11987 | $12293 |
| **1/24** | $10957 | $11767 | $11927 | $12227 |
| **2/24** | $10959 | $11782 | $11933 | $12248 |
| **3/24** | $10942 | $11782 | $11922 | $12288 |
| **4/24** | $10801 | $11636 | $11762 | $12099 |
| **5/24** | $10695 | $11602 | $11623 | $12052 |
| **6/24** | $10886 | $11780 | $11798 | $12270 |
| **7/24** | $10978 | $11887 | $11893 | $12379 |
| **8/24** | $11087 | $11981 | $12001 | $12428 |
| **9/24** | $11225 | $12099 | $12110 | $12569 |
| **10/24** | $11000 | $11923 | $11909 | $12355 |
| **11/24** | $11183 | $12129 | $12089 | $12606 |
| **12/24** | $11020 | $11952 | $11948 | $12390 |
| **1/25** | $11085 | $12012 | $12046 | $12472 |
| **2/25** | $11216 | $12131 | $12189 | $12620 |
| **3/25** | $10988 | $11926 | $11979 | $12316 |
| **4/25** | $10945 | $11830 | $11891 | $12215 |
| **5/25** | $10974 | $11837 | $11968 | $12203 |
| **6/25** | $11069 | $11911 | $12072 | $12267 |
| **7/25** | $11062 | $11887 | $12085 | $12194 |
| **8/25** | $11175 | $11990 | $12195 | $12312 |
| **9/25** | $11391 | $12268 | $12438 | $12688 |
| **10/25** | $11523 | $12420 | $12590 | $12966 |
| **11/25** | $11544 | $12449 | $12624 | $13013 |
| **12/25** | $11574 | $12460 | $12655 | $13048 |
| **1/26** | $11855 | $12577 | $12803 | $13217 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 5.35% | 0.54% | 1.72% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 4.35% | 0.54% | 1.72% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |
| Bloomberg 10 Year Municipal Bond Index | 6.28% | 1.16% | 2.50% |
| Bloomberg 15 Year Municipal Bond Index | 5.97% | 1.11% | 2.83% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $824790593 |
| # of Portfolio Holdings | 453 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $2220474 |

---

## 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)
![Credit Rating Chart](g152503id6b775d680fb906b0388.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.1% |
| Bond Bank | 3.2% |
| Hospital | 3.5% |
| Education | 3.7% |
| Lease Rev./Cert. of Participation | 3.8% |
| Water and Sewer | 4.4% |
| Transportation | 5.3% |
| Special Tax Revenue | 5.6% |
| Housing | 9.6% |
| Other Revenue | 9.6% |
| General Obligations | 45.2% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g152503i2c1f2ffcf2d4bed7ae24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.7% |
| BBB | 2.9% |
| A | 13.5% |
| AA | 48.6% |
| AAA | 34.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. 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: http://www.eatonvance.com/parametric-fund-documents.php](g152503i6b1888ae4590ee38772e.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/parametric-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 1-800-260-0761 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
Annual Shareholder Report January 31, 2026

# ECLTX-TSR-AR
![Image](g152503i3087aa0ee7124d4be5fc.jpg)

# Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund

# Class I EILTX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last year?
(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 | $41 | 0.40% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 10 Year Municipal Bond Index (the Index):

↑ Security selection and overweight exposures to the housing sector, lower coupon bonds and prepaid gas revenue bond sectors contributed to performance

↑ Relative-value trading contributed to index relative returns by taking advantage of price and rate differences among similar securities

↓ Out-of-Index exposures to bonds with 1–7 years and 12–15+ years remaining to maturity detracted from performance as the yield-curve steepened more in the longer maturity segment during the period. The net result of the yield-curve positioning was negative relative to the index

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g152503i4d2ae1800322eba074f5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg 10 Year Municipal Bond Index** | **Bloomberg 15 Year Municipal Bond Index** |
| **1/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2/16** | $999975 | $1001573 | $1000935 | $999937 |
| **3/16** | $1006279 | $1004745 | $1003894 | $1006007 |
| **4/16** | $1015837 | $1012133 | $1011969 | $1014898 |
| **5/16** | $1017113 | $1014871 | $1012186 | $1018733 |
| **6/16** | $1039057 | $1031016 | $1029243 | $1038979 |
| **7/16** | $1037135 | $1031646 | $1029971 | $1037892 |
| **8/16** | $1039272 | $1033038 | $1031033 | $1040115 |
| **9/16** | $1034866 | $1027882 | $1028041 | $1034459 |
| **10/16** | $1021314 | $1017098 | $1015567 | $1018926 |
| **11/16** | $968876 | $979165 | $970030 | $971211 |
| **12/16** | $985387 | $990660 | $983974 | $988305 |
| **1/17** | $990340 | $997192 | $991257 | $993299 |
| **2/17** | $997109 | $1004116 | $998242 | $1000207 |
| **3/17** | $1002165 | $1006296 | $1001490 | $1003336 |
| **4/17** | $1013154 | $1013597 | $1011066 | $1012676 |
| **5/17** | $1032426 | $1029684 | $1029182 | $1032941 |
| **6/17** | $1027358 | $1025991 | $1025061 | $1027775 |
| **7/17** | $1034837 | $1034292 | $1034601 | $1036905 |
| **8/17** | $1044891 | $1042163 | $1041971 | $1046843 |
| **9/17** | $1038130 | $1036864 | $1035962 | $1043496 |
| **10/17** | $1039752 | $1039395 | $1038216 | $1047276 |
| **11/17** | $1032999 | $1033830 | $1029006 | $1042145 |
| **12/17** | $1045645 | $1044635 | $1041365 | $1056910 |
| **1/18** | $1027848 | $1032337 | $1025412 | $1038093 |
| **2/18** | $1022814 | $1029252 | $1021010 | $1034342 |
| **3/18** | $1027073 | $1033051 | $1024593 | $1040817 |
| **4/18** | $1022960 | $1029365 | $1022294 | $1038326 |
| **5/18** | $1034163 | $1041152 | $1033122 | $1051093 |
| **6/18** | $1033416 | $1042041 | $1033843 | $1050837 |
| **7/18** | $1036887 | $1044569 | $1037757 | $1053163 |
| **8/18** | $1038651 | $1047252 | $1040979 | $1058065 |
| **9/18** | $1031896 | $1040472 | $1034478 | $1050335 |
| **10/18** | $1026760 | $1034065 | $1028522 | $1041186 |
| **11/18** | $1037318 | $1045510 | $1041853 | $1056261 |
| **12/18** | $1049609 | $1058028 | $1056052 | $1071532 |
| **1/19** | $1059320 | $1066026 | $1067532 | $1080371 |
| **2/19** | $1065675 | $1071734 | $1073412 | $1086670 |
| **3/19** | $1078957 | $1088675 | $1089327 | $1108420 |
| **4/19** | $1082749 | $1092767 | $1092212 | $1113540 |
| **5/19** | $1097839 | $1107832 | $1108619 | $1131185 |
| **6/19** | $1102489 | $1111923 | $1112705 | $1135427 |
| **7/19** | $1110550 | $1120884 | $1122341 | $1146068 |
| **8/19** | $1124733 | $1138564 | $1139627 | $1170335 |
| **9/19** | $1116170 | $1129438 | $1128503 | $1159082 |
| **10/19** | $1117204 | $1131462 | $1130160 | $1159910 |
| **11/19** | $1119103 | $1134291 | $1132973 | $1162765 |
| **12/19** | $1122753 | $1137754 | $1137388 | $1166893 |
| **1/20** | $1142319 | $1158196 | $1159411 | $1193563 |
| **2/20** | $1155772 | $1173131 | $1173106 | $1213097 |
| **3/20** | $1117694 | $1130579 | $1132877 | $1163019 |
| **4/20** | $1102807 | $1116390 | $1121358 | $1141199 |
| **5/20** | $1139390 | $1151904 | $1158038 | $1182165 |
| **6/20** | $1151090 | $1161384 | $1165482 | $1194291 |
| **7/20** | $1169015 | $1180945 | $1186278 | $1219126 |
| **8/20** | $1165441 | $1175404 | $1179860 | $1210107 |
| **9/20** | $1164572 | $1175653 | $1180304 | $1210572 |
| **10/20** | $1161811 | $1172121 | $1176607 | $1206349 |
| **11/20** | $1178913 | $1189810 | $1194080 | $1231176 |
| **12/20** | $1186937 | $1197058 | $1201361 | $1240663 |
| **1/21** | $1194900 | $1204686 | $1208255 | $1250385 |
| **2/21** | $1176733 | $1185545 | $1187846 | $1225537 |
| **3/21** | $1181897 | $1192856 | $1194555 | $1234026 |
| **4/21** | $1192608 | $1202862 | $1203935 | $1247551 |
| **5/21** | $1196941 | $1206450 | $1205934 | $1252326 |
| **6/21** | $1198601 | $1209763 | $1208189 | $1256004 |
| **7/21** | $1207486 | $1219797 | $1219619 | $1269141 |
| **8/21** | $1203654 | $1215320 | $1216412 | $1263410 |
| **9/21** | $1193439 | $1206549 | $1206334 | $1251801 |
| **10/21** | $1189568 | $1203021 | $1201604 | $1247521 |
| **11/21** | $1198570 | $1213263 | $1210192 | $1262207 |
| **12/21** | $1199262 | $1215220 | $1212909 | $1264383 |
| **1/22** | $1165118 | $1181956 | $1177854 | $1224542 |
| **2/22** | $1159576 | $1177721 | $1174143 | $1220448 |
| **3/22** | $1121691 | $1139543 | $1137367 | $1173862 |
| **4/22** | $1092111 | $1108024 | $1107167 | $1134920 |
| **5/22** | $1104926 | $1124484 | $1124947 | $1151522 |
| **6/22** | $1090192 | $1106067 | $1112763 | $1128545 |
| **7/22** | $1118036 | $1135291 | $1145374 | $1165229 |
| **8/22** | $1096921 | $1110409 | $1124431 | $1138286 |
| **9/22** | $1060976 | $1067791 | $1084454 | $1088846 |
| **10/22** | $1053127 | $1058911 | $1078721 | $1080251 |
| **11/22** | $1108857 | $1108440 | $1123755 | $1139481 |
| **12/22** | $1111483 | $1111613 | $1133161 | $1144818 |
| **1/23** | $1146065 | $1143544 | $1163742 | $1179988 |
| **2/23** | $1121714 | $1117686 | $1140510 | $1152898 |
| **3/23** | $1145243 | $1142485 | $1164418 | $1180886 |
| **4/23** | $1145210 | $1139875 | $1161788 | $1180371 |
| **5/23** | $1132749 | $1129998 | $1148968 | $1168808 |
| **6/23** | $1142233 | $1141317 | $1157604 | $1180687 |
| **7/23** | $1146010 | $1145832 | $1162828 | $1187234 |
| **8/23** | $1129832 | $1129336 | $1146988 | $1166366 |
| **9/23** | $1091609 | $1096237 | $1115375 | $1123820 |
| **10/23** | $1075319 | $1086908 | $1108639 | $1112419 |
| **11/23** | $1156079 | $1155907 | $1171528 | $1196653 |
| **12/23** | $1191731 | $1182772 | $1198697 | $1229343 |
| **1/24** | $1186033 | $1176731 | $1192717 | $1222678 |
| **2/24** | $1188150 | $1178243 | $1193298 | $1224841 |
| **3/24** | $1187390 | $1178205 | $1192196 | $1228761 |
| **4/24** | $1173026 | $1163614 | $1176162 | $1209918 |
| **5/24** | $1162467 | $1160200 | $1162292 | $1205188 |
| **6/24** | $1184250 | $1177984 | $1179824 | $1226973 |
| **7/24** | $1195234 | $1188721 | $1189303 | $1237869 |
| **8/24** | $1208183 | $1198096 | $1200096 | $1242754 |
| **9/24** | $1223214 | $1209937 | $1210957 | $1256873 |
| **10/24** | $1200625 | $1192295 | $1190919 | $1235528 |
| **11/24** | $1221626 | $1212891 | $1208947 | $1260616 |
| **12/24** | $1204886 | $1195233 | $1194774 | $1238994 |
| **1/25** | $1213007 | $1201223 | $1204570 | $1247214 |
| **2/25** | $1228228 | $1213133 | $1218870 | $1262043 |
| **3/25** | $1204363 | $1192574 | $1197868 | $1231564 |
| **4/25** | $1200575 | $1182966 | $1189113 | $1221452 |
| **5/25** | $1203803 | $1183725 | $1196764 | $1220338 |
| **6/25** | $1216194 | $1191095 | $1207202 | $1226745 |
| **7/25** | $1216450 | $1188689 | $1208508 | $1219430 |
| **8/25** | $1229939 | $1199021 | $1219511 | $1231214 |
| **9/25** | $1254706 | $1226788 | $1243784 | $1268774 |
| **10/25** | $1270304 | $1242003 | $1258992 | $1296593 |
| **11/25** | $1273701 | $1244852 | $1262350 | $1301346 |
| **12/25** | $1277076 | $1245973 | $1265487 | $1304774 |
| **1/26** | $1289749 | $1257666 | $1280253 | $1321690 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 6.33% | 1.54% | 2.57% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |
| Bloomberg 10 Year Municipal Bond Index | 6.28% | 1.16% | 2.50% |
| Bloomberg 15 Year Municipal Bond Index | 5.97% | 1.11% | 2.83% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $824790593 |
| # of Portfolio Holdings | 453 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $2220474 |

---

## 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)
![Credit Rating Chart](g152503id6b775d680fb906b0388.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.1% |
| Bond Bank | 3.2% |
| Hospital | 3.5% |
| Education | 3.7% |
| Lease Rev./Cert. of Participation | 3.8% |
| Water and Sewer | 4.4% |
| Transportation | 5.3% |
| Special Tax Revenue | 5.6% |
| Housing | 9.6% |
| Other Revenue | 9.6% |
| General Obligations | 45.2% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g152503i2c1f2ffcf2d4bed7ae24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.7% |
| BBB | 2.9% |
| A | 13.5% |
| AA | 48.6% |
| AAA | 34.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. 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: http://www.eatonvance.com/parametric-fund-documents.php](g152503i6b1888ae4590ee38772e.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/parametric-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 1-800-260-0761 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
Annual Shareholder Report January 31, 2026

# EILTX-TSR-AR
![Image](g152503i3087aa0ee7124d4be5fc.jpg)

# Parametric TABS Intermediate-Term Municipal Bond Fund

# Class A EITAX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Parametric TABS Intermediate-Term Municipal Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last year?
(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 | $85 | 0.83% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Managed Money Intermediate 1-17 Year Bond Index (the Index):

↓ An overweight exposure to bonds with 15 years or more remaining to maturity detracted from Index-relative performance as longer dated securities underperformed amid yield curve steepening during the period

↑ An out-of-Index allocation to U.S. Treasuries contributed to Index-relative returns as they outperformed tax-exempt municipal bonds early in the period

↑ Security selection and overweight exposures to the housing sector, lower coupon bonds and the prepaid gas revenue bond sector helped Index-relative performance

↑ An overweight exposure to A-rated bonds contributed to returns as lower credit quality municipal bonds outperformed higher rated bonds

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g152503i161f05d6dfa3b32fa06b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index** | **Bloomberg 7 Year Municipal Bond Index** |
| **1/16** | $10000 | $10000 | $10000 | $10000 |
| **2/16** | $9673 | $10016 | $10012 | $10020 |
| **3/16** | $9725 | $10047 | $10024 | $10007 |
| **4/16** | $9800 | $10121 | $10100 | $10074 |
| **5/16** | $9812 | $10149 | $10098 | $10061 |
| **6/16** | $9974 | $10310 | $10254 | $10177 |
| **7/16** | $9955 | $10316 | $10263 | $10202 |
| **8/16** | $9975 | $10330 | $10262 | $10198 |
| **9/16** | $9925 | $10279 | $10219 | $10184 |
| **10/16** | $9820 | $10171 | $10107 | $10106 |
| **11/16** | $9400 | $9792 | $9697 | $9734 |
| **12/16** | $9522 | $9907 | $9827 | $9810 |
| **1/17** | $9550 | $9972 | $9895 | $9903 |
| **2/17** | $9613 | $10041 | $9960 | $9984 |
| **3/17** | $9635 | $10063 | $9982 | $10001 |
| **4/17** | $9721 | $10136 | $10071 | $10095 |
| **5/17** | $9879 | $10297 | $10237 | $10240 |
| **6/17** | $9831 | $10260 | $10188 | $10194 |
| **7/17** | $9902 | $10343 | $10270 | $10283 |
| **8/17** | $9981 | $10422 | $10338 | $10354 |
| **9/17** | $9916 | $10369 | $10271 | $10273 |
| **10/17** | $9923 | $10394 | $10288 | $10280 |
| **11/17** | $9850 | $10338 | $10196 | $10167 |
| **12/17** | $9945 | $10446 | $10307 | $10251 |
| **1/18** | $9800 | $10323 | $10172 | $10163 |
| **2/18** | $9752 | $10293 | $10132 | $10116 |
| **3/18** | $9775 | $10331 | $10164 | $10127 |
| **4/18** | $9735 | $10294 | $10129 | $10089 |
| **5/18** | $9848 | $10412 | $10238 | $10200 |
| **6/18** | $9839 | $10420 | $10248 | $10225 |
| **7/18** | $9863 | $10446 | $10277 | $10266 |
| **8/18** | $9861 | $10473 | $10295 | $10272 |
| **9/18** | $9812 | $10405 | $10225 | $10214 |
| **10/18** | $9755 | $10341 | $10168 | $10184 |
| **11/18** | $9853 | $10455 | $10297 | $10295 |
| **12/18** | $9952 | $10580 | $10433 | $10420 |
| **1/19** | $10033 | $10660 | $10536 | $10538 |
| **2/19** | $10076 | $10717 | $10593 | $10597 |
| **3/19** | $10191 | $10887 | $10736 | $10701 |
| **4/19** | $10224 | $10928 | $10759 | $10714 |
| **5/19** | $10348 | $11078 | $10905 | $10862 |
| **6/19** | $10380 | $11119 | $10946 | $10910 |
| **7/19** | $10463 | $11209 | $11048 | $11007 |
| **8/19** | $10586 | $11386 | $11201 | $11123 |
| **9/19** | $10518 | $11294 | $11089 | $11018 |
| **10/19** | $10525 | $11315 | $11112 | $11054 |
| **11/19** | $10539 | $11343 | $11136 | $11081 |
| **12/19** | $10560 | $11378 | $11174 | $11123 |
| **1/20** | $10751 | $11582 | $11380 | $11307 |
| **2/20** | $10899 | $11731 | $11502 | $11403 |
| **3/20** | $10560 | $11306 | $11204 | $11012 |
| **4/20** | $10499 | $11164 | $11125 | $10966 |
| **5/20** | $10859 | $11519 | $11525 | $11310 |
| **6/20** | $10932 | $11614 | $11542 | $11376 |
| **7/20** | $11088 | $11809 | $11719 | $11552 |
| **8/20** | $11044 | $11754 | $11645 | $11530 |
| **9/20** | $11031 | $11757 | $11654 | $11544 |
| **10/20** | $10992 | $11721 | $11609 | $11515 |
| **11/20** | $11149 | $11898 | $11771 | $11634 |
| **12/20** | $11197 | $11971 | $11811 | $11691 |
| **1/21** | $11233 | $12047 | $11850 | $11741 |
| **2/21** | $11063 | $11855 | $11636 | $11570 |
| **3/21** | $11064 | $11929 | $11697 | $11628 |
| **4/21** | $11143 | $12029 | $11787 | $11699 |
| **5/21** | $11170 | $12065 | $11803 | $11704 |
| **6/21** | $11197 | $12098 | $11815 | $11712 |
| **7/21** | $11284 | $12198 | $11923 | $11808 |
| **8/21** | $11250 | $12153 | $11884 | $11790 |
| **9/21** | $11139 | $12065 | $11783 | $11708 |
| **10/21** | $11113 | $12030 | $11745 | $11661 |
| **11/21** | $11184 | $12133 | $11835 | $11707 |
| **12/21** | $11182 | $12152 | $11856 | $11733 |
| **1/22** | $10887 | $11820 | $11502 | $11414 |
| **2/22** | $10829 | $11777 | $11470 | $11376 |
| **3/22** | $10516 | $11395 | $11094 | $11064 |
| **4/22** | $10255 | $11080 | $10796 | $10827 |
| **5/22** | $10416 | $11245 | $10991 | $10996 |
| **6/22** | $10230 | $11061 | $10859 | $10933 |
| **7/22** | $10492 | $11353 | $11165 | $11196 |
| **8/22** | $10289 | $11104 | $10924 | $11000 |
| **9/22** | $9973 | $10678 | $10527 | $10642 |
| **10/22** | $9880 | $10589 | $10488 | $10598 |
| **11/22** | $10426 | $11084 | $10941 | $10960 |
| **12/22** | $10415 | $11116 | $11000 | $11033 |
| **1/23** | $10751 | $11435 | $11307 | $11298 |
| **2/23** | $10529 | $11177 | $11035 | $11065 |
| **3/23** | $10761 | $11425 | $11300 | $11286 |
| **4/23** | $10788 | $11399 | $11253 | $11248 |
| **5/23** | $10716 | $11300 | $11111 | $11120 |
| **6/23** | $10770 | $11413 | $11206 | $11199 |
| **7/23** | $10770 | $11458 | $11244 | $11245 |
| **8/23** | $10617 | $11293 | $11077 | $11127 |
| **9/23** | $10229 | $10962 | $10745 | $10879 |
| **10/23** | $10067 | $10869 | $10687 | $10833 |
| **11/23** | $10832 | $11559 | $11349 | $11356 |
| **12/23** | $11160 | $11828 | $11626 | $11583 |
| **1/24** | $11087 | $11767 | $11551 | $11536 |
| **2/24** | $11079 | $11782 | $11552 | $11541 |
| **3/24** | $11069 | $11782 | $11533 | $11528 |
| **4/24** | $10913 | $11636 | $11367 | $11397 |
| **5/24** | $10895 | $11602 | $11262 | $11289 |
| **6/24** | $11073 | $11780 | $11440 | $11430 |
| **7/24** | $11194 | $11887 | $11548 | $11550 |
| **8/24** | $11288 | $11981 | $11657 | $11700 |
| **9/24** | $11439 | $12099 | $11767 | $11796 |
| **10/24** | $11205 | $11923 | $11563 | $11631 |
| **11/24** | $11394 | $12129 | $11744 | $11757 |
| **12/24** | $11215 | $11952 | $11589 | $11643 |
| **1/25** | $11263 | $12012 | $11664 | $11733 |
| **2/25** | $11415 | $12131 | $11793 | $11855 |
| **3/25** | $11228 | $11926 | $11577 | $11730 |
| **4/25** | $11165 | $11830 | $11501 | $11651 |
| **5/25** | $11156 | $11837 | $11568 | $11767 |
| **6/25** | $11244 | $11911 | $11659 | $11880 |
| **7/25** | $11217 | $11887 | $11676 | $11948 |
| **8/25** | $11314 | $11990 | $11780 | $12063 |
| **9/25** | $11576 | $12268 | $11988 | $12206 |
| **10/25** | $11723 | $12420 | $12121 | $12258 |
| **11/25** | $11744 | $12449 | $12153 | $12278 |
| **12/25** | $11765 | $12460 | $12187 | $12307 |
| **1/26** | $11853 | $12577 | $12333 | $12439 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 5.26% | 1.08% | 2.05% |
| Class A with 3.25% Maximum Sales Charge | 1.84% | 0.42% | 1.71% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |
| Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index | 5.74% | 0.80% | 2.12% |
| Bloomberg 7 Year Municipal Bond Index | 6.02% | 1.16% | 2.20% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $410288634 |
| # of Portfolio Holdings | 157 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $2035436 |

---

## 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)
![Credit Rating Chart](g152503i290bf37ebb7a9afc1953.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.1% |
| Bond Bank | 3.1% |
| Transportation | 3.4% |
| Lease Rev./Cert. of Participation | 4.4% |
| Electric Utilities | 5.2% |
| Education | 7.1% |
| Housing | 8.3% |
| Other Revenue | 10.1% |
| Water and Sewer | 12.0% |
| Special Tax Revenue | 14.2% |
| General Obligations | 26.1% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g152503i7dc3c5523f1d1e86f85d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 2.0% |
| A | 12.7% |
| AA | 62.4% |
| AAA | 22.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. 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: http://www.eatonvance.com/parametric-fund-documents.php](g152503i6b1888ae4590ee38772e.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/parametric-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 1-800-260-0761 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
Annual Shareholder Report January 31, 2026

# EITAX-TSR-AR
![Image](g152503i3087aa0ee7124d4be5fc.jpg)

# Parametric TABS Intermediate-Term Municipal Bond Fund

# Class C EITCX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Parametric TABS Intermediate-Term Municipal Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last year?
(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 | $162 | 1.58% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Managed Money Intermediate 1-17 Year Bond Index (the Index):

↓ An overweight exposure to bonds with 15 years or more remaining to maturity detracted from Index-relative performance as longer dated securities underperformed amid yield curve steepening during the period

↑ An out-of-Index allocation to U.S. Treasuries contributed to Index-relative returns as they outperformed tax-exempt municipal bonds early in the period

↑ Security selection and overweight exposures to the housing sector, lower coupon bonds and the prepaid gas revenue bond sector helped Index-relative performance

↑ An overweight exposure to A-rated bonds contributed to returns as lower credit quality municipal bonds outperformed higher rated bonds

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g152503i6b369483b5112d6fd64e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index** | **Bloomberg 7 Year Municipal Bond Index** |
| **1/16** | $10000 | $10000 | $10000 | $10000 |
| **2/16** | $9992 | $10016 | $10012 | $10020 |
| **3/16** | $10039 | $10047 | $10024 | $10007 |
| **4/16** | $10103 | $10121 | $10100 | $10074 |
| **5/16** | $10109 | $10149 | $10098 | $10061 |
| **6/16** | $10277 | $10310 | $10254 | $10177 |
| **7/16** | $10252 | $10316 | $10263 | $10202 |
| **8/16** | $10257 | $10330 | $10262 | $10198 |
| **9/16** | $10208 | $10279 | $10219 | $10184 |
| **10/16** | $10085 | $10171 | $10107 | $10106 |
| **11/16** | $9655 | $9792 | $9697 | $9734 |
| **12/16** | $9774 | $9907 | $9827 | $9810 |
| **1/17** | $9789 | $9972 | $9895 | $9903 |
| **2/17** | $9848 | $10041 | $9960 | $9984 |
| **3/17** | $9864 | $10063 | $9982 | $10001 |
| **4/17** | $9947 | $10136 | $10071 | $10095 |
| **5/17** | $10102 | $10297 | $10237 | $10240 |
| **6/17** | $10055 | $10260 | $10188 | $10194 |
| **7/17** | $10113 | $10343 | $10270 | $10283 |
| **8/17** | $10195 | $10422 | $10338 | $10354 |
| **9/17** | $10122 | $10369 | $10271 | $10273 |
| **10/17** | $10115 | $10394 | $10288 | $10280 |
| **11/17** | $10043 | $10338 | $10196 | $10167 |
| **12/17** | $10133 | $10446 | $10307 | $10251 |
| **1/18** | $9979 | $10323 | $10172 | $10163 |
| **2/18** | $9924 | $10293 | $10132 | $10116 |
| **3/18** | $9941 | $10331 | $10164 | $10127 |
| **4/18** | $9886 | $10294 | $10129 | $10089 |
| **5/18** | $9994 | $10412 | $10238 | $10200 |
| **6/18** | $9988 | $10420 | $10248 | $10225 |
| **7/18** | $10005 | $10446 | $10277 | $10266 |
| **8/18** | $9997 | $10473 | $10295 | $10272 |
| **9/18** | $9933 | $10405 | $10225 | $10214 |
| **10/18** | $9877 | $10341 | $10168 | $10184 |
| **11/18** | $9962 | $10455 | $10297 | $10295 |
| **12/18** | $10064 | $10580 | $10433 | $10420 |
| **1/19** | $10140 | $10660 | $10536 | $10538 |
| **2/19** | $10177 | $10717 | $10593 | $10597 |
| **3/19** | $10287 | $10887 | $10736 | $10701 |
| **4/19** | $10314 | $10928 | $10759 | $10714 |
| **5/19** | $10432 | $11078 | $10905 | $10862 |
| **6/19** | $10458 | $11119 | $10946 | $10910 |
| **7/19** | $10535 | $11209 | $11048 | $11007 |
| **8/19** | $10652 | $11386 | $11201 | $11123 |
| **9/19** | $10569 | $11294 | $11089 | $11018 |
| **10/19** | $10569 | $11315 | $11112 | $11054 |
| **11/19** | $10577 | $11343 | $11136 | $11081 |
| **12/19** | $10599 | $11378 | $11174 | $11123 |
| **1/20** | $10784 | $11582 | $11380 | $11307 |
| **2/20** | $10918 | $11731 | $11502 | $11403 |
| **3/20** | $10579 | $11306 | $11204 | $11012 |
| **4/20** | $10512 | $11164 | $11125 | $10966 |
| **5/20** | $10858 | $11519 | $11525 | $11310 |
| **6/20** | $10923 | $11614 | $11542 | $11376 |
| **7/20** | $11081 | $11809 | $11719 | $11552 |
| **8/20** | $11029 | $11754 | $11645 | $11530 |
| **9/20** | $11002 | $11757 | $11654 | $11544 |
| **10/20** | $10956 | $11721 | $11609 | $11515 |
| **11/20** | $11105 | $11898 | $11771 | $11634 |
| **12/20** | $11146 | $11971 | $11811 | $11691 |
| **1/21** | $11183 | $12047 | $11850 | $11741 |
| **2/21** | $10999 | $11855 | $11636 | $11570 |
| **3/21** | $10993 | $11929 | $11697 | $11628 |
| **4/21** | $11073 | $12029 | $11787 | $11699 |
| **5/21** | $11093 | $12065 | $11803 | $11704 |
| **6/21** | $11113 | $12098 | $11815 | $11712 |
| **7/21** | $11192 | $12198 | $11923 | $11808 |
| **8/21** | $11143 | $12153 | $11884 | $11790 |
| **9/21** | $11035 | $12065 | $11783 | $11708 |
| **10/21** | $10994 | $12030 | $11745 | $11661 |
| **11/21** | $11065 | $12133 | $11835 | $11707 |
| **12/21** | $11048 | $12152 | $11856 | $11733 |
| **1/22** | $10749 | $11820 | $11502 | $11414 |
| **2/22** | $10685 | $11777 | $11470 | $11376 |
| **3/22** | $10370 | $11395 | $11094 | $11064 |
| **4/22** | $10106 | $11080 | $10796 | $10827 |
| **5/22** | $10258 | $11245 | $10991 | $10996 |
| **6/22** | $10077 | $11061 | $10859 | $10933 |
| **7/22** | $10320 | $11353 | $11165 | $11196 |
| **8/22** | $10114 | $11104 | $10924 | $11000 |
| **9/22** | $9806 | $10678 | $10527 | $10642 |
| **10/22** | $9708 | $10589 | $10488 | $10598 |
| **11/22** | $10229 | $11084 | $10941 | $10960 |
| **12/22** | $10212 | $11116 | $11000 | $11033 |
| **1/23** | $10535 | $11435 | $11307 | $11298 |
| **2/23** | $10320 | $11177 | $11035 | $11065 |
| **3/23** | $10532 | $11425 | $11300 | $11286 |
| **4/23** | $10560 | $11399 | $11253 | $11248 |
| **5/23** | $10475 | $11300 | $11111 | $11120 |
| **6/23** | $10521 | $11413 | $11206 | $11199 |
| **7/23** | $10523 | $11458 | $11244 | $11245 |
| **8/23** | $10358 | $11293 | $11077 | $11127 |
| **9/23** | $9982 | $10962 | $10745 | $10879 |
| **10/23** | $9817 | $10869 | $10687 | $10833 |
| **11/23** | $10548 | $11559 | $11349 | $11356 |
| **12/23** | $10870 | $11828 | $11626 | $11583 |
| **1/24** | $10792 | $11767 | $11551 | $11536 |
| **2/24** | $10768 | $11782 | $11552 | $11541 |
| **3/24** | $10753 | $11782 | $11533 | $11528 |
| **4/24** | $10603 | $11636 | $11367 | $11397 |
| **5/24** | $10570 | $11602 | $11262 | $11289 |
| **6/24** | $10736 | $11780 | $11440 | $11430 |
| **7/24** | $10847 | $11887 | $11548 | $11550 |
| **8/24** | $10940 | $11981 | $11657 | $11700 |
| **9/24** | $11070 | $12099 | $11767 | $11796 |
| **10/24** | $10837 | $11923 | $11563 | $11631 |
| **11/24** | $11013 | $12129 | $11744 | $11757 |
| **12/24** | $10833 | $11952 | $11589 | $11643 |
| **1/25** | $10881 | $12012 | $11664 | $11733 |
| **2/25** | $11022 | $12131 | $11793 | $11855 |
| **3/25** | $10825 | $11926 | $11577 | $11730 |
| **4/25** | $10766 | $11830 | $11501 | $11651 |
| **5/25** | $10742 | $11837 | $11568 | $11767 |
| **6/25** | $10820 | $11911 | $11659 | $11880 |
| **7/25** | $10796 | $11887 | $11676 | $11948 |
| **8/25** | $10874 | $11990 | $11780 | $12063 |
| **9/25** | $11128 | $12268 | $11988 | $12206 |
| **10/25** | $11253 | $12420 | $12121 | $12258 |
| **11/25** | $11276 | $12449 | $12153 | $12278 |
| **12/25** | $11279 | $12460 | $12187 | $12307 |
| **1/26** | $11539 | $12577 | $12333 | $12439 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 4.47% | 0.33% | 1.44% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 3.47% | 0.33% | 1.44% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |
| Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index | 5.74% | 0.80% | 2.12% |
| Bloomberg 7 Year Municipal Bond Index | 6.02% | 1.16% | 2.20% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $410288634 |
| # of Portfolio Holdings | 157 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $2035436 |

---

## 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)
![Credit Rating Chart](g152503i290bf37ebb7a9afc1953.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.1% |
| Bond Bank | 3.1% |
| Transportation | 3.4% |
| Lease Rev./Cert. of Participation | 4.4% |
| Electric Utilities | 5.2% |
| Education | 7.1% |
| Housing | 8.3% |
| Other Revenue | 10.1% |
| Water and Sewer | 12.0% |
| Special Tax Revenue | 14.2% |
| General Obligations | 26.1% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g152503i7dc3c5523f1d1e86f85d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 2.0% |
| A | 12.7% |
| AA | 62.4% |
| AAA | 22.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. 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: http://www.eatonvance.com/parametric-fund-documents.php](g152503i6b1888ae4590ee38772e.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/parametric-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 1-800-260-0761 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
Annual Shareholder Report January 31, 2026

# EITCX-TSR-AR
![Image](g152503i3087aa0ee7124d4be5fc.jpg)

# Parametric TABS Intermediate-Term Municipal Bond Fund

# Class I ETIIX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Parametric TABS Intermediate-Term Municipal Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last year?
(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 | $60 | 0.58% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Managed Money Intermediate 1-17 Year Bond Index (the Index):

↓ An overweight exposure to bonds with 15 years or more remaining to maturity detracted from Index-relative performance as longer dated securities underperformed amid yield curve steepening during the period

↑ An out-of-Index allocation to U.S. Treasuries contributed to Index-relative returns as they outperformed tax-exempt municipal bonds early in the period

↑ Security selection and overweight exposures to the housing sector, lower coupon bonds and the prepaid gas revenue bond sector helped Index-relative performance

↑ An overweight exposure to A-rated bonds contributed to returns as lower credit quality municipal bonds outperformed higher rated bonds

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g152503iefda90a753ab740220a2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index** | **Bloomberg 7 Year Municipal Bond Index** |
| **1/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2/16** | $1000044 | $1001573 | $1001197 | $1002026 |
| **3/16** | $1005581 | $1004745 | $1002436 | $1000689 |
| **4/16** | $1013541 | $1012133 | $1009975 | $1007393 |
| **5/16** | $1014998 | $1014871 | $1009773 | $1006073 |
| **6/16** | $1032769 | $1031016 | $1025413 | $1017672 |
| **7/16** | $1031061 | $1031646 | $1026278 | $1020176 |
| **8/16** | $1032507 | $1033038 | $1026185 | $1019824 |
| **9/16** | $1027540 | $1027882 | $1021885 | $1018361 |
| **10/16** | $1016835 | $1017098 | $1010719 | $1010591 |
| **11/16** | $974426 | $979165 | $969669 | $973382 |
| **12/16** | $986424 | $990660 | $982732 | $981005 |
| **1/17** | $989583 | $997192 | $989467 | $990349 |
| **2/17** | $996288 | $1004116 | $996020 | $998409 |
| **3/17** | $998778 | $1006296 | $998162 | $1000121 |
| **4/17** | $1007941 | $1013597 | $1007128 | $1009450 |
| **5/17** | $1024520 | $1029684 | $1023690 | $1024006 |
| **6/17** | $1019727 | $1025991 | $1018828 | $1019423 |
| **7/17** | $1027307 | $1034292 | $1026987 | $1028285 |
| **8/17** | $1035659 | $1042163 | $1033752 | $1035409 |
| **9/17** | $1029156 | $1036864 | $1027083 | $1027324 |
| **10/17** | $1030126 | $1039395 | $1028836 | $1028030 |
| **11/17** | $1022796 | $1033830 | $1019621 | $1016690 |
| **12/17** | $1032883 | $1044635 | $1030686 | $1025064 |
| **1/18** | $1018032 | $1032337 | $1017208 | $1016250 |
| **2/18** | $1014077 | $1029252 | $1013214 | $1011589 |
| **3/18** | $1015862 | $1033051 | $1016390 | $1012726 |
| **4/18** | $1011878 | $1029365 | $1012938 | $1008887 |
| **5/18** | $1023792 | $1041152 | $1023785 | $1020002 |
| **6/18** | $1023144 | $1042041 | $1024793 | $1022515 |
| **7/18** | $1025795 | $1044569 | $1027685 | $1026638 |
| **8/18** | $1025880 | $1047252 | $1029517 | $1027246 |
| **9/18** | $1021002 | $1040472 | $1022498 | $1021378 |
| **10/18** | $1016072 | $1034065 | $1016822 | $1018354 |
| **11/18** | $1025693 | $1045510 | $1029654 | $1029534 |
| **12/18** | $1036133 | $1058028 | $1043251 | $1042030 |
| **1/19** | $1044836 | $1066026 | $1053578 | $1053828 |
| **2/19** | $1050316 | $1071734 | $1059251 | $1059728 |
| **3/19** | $1062501 | $1088675 | $1073649 | $1070050 |
| **4/19** | $1065342 | $1092767 | $1075948 | $1071384 |
| **5/19** | $1078429 | $1107832 | $1090537 | $1086211 |
| **6/19** | $1082918 | $1111923 | $1094631 | $1091024 |
| **7/19** | $1090862 | $1120884 | $1104754 | $1100735 |
| **8/19** | $1103917 | $1138564 | $1120108 | $1112278 |
| **9/19** | $1097090 | $1129438 | $1108920 | $1101760 |
| **10/19** | $1098028 | $1131462 | $1111195 | $1105421 |
| **11/19** | $1099770 | $1134291 | $1113590 | $1108116 |
| **12/19** | $1102158 | $1137754 | $1117366 | $1112278 |
| **1/20** | $1122277 | $1158196 | $1138001 | $1130675 |
| **2/20** | $1137988 | $1173131 | $1150225 | $1140289 |
| **3/20** | $1103680 | $1130579 | $1120426 | $1101199 |
| **4/20** | $1096733 | $1116390 | $1112489 | $1096625 |
| **5/20** | $1134545 | $1151904 | $1152533 | $1131020 |
| **6/20** | $1142328 | $1161384 | $1154210 | $1137647 |
| **7/20** | $1158927 | $1180945 | $1171881 | $1155210 |
| **8/20** | $1155403 | $1175404 | $1164502 | $1153040 |
| **9/20** | $1153447 | $1175653 | $1165351 | $1154392 |
| **10/20** | $1149621 | $1172121 | $1160850 | $1151519 |
| **11/20** | $1166248 | $1189810 | $1177057 | $1163415 |
| **12/20** | $1171481 | $1197058 | $1181092 | $1169092 |
| **1/21** | $1176408 | $1204686 | $1185015 | $1174136 |
| **2/21** | $1157959 | $1185545 | $1163567 | $1156963 |
| **3/21** | $1158309 | $1192856 | $1169737 | $1162799 |
| **4/21** | $1166818 | $1202862 | $1178680 | $1169889 |
| **5/21** | $1170826 | $1206450 | $1180298 | $1170439 |
| **6/21** | $1173899 | $1209763 | $1181548 | $1171169 |
| **7/21** | $1183258 | $1219797 | $1192286 | $1180759 |
| **8/21** | $1179056 | $1215320 | $1188390 | $1179026 |
| **9/21** | $1168547 | $1206549 | $1178311 | $1170816 |
| **10/21** | $1165211 | $1203021 | $1174452 | $1166055 |
| **11/21** | $1172834 | $1213263 | $1183450 | $1170669 |
| **12/21** | $1172926 | $1215220 | $1185595 | $1173291 |
| **1/22** | $1142247 | $1181956 | $1150214 | $1141361 |
| **2/22** | $1136341 | $1177721 | $1147039 | $1137586 |
| **3/22** | $1103746 | $1139543 | $1109378 | $1106394 |
| **4/22** | $1076668 | $1108024 | $1079642 | $1082707 |
| **5/22** | $1093722 | $1124484 | $1099067 | $1099634 |
| **6/22** | $1074417 | $1106067 | $1085872 | $1093339 |
| **7/22** | $1102137 | $1135291 | $1116477 | $1119649 |
| **8/22** | $1081124 | $1110409 | $1092395 | $1100048 |
| **9/22** | $1049124 | $1067791 | $1052732 | $1064203 |
| **10/22** | $1039571 | $1058911 | $1048820 | $1059816 |
| **11/22** | $1096132 | $1108440 | $1094112 | $1096036 |
| **12/22** | $1095254 | $1111613 | $1100000 | $1103270 |
| **1/23** | $1130766 | $1143544 | $1130666 | $1129848 |
| **2/23** | $1107627 | $1117686 | $1103460 | $1106526 |
| **3/23** | $1132266 | $1142485 | $1129998 | $1128612 |
| **4/23** | $1135344 | $1139875 | $1125270 | $1124768 |
| **5/23** | $1128053 | $1129998 | $1111133 | $1111971 |
| **6/23** | $1133946 | $1141317 | $1120598 | $1119863 |
| **7/23** | $1135131 | $1145832 | $1124435 | $1124481 |
| **8/23** | $1118369 | $1129336 | $1107745 | $1112697 |
| **9/23** | $1078699 | $1096237 | $1074470 | $1087923 |
| **10/23** | $1060877 | $1086908 | $1068731 | $1083319 |
| **11/23** | $1141661 | $1155907 | $1134893 | $1135627 |
| **12/23** | $1176504 | $1182772 | $1162561 | $1158319 |
| **1/24** | $1169082 | $1176731 | $1155065 | $1153635 |
| **2/24** | $1168375 | $1178243 | $1155237 | $1154090 |
| **3/24** | $1167658 | $1178205 | $1153318 | $1152792 |
| **4/24** | $1151426 | $1163614 | $1136658 | $1139689 |
| **5/24** | $1149811 | $1160200 | $1126202 | $1128872 |
| **6/24** | $1168736 | $1177984 | $1143973 | $1142951 |
| **7/24** | $1181833 | $1188721 | $1154802 | $1154963 |
| **8/24** | $1192948 | $1198096 | $1165703 | $1169952 |
| **9/24** | $1208130 | $1209937 | $1176715 | $1179563 |
| **10/24** | $1183739 | $1192295 | $1156307 | $1163114 |
| **11/24** | $1203869 | $1212891 | $1174415 | $1175732 |
| **12/24** | $1185289 | $1195233 | $1158872 | $1164263 |
| **1/25** | $1190584 | $1201223 | $1166350 | $1173267 |
| **2/25** | $1206905 | $1213133 | $1179273 | $1185548 |
| **3/25** | $1187386 | $1192574 | $1157654 | $1172967 |
| **4/25** | $1180904 | $1182966 | $1150135 | $1165100 |
| **5/25** | $1180260 | $1183725 | $1156772 | $1176741 |
| **6/25** | $1189755 | $1191095 | $1165928 | $1188013 |
| **7/25** | $1187157 | $1188689 | $1167636 | $1194810 |
| **8/25** | $1197695 | $1199021 | $1177980 | $1206278 |
| **9/25** | $1226703 | $1226788 | $1198764 | $1220571 |
| **10/25** | $1241498 | $1242003 | $1212102 | $1225805 |
| **11/25** | $1245015 | $1244852 | $1215303 | $1227819 |
| **12/25** | $1246479 | $1245973 | $1218691 | $1230671 |
| **1/26** | $1256272 | $1257666 | $1233342 | $1243926 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 5.52% | 1.32% | 2.31% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |
| Bloomberg Municipal Managed Money Intermediate 1–17 Year Bond Index | 5.74% | 0.80% | 2.12% |
| Bloomberg 7 Year Municipal Bond Index | 6.02% | 1.16% | 2.20% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $410288634 |
| # of Portfolio Holdings | 157 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $2035436 |

---

## 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)
![Credit Rating Chart](g152503i290bf37ebb7a9afc1953.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.1% |
| Bond Bank | 3.1% |
| Transportation | 3.4% |
| Lease Rev./Cert. of Participation | 4.4% |
| Electric Utilities | 5.2% |
| Education | 7.1% |
| Housing | 8.3% |
| Other Revenue | 10.1% |
| Water and Sewer | 12.0% |
| Special Tax Revenue | 14.2% |
| General Obligations | 26.1% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g152503i7dc3c5523f1d1e86f85d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 2.0% |
| A | 12.7% |
| AA | 62.4% |
| AAA | 22.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. 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: http://www.eatonvance.com/parametric-fund-documents.php](g152503i6b1888ae4590ee38772e.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/parametric-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 1-800-260-0761 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
Annual Shareholder Report January 31, 2026

# ETIIX-TSR-AR
![Image](g152503i3087aa0ee7124d4be5fc.jpg)

# Parametric TABS Short-Term Municipal Bond Fund

# Class A EABSX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Parametric TABS Short-Term Municipal Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last year?
(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 | $78 | 0.76% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Managed Money 1-7 Year Bond Index (the Index):

↑ An out-of-Index allocation to U.S. Treasuries contributed to Index-relative returns as they outperformed tax-exempt municipal bonds during much of the period

↑ Relative value trading contributed to Index-relative returns by taking advantage of price and rate differences among similar securities

↑ Security selection and overweight exposures to the housing sector, lower coupon bonds and the prepaid gas revenue bond sector helped Index-relative returns during the period

↑ Overweight exposure to A-rated bonds supported returns, as lower credit quality bonds generally outperformed higher credit quality bonds during the period

↓ An out-of-Index allocation to bonds with 7–15 years remaining to maturity detracted from returns as these bonds generally underperformed shorter maturity bonds as the yield curve steepened during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g152503ieff45e4d84d18a140711.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal Managed Money 1–7 Year Bond Index** | **Bloomberg 5 Year Municipal Bond Index** |
| **1/16** | $10000 | $10000 | $10000 | $10000 |
| **2/16** | $9694 | $10016 | $10032 | $10038 |
| **3/16** | $9676 | $10047 | $9994 | $10000 |
| **4/16** | $9705 | $10121 | $10038 | $10049 |
| **5/16** | $9678 | $10149 | $10017 | $10028 |
| **6/16** | $9762 | $10310 | $10095 | $10116 |
| **7/16** | $9780 | $10316 | $10127 | $10154 |
| **8/16** | $9771 | $10330 | $10120 | $10154 |
| **9/16** | $9735 | $10279 | $10083 | $10114 |
| **10/16** | $9689 | $10171 | $10043 | $10069 |
| **11/16** | $9461 | $9792 | $9799 | $9799 |
| **12/16** | $9505 | $9907 | $9850 | $9848 |
| **1/17** | $9561 | $9972 | $9941 | $9951 |
| **2/17** | $9620 | $10041 | $10006 | $10032 |
| **3/17** | $9612 | $10063 | $10008 | $10035 |
| **4/17** | $9669 | $10136 | $10070 | $10104 |
| **5/17** | $9745 | $10297 | $10161 | $10204 |
| **6/17** | $9710 | $10260 | $10119 | $10160 |
| **7/17** | $9749 | $10343 | $10182 | $10235 |
| **8/17** | $9796 | $10422 | $10232 | $10300 |
| **9/17** | $9734 | $10369 | $10160 | $10229 |
| **10/17** | $9726 | $10394 | $10156 | $10226 |
| **11/17** | $9654 | $10338 | $10042 | $10111 |
| **12/17** | $9701 | $10446 | $10088 | $10157 |
| **1/18** | $9629 | $10323 | $10063 | $10133 |
| **2/18** | $9604 | $10293 | $10041 | $10103 |
| **3/18** | $9606 | $10331 | $10035 | $10100 |
| **4/18** | $9570 | $10294 | $9997 | $10061 |
| **5/18** | $9638 | $10412 | $10082 | $10160 |
| **6/18** | $9650 | $10420 | $10114 | $10187 |
| **7/18** | $9671 | $10446 | $10146 | $10228 |
| **8/18** | $9664 | $10473 | $10140 | $10224 |
| **9/18** | $9620 | $10405 | $10088 | $10167 |
| **10/18** | $9594 | $10341 | $10070 | $10148 |
| **11/18** | $9664 | $10455 | $10152 | $10229 |
| **12/18** | $9743 | $10580 | $10246 | $10328 |
| **1/19** | $9822 | $10660 | $10333 | $10422 |
| **2/19** | $9845 | $10717 | $10374 | $10473 |
| **3/19** | $9904 | $10887 | $10433 | $10546 |
| **4/19** | $9917 | $10928 | $10431 | $10549 |
| **5/19** | $9997 | $11078 | $10532 | $10662 |
| **6/19** | $10019 | $11119 | $10580 | $10721 |
| **7/19** | $10080 | $11209 | $10660 | $10810 |
| **8/19** | $10150 | $11386 | $10710 | $10872 |
| **9/19** | $10086 | $11294 | $10627 | $10779 |
| **10/19** | $10098 | $11315 | $10676 | $10834 |
| **11/19** | $10101 | $11343 | $10697 | $10857 |
| **12/19** | $10132 | $11378 | $10724 | $10891 |
| **1/20** | $10269 | $11582 | $10839 | $11023 |
| **2/20** | $10348 | $11731 | $10887 | $11089 |
| **3/20** | $10298 | $11306 | $10712 | $10777 |
| **4/20** | $10298 | $11164 | $10717 | $10765 |
| **5/20** | $10557 | $11519 | $11011 | $11071 |
| **6/20** | $10564 | $11614 | $11005 | $11128 |
| **7/20** | $10656 | $11809 | $11100 | $11258 |
| **8/20** | $10628 | $11754 | $11082 | $11253 |
| **9/20** | $10633 | $11757 | $11098 | $11271 |
| **10/20** | $10617 | $11721 | $11070 | $11248 |
| **11/20** | $10670 | $11898 | $11127 | $11318 |
| **12/20** | $10707 | $11971 | $11146 | $11358 |
| **1/21** | $10732 | $12047 | $11162 | $11396 |
| **2/21** | $10629 | $11855 | $11049 | $11273 |
| **3/21** | $10623 | $11929 | $11084 | $11323 |
| **4/21** | $10668 | $12029 | $11126 | $11374 |
| **5/21** | $10673 | $12065 | $11122 | $11375 |
| **6/21** | $10688 | $12098 | $11118 | $11378 |
| **7/21** | $10753 | $12198 | $11183 | $11452 |
| **8/21** | $10726 | $12153 | $11173 | $11445 |
| **9/21** | $10660 | $12065 | $11121 | $11393 |
| **10/21** | $10635 | $12030 | $11092 | $11359 |
| **11/21** | $10680 | $12133 | $11112 | $11382 |
| **12/21** | $10671 | $12152 | $11125 | $11397 |
| **1/22** | $10476 | $11820 | $10875 | $11121 |
| **2/22** | $10423 | $11777 | $10841 | $11077 |
| **3/22** | $10167 | $11395 | $10605 | $10816 |
| **4/22** | $10003 | $11080 | $10444 | $10638 |
| **5/22** | $10120 | $11245 | $10605 | $10803 |
| **6/22** | $10039 | $11061 | $10581 | $10770 |
| **7/22** | $10231 | $11353 | $10766 | $10966 |
| **8/22** | $10054 | $11104 | $10584 | $10780 |
| **9/22** | $9827 | $10678 | $10312 | $10478 |
| **10/22** | $9793 | $10589 | $10299 | $10455 |
| **11/22** | $10107 | $11084 | $10572 | $10749 |
| **12/22** | $10137 | $11116 | $10611 | $10797 |
| **1/23** | $10350 | $11435 | $10813 | $11015 |
| **2/23** | $10200 | $11177 | $10598 | $10801 |
| **3/23** | $10364 | $11425 | $10801 | $11006 |
| **4/23** | $10366 | $11399 | $10735 | $10956 |
| **5/23** | $10296 | $11300 | $10630 | $10850 |
| **6/23** | $10319 | $11413 | $10702 | $10926 |
| **7/23** | $10321 | $11458 | $10728 | $10960 |
| **8/23** | $10272 | $11293 | $10657 | $10886 |
| **9/23** | $10038 | $10962 | $10480 | $10704 |
| **10/23** | $9979 | $10869 | $10474 | $10688 |
| **11/23** | $10408 | $11559 | $10864 | $11093 |
| **12/23** | $10620 | $11828 | $11022 | $11263 |
| **1/24** | $10571 | $11767 | $10977 | $11227 |
| **2/24** | $10565 | $11782 | $10977 | $11234 |
| **3/24** | $10559 | $11782 | $10946 | $11221 |
| **4/24** | $10458 | $11636 | $10854 | $11129 |
| **5/24** | $10442 | $11602 | $10785 | $11057 |
| **6/24** | $10563 | $11780 | $10898 | $11173 |
| **7/24** | $10686 | $11887 | $11005 | $11288 |
| **8/24** | $10798 | $11981 | $11147 | $11433 |
| **9/24** | $10905 | $12099 | $11215 | $11513 |
| **10/24** | $10751 | $11923 | $11094 | $11394 |
| **11/24** | $10853 | $12129 | $11180 | $11479 |
| **12/24** | $10761 | $11952 | $11099 | $11394 |
| **1/25** | $10822 | $12012 | $11164 | $11467 |
| **2/25** | $10935 | $12131 | $11253 | $11566 |
| **3/25** | $10849 | $11926 | $11181 | $11498 |
| **4/25** | $10826 | $11830 | $11128 | $11439 |
| **5/25** | $10862 | $11837 | $11236 | $11548 |
| **6/25** | $10954 | $11911 | $11336 | $11653 |
| **7/25** | $11006 | $11887 | $11423 | $11752 |
| **8/25** | $11109 | $11990 | $11508 | $11851 |
| **9/25** | $11249 | $12268 | $11554 | $11908 |
| **10/25** | $11321 | $12420 | $11548 | $11906 |
| **11/25** | $11339 | $12449 | $11575 | $11933 |
| **12/25** | $11367 | $12460 | $11614 | $11967 |
| **1/26** | $11448 | $12577 | $11724 | $12084 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 5.79% | 1.30% | 1.70% |
| Class A with 3.25% Maximum Sales Charge | 2.32% | 0.64% | 1.36% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |
| Bloomberg Municipal Managed Money 1–7 Year Bond Index | 5.02% | 0.99% | 1.60% |
| Bloomberg 5 Year Municipal Bond Index | 5.38% | 1.18% | 1.91% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $137966674 |
| # of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 89% |
| Total Advisory Fees Paid | $436588 |

---

## 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)
![Credit Rating Chart](g152503i424ed8b0a4b6c043f89b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 9.0% |
| Water and Sewer | 4.5% |
| Hospital | 5.6% |
| Special Tax Revenue | 8.4% |
| Other Revenue | 13.8% |
| Housing | 17.3% |
| General Obligations | 41.4% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g152503i112e5eb310550a6f5e74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 4.0% |
| A | 2.2% |
| AA | 54.6% |
| AAA | 39.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. 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: http://www.eatonvance.com/parametric-fund-documents.php](g152503i6b1888ae4590ee38772e.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/parametric-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 1-800-260-0761 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
Annual Shareholder Report January 31, 2026

# EABSX-TSR-AR
![Image](g152503i3087aa0ee7124d4be5fc.jpg)

# Parametric TABS Short-Term Municipal Bond Fund

# Class C ECBSX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Parametric TABS Short-Term Municipal Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last year?
(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 | $155 | 1.51% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Managed Money 1-7 Year Bond Index (the Index):

↓ An out-of-Index allocation to bonds with 7–15 years remaining to maturity detracted from returns as these bonds generally underperformed shorter maturity bonds as the yield-curve steepened during the period

↑ An out-of-Index allocation to U.S. Treasuries contributed to Index-relative returns as they outperformed tax-exempt municipal bonds during much of the period

↑ Relative value trading contributed to Index-relative returns by taking advantage of price and rate differences among similar securities

↑ Security selection and overweight exposures to the housing sector, lower coupon bonds and the prepaid gas revenue bond sector helped Index-relative returns during the period

↑ Overweight exposure to A-rated bonds supported returns, as lower credit quality bonds generally outperformed higher credit quality bonds during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g152503i6f94fff379ca06994f92.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal Managed Money 1–7 Year Bond Index** | **Bloomberg 5 Year Municipal Bond Index** |
| **1/16** | $10000 | $10000 | $10000 | $10000 |
| **2/16** | $10023 | $10016 | $10032 | $10038 |
| **3/16** | $9998 | $10047 | $9994 | $10000 |
| **4/16** | $10021 | $10121 | $10038 | $10049 |
| **5/16** | $9988 | $10149 | $10017 | $10028 |
| **6/16** | $10059 | $10310 | $10095 | $10116 |
| **7/16** | $10071 | $10316 | $10127 | $10154 |
| **8/16** | $10055 | $10330 | $10120 | $10154 |
| **9/16** | $10021 | $10279 | $10083 | $10114 |
| **10/16** | $9968 | $10171 | $10043 | $10069 |
| **11/16** | $9727 | $9792 | $9799 | $9799 |
| **12/16** | $9766 | $9907 | $9850 | $9848 |
| **1/17** | $9808 | $9972 | $9941 | $9951 |
| **2/17** | $9862 | $10041 | $10006 | $10032 |
| **3/17** | $9858 | $10063 | $10008 | $10035 |
| **4/17** | $9901 | $10136 | $10070 | $10104 |
| **5/17** | $9981 | $10297 | $10161 | $10204 |
| **6/17** | $9930 | $10260 | $10119 | $10160 |
| **7/17** | $9973 | $10343 | $10182 | $10235 |
| **8/17** | $10006 | $10422 | $10232 | $10300 |
| **9/17** | $9945 | $10369 | $10160 | $10229 |
| **10/17** | $9931 | $10394 | $10156 | $10226 |
| **11/17** | $9851 | $10338 | $10042 | $10111 |
| **12/17** | $9884 | $10446 | $10088 | $10157 |
| **1/18** | $9804 | $10323 | $10063 | $10133 |
| **2/18** | $9772 | $10293 | $10041 | $10103 |
| **3/18** | $9777 | $10331 | $10035 | $10100 |
| **4/18** | $9735 | $10294 | $9997 | $10061 |
| **5/18** | $9788 | $10412 | $10082 | $10160 |
| **6/18** | $9794 | $10420 | $10114 | $10187 |
| **7/18** | $9809 | $10446 | $10146 | $10228 |
| **8/18** | $9806 | $10473 | $10140 | $10224 |
| **9/18** | $9755 | $10405 | $10088 | $10167 |
| **10/18** | $9723 | $10341 | $10070 | $10148 |
| **11/18** | $9788 | $10455 | $10152 | $10229 |
| **12/18** | $9862 | $10580 | $10246 | $10328 |
| **1/19** | $9925 | $10660 | $10333 | $10422 |
| **2/19** | $9952 | $10717 | $10374 | $10473 |
| **3/19** | $10007 | $10887 | $10433 | $10546 |
| **4/19** | $10004 | $10928 | $10431 | $10549 |
| **5/19** | $10078 | $11078 | $10532 | $10662 |
| **6/19** | $10104 | $11119 | $10580 | $10721 |
| **7/19** | $10159 | $11209 | $10660 | $10810 |
| **8/19** | $10213 | $11386 | $10710 | $10872 |
| **9/19** | $10152 | $11294 | $10627 | $10779 |
| **10/19** | $10148 | $11315 | $10676 | $10834 |
| **11/19** | $10154 | $11343 | $10697 | $10857 |
| **12/19** | $10169 | $11378 | $10724 | $10891 |
| **1/20** | $10310 | $11582 | $10839 | $11023 |
| **2/20** | $10383 | $11731 | $10887 | $11089 |
| **3/20** | $10327 | $11306 | $10712 | $10777 |
| **4/20** | $10321 | $11164 | $10717 | $10765 |
| **5/20** | $10574 | $11519 | $11011 | $11071 |
| **6/20** | $10565 | $11614 | $11005 | $11128 |
| **7/20** | $10652 | $11809 | $11100 | $11258 |
| **8/20** | $10619 | $11754 | $11082 | $11253 |
| **9/20** | $10619 | $11757 | $11098 | $11271 |
| **10/20** | $10590 | $11721 | $11070 | $11248 |
| **11/20** | $10639 | $11898 | $11127 | $11318 |
| **12/20** | $10672 | $11971 | $11146 | $11358 |
| **1/21** | $10692 | $12047 | $11162 | $11396 |
| **2/21** | $10583 | $11855 | $11049 | $11273 |
| **3/21** | $10573 | $11929 | $11084 | $11323 |
| **4/21** | $10603 | $12029 | $11126 | $11374 |
| **5/21** | $10613 | $12065 | $11122 | $11375 |
| **6/21** | $10613 | $12098 | $11118 | $11378 |
| **7/21** | $10672 | $12198 | $11183 | $11452 |
| **8/21** | $10633 | $12153 | $11173 | $11445 |
| **9/21** | $10563 | $12065 | $11121 | $11393 |
| **10/21** | $10543 | $12030 | $11092 | $11359 |
| **11/21** | $10573 | $12133 | $11112 | $11382 |
| **12/21** | $10560 | $12152 | $11125 | $11397 |
| **1/22** | $10360 | $11820 | $10875 | $11121 |
| **2/22** | $10300 | $11777 | $10841 | $11077 |
| **3/22** | $10041 | $11395 | $10605 | $10816 |
| **4/22** | $9871 | $11080 | $10444 | $10638 |
| **5/22** | $9981 | $11245 | $10605 | $10803 |
| **6/22** | $9901 | $11061 | $10581 | $10770 |
| **7/22** | $10081 | $11353 | $10766 | $10966 |
| **8/22** | $9901 | $11104 | $10584 | $10780 |
| **9/22** | $9663 | $10678 | $10312 | $10478 |
| **10/22** | $9624 | $10589 | $10299 | $10455 |
| **11/22** | $9937 | $11084 | $10572 | $10749 |
| **12/22** | $9951 | $11116 | $10611 | $10797 |
| **1/23** | $10164 | $11435 | $10813 | $11015 |
| **2/23** | $10010 | $11177 | $10598 | $10801 |
| **3/23** | $10156 | $11425 | $10801 | $11006 |
| **4/23** | $10151 | $11399 | $10735 | $10956 |
| **5/23** | $10076 | $11300 | $10630 | $10850 |
| **6/23** | $10092 | $11413 | $10702 | $10926 |
| **7/23** | $10098 | $11458 | $10728 | $10960 |
| **8/23** | $10033 | $11293 | $10657 | $10886 |
| **9/23** | $9807 | $10962 | $10480 | $10704 |
| **10/23** | $9743 | $10869 | $10474 | $10688 |
| **11/23** | $10157 | $11559 | $10864 | $11093 |
| **12/23** | $10348 | $11828 | $11022 | $11263 |
| **1/24** | $10294 | $11767 | $10977 | $11227 |
| **2/24** | $10281 | $11782 | $10977 | $11234 |
| **3/24** | $10268 | $11782 | $10946 | $11221 |
| **4/24** | $10164 | $11636 | $10854 | $11129 |
| **5/24** | $10141 | $11602 | $10785 | $11057 |
| **6/24** | $10263 | $11780 | $10898 | $11173 |
| **7/24** | $10366 | $11887 | $11005 | $11288 |
| **8/24** | $10468 | $11981 | $11147 | $11433 |
| **9/24** | $10566 | $12099 | $11215 | $11513 |
| **10/24** | $10409 | $11923 | $11094 | $11394 |
| **11/24** | $10512 | $12129 | $11180 | $11479 |
| **12/24** | $10406 | $11952 | $11099 | $11394 |
| **1/25** | $10470 | $12012 | $11164 | $11467 |
| **2/25** | $10572 | $12131 | $11253 | $11566 |
| **3/25** | $10482 | $11926 | $11181 | $11498 |
| **4/25** | $10443 | $11830 | $11128 | $11439 |
| **5/25** | $10471 | $11837 | $11236 | $11548 |
| **6/25** | $10564 | $11911 | $11336 | $11653 |
| **7/25** | $10597 | $11887 | $11423 | $11752 |
| **8/25** | $10690 | $11990 | $11508 | $11851 |
| **9/25** | $10818 | $12268 | $11554 | $11908 |
| **10/25** | $10881 | $12420 | $11548 | $11906 |
| **11/25** | $10891 | $12449 | $11575 | $11933 |
| **12/25** | $10922 | $12460 | $11614 | $11967 |
| **1/26** | $10983 | $12577 | $11724 | $12084 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 4.91% | 0.54% | 0.94% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 3.91% | 0.54% | 0.94% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |
| Bloomberg Municipal Managed Money 1–7 Year Bond Index | 5.02% | 0.99% | 1.60% |
| Bloomberg 5 Year Municipal Bond Index | 5.38% | 1.18% | 1.91% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $137966674 |
| # of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 89% |
| Total Advisory Fees Paid | $436588 |

---

## 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)
![Credit Rating Chart](g152503i424ed8b0a4b6c043f89b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 9.0% |
| Water and Sewer | 4.5% |
| Hospital | 5.6% |
| Special Tax Revenue | 8.4% |
| Other Revenue | 13.8% |
| Housing | 17.3% |
| General Obligations | 41.4% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g152503i112e5eb310550a6f5e74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 4.0% |
| A | 2.2% |
| AA | 54.6% |
| AAA | 39.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. 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: http://www.eatonvance.com/parametric-fund-documents.php](g152503i6b1888ae4590ee38772e.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/parametric-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 1-800-260-0761 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
Annual Shareholder Report January 31, 2026

# ECBSX-TSR-AR
![Image](g152503i3087aa0ee7124d4be5fc.jpg)

# Parametric TABS Short-Term Municipal Bond Fund

# Class I EIBSX

#### Annual Shareholder Report January 31, 2026
This annual shareholder report contains important information about the Parametric TABS Short-Term Municipal Bond Fund for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last year?
(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 | $53 | 0.51% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Managed Money 1-7 Year Bond Index (the Index):

↑ An out-of-Index allocation to U.S. Treasuries contributed to Index-relative returns as they outperformed tax-exempt municipal bonds during much of the period

↑ Relative value trading contributed to Index-relative returns by taking advantage of price and rate differences among similar securities

↑ Security selection and overweight exposures to the housing sector, lower coupon bonds and the prepaid gas revenue bond sector helped Index-relative returns during the period

↑ Overweight exposure to A-rated bonds supported returns, as lower credit quality bonds generally outperformed higher credit quality bonds during the period

↓ An out-of-Index allocation to bonds with 7–15 years remaining to maturity detracted from returns as these bonds generally underperformed shorter maturity bonds as the yield curve steepened during the period

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g152503i18fd552cf2316b19cd59.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal Managed Money 1–7 Year Bond Index** | **Bloomberg 5 Year Municipal Bond Index** |
| **1/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2/16** | $1003116 | $1001573 | $1003226 | $1003824 |
| **3/16** | $1001469 | $1004745 | $999408 | $999970 |
| **4/16** | $1004601 | $1012133 | $1003814 | $1004876 |
| **5/16** | $1002079 | $1014871 | $1001694 | $1002791 |
| **6/16** | $1010013 | $1031016 | $1009516 | $1011582 |
| **7/16** | $1012088 | $1031646 | $1012657 | $1015400 |
| **8/16** | $1011359 | $1033038 | $1011978 | $1015389 |
| **9/16** | $1007863 | $1027882 | $1008288 | $1011389 |
| **10/16** | $1004283 | $1017098 | $1004278 | $1006888 |
| **11/16** | $979936 | $979165 | $979901 | $979905 |
| **12/16** | $984706 | $990660 | $984969 | $984765 |
| **1/17** | $990720 | $997192 | $994064 | $995072 |
| **2/17** | $996969 | $1004116 | $1000647 | $1003206 |
| **3/17** | $997318 | $1006296 | $1000821 | $1003467 |
| **4/17** | $1002488 | $1013597 | $1007014 | $1010398 |
| **5/17** | $1010529 | $1029684 | $1016078 | $1020395 |
| **6/17** | $1007120 | $1025991 | $1011890 | $1015994 |
| **7/17** | $1012333 | $1034292 | $1018248 | $1023512 |
| **8/17** | $1016562 | $1042163 | $1023187 | $1030021 |
| **9/17** | $1011227 | $1036864 | $1015992 | $1022882 |
| **10/17** | $1009694 | $1039395 | $1015560 | $1022608 |
| **11/17** | $1003346 | $1033830 | $1004206 | $1011052 |
| **12/17** | $1007539 | $1044635 | $1008752 | $1015701 |
| **1/18** | $1000246 | $1032337 | $1006326 | $1013340 |
| **2/18** | $997832 | $1029252 | $1004100 | $1010324 |
| **3/18** | $998202 | $1033051 | $1003533 | $1009951 |
| **4/18** | $994741 | $1029365 | $999693 | $1006063 |
| **5/18** | $1001989 | $1041152 | $1008181 | $1016016 |
| **6/18** | $1003413 | $1042041 | $1011394 | $1018742 |
| **7/18** | $1005800 | $1044569 | $1014605 | $1022756 |
| **8/18** | $1005281 | $1047252 | $1014035 | $1022383 |
| **9/18** | $1001905 | $1040472 | $1008821 | $1016746 |
| **10/18** | $999448 | $1034065 | $1007018 | $1014774 |
| **11/18** | $1005995 | $1045510 | $1015198 | $1022852 |
| **12/18** | $1014409 | $1058028 | $1024630 | $1032815 |
| **1/19** | $1022774 | $1066026 | $1033290 | $1042191 |
| **2/19** | $1026362 | $1071734 | $1037421 | $1047269 |
| **3/19** | $1032803 | $1088675 | $1043341 | $1054591 |
| **4/19** | $1033383 | $1092767 | $1043083 | $1054869 |
| **5/19** | $1041907 | $1107832 | $1053178 | $1066223 |
| **6/19** | $1045452 | $1111923 | $1057961 | $1072093 |
| **7/19** | $1051005 | $1120884 | $1066004 | $1080999 |
| **8/19** | $1058500 | $1138564 | $1070988 | $1087173 |
| **9/19** | $1052050 | $1129438 | $1062720 | $1077931 |
| **10/19** | $1053521 | $1131462 | $1067592 | $1083449 |
| **11/19** | $1055048 | $1134291 | $1069665 | $1085692 |
| **12/19** | $1057503 | $1137754 | $1072442 | $1089053 |
| **1/20** | $1072033 | $1158196 | $1083909 | $1102308 |
| **2/20** | $1081458 | $1173131 | $1088700 | $1108882 |
| **3/20** | $1076508 | $1130579 | $1071242 | $1077713 |
| **4/20** | $1076769 | $1116390 | $1071673 | $1076457 |
| **5/20** | $1104037 | $1151904 | $1101140 | $1107055 |
| **6/20** | $1103936 | $1161384 | $1100526 | $1112820 |
| **7/20** | $1113791 | $1180945 | $1109981 | $1125760 |
| **8/20** | $1112104 | $1175404 | $1108166 | $1125302 |
| **9/20** | $1112835 | $1175653 | $1109806 | $1127093 |
| **10/20** | $1110432 | $1172121 | $1107021 | $1124794 |
| **11/20** | $1116157 | $1189810 | $1112733 | $1131772 |
| **12/20** | $1120355 | $1197058 | $1114557 | $1135817 |
| **1/21** | $1123163 | $1204686 | $1116212 | $1139571 |
| **2/21** | $1113617 | $1185545 | $1104861 | $1127302 |
| **3/21** | $1112194 | $1192856 | $1108401 | $1132344 |
| **4/21** | $1117150 | $1202862 | $1112600 | $1137437 |
| **5/21** | $1118928 | $1206450 | $1112197 | $1137526 |
| **6/21** | $1119714 | $1209763 | $1111802 | $1137751 |
| **7/21** | $1126712 | $1219797 | $1118329 | $1145178 |
| **8/21** | $1124092 | $1215320 | $1117306 | $1144482 |
| **9/21** | $1117504 | $1206549 | $1112103 | $1139263 |
| **10/21** | $1116117 | $1203021 | $1109164 | $1135919 |
| **11/21** | $1119989 | $1213263 | $1111215 | $1138195 |
| **12/21** | $1119292 | $1215220 | $1112466 | $1139700 |
| **1/22** | $1099088 | $1181956 | $1087493 | $1112063 |
| **2/22** | $1094756 | $1177721 | $1084059 | $1107650 |
| **3/22** | $1068212 | $1139543 | $1060490 | $1081589 |
| **4/22** | $1050068 | $1108024 | $1044392 | $1063751 |
| **5/22** | $1063686 | $1124484 | $1060470 | $1080341 |
| **6/22** | $1054328 | $1106067 | $1058096 | $1077005 |
| **7/22** | $1074749 | $1135291 | $1076617 | $1096559 |
| **8/22** | $1057392 | $1110409 | $1058412 | $1077995 |
| **9/22** | $1032688 | $1067791 | $1031215 | $1047797 |
| **10/22** | $1029403 | $1058911 | $1029873 | $1045460 |
| **11/22** | $1063617 | $1108440 | $1057225 | $1074857 |
| **12/22** | $1065977 | $1111613 | $1061075 | $1079738 |
| **1/23** | $1089698 | $1143544 | $1081330 | $1101540 |
| **2/23** | $1072986 | $1117686 | $1059789 | $1080136 |
| **3/23** | $1090550 | $1142485 | $1080112 | $1100569 |
| **4/23** | $1090963 | $1139875 | $1073518 | $1095594 |
| **5/23** | $1083860 | $1129998 | $1062950 | $1085027 |
| **6/23** | $1086452 | $1141317 | $1070172 | $1092639 |
| **7/23** | $1087979 | $1145832 | $1072824 | $1095996 |
| **8/23** | $1081996 | $1129336 | $1065727 | $1088602 |
| **9/23** | $1058574 | $1096237 | $1048030 | $1070410 |
| **10/23** | $1052649 | $1086908 | $1047419 | $1068845 |
| **11/23** | $1097008 | $1155907 | $1086359 | $1109285 |
| **12/23** | $1119581 | $1182772 | $1102198 | $1126250 |
| **1/24** | $1114658 | $1176731 | $1097694 | $1122675 |
| **2/24** | $1114209 | $1178243 | $1097749 | $1123387 |
| **3/24** | $1113797 | $1178205 | $1094561 | $1122051 |
| **4/24** | $1103429 | $1163614 | $1085431 | $1112881 |
| **5/24** | $1101909 | $1160200 | $1078485 | $1105679 |
| **6/24** | $1116036 | $1177984 | $1089792 | $1117317 |
| **7/24** | $1128111 | $1188721 | $1100481 | $1128771 |
| **8/24** | $1140162 | $1198096 | $1114677 | $1143322 |
| **9/24** | $1151756 | $1209937 | $1121517 | $1151332 |
| **10/24** | $1135705 | $1192295 | $1109368 | $1139387 |
| **11/24** | $1146695 | $1212891 | $1117972 | $1147889 |
| **12/24** | $1137271 | $1195233 | $1109937 | $1139387 |
| **1/25** | $1145131 | $1201223 | $1116446 | $1146682 |
| **2/25** | $1157219 | $1213133 | $1125313 | $1156568 |
| **3/25** | $1147214 | $1192574 | $1118073 | $1149776 |
| **4/25** | $1145011 | $1182966 | $1112840 | $1143935 |
| **5/25** | $1149124 | $1183725 | $1123633 | $1154753 |
| **6/25** | $1160209 | $1191095 | $1133550 | $1165264 |
| **7/25** | $1164770 | $1188689 | $1142332 | $1175233 |
| **8/25** | $1175971 | $1199021 | $1150849 | $1185073 |
| **9/25** | $1191039 | $1226788 | $1155355 | $1190773 |
| **10/25** | $1198940 | $1242003 | $1154756 | $1190618 |
| **11/25** | $1201038 | $1244852 | $1157493 | $1193327 |
| **12/25** | $1204245 | $1245973 | $1161432 | $1196697 |
| **1/26** | $1213242 | $1257666 | $1172446 | $1208380 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 5.95% | 1.55% | 1.95% |
| Bloomberg Municipal Bond Index | 4.70% | 0.86% | 2.32% |
| Bloomberg Municipal Managed Money 1–7 Year Bond Index | 5.02% | 0.99% | 1.60% |
| Bloomberg 5 Year Municipal Bond Index | 5.38% | 1.18% | 1.91% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $137966674 |
| # of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 89% |
| Total Advisory Fees Paid | $436588 |

---

## 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)
![Credit Rating Chart](g152503i424ed8b0a4b6c043f89b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 9.0% |
| Water and Sewer | 4.5% |
| Hospital | 5.6% |
| Special Tax Revenue | 8.4% |
| Other Revenue | 13.8% |
| Housing | 17.3% |
| General Obligations | 41.4% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g152503i112e5eb310550a6f5e74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 4.0% |
| A | 2.2% |
| AA | 54.6% |
| AAA | 39.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. 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: http://www.eatonvance.com/parametric-fund-documents.php](g152503i6b1888ae4590ee38772e.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/parametric-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 1-800-260-0761 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
Annual Shareholder Report January 31, 2026

# EIBSX-TSR-AR

------

(b) Not applicable.

#### Item 2. Code of Ethics
The registrant (sometimes referred to as the "Fund") has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has amended the code of ethics as described in Form N-CSR during the period covered by the report. The new Fund policy is substantially similar to the superseded Fund policy but now has an expanded scope that applies to 1940 Act Fund families. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

------

#### Item 3. Audit Committee Financial Expert
The registrant's Board of Trustees has determined that George J. Gorman, an "independent" Trustee, is an "audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

#### Item 4. Principal Accountant Fees and Services
Eaton Vance High Yield Municipal Income Fund, Parametric TABS Intermediate-Term Municipal Bond Fund, Parametric TABS Short-Term Municipal Bond Fund, Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund and Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (the "Fund(s)") are series of Eaton Vance Municipals Trust II (the "Trust"), a Massachusetts business trust, which, including the Funds, contains a total of 5 series (the "Series"). The Trust is registered under the Investment Company Act of 1940 as an open-5end management investment company. This Form N-CSR relates to the Funds' annual reports.

#### (a)-(d)
The following tables present the aggregate fees billed to each Fund for each Fund's fiscal years ended January 31, 2025 and January 31, 2026 by the registrant's principal accountant, Deloitte & Touche LLP ("D&T"), for professional services rendered for the audit of the Funds' annual financial statements and fees billed for other services rendered by D&T during those periods.

#### Eaton Vance High Yield Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **1/31/25** | **1/31/26** |
|  Audit Fees | $79600 | $79600 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total<br>| $79600 | $79600 |

---

#### Parametric TABS Intermediate-Term Municipal Bond Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **1/31/25** | **1/31/26** |
|  Audit Fees | $58400 | $58400 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $58400 | $58400 |

---

------

#### Parametric TABS Short-Term Municipal Bond Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **1/31/25** | **1/31/26** |
|  Audit Fees | $58400 | $53800 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $58400 | $53800 |

---

#### Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **1/31/25** | **1/31/26** |
|  Audit Fees | $56500 | $56500 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $56500 | $56500 |

---

#### Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **1/31/25** | **1/31/26** |
|  Audit Fees | $43400 | $43400 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $43400 | $43400 |

---

<sup>(1)</sup> Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under the category of audit fees.

<sup>(2)</sup> Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

<sup>(3)</sup> All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

The Funds comprised all of the Series of the Trust at January 31, 2026, and have the same fiscal year end (January 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Funds in the Trust by D&T for the last two fiscal years of each Fund.

------

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **1/31/25** | **1/31/26** |
|  Audit Fees | $296300 | $291700 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $296300 | $291700 |

---

<sup>(1)</sup> Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under the category of audit fees.

<sup>(2)</sup> Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

<sup>(3)</sup> All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant's audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant's principal accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant's audit committee at least annually. The registrant's audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant's principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant's audit committee pursuant to the "de minimis exception" set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Fund; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by D&T for the last 2 fiscal years of each Fund.

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **1/31/25** | **1/31/26** |
|  Registrant<sup>(1)</sup> | $0 | $0 |
|  Eaton Vance<sup>(2)</sup> | $18490 | $18490 |

---

<sup>(1)</sup> Includes all of the Series of the Trust.

<sup>(2)</sup> Various subsidiaries of Morgan Stanley act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective "master" funds (if applicable).

------

(h) The registrant's audit committee has considered whether the provision by the registrant's principal accountant of non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### 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

## High Yield Municipal Income Fund

## Annual Financial Statements and Additional Information
January 31, 2026

------

![](g152503img0c96e6ed1.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.**

------

#### Annual Financial Statements and Additional Information January 31, 2026
Eaton Vance

High Yield Municipal Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_67f5f624-6bf2-45de-8f46-d3642cc8423f_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_f124634f-dfd9-4f48-8103-68c19eb9486d_1) | [Items 6 and 7 of Form N-CSR:](#xx_f124634f-dfd9-4f48-8103-68c19eb9486d_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_f124634f-dfd9-4f48-8103-68c19eb9486d_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_7e768980-accf-43cc-ab00-97177ebfe1f4_1) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_7e768980-accf-43cc-ab00-97177ebfe1f4_3) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_7e768980-accf-43cc-ab00-97177ebfe1f4_4) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_0f0beae2-d9bc-4fc6-bbf7-3f252600427f_1) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_f5b52004-8361-4176-ae49-0152b0013dd7_1) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_dcbf8985-8db5-4c22-8228-0e5746ead023_1) | 28 |
| [Federal Tax Information](#xx_769f1eaf-347b-4838-a4fa-a4410bb3913b_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_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Portfolio of Investments

------

Corporate Bonds — 1.0%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital — 0.5% | Hospital — 0.5% | Hospital — 0.5% |
| Adventist Health System, 5.757%, 12/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$5170730 |
| Boston Medical Center Corp., 4.581%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165 | &nbsp;&nbsp;&nbsp;&nbsp; 3252807 |
|  |  | &nbsp;&nbsp;**$8423537** |
| Other — 0.5% | Other — 0.5% | Other — 0.5% |
| Morongo Band of Mission Indians, 7.00%, 10/1/39<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980 | &nbsp;&nbsp;$8625736 |
|  |  | &nbsp;&nbsp;**$8625736** |
| Total Corporate Bonds<br> (identified cost $17,145,000) |  | &nbsp;&nbsp;**$17049273** |

---

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

Tax-Exempt Mortgage-Backed Securities — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 0.0%<sup>†</sup> | Housing — 0.0%<sup>†</sup> | Housing — 0.0%<sup>†</sup> |
| National Finance Authority, NH, Affordable Housing Certificates, Series 2024-1, Class A, Social Certificates, 4.15% to 10/1/34 (Put Date), 10/20/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;$7083 |
| Total Tax-Exempt Mortgage-Backed Securities<br> (identified cost $7,054) |  | &nbsp;&nbsp;**$7083** |

---

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

Tax-Exempt Municipal Obligations — 96.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.6% | Bond Bank — 0.6% | Bond Bank — 0.6% |
| Texas Water Development Board, 5.25%, 10/15/51<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$10564200 |
|  |  | &nbsp;&nbsp;**$10564200** |
| Cogeneration — 0.0%<sup>†</sup> | Cogeneration — 0.0%<sup>†</sup> | Cogeneration — 0.0%<sup>†</sup> |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 6/30/27<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;$249562 |
|  |  | &nbsp;&nbsp;**$249562** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 7.1% | Education — 7.1% | Education — 7.1% |
| Albany Capital Resource Corp., NY, (KIPP Capital Region Public Charter Schools), 5.00%, 6/1/64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120 | &nbsp;&nbsp;$2984576 |
| Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp; 750228 |
| Arlington Higher Education Finance Corp., TX, (Great Hearts America), 5.00%, 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2042734 |
| Arlington Higher Education Finance Corp., TX, (Harmony Public Schools), (PSF Guaranteed), 4.00%, 2/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760 | &nbsp;&nbsp;&nbsp;&nbsp; 3360743 |
| Arlington Higher Education Finance Corp., TX, (Leadership Prep School), (PSF Guaranteed), 4.125%, 6/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 352920 |
| Build NYC Resource Corp., NY, (East Harlem Scholars Academy Charter School), Social Bonds, 5.75%, 6/1/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1501183 |
| Build NYC Resource Corp., NY, (Renaissance Charter School): |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245 | &nbsp;&nbsp;&nbsp;&nbsp; 4183991 |
| &nbsp;&nbsp;&nbsp;5.50%, 6/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1943789 |
| California Enterprise Development Authority, (The Rocklin Academy), 5.00%, 6/1/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1488588 |
| California Municipal Finance Authority, (California Baptist University), 5.125%, 11/1/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1421512 |
| California Municipal Finance Authority, (Westside Neighbourhood School), 6.375%, 6/15/64<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455 | &nbsp;&nbsp;&nbsp;&nbsp; 3637116 |
| Capital Projects Finance Authority, FL, (Imagine School at North Port), 6.25%, 6/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012495 |
| Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 6/15/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 546262 |
| &nbsp;&nbsp;&nbsp;5.375%, 6/15/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 942518 |
| Capital Trust Authority, FL, (KIPP Miami North Campus): |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 6/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 658946 |
| &nbsp;&nbsp;&nbsp;6.125%, 6/15/60<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 812164 |
| Capital Trust Authority, FL, (Mason Classical Academy), 5.00%, 6/1/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp; 4093390 |
| Colorado Educational and Cultural Facilities Authority, (Aspen View Academy): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 92938 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 409578 |
| Dayton-Montgomery County Port Authority, OH, (Daytown Regional Stem Schools, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1060038 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 925217 |
| Development Authority of Cobb County, GA, (Mt. Bethel Christian Academy): |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 6/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp; 1783249 |
| &nbsp;&nbsp;&nbsp;6.25%, 6/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2166110 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Development Authority of Cobb County, GA, (Mt. Bethel Christian Academy): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 6/1/64<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1024381 |
| District of Columbia, (District of Columbia International School), 5.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2160472 |
| District of Columbia, (KIPP DC), 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 875894 |
| Florida Development Finance Corp., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%, 7/1/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050 | &nbsp;&nbsp;&nbsp;&nbsp; 4158086 |
| Florida Development Finance Corp., (Renaissance Charter School): |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 6/15/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp; 3461793 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039938 |
| Florida Development Finance Corp., (River City Science Academy Project), 4.00%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 580241 |
| Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 663000 |
| Florida Higher Educational Facilities Financing Authority, (Rollins College Project), 4.125%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2670964 |
| Houston Higher Education Finance Corp., TX, (Houston Christian University), 5.25%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1348835 |
| Idaho Housing and Finance Association, (Alturas Preparatory Academy): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1168032 |
| &nbsp;&nbsp;&nbsp;4.50%, 5/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp; 932301 |
| Illinois Finance Authority, (DePaul College Prep Foundation), 5.625%, 8/1/53<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2556152 |
| Indiana Finance Authority, (KIPP Indianapolis, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 285199 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 217227 |
| Iowa Higher Education Loan Authority, (University of Dubuque), 6.00%, 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3139928 |
| Louisiana Public Facilities Authority, LA, (Acadiana Renaissance Charter Academy): |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 6/15/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3652736 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480 | &nbsp;&nbsp;&nbsp;&nbsp; 3569628 |
| Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870 | &nbsp;&nbsp;&nbsp;&nbsp; 2301659 |
| &nbsp;&nbsp;&nbsp;4.25%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp; 1984671 |
| Phoenix Industrial Development Authority, AZ, (Legacy Traditional Schools), 5.00%, 7/1/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2380742 |
| Public Finance Authority, WI, (Cherokee Classical Academy), 7.00%, 6/15/65<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1207106 |
| Public Finance Authority, WI, (North Carolina Leadership Academy): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 159808 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Public Finance Authority, WI, (North Carolina Leadership Academy): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/39<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;$185026 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 239108 |
| Public Finance Authority, WI, (North East Carolina Preparatory School), 5.25%, 6/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp; 1111166 |
| Public Finance Authority, WI, (Pinecrest Academy Nevada-Sloan Canyon Campus): |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 7/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1503312 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/15/53<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 865732 |
| Public Finance Authority, WI, (Roseman University of Health Sciences): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 767656 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 802961 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3016852 |
| Public Finance Authority, WI, (Triad Math and Science Academy Co.): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2054381 |
| &nbsp;&nbsp;&nbsp;5.50%, 6/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1933816 |
| Sierra Vista Industrial Development Authority, AZ, (American Leadership Academy): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4468805 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2648199 |
| South Carolina Jobs-Economic Development Authority, (Carolina Voyager), 5.00%, 6/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735 | &nbsp;&nbsp;&nbsp;&nbsp; 5488782 |
| South Carolina Jobs-Economic Development Authority, (Charleston Southern University), 5.75%, 9/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 278954 |
| Tennessee State School Bond Authority, 5.00%, 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 394487 |
| Texas Tech University System, 4.25%, 2/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7465 | &nbsp;&nbsp;&nbsp;&nbsp; 7032306 |
| Washington Housing Finance Commission, (Seattle Academy of Arts and Sciences): |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 7/1/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1440006 |
| &nbsp;&nbsp;&nbsp;6.125%, 7/1/53<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp; 3738083 |
|  |  | &nbsp;&nbsp;**$117678710** |
| Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% |
| Arkansas River Power Authority, CO, 5.00%, 10/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 | &nbsp;&nbsp;$4034518 |
| Douglas County Public Utility District No. 1, WA, 3.00%, 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1294629 |
| South Carolina Public Service Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155 | &nbsp;&nbsp;&nbsp;&nbsp; 2290507 |
| &nbsp;&nbsp;&nbsp;5.75%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10821686 |
|  |  | &nbsp;&nbsp;**$18441340** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Escrowed/Prerefunded — 0.7% | Escrowed/Prerefunded — 0.7% | Escrowed/Prerefunded — 0.7% |
| Iowa Finance Authority, (Iowa Fertilizer Co.), Prerefunded to 12/1/32, 5.00%, 12/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$11626658 |
| Public Finance Authority, WI, (Roseman University of Health Sciences): |  |  |
| &nbsp;&nbsp;&nbsp;Prerefunded to 4/1/30, 5.00%, 4/1/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 142631 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 4/1/32, 4.00%, 4/1/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32304 |
|  |  | &nbsp;&nbsp;**$11801593** |
| General Obligations — 8.6% | General Obligations — 8.6% | General Obligations — 8.6% |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 | &nbsp;&nbsp;$3542124 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950 | &nbsp;&nbsp;&nbsp;&nbsp; 6877517 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305 | &nbsp;&nbsp;&nbsp;&nbsp; 2224515 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5251056 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2386844 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13635 | &nbsp;&nbsp;&nbsp;&nbsp; 12827916 |
| &nbsp;&nbsp;&nbsp;5.75%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6060976 |
| &nbsp;&nbsp;&nbsp;6.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375 | &nbsp;&nbsp;&nbsp;&nbsp; 4497592 |
| &nbsp;&nbsp;&nbsp;6.25%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10591662 |
| Chicago, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455 | &nbsp;&nbsp;&nbsp;&nbsp; 3448154 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475 | &nbsp;&nbsp;&nbsp;&nbsp; 4466133 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp; 7121226 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385 | &nbsp;&nbsp;&nbsp;&nbsp; 4413041 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1043543 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107968 |
| Detroit, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1461442 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 902146 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114559 |
| Graford Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575 | &nbsp;&nbsp;&nbsp;&nbsp; 3257771 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8125 | &nbsp;&nbsp;&nbsp;&nbsp; 8241567 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1166770 |
| &nbsp;&nbsp;&nbsp;5.50%, 3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100385 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1173832 |
| Mida Cormont Public Infrastructure District, UT: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225 | &nbsp;&nbsp;&nbsp;&nbsp; 4459777 |
| &nbsp;&nbsp;&nbsp;8.50%, 6/15/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1637770 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp; 535654 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4551107 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7584 | &nbsp;&nbsp;&nbsp;&nbsp; 7128317 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343 | &nbsp;&nbsp;&nbsp;&nbsp; 3553509 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Puerto Rico: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8681 | &nbsp;&nbsp;$9588745 |
| Royse City Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 2/15/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp; 3885063 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/15/58<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6325 | &nbsp;&nbsp;&nbsp;&nbsp; 6686284 |
| San Diego Unified School District, CA, (Election of 2012), 4.00%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 71876 |
| Spring Independent School District, TX, (PSF Guaranteed), 5.25%, 8/15/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 5735340 |
|  |  | &nbsp;&nbsp;**$143112181** |
| Hospital — 8.0% | Hospital — 8.0% | Hospital — 8.0% |
| Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 | &nbsp;&nbsp;$2588151 |
| Arkansas Development Finance Authority, (Washington Regional Medical Center), 5.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 1015891 |
| Astoria Hospital Facilities Authority, OR, (Columbia Memorial Hospital), 5.25%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3009239 |
| Bucks County Industrial Development Authority, PA, (Grand View Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 868575 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1268829 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5907002 |
| California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 350034 |
| Cleveland Health and Educational Facilities Board, TN, (Hamilton Health Care System), 4.25%, 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 10744090 |
| Colorado Health Facilities Authority, (CommonSpirit Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290 | &nbsp;&nbsp;&nbsp;&nbsp; 3018756 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965 | &nbsp;&nbsp;&nbsp;&nbsp; 4178971 |
| Connecticut Health and Educational Facilities Authority, (Connecticut Children's Medical Center), 4.25%, 7/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 | &nbsp;&nbsp;&nbsp;&nbsp; 1664960 |
| Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp; 3179497 |
| Doylestown Hospital Authority, PA, 5.375%, 7/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp; 1671727 |
| DuBois Hospital Authority, PA, (Penn Highlands Healthcare): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 253928 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp; 1427594 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;&nbsp; 1838001 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 94310 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| DuBois Hospital Authority, PA, (Penn Highlands Healthcare): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$55947 |
| Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1194060 |
| Grand Forks, ND, (Altru Health System), 5.42%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1521518 |
| Grays Harbor County Public Hospital District No. 1, WA, (Summit Pacific Medical Center), 6.875%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610 | &nbsp;&nbsp;&nbsp;&nbsp; 2861053 |
| Halifax Hospital Medical Center, FL, (Daytona Beach), 4.25%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 2929448 |
| Illinois Finance Authority, (OSF HealthCare System), 4.125%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp; 4581649 |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 4567668 |
| Maryland Health and Higher Educational Facilities Authority, (Frederick Health System), 5.25%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 861757 |
| Michigan Finance Authority, (Henry Ford Health Detroit), Green Bonds, 4.375%, 2/28/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2828909 |
| Michigan Finance Authority, (Trinity Health Credit Group), 4.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475 | &nbsp;&nbsp;&nbsp;&nbsp; 5824157 |
| Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6885 | &nbsp;&nbsp;&nbsp;&nbsp; 7081354 |
| Montana Facility Finance Authority, (Bozeman Deaconess Health Services Obligated Group), 5.00%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 251414 |
| Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp; 998576 |
| Muskingum County, OH, (Genesis HealthCare System Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp; 2780952 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835 | &nbsp;&nbsp;&nbsp;&nbsp; 3834704 |
| New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5890 | &nbsp;&nbsp;&nbsp;&nbsp; 5033639 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1753194 |
| Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 483966 |
| Onondaga Civic Development Corp., NY, (Crouse Health Hospital, Inc.), 5.125%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435 | &nbsp;&nbsp;&nbsp;&nbsp; 6093367 |
| Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 5/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885 | &nbsp;&nbsp;&nbsp;&nbsp; 4218019 |
| Skagit County Public Hospital District No. 1, WA, 5.50%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2806974 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| South Carolina Jobs-Economic Development Authority, (Beaufort Memorial Hospital and South of Broad Healthcare), 5.75%, 11/15/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;$3307149 |
| South Carolina Jobs-Economic Development Authority, (Novant Health Obligated Group), 4.50%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950 | &nbsp;&nbsp;&nbsp;&nbsp; 6773064 |
| Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2960 | &nbsp;&nbsp;&nbsp;&nbsp; 2957130 |
| West Virginia Hospital Finance Authority, (Vandalia Health): |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4329491 |
| &nbsp;&nbsp;&nbsp;6.00%, 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4287795 |
| West Virginia Hospital Finance Authority, (West Virginia Health System Obligated Group), 4.375%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp; 2163394 |
| Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), 6.25%, 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 562544 |
| Wisconsin Health and Educational Facilities Authority, (Thedacare, Inc.), 3.125%, 12/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765 | &nbsp;&nbsp;&nbsp;&nbsp; 2819784 |
|  |  | &nbsp;&nbsp;**$132842231** |
| Housing — 6.0% | Housing — 6.0% | Housing — 6.0% |
| Alachua County Housing Finance Authority, FL, (Woodland Park II LLC), 6.30% to 7/1/43 (Put Date), 7/1/55<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;$3367005 |
| Burke County Development Authority, GA, (KSU Summit II Student Housing): |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 7/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 508938 |
| &nbsp;&nbsp;&nbsp;4.625%, 7/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105 | &nbsp;&nbsp;&nbsp;&nbsp; 2044944 |
| CMFA Special Finance Agency, CA, (Solana at Grand), 4.00%, 8/1/56<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3430812 |
| CSCDA Community Improvement Authority, CA, (City of Orange Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 3/1/57<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp; 6728968 |
| Indiana Finance Authority, (CHF-Tippecanoe, LLC - Student Housing), 5.125%, 6/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1604858 |
| Kentucky Housing Corp., SFMR, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1500082 |
| King County Housing Authority, WA, (Kirkland Heights Project), 4.625%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp; 2054751 |
| Knox County Health Educational and Housing Facility Board, TN, (MTEBS Village), (FNMA), 4.625%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1367250 |
| Maine Housing Authority, Social Bonds, 4.70%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 657674 |
| 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;&nbsp;&nbsp; 2087644 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Massachusetts Development Finance Agency, (Merrimack College Student Housing), 5.00%, 7/1/60<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;$2091233 |
| Mississippi Home Corp., MS, (Jackson Housing Portfolio), (FNMA), 4.55%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 | &nbsp;&nbsp;&nbsp;&nbsp; 2275574 |
| National Finance Authority, NH, Municipal Certificates, Series 2022-2, Class A, Social Certificates, 4.00%, 10/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6682 | &nbsp;&nbsp;&nbsp;&nbsp; 6697514 |
| New Hampshire Business Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Social Certificates, 3.625%, 8/20/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940 | &nbsp;&nbsp;&nbsp;&nbsp; 4826664 |
| &nbsp;&nbsp;&nbsp;Social Certificates, 5.15% to 6/1/35 (Put Date), 6/20/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994 | &nbsp;&nbsp;&nbsp;&nbsp; 3154632 |
| New York City Housing Development Corp., NY, (8 Spruce Street), 5.25%, 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1554908 |
| Ohio Housing Finance Agency, (Havens Edge Apartment), 5.70%, 8/1/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1828704 |
| Public Finance Authority, WI, (Aggie Apartment Life Holding Corp., II LLC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1323033 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp; 2336720 |
| Public Finance Authority, WI, (KSU Bixby Real Estate Foundation LLC): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 555594 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 757897 |
| &nbsp;&nbsp;&nbsp;5.50%, 6/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 755200 |
| Public Finance Authority, WI, (University of Hawaii Foundation), Green and Social Bonds, 4.00%, 7/1/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 1862910 |
| Rhode Island Housing and Mortgage Finance Corp., Social Bonds, (GNMA), 4.60%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp; 3426643 |
| Shelby County Health and Educational Facilities Board, TN, (Madrone Memphis Student Housing I LLC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1247891 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/56<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4820338 |
| Texas Student Housing Corp., (University of North Texas): |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, 7/1/06<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 860000 |
| &nbsp;&nbsp;&nbsp;11.00%, 7/1/31<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| Utah Housing Corp., (Promontory Place Apartments), (FNMA), 4.69%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4345 | &nbsp;&nbsp;&nbsp;&nbsp; 4481586 |
| Vail Home Partners Corp., CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 10/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 426688 |
| &nbsp;&nbsp;&nbsp;5.875%, 10/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2544822 |
| &nbsp;&nbsp;&nbsp;6.00%, 10/1/64<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4083180 |
| Vancouver Housing Authority, WA, (Cougar Creek), 4.50%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1284399 |
| Washington Housing Finance Commission, Social Certificates, 3.375%, 4/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8324 | &nbsp;&nbsp;&nbsp;&nbsp; 7960491 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Washington State Housing Finance Commission, (Radford Court and Nordheim Court): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1381928 |
| &nbsp;&nbsp;&nbsp;5.50%, 7/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1968584 |
| Wisconsin Health and Educational Facilities Authority, (Wisconsin Housing Preservation Corp.), 4.375%, 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8290460 |
|  |  | &nbsp;&nbsp;**$100150519** |
| Industrial Development Revenue — 11.5% | Industrial Development Revenue — 11.5% | Industrial Development Revenue — 11.5% |
| Arkansas Development Finance Authority, (United States Steel Corp.): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.45%, 9/1/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;$12238918 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.70%, 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6730 | &nbsp;&nbsp;&nbsp;&nbsp; 6843272 |
| Baldwin County Industrial Development Authority, AL, (Novelis Corp.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.625% to 6/1/32 (Put Date), 6/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2016570 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00% to 6/1/32 (Put Date), 6/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3272734 |
| California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6690 | &nbsp;&nbsp;&nbsp;&nbsp; 6754328 |
| Florida Development Finance Corp., (GFL Solid Waste Southeast LLC), (AMT), 4.375% to 10/1/31 (Put Date), 10/1/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2525689 |
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610 | &nbsp;&nbsp;&nbsp;&nbsp; 5112297 |
| Henderson, KY, (Pratt Paper, LLC), (AMT), 4.70%, 1/1/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5510 | &nbsp;&nbsp;&nbsp;&nbsp; 5193778 |
| Hoover Industrial Development Board, AL, (United States Steel Corp.), (AMT), 5.75%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1262262 |
| Houston, TX, (United Airlines, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11710 | &nbsp;&nbsp;&nbsp;&nbsp; 10799822 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1628587 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9855847 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 378021 |
| Jefferson County Port Authority, OH, (JSW Steel USA Ohio, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/28 (Put Date), 12/1/53<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6140942 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.50%, 12/1/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250 | &nbsp;&nbsp;&nbsp;&nbsp; 7709546 |
| Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.00%, 8/1/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071688 |
| Maricopa County Industrial Development Authority, AZ, (Commercial Metals Co.), (AMT), 4.00%, 10/15/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350 | &nbsp;&nbsp;&nbsp;&nbsp; 5408778 |
| Mobile County Industrial Development Authority, AL, (AM/LS Calvert LLC): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.75%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14650 | &nbsp;&nbsp;&nbsp;&nbsp; 13603655 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Portfolio of Investments — 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) |
| Mobile County Industrial Development Authority, AL, (AM/LS Calvert LLC): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 6/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250 | &nbsp;&nbsp;$6986837 |
| National Finance Authority, NH, (Covanta): |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13325 | &nbsp;&nbsp;&nbsp;&nbsp; 11941208 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.875%, 11/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp; 1823144 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 3.75% to 7/2/40 (Put Date), 7/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp; 1538716 |
| New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), 2.95%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 468583 |
| New Jersey Economic Development Authority, (Continental Airlines): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850 | &nbsp;&nbsp;&nbsp;&nbsp; 5858932 |
| &nbsp;&nbsp;&nbsp;5.50%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375 | &nbsp;&nbsp;&nbsp;&nbsp; 4386044 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.625%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3840 | &nbsp;&nbsp;&nbsp;&nbsp; 3855390 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9470406 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14630 | &nbsp;&nbsp;&nbsp;&nbsp; 15067333 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.625%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10621975 |
| Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6367416 |
| Pennsylvania Economic Development Financing Authority, (Core Natural Resources, Inc.), (AMT), 5.45% to 3/27/35 (Put Date), 1/1/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965 | &nbsp;&nbsp;&nbsp;&nbsp; 2146209 |
| Pennsylvania Economic Development Financing Authority, (Covanta), Green Bonds, (AMT), 3.25%, 8/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1363687 |
| Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 482699 |
| Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1405961 |
| West Virginia Economic Development Authority (Commercial Metals Co.), (AMT), 4.625% to 5/15/32 (Put Date), 4/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp; 2824390 |
| West Virginia Economic Development Authority, (Core Natural Resources, Inc.), (AMT), 5.45% to 3/27/35 (Put Date), 1/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2456815 |
|  |  | &nbsp;&nbsp;**$190882479** |
| Insured - Education — 0.0%<sup>†</sup> | Insured - Education — 0.0%<sup>†</sup> | Insured - Education — 0.0%<sup>†</sup> |
| Walker County Board of Education, AL, (AG), 4.25%, 3/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$41968 |
|  |  | &nbsp;&nbsp;**$41968** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Electric Utilities — 0.1% | Insured - Electric Utilities — 0.1% | Insured - Electric Utilities — 0.1% |
| Garland, TX, Electric Utility System Revenue, (AG), 4.25%, 3/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;$1779141 |
|  |  | &nbsp;&nbsp;**$1779141** |
| Insured - General Obligations — 0.5% | Insured - General Obligations — 0.5% | Insured - General Obligations — 0.5% |
| Generation Park Management District, TX, (AG), 3.75%, 9/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295 | &nbsp;&nbsp;$2017478 |
| Harris County Improvement District No. 18, TX, (BAM), 3.50%, 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 994647 |
| Harris County Municipal Utility District No. 165, TX: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 3.50%, 3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785 | &nbsp;&nbsp;&nbsp;&nbsp; 2395116 |
| &nbsp;&nbsp;&nbsp;(BAM), 3.50%, 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp; 2271288 |
|  |  | &nbsp;&nbsp;**$7678529** |
| Insured - Hospital — 1.7% | Insured - Hospital — 1.7% | Insured - Hospital — 1.7% |
| Columbia County Hospital Authority, GA, (WellStar Health System, Inc.), (AG), 5.00%, 4/1/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;$2187812 |
| Grand Forks, ND, (Altru Health System), (AG), 3.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6505 | &nbsp;&nbsp;&nbsp;&nbsp; 4925315 |
| New York Dormitory Authority, (White Plains Hospital Obligated Group), (AG), 5.50%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp; 1605705 |
| Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), (AG), 4.25%, 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6855 | &nbsp;&nbsp;&nbsp;&nbsp; 6358438 |
| Virginia Commonwealth University Health System Authority, (BAM), 4.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7460 | &nbsp;&nbsp;&nbsp;&nbsp; 6883308 |
| Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1954740 |
| &nbsp;&nbsp;&nbsp;(AG), 5.75%, 11/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2145153 |
| Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), (AG), 4.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970 | &nbsp;&nbsp;&nbsp;&nbsp; 2701988 |
|  |  | &nbsp;&nbsp;**$28762459** |
| Insured - Lease Revenue/Certificates of Participation — 0.2% | Insured - Lease Revenue/Certificates of Participation — 0.2% | Insured - Lease Revenue/Certificates of Participation — 0.2% |
| Indianapolis Local Public Improvement Bond Bank, IN, (BAM), 5.00%, 3/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp;$2430615 |
|  |  | &nbsp;&nbsp;**$2430615** |
| Insured - Special Tax Revenue — 3.4% | Insured - Special Tax Revenue — 3.4% | Insured - Special Tax Revenue — 3.4% |
| Harris County-Houston Sports Authority, TX: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (NPFG), 0.00%, 11/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12700 | &nbsp;&nbsp;$8450811 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 0.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1090769 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 0.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9395 | &nbsp;&nbsp;&nbsp;&nbsp; 9190827 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 0.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 369827 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 0.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9605 | &nbsp;&nbsp;&nbsp;&nbsp; 8880485 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<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) |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (AG), 0.00%, 12/15/56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$2161529 |
| Miami-Dade County, FL, Professional Sports Franchise Facilities, (AG), 7.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp; 16435483 |
| Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AG), 5.375%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2137210 |
| 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;2585 | &nbsp;&nbsp;&nbsp;&nbsp; 2468225 |
| Tolomato Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 3.75%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2513915 |
| &nbsp;&nbsp;&nbsp;(AG), 3.75%, 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 2985353 |
|  |  | &nbsp;&nbsp;**$56684434** |
| Insured - Transportation — 2.5% | Insured - Transportation — 2.5% | Insured - Transportation — 2.5% |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.50%, 1/1/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110 | &nbsp;&nbsp;$3256176 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.50%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080 | &nbsp;&nbsp;&nbsp;&nbsp; 9469625 |
| Chicago, IL, (Midway International Airport), (BAM), (AMT), 5.75%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6355 | &nbsp;&nbsp;&nbsp;&nbsp; 6765850 |
| E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665 | &nbsp;&nbsp;&nbsp;&nbsp; 3757205 |
| Foothill/Eastern Transportation Corridor Agency, CA, (AG), 5.625%, 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp; 2262270 |
| Metropolitan Transportation Authority, NY, Green Bonds, (BAM), 4.00%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960 | &nbsp;&nbsp;&nbsp;&nbsp; 4499761 |
| New York Transportation Development Corp., (John F. Kennedy International Airport), Green Bonds, (AG), (AMT), 4.625%, 6/30/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765 | &nbsp;&nbsp;&nbsp;&nbsp; 2639294 |
| Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9390 | &nbsp;&nbsp;&nbsp;&nbsp; 8272919 |
|  |  | &nbsp;&nbsp;**$40923100** |
| Insured - Water and Sewer — 0.0%<sup>†</sup> | Insured - Water and Sewer — 0.0%<sup>†</sup> | Insured - Water and Sewer — 0.0%<sup>†</sup> |
| Terre Haute Sanitary District, IN, (BAM), 4.375%, 1/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;$292110 |
|  |  | &nbsp;&nbsp;**$292110** |
| Lease Revenue/Certificates of Participation — 2.8% | Lease Revenue/Certificates of Participation — 2.8% | Lease Revenue/Certificates of Participation — 2.8% |
| Baltimore, MD, (Harbor Point), 5.00%, 6/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;$1593831 |
| National Finance Authority, NH, (Centurion Foundation Broward Health Medical Center LLC), 5.625%, 9/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11843605 |
| New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12950 | &nbsp;&nbsp;&nbsp;&nbsp; 13538164 |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9060 | &nbsp;&nbsp;&nbsp;&nbsp; 9544241 |

---

---

| | | |
|:---|:---|:---|
| **<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, (School Facilities Construction): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;$677562 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8170 | &nbsp;&nbsp;&nbsp;&nbsp; 8454297 |
|  |  | &nbsp;&nbsp;**$45651700** |
| Other Revenue — 3.2% | Other Revenue — 3.2% | Other Revenue — 3.2% |
| Buckeye Tobacco Settlement Financing Authority, OH: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545 | &nbsp;&nbsp;$3214420 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15635 | &nbsp;&nbsp;&nbsp;&nbsp; 12880688 |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4285 | &nbsp;&nbsp;&nbsp;&nbsp; 4662832 |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp; 2437500 |
| Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1286140 |
| 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;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3179576 |
| Military Installation Development Authority, UT, 4.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1415762 |
| Morongo Band of Mission Indians, CA, 5.00%, 10/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2070751 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250 | &nbsp;&nbsp;&nbsp;&nbsp; 9953881 |
| Public Finance Authority, WI, (Inperium, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5092475 |
| &nbsp;&nbsp;&nbsp;5.75%, 12/1/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6052315 |
| Southeast Energy Authority, AL, 5.00% to 6/1/35 (Put Date), 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 573017 |
|  |  | &nbsp;&nbsp;**$52819357** |
| Senior Living/Life Care — 17.5% | Senior Living/Life Care — 17.5% | Senior Living/Life Care — 17.5% |
| Atlantic Beach, FL, (Fleet Landing): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945 | &nbsp;&nbsp;$7950680 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022139 |
| California Municipal Finance Authority, (Mt. San Antonio Gardens), 4.00%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 732500 |
| California Public Finance Authority, (Enso Village): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 11/15/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | &nbsp;&nbsp;&nbsp;&nbsp; 2352624 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 11/15/56<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp; 2418245 |
| Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3292480 |
| Clackamas County Hospital Facility Authority, OR, (Mary's Woods at Marylhurst), 5.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 166778 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Portfolio of Investments — 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) |
| Clackamas County Hospital Facility Authority, OR, (Rose Villa): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 11/15/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;$222778 |
| &nbsp;&nbsp;&nbsp;5.375%, 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 297901 |
| Colorado Health Facilities Authority, (Aberdeen Ridge): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 1852708 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525 | &nbsp;&nbsp;&nbsp;&nbsp; 1821130 |
| Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 762396 |
| Colorado Health Facilities Authority, (Frasier), 5.25%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 827915 |
| Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 965877 |
| Delaware Economic Development Authority, DE, (Acts Retirement Life Communities, Inc.), 5.25%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4653604 |
| District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 1952432 |
| Florida Development Finance Corp., (The Glenridge on Palmer Ranch), 5.00%, 6/1/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7347140 |
| Florida Local Government Finance Commission, (Fleet Landing at Nocatee): |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 11/15/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067045 |
| &nbsp;&nbsp;&nbsp;6.625%, 11/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1591058 |
| &nbsp;&nbsp;&nbsp;6.75%, 11/15/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1306998 |
| Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007481 |
| Franklin County, OH, (Ohio Living Communities): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4089734 |
| &nbsp;&nbsp;&nbsp;5.50%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6383854 |
| Fulton County Residential Care Facilities for the Elderly Authority, GA, (Canterbury Court): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/56<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050 | &nbsp;&nbsp;&nbsp;&nbsp; 3987669 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 967716 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp; 1563112 |
| Grand Rapids Economic Development Corp., MI, (Beacon Hill at Eastgate), 5.75%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6023176 |
| Hamilton County, OH, (Life Enriching Communities), 5.75%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3101213 |
| Howard County, MD, (Vantage House), 5.00%, 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1686431 |
| Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 396456 |
| Iowa Finance Authority, (Lifespace Communities, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 | &nbsp;&nbsp;&nbsp;&nbsp; 1752520 |

---

---

| | | |
|:---|:---|:---|
| **<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) |
| Iowa Finance Authority, (Lifespace Communities, Inc.): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855 | &nbsp;&nbsp;$3666688 |
| James City County Economic Development Authority, VA, (Williamsburg Landing), 6.875%, 12/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2811442 |
| Massachusetts Development Finance Agency, (Linden Ponds, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1598481 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1041215 |
| Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1300301 |
| Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9045 | &nbsp;&nbsp;&nbsp;&nbsp; 8580836 |
| Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 4.00%, 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245 | &nbsp;&nbsp;&nbsp;&nbsp; 1734787 |
| National Finance Authority, NH, (The Vista): |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 556638 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp; 1746147 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Bella Vida Forefront Living): |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2282806 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1655402 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1161173 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.375%, 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1498191 |
| 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;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15418308 |
| New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp; 14404088 |
| Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge): |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1200384 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3682344 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1884775 |
| North Carolina Medical Care Commission, (Penick Village), 5.50%, 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410 | &nbsp;&nbsp;&nbsp;&nbsp; 2403140 |
| North Carolina Medical Care Commission, (Pennybyrn at Maryfield), 5.625%, 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 364038 |
| Okaloosa County, FL, (Air Force Enlisted Village, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 5/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1330416 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/15/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1719407 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Portfolio of Investments — 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) |
| Okaloosa County, FL, (Air Force Enlisted Village, Inc.): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 5/15/60<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1013240 |
| Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village): |  |  |
| &nbsp;&nbsp;&nbsp;11.50%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020 | &nbsp;&nbsp;&nbsp;&nbsp; 8859392 |
| &nbsp;&nbsp;&nbsp;11.50%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 537829 |
| Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp; 1576473 |
| Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 770625 |
| Public Finance Authority, WI, (Mary's Woods at Marylhurst): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 5/15/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007299 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/15/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1333169 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/15/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2674769 |
| South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community), 4.00%, 4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp; 943889 |
| South Carolina Jobs-Economic Development Authority, (Rolling Green Village): |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 12/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 | &nbsp;&nbsp;&nbsp;&nbsp; 2769716 |
| &nbsp;&nbsp;&nbsp;5.80%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1520241 |
| South Carolina Jobs-Economic Development Authority, (Seafields Kiawah Island Project), 7.75%, 11/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp; 13705756 |
| South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2517082 |
| St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis), 5.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1273335 |
| Stamford Housing Authority, CT, (Mozaic Concierge Living): |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1653455 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2247818 |
| 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;715 | &nbsp;&nbsp;&nbsp;&nbsp; 717299 |
| &nbsp;&nbsp;&nbsp;6.75%, 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225 | &nbsp;&nbsp;&nbsp;&nbsp; 3027525 |
| &nbsp;&nbsp;&nbsp;6.875%, 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 175431 |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395 | &nbsp;&nbsp;&nbsp;&nbsp; 4290955 |
| &nbsp;&nbsp;&nbsp;5.375%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1531140 |
| &nbsp;&nbsp;&nbsp;5.625%, 12/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 2204370 |
| &nbsp;&nbsp;&nbsp;5.625%, 12/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225 | &nbsp;&nbsp;&nbsp;&nbsp; 4291864 |

---

---

| | | |
|:---|:---|:---|
| **<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) |
| Tempe Industrial Development Authority, AZ, (Mirabella at ASU): |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 10/1/47<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;$2726031 |
| &nbsp;&nbsp;&nbsp;6.125%, 10/1/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8850 | &nbsp;&nbsp;&nbsp;&nbsp; 5706173 |
| Venice, FL, (Village On The Isle), 5.625%, 1/1/60<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1988142 |
| Virginia Beach Development Authority, VA, (Westminster-Canterbury on Chesapeake Bay): |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2197604 |
| &nbsp;&nbsp;&nbsp;7.00%, 9/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9844704 |
| Washington Housing Finance Commission, (Bayview Manor Homes): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1501944 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1322842 |
| Washington Housing Finance Commission, (Horizon House): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7225 | &nbsp;&nbsp;&nbsp;&nbsp; 6437861 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10080 | &nbsp;&nbsp;&nbsp;&nbsp; 10133542 |
| &nbsp;&nbsp;&nbsp;6.25%, 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22715 | &nbsp;&nbsp;&nbsp;&nbsp; 22791113 |
| &nbsp;&nbsp;&nbsp;6.25%, 1/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6835 | &nbsp;&nbsp;&nbsp;&nbsp; 6830519 |
| Washington Housing Finance Commission, (Transforming Age): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2445908 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 641489 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1349461 |
| Wisconsin Health and Educational Facilities Authority, (Dickson Hollow Phase II), 6.125%, 10/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1763503 |
| Wisconsin Health and Educational Facilities Authority, (Oakwood Lutheran Senior Ministries), 4.00%, 1/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 780151 |
| Wisconsin Health and Educational Facilities Authority, (Three Pillars Senior Living Communities): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1522966 |
| &nbsp;&nbsp;&nbsp;5.75%, 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 948802 |
| &nbsp;&nbsp;&nbsp;5.75%, 8/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4112772 |
|  |  | &nbsp;&nbsp;**$291293081** |
| Special Tax Revenue — 9.7% | Special Tax Revenue — 9.7% | Special Tax Revenue — 9.7% |
| Aerotropolis Regional Transportation Authority, CO, 5.75%, 12/1/54<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13760 | &nbsp;&nbsp;$13716302 |
| American Samoa Economic Development Authority, 5.25%, 9/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 934824 |
| Atlanta Development Authority, GA, (Westside Gulch Area), 5.50%, 4/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13580 | &nbsp;&nbsp;&nbsp;&nbsp; 14084162 |
| Coastal Ridge Community Development District, FL, 5.75%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015 | &nbsp;&nbsp;&nbsp;&nbsp; 3114415 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Portfolio of Investments — 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) |
| Denton County, TX, (Green Meadows Public Improvement District Improvement Area): |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 12/31/45<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1549684 |
| &nbsp;&nbsp;&nbsp;5.625%, 12/31/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp;&nbsp; 1130534 |
| District of Columbia Income Tax Revenue, 5.25%, 6/1/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4274560 |
| Downtown Revitalization Public Infrastructure District, UT, 5.00%, 7/15/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008069 |
| Hobe-St. Lucie Conservancy District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;5.60%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035269 |
| &nbsp;&nbsp;&nbsp;5.875%, 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp; 1986594 |
| Kingston One Community Development District, FL, (Assessment Area One 2025): |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1804727 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/1/57<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4601397 |
| Lakewood Ranch Stewardship District, FL, (Lakewood Ranch Southeast): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795 | &nbsp;&nbsp;&nbsp;&nbsp; 2941201 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 | &nbsp;&nbsp;&nbsp;&nbsp; 2291980 |
| &nbsp;&nbsp;&nbsp;5.80%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2079115 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2060688 |
| Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685 | &nbsp;&nbsp;&nbsp;&nbsp; 3695964 |
| &nbsp;&nbsp;&nbsp;5.125%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000218 |
| Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 471185 |
| Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development Project), 5.125%, 6/1/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1832911 |
| Mida Mountain Village Public Infrastructure District, UT: |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 6/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 | &nbsp;&nbsp;&nbsp;&nbsp; 2339070 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375 | &nbsp;&nbsp;&nbsp;&nbsp; 3458627 |
| Middleton Community Development District A, FL, 4.75%, 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1298530 |
| New River Community Development District, FL, (Capital Improvements): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/13<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 978929 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.50%, 11/1/45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21687800 |
| Ohio County, WV, (The Highlands), 5.25%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp; 2996131 |
| Oneida Indian Nation of New York, NY, 6.00%, 9/1/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2487246 |
| Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 4.00%, 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4532637 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Point Phase 1 Public Infrastructure District No. 1, UT, 5.875%, 3/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;$3879926 |
| Puerto Rico Sales Tax Financing Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18623 | &nbsp;&nbsp;&nbsp;&nbsp; 6485460 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40064 | &nbsp;&nbsp;&nbsp;&nbsp; 10200351 |
| &nbsp;&nbsp;&nbsp;4.75%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9834 | &nbsp;&nbsp;&nbsp;&nbsp; 9500565 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp;&nbsp; 15966226 |
| Reno, NV, Sales Tax Revenue, 4.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1244003 |
| South Village Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500842 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100154 |
| 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;808 | &nbsp;&nbsp;&nbsp;&nbsp; 765747 |
| &nbsp;&nbsp;&nbsp;Series A2, 5.80%, 5/1/35<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 453000 |
| St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 283706 |
| Winter Garden Village at Fowler Groves Community Development District, FL, 4.125%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905 | &nbsp;&nbsp;&nbsp;&nbsp; 3907247 |
|  |  | &nbsp;&nbsp;**$161680006** |
| Transportation — 10.7% | Transportation — 10.7% | Transportation — 10.7% |
| California Municipal Finance Authority, (HumanGood - California Obligated Group), (AMT), 5.00%, 6/1/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;$2018052 |
| Chicago, IL, (O'Hare International Airport), (AMT), 5.50%, 1/1/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4123040 |
| Colorado High Performance Transportation Enterprise, (U.S. 36 and I-25 Managed Lanes), (AMT), 5.75%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2101671 |
| Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8385 | &nbsp;&nbsp;&nbsp;&nbsp; 8503108 |
| Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119806 |
| Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp; 988854 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 407243 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 873549 |
| Louisiana Public Facilities Authority, (I-10 Calcasieu River Bridge Public-Private Partnership), (AMT), 5.50%, 9/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15075 | &nbsp;&nbsp;&nbsp;&nbsp; 15286050 |
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 | &nbsp;&nbsp;&nbsp;&nbsp; 3246588 |
| New York Thruway Authority, 4.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7770 | &nbsp;&nbsp;&nbsp;&nbsp; 7211593 |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| 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;4000 | &nbsp;&nbsp;$4043528 |
| New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 6/30/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10114255 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.50%, 6/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026086 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 6.00%, 6/30/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1374603 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 6.00%, 6/30/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4507630 |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505 | &nbsp;&nbsp;&nbsp;&nbsp; 3505148 |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), (AMT), 5.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 5046758 |
| Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One), (AMT), 5.25%, 6/30/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8180 | &nbsp;&nbsp;&nbsp;&nbsp; 8267656 |
| Phoenix Civic Improvement Corp., AZ, Airport Revenue, (AMT), 4.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575 | &nbsp;&nbsp;&nbsp;&nbsp; 3186983 |
| Public Finance Authority, WI, (Georgia SR 400 Express Lanes): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.75%, 6/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10363922 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.75%, 12/31/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13750 | &nbsp;&nbsp;&nbsp;&nbsp; 14229748 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.50%, 6/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9943238 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.50%, 12/31/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 8286032 |
| Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7014303 |
| San Diego County Regional Airport Authority, CA, (San Diego International Airport), (AMT), 5.00%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10160 | &nbsp;&nbsp;&nbsp;&nbsp; 10346325 |
| South Jersey Port Corp., NJ, (AMT), 5.00%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp; 2961744 |
| Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp; 2316279 |
| Texas Private Activity Bond Surface Transportation Corp., (NTE Mobility Partners Segments 3, LLC): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 6/30/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp; 1860777 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 6/30/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp; 2297002 |
| Texas Transportation Commission, (State Highway System): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 259138 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 896271 |
| Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7143990 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Virginia Small Business Financing Authority, (95 Express Lanes LLC Project), (AMT), 4.00%, 1/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220 | &nbsp;&nbsp;$3149286 |
| Virginia Small Business Financing Authority, (Transform 66 P3), (AMT), 5.00%, 12/31/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9539785 |
|  |  | &nbsp;&nbsp;**$177560041** |
| Water and Sewer — 0.5% | Water and Sewer — 0.5% | Water and Sewer — 0.5% |
| Charlotte County Industrial Development Authority, FL, (Town and Country Utilities): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.875%, 10/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1039839 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.125%, 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035363 |
| Dallas, TX, Waterworks and Sewer System Revenue, 4.25%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp; 2819646 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.25%, 6/15/52<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3151920 |
|  |  | &nbsp;&nbsp;**$8046768** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $1,581,761,369) |  | &nbsp;&nbsp;**$1601366124** |

---

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

Taxable Municipal Obligations — 3.6%

---

| | | |
|:---|:---|:---|
| **<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;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;$56233 |
|  |  | &nbsp;&nbsp;**$56233** |
| Education — 0.6% | Education — 0.6% | Education — 0.6% |
| California Municipal Finance Authority, (Albert Einstein Academies): |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 8/1/38<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;$793146 |
| &nbsp;&nbsp;&nbsp;4.50%, 8/1/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 962541 |
| Capital Trust Authority, FL, (Mason Classical Academy), 6.75%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985 | &nbsp;&nbsp;&nbsp;&nbsp; 2998766 |
| Maricopa County Industrial Development Authority, AZ, (Grand Canyon University), 7.375%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3732619 |
| 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;&nbsp;&nbsp; 1363287 |
|  |  | &nbsp;&nbsp;**$9850359** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations — 0.4% | General Obligations — 0.4% | General Obligations — 0.4% |
| Atlantic City, NJ, 7.50%, 3/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440 | &nbsp;&nbsp;$6286577 |
| Detroit, MI: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.11%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 810744 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.344%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 119601 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.644%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 459232 |
|  |  | &nbsp;&nbsp;**$7676154** |
| Hospital — 0.3% | Hospital — 0.3% | Hospital — 0.3% |
| Middleburg Heights, OH, (Southwest General Health Center), 4.074%, 8/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;$4389967 |
|  |  | &nbsp;&nbsp;**$4389967** |
| Housing — 0.4% | Housing — 0.4% | Housing — 0.4% |
| Alachua County Housing Finance Authority, FL, (Woodland Park II LLC), 7.00% to 7/1/28 (Put Date), 7/1/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2036774 |
| Florida Development Finance Corp., (The Henry Project), 8.00%, 6/1/37<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 | &nbsp;&nbsp;&nbsp;&nbsp; 3983271 |
|  |  | &nbsp;&nbsp;**$6020045** |
| Insured - Education — 0.1% | Insured - Education — 0.1% | Insured - Education — 0.1% |
| University of California College of the Law San Francisco, CA, (BAM), 6.093%, 8/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2549238 |
|  |  | &nbsp;&nbsp;**$2549238** |
| Insured - General Obligations — 0.0%<sup>†</sup> | Insured - General Obligations — 0.0%<sup>†</sup> | Insured - General Obligations — 0.0%<sup>†</sup> |
| Elmwood Park, IL, (AG), 2.544%, 12/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;$262023 |
|  |  | &nbsp;&nbsp;**$262023** |
| Insured - Transportation — 0.8% | Insured - Transportation — 0.8% | Insured - Transportation — 0.8% |
| Alameda Corridor Transportation Authority, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 10/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16290 | &nbsp;&nbsp;$6506377 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 2588127 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 4222934 |
|  |  | &nbsp;&nbsp;**$13317438** |
| Lease Revenue/Certificates of Participation — 0.1% | Lease Revenue/Certificates of Participation — 0.1% | Lease Revenue/Certificates of Participation — 0.1% |
| New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 9.58%, 12/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;$792669 |
| New Hampshire Business Finance Authority, (Centurion Foundation), 11.00%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 431573 |
|  |  | &nbsp;&nbsp;**$1224242** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care — 0.0%<sup>†</sup> | Senior Living/Life Care — 0.0%<sup>†</sup> | Senior Living/Life Care — 0.0%<sup>†</sup> |
| Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 14.50%, 7/1/27<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;$123993 |
|  |  | &nbsp;&nbsp;**$123993** |
| Special Tax Revenue — 0.9% | Special Tax Revenue — 0.9% | Special Tax Revenue — 0.9% |
| American Samoa Economic Development Authority, 3.72%, 9/1/27<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;$719927 |
| Oneida Indian Nation of New York, NY, 8.00%, 9/1/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14227493 |
|  |  | &nbsp;&nbsp;**$14947420** |
| Total Taxable Municipal Obligations<br> (identified cost $61,700,831) |  | &nbsp;&nbsp;**$60417112** |

---

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

Short-Term Investments — 1.6%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.03%<sup>(5)</sup> | 25833677 | &nbsp;&nbsp;$25836260 |
| Total Short-Term Investments<br> (identified cost $25,836,260) |  | &nbsp;&nbsp;**$25836260** |
| Total Investments — 102.6%<br> (identified cost $1,686,450,514) |  | &nbsp;&nbsp;**$1704675852** |
| Other Assets, Less Liabilities — (2.6)% |  | &nbsp;&nbsp;**$(43338469)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$1661337383** |

---

---

| | |
|:---|:---|
| 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 January 31, 2026, the aggregate value of these securities is $349,393,697 or 21.0% of the Fund's net assets. |
| <sup>(2)</sup> | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| <sup>(3)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <sup>(4)</sup> | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy and is non-income producing. |
| <sup>(5)</sup> | The rate shown is the annualized seven-day yield as of January 31, 2026. |
| At January 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is less than 10% individually. | At January 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is less than 10% individually. |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Portfolio of Investments — continued

------

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 January 31, 2026, 9.1% 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 0.5% to 5.5% 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 |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2026** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $1,686,450,514) | &nbsp;&nbsp;$1704675852 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18164535 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012968 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077253 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120255 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189005 |
| **Total assets** | &nbsp;&nbsp;**$1728239868** |
| Liabilities |  |
| Payable for floating rate notes issued | &nbsp;&nbsp;$50784347 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9327203 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4703219 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397200 |
| 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;612494 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83330 |
| &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;7801 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189005 |
| Interest expense and fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408208 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389678 |
| **Total liabilities** | &nbsp;&nbsp;**$66902485** |
| **Net Assets** | &nbsp;&nbsp;**$1661337383** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$1799409664 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138072281) |
| **Net Assets** | &nbsp;&nbsp;**$1661337383** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$303107944 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37441096 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.10 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$8.37 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$22114481 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953592 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.49 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$991788865 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122386574 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.10 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2026** |
| Class W Shares |  |
| **Net Assets** | &nbsp;&nbsp;$344326093 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42494443 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.10 |

---

---

| | |
|:---|:---|
| 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. |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**January 31, 2026** |
| Investment Income |  |
| Dividend income | &nbsp;&nbsp;$16387 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90546288 |
| **Total investment income** | &nbsp;&nbsp;**$90562675** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$7359566 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799379 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251574 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97626 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371462 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429536 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220897 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25584 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120502 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577970 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261984 |
| **Total expenses** | &nbsp;&nbsp;**$11516080** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Reimbursement of investment adviser fee — Class W | &nbsp;&nbsp;$1287071 |
| **Total expense reductions** | &nbsp;&nbsp;**$1287071** |
| **Net expenses** | &nbsp;&nbsp;**$10229009** |
| **Net investment income** | &nbsp;&nbsp;**$80333666** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(22734173) |
| **Net realized loss** | &nbsp;&nbsp;**$(22734173)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(4933132) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(4933132)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(27667305)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$52666361** |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
|  | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$80333666 | &nbsp;&nbsp;$76294188 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22734173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093271 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4933132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092164 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$52666361** | &nbsp;&nbsp;**$79479623** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(14187532) | &nbsp;&nbsp;$(14377178) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(926631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1228049) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49204136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51191920) |
| &nbsp;&nbsp;&nbsp;Class W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15215514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8561261) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(79533813)** | &nbsp;&nbsp;**$(75358408)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(38540099) | &nbsp;&nbsp;$38781689 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8519806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7774526) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271793778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247490366 |
| &nbsp;&nbsp;&nbsp;Class W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86469406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148605908 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(232384277)** | &nbsp;&nbsp;**$427103437** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(259251729)** | &nbsp;&nbsp;**$431224652** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1920589112 | &nbsp;&nbsp;$1489364460 |
| **At end of year** | &nbsp;&nbsp;**$1661337383** | &nbsp;&nbsp;**$1920589112** |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.20 | &nbsp;&nbsp;$8.16 | &nbsp;&nbsp;$8.15 | &nbsp;&nbsp;$9.08 | &nbsp;&nbsp;$9.36 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &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;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;**$0.38** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$(0.62)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.00<sup>(2)</sup>** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.28) |
| **Total distributions** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.28)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.10** | &nbsp;&nbsp;**$8.20** | &nbsp;&nbsp;**$8.16** | &nbsp;&nbsp;**$8.15** | &nbsp;&nbsp;**$9.08** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.25%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.78%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.80)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.02)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$303108 | &nbsp;&nbsp;$346532 | &nbsp;&nbsp;$306027 | &nbsp;&nbsp;$306809 | &nbsp;&nbsp;$412905 |
| 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;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&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;&nbsp;&nbsp;49% | &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;22% |

---

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

<sup>(2)</sup> Amount is less than $0.005.

<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> 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> 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_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$7.58 | &nbsp;&nbsp;$7.55 | &nbsp;&nbsp;$7.54 | &nbsp;&nbsp;$8.40 | &nbsp;&nbsp;$8.66 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.18** | &nbsp;&nbsp;**$0.29** | &nbsp;&nbsp;**$0.26** | &nbsp;&nbsp;**$(0.63)** | &nbsp;&nbsp;**$(0.06)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.20) |
| **Total distributions** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.20)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$7.49** | &nbsp;&nbsp;**$7.58** | &nbsp;&nbsp;**$7.55** | &nbsp;&nbsp;**$7.54** | &nbsp;&nbsp;**$8.40** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.52%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.90%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.65%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.49)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.78)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$22114 | &nbsp;&nbsp;$31234 | &nbsp;&nbsp;$38802 | &nbsp;&nbsp;$53672 | &nbsp;&nbsp;$82817 |
| 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;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &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;49% | &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;22% |

---

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

<sup>(2)</sup> Amount is less than $0.005.

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

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.21 | &nbsp;&nbsp;$8.17 | &nbsp;&nbsp;$8.16 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.37 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.26** | &nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;**$0.03** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.31) |
| **Total distributions** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.31)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.10** | &nbsp;&nbsp;**$8.21** | &nbsp;&nbsp;**$8.17** | &nbsp;&nbsp;**$8.16** | &nbsp;&nbsp;**$9.09** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.04%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.55)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.24%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$991789 | &nbsp;&nbsp;$1282568 | &nbsp;&nbsp;$1032344 | &nbsp;&nbsp;$802994 | &nbsp;&nbsp;$1063175 |
| 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;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &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;0.51% |
| &nbsp;&nbsp;&nbsp;Net expenses | &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;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &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;0.51% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;49% | &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;&nbsp;&nbsp;22% |

---

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

<sup>(2)</sup> Amount is less than $0.005.

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

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class W** | &nbsp;&nbsp;&nbsp;**Class W** | &nbsp;&nbsp;&nbsp;**Class W** | &nbsp;&nbsp;&nbsp;**Class W** | &nbsp;&nbsp;&nbsp;**Class W** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> January 31,<br> 2022<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**Period Ended<br> January 31,<br> 2022<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.20 | &nbsp;&nbsp;$8.17 | &nbsp;&nbsp;$8.15 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.32 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.42 | &nbsp;&nbsp;$0.41 | &nbsp;&nbsp;$0.39 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.31** | &nbsp;&nbsp;**$0.43** | &nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;**$(0.57)** | &nbsp;&nbsp;**$(0.12)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.11) |
| **Total distributions** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.11)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$8.10** | &nbsp;&nbsp;**$8.20** | &nbsp;&nbsp;**$8.17** | &nbsp;&nbsp;**$8.15** | &nbsp;&nbsp;**$9.09** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.99%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.30%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.23)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.30)%<sup>(4)</sup>** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$344326 | &nbsp;&nbsp;$260256 | &nbsp;&nbsp;$112191 | &nbsp;&nbsp;$34218 | &nbsp;&nbsp;$302 |
| 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;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34%<sup>(6)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&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;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22%<sup>(8)</sup> |

---

<sup>(1)</sup> For the period from the commencement of operations, October 1, 2021, to January 31, 2022.

<sup>(2)</sup> Computed using average shares outstanding.

<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).

<sup>(8)</sup> For the year ended January 31, 2022.

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance High Yield Municipal Income Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust II (the 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 Fund's investment objective is to provide high current income exempt from regular federal income tax. The Fund primarily invests in high yield municipal obligations with maturities of ten years or more. The Fund offers four 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 Fund's prospectus. Class I and Class W shares are sold at net asset value and are not subject to a sales charge. Class W shares are available for purchase only at the direction of the investment adviser or one of its affiliates on behalf of investors that are eligible clients of the investment adviser or its affiliates that have entered into a separate investment management or advisory agreement pursuant to which such clients pay an investment management or advisory fee, including investment vehicles that are sponsored, managed, advised or sub-advised by the investment adviser or its affiliates. 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. Sub-accounting, record keeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class W 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 Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The 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 the 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 the 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—The 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. The 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 the 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. As of January 31, 2026, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state,

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[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Notes to Financial Statements — continued

------

and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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 Fund. 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, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H Floating Rate Notes Issued in Conjunction with Securities Held—The Fund may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the 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 the 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 Fund accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes as a liability under the caption "Payable for floating rate notes issued" in its 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 January 31, 2026. Interest expense related to the 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 January 31, 2026, the amount of the Fund's Floating Rate Notes outstanding and the related collateral were $50,784,347 and $67,252,197, respectively. The range of interest rates on the Floating Rate Notes outstanding at January 31, 2026 was 2.30% to 2.45%. For the year ended January 31, 2026, the Fund's average settled Floating Rate Notes outstanding and the average interest rate including fees were $50,046,973 and 3.15%, respectively.

In certain circumstances, the Fund may enter into shortfall and forbearance agreements with brokers by which the 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 Fund had no shortfalls as of January 31, 2026.

The Fund 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 Fund's 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 Fund's investment policies do not allow the Fund to borrow money except as permitted by the 1940 Act. Effective August 19, 2022, the Fund 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 Fund has elected to treat its investments in residual interest bonds, along with similar financing transactions,

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[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Notes to Financial Statements — continued

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as derivatives transactions subject to the Fund's value-at-risk (VaR)-based limits on leverage risk. The Fund 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 Fund are securities exempt from registration under Rule 144A of the Securities Act of 1933.

I When-Issued Securities and Delayed Delivery Transactions—The Fund 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 Fund maintains 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—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

The net investment income of the 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 the 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.

The tax character of distributions declared for the years ended January 31, 2026 and January 31, 2025 was as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$73353514 | &nbsp;&nbsp;&nbsp;&nbsp;$67267492 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$6180299 | &nbsp;&nbsp;&nbsp;&nbsp;$8090916 |

---

As of January 31, 2026, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$372669 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155815529) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17767779 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (397200) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(138072281)** |

---

At January 31, 2026, the Fund, for federal income tax purposes, had deferred capital losses of $155,815,529 which would reduce its 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 Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2026, $62,855,054 are short-term and $92,960,475 are long-term.

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[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Notes to Financial Statements — continued

------

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

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$1636123726** |
| Gross unrealized appreciation | &nbsp;&nbsp;$48326643 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30558864) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$17767779** |

---

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 the Fund. The fee is based upon a percentage of the Fund's 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:

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| | | | |
|:---|:---|:---|:---|
| **Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Asset<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Daily Income<br> Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3150% | &nbsp;&nbsp;&nbsp;&nbsp;Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1500% |
| $500 million but less than $750 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2925% | &nbsp;&nbsp;&nbsp;&nbsp;$500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9250% |
| $750 million but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2700% | &nbsp;&nbsp;&nbsp;&nbsp;$1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7000% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2475% | &nbsp;&nbsp;&nbsp;&nbsp;$1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4750% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2250% | &nbsp;&nbsp;&nbsp;&nbsp;$2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2500% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2025% | &nbsp;&nbsp;&nbsp;&nbsp;$3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0250% |

---

For the year ended January 31, 2026, the investment adviser fee amounted to $7,359,566 or 0.44% of the Fund's average daily net assets.

BMR has agreed to reimburse the total amount of advisory fees paid by Class W shares. This agreement may be changed or terminated after June 1, 2026. Pursuant to this agreement, BMR waived and/or reimbursed $1,287,071 of the advisory fees paid by Class W shares for the year ended January 31, 2026.

Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2026, EVM earned $22,400 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $13,415 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2026. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended January 31, 2026 in the amount of $2,755. 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).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM 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 Fund are officers of the above organizations.

4 Distribution Plans

The 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, the 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 the 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 year ended January 31, 2026 amounted to $799,379 for Class A shares.

The 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, the 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 Fund. For the year ended January 31, 2026, the Fund paid or accrued to EVD $188,681 for Class C shares.

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[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Notes to Financial Statements — continued

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Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its 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 sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2026 amounted to $62,893 for Class C shares.

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

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 year ended January 31, 2026, the Fund was informed that EVD received $2,215 and $6,419 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $849,357,274 and $1,117,360,486, respectively, for the year ended January 31, 2026.

7 Shares of Beneficial Interest

The 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 Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 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; 6354190 | &nbsp;&nbsp;&nbsp;&nbsp;$50685385 | &nbsp;&nbsp;&nbsp;&nbsp;13724169 | &nbsp;&nbsp;&nbsp;&nbsp;$112639524 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1560824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12448609 | &nbsp;&nbsp;&nbsp;&nbsp; 1470289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12097650 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(12746600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101674093) | &nbsp;&nbsp;&nbsp;&nbsp;(10429410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85955485) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4831586)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(38540099)** | &nbsp;&nbsp;&nbsp;&nbsp; **4765048** | &nbsp;&nbsp;&nbsp;&nbsp;**$38781689** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 422784 | &nbsp;&nbsp;&nbsp;&nbsp;$3133666 | &nbsp;&nbsp;&nbsp;&nbsp; 733209 | &nbsp;&nbsp;&nbsp;&nbsp;$5564552 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 114753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846563 | &nbsp;&nbsp;&nbsp;&nbsp; 144406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1098402 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1703738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12500035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1899999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14437480) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1166201)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8519806)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1022384)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7774526)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;46979924 | &nbsp;&nbsp;&nbsp;&nbsp;$374451687 | &nbsp;&nbsp;&nbsp;&nbsp;63526246 | &nbsp;&nbsp;&nbsp;&nbsp;$523623708 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 5851689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46759758 | &nbsp;&nbsp;&nbsp;&nbsp; 5895992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48577367 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(86734293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(693005223) | &nbsp;&nbsp;&nbsp;&nbsp;(39522871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324710709) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(33902680)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(271793778)** | &nbsp;&nbsp;&nbsp;&nbsp;**29899367** | &nbsp;&nbsp;&nbsp;&nbsp;**$247490366** |

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[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Notes to Financial Statements — continued

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class W** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;16902734 | &nbsp;&nbsp;&nbsp;&nbsp;$134987734 | &nbsp;&nbsp;&nbsp;&nbsp;20142988 | &nbsp;&nbsp;&nbsp;&nbsp;$166376978 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1904434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15204989 | &nbsp;&nbsp;&nbsp;&nbsp; 1038539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8557508 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8031965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63723317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3200991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26328578) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**10775203** | &nbsp;&nbsp;&nbsp;&nbsp;**$86469406** | &nbsp;&nbsp;&nbsp;&nbsp;**17980536** | &nbsp;&nbsp;&nbsp;&nbsp;**$148605908** |

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8 Line of Credit

The Fund participates with other portfolios and funds managed by BMR 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 Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the 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 Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 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.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$17049273 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$17049273 |
| Tax-Exempt Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7083 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601366124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601366124 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60417112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60417112 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;25836260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25836260 |
| **Total Investments** | &nbsp;&nbsp;**$25836260** | &nbsp;&nbsp;&nbsp;&nbsp;**$1678839592** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$1704675852** |

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[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Report of Independent Registered Public Accounting Firm

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To the Trustees of Eaton Vance Municipals Trust II and Shareholders of Eaton Vance High Yield Municipal Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance High Yield Municipal Income Fund (the "Fund"), one of the funds constituting Eaton Vance Municipals Trust II, including the portfolio of investments, as of January 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 23, 2026

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

Eaton Vance

High Yield Municipal Income Fund

January 31, 2026

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended January 31, 2026, the Fund designates 92.23% of distributions from net investment income as an exempt-interest dividend.

------

[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

This Page Intentionally Left Blank

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[**Table of Contents**](#JOB_EV_AR_e7b86cff-2bb0-4580-bca3-0c6d45ae4e19_TOC)

ETHYX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;1.31.26

------

![](g152503imgd241fb9e1.jpg)

------

## Parametric

## TABS Municipal Bond Funds

## Annual Financial Statements and Additional Information
January 31, 2026

------

![](g152503img251e639a2.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 1-800-260-0761 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information January 31, 2026
Parametric

TABS Municipal Bond Funds

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_0559b21c-2f5d-4455-9e07-dbb43dee82ae_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_a478b02b-b59a-44de-8936-2d13330fff74_1) | [Items 6 and 7 of Form N-CSR:](#xx_a478b02b-b59a-44de-8936-2d13330fff74_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_a478b02b-b59a-44de-8936-2d13330fff74_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_a478b02b-b59a-44de-8936-2d13330fff74_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TABS Short-Term Municipal Bond Fund](#xx_a478b02b-b59a-44de-8936-2d13330fff74_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TABS Intermediate-Term Municipal Bond Fund](#xx_a478b02b-b59a-44de-8936-2d13330fff74_4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_194c479a-bd24-44d6-a4a6-27201ef01f41_1) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_194c479a-bd24-44d6-a4a6-27201ef01f41_2) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_194c479a-bd24-44d6-a4a6-27201ef01f41_3) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_c9321ad2-6970-4795-ae4f-798bdacde535_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_220bf704-1359-4034-8c89-84fd5cd38d45_1) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_7e6e1742-b47c-46ee-aa65-fdc87d6dc856_1) | 28 |
| [Federal Tax Information](#xx_3000e4e5-01b2-410f-aa31-b4dfa42dd8d5_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_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2026

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 97.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.8% | Bond Bank — 0.8% | Bond Bank — 0.8% |
| Texas Water Development Board, 4.50%, 10/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1072988 |
|  |  | &nbsp;&nbsp;**$1072988** |
| Education — 1.9% | Education — 1.9% | Education — 1.9% |
| Missouri Health and Educational Facilities Authority, (St. Louis University), 5.00%, 10/1/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;$1420899 |
| New Jersey Educational Facilities Authority, (Princeton University), 5.00% to 7/1/31 (Put Date), 7/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1120430 |
|  |  | &nbsp;&nbsp;**$2541329** |
| Electric Utilities — 1.5% | Electric Utilities — 1.5% | Electric Utilities — 1.5% |
| Burke County Development Authority, GA, (Oglethorpe Power Corp.), 3.60% to 2/1/30 (Put Date), 11/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;$1157558 |
| Energy Northwest, WA, 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 871876 |
|  |  | &nbsp;&nbsp;**$2029434** |
| General Obligations — 39.9% | General Obligations — 39.9% | General Obligations — 39.9% |
| Angleton Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;$248770 |
| Auburn, ME, 2.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1078306 |
| Azle Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001846 |
| Columbia School District, MO, 2.10%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1033660 |
| Connecticut: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 541613 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 657828 |
| District of Columbia, (Washington DC), 5.00%, 10/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5162293 |
| Frisco, TX, 2.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 231328 |
| Gaston County, NC, 5.00%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6798185 |
| Massachusetts: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp; 2336926 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2815938 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1198208 |
| Meramec Valley R-III School District, MO, 3.00%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 29782 |
| Minnetonka Independent School District No. 276, MN: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 274325 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 300769 |
| Mountain View Whisman School District, CA, (Election of 2020), 4.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10769 |
| New York, NY, 5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 2089035 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| North Carolina, 2.00%, 6/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;$1160993 |
| Orange County, NC, 3.10%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp; 1153605 |
| Oregon: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1385691 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1382412 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038933 |
| Pennsylvania, 4.00%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp; 2117806 |
| Rutherford County, TN, 1.50%, 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1741950 |
| San Jacinto Community College District, TX, 5.00%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2322212 |
| Somerville, MA: |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405 | &nbsp;&nbsp;&nbsp;&nbsp; 2165765 |
| &nbsp;&nbsp;&nbsp;1.75%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1024191 |
| St. Cloud Independent School District No. 742, MN, 0.00%, 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 265116 |
| Texas, (LOC: JPMorgan Chase Bank, N.A.), 2.40%, 6/1/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1420000 |
| Washington: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1404630 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3340 | &nbsp;&nbsp;&nbsp;&nbsp; 3513424 |
| Washington County School District No. 13 Banks, OR: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 23363 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 417407 |
| Wylie Independent School District, TX, (PSF Guaranteed), to 8/15/28, 3.25%, 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5675 | &nbsp;&nbsp;&nbsp;&nbsp; 5675981 |
|  |  | &nbsp;&nbsp;**$55023060** |
| Hospital — 5.5% | Hospital — 5.5% | Hospital — 5.5% |
| California Health Facilities Financing Authority, (Adventist Health System/West), 5.00%, 12/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$571893 |
| Center City, MN, (Hazelden Betty Ford Foundation): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 358781 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 339572 |
| Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health), 5.00% to 7/1/29 (Put Date), 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2154791 |
| Indiana Finance Authority, (Ascension Senior Credit), 5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068113 |
| Missouri Health and Educational Facilities Authority, (SSM Health), 5.00% to 6/1/28 (Put Date), 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3146625 |
|  |  | &nbsp;&nbsp;**$7639775** |
| Housing — 17.1% | Housing — 17.1% | Housing — 17.1% |
| Connecticut Housing Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 2.27%, 11/15/48<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3000000 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Connecticut Housing Finance Authority: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.25%, 11/15/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;$1525106 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp; 2088748 |
| Florida Housing Finance Corp., Social Bonds, (FHLMC), (FNMA), (GNMA), 2.60%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 165239 |
| Illinois Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.25%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 715024 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1154983 |
| Indiana Housing and Community Development Authority, SFMR, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.00%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 771020 |
| Iowa Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 2.27%, 7/1/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp; 3050000 |
| Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1369410 |
| Nevada Housing Division, (FHLMC), (FNMA), (GNMA), 3.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 691208 |
| New Mexico Mortgage Finance Authority, (Single Family Mortgage Program), (FHLMC), (FNMA), (GNMA), 3.35%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 294633 |
| New York City Housing Development Corp., NY, Sustainable Development Bonds, (SPA: TD Bank, N.A.), 2.25%, 5/1/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 |
| Ohio Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 2.25%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 166875 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 2.45%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 337621 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 837799 |
| Oklahoma Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 6.50%, 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 1064855 |
| South Dakota Housing Development Authority, (FHLMC), (FNMA), (GNMA), 6.25%, 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 1048083 |
| Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1527313 |
| Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp; 1427287 |
|  |  | &nbsp;&nbsp;**$23585204** |
| Industrial Development Revenue — 0.7% | Industrial Development Revenue — 0.7% | Industrial Development Revenue — 0.7% |
| Parish of St. John the Baptist, LA, (Marathon Oil Corp.), 3.30% to 7/3/28 (Put Date), 6/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1012308 |
|  |  | &nbsp;&nbsp;**$1012308** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations — 0.6% | Insured - General Obligations — 0.6% | Insured - General Obligations — 0.6% |
| Amber Creek Metropolitan District, CO: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$165298 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 193299 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 461453 |
|  |  | &nbsp;&nbsp;**$820050** |
| Lease Revenue/Certificates of Participation — 0.6% | Lease Revenue/Certificates of Participation — 0.6% | Lease Revenue/Certificates of Participation — 0.6% |
| Malibu, CA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;$275427 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 225272 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 375391 |
|  |  | &nbsp;&nbsp;**$876090** |
| Other Revenue — 13.6% | Other Revenue — 13.6% | Other Revenue — 13.6% |
| Black Belt Energy Gas District, AL, 5.25% to 9/1/32 (Put Date), 5/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;$3777926 |
| Energy Southeast A Cooperative District, AL, 5.50% to 1/1/31 (Put Date), 11/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3273549 |
| Hudson Yards Infrastructure Corp., NY, 5.00%, 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014620 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 3/1/30 (Put Date), 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059219 |
| New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue, 5.00% to 11/1/30 (Put Date), 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6401425 |
| Southeast Energy Authority, AL, 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3258545 |
|  |  | &nbsp;&nbsp;**$18785284** |
| Senior Living/Life Care — 2.4% | Senior Living/Life Care — 2.4% | Senior Living/Life Care — 2.4% |
| California Municipal Finance Authority, (PRS California Obligated Group), 5.00%, 4/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$265804 |
| Lancaster Municipal Authority, PA, (Garden Spot Village): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 218711 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 201249 |
| Missouri Health and Educational Facilities Authority, (Lutheran Senior Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 618536 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 504839 |
| Virginia Small Business Financing Authority, (Lifespire of Virginia), 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 1058470 |
|  |  | &nbsp;&nbsp;**$3347609** |
| Special Tax Revenue — 8.3% | Special Tax Revenue — 8.3% | Special Tax Revenue — 8.3% |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1019530 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Short-Term Municipal Bond Fund

January 31, 2026

Portfolio of Investments — 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) |
| Massachusetts School Building Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 2/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3643553 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp; 2331444 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119272 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp; 1756443 |
| New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1530947 |
|  |  | &nbsp;&nbsp;**$11401189** |
| Transportation — 0.6% | Transportation — 0.6% | Transportation — 0.6% |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$826171 |
|  |  | &nbsp;&nbsp;**$826171** |
| Water and Sewer — 4.4% | Water and Sewer — 4.4% | Water and Sewer — 4.4% |
| New York City Municipal Water Finance Authority, 5.00%, 6/15/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3077609 |
| Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3026595 |
|  |  | &nbsp;&nbsp;**$6104204** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $131,695,083) |  | &nbsp;&nbsp;**$135064695** |

---

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

Taxable Municipal Obligations — 0.5%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations — 0.5% | General Obligations — 0.5% | General Obligations — 0.5% |
| Austin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;$666137 |
| Total Taxable Municipal Obligations<br> (identified cost $648,096) |  | &nbsp;&nbsp;**$666137** |

---

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

Short-Term Investments — 0.5%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.61%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;783762 | &nbsp;&nbsp;$783762 |
| Total Short-Term Investments<br> (identified cost $783,762) |  | &nbsp;&nbsp;**$783762** |
| Total Investments — 98.9%<br> (identified cost $133,126,941) |  | &nbsp;&nbsp;**$136514594** |
| Other Assets, Less Liabilities — 1.1% |  | &nbsp;&nbsp;**$1452080** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$137966674** |

---

---

| | |
|:---|:---|
| 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 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 January 31, 2026. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of January 31, 2026. |
| At January 31, 2026, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: | At January 31, 2026, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts | 12.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 75.4% |

---

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 January 31, 2026, 0.6% 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 was 0.6% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| LOC | – Letter of Credit |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SPA | – Standby Bond Purchase Agreement |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2026

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 98.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 1.8% | Bond Bank — 1.8% | Bond Bank — 1.8% |
| Texas Water Development Board: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2145976 |
| &nbsp;&nbsp;&nbsp;4.55%, 10/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5350349 |
|  |  | &nbsp;&nbsp;**$7496325** |
| Education — 4.2% | Education — 4.2% | Education — 4.2% |
| Massachusetts School Building Authority, 5.25%, 2/15/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$5098877 |
| Ohio University, 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3297117 |
| Pennsylvania State University, 5.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3024355 |
| Texas A&M University, 4.375%, 5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp; 1821574 |
| University of Arkansas, 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040285 |
| University of Minnesota, 5.00%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp; 2660822 |
| University of Mississippi Educational Building Corp., 4.125%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106923 |
|  |  | &nbsp;&nbsp;**$17049953** |
| Electric Utilities — 5.2% | Electric Utilities — 5.2% | Electric Utilities — 5.2% |
| Anaheim Housing and Public Improvements Authority, CA, 5.25%, 10/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$4183509 |
| Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project M), 5.25%, 7/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6691608 |
| Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5205860 |
| Seattle, WA, Municipal Light and Power Revenue, 5.00%, 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5121402 |
|  |  | &nbsp;&nbsp;**$21202379** |
| General Obligations — 25.4% | General Obligations — 25.4% | General Obligations — 25.4% |
| Anna, TX, 4.125%, 2/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1010819 |
| Brookline, MA, 1.625%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4238002 |
| Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 202352 |
| Connecticut, 5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 586456 |
| Conroe Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp;&nbsp;&nbsp; 2782464 |
| Crowley Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 383917 |
| David Douglas School District No. 40, OR, 0.00%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 2423230 |
| District of Columbia, (Washington DC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032459 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 | &nbsp;&nbsp;&nbsp;&nbsp; 2949410 |
| Fairfax County, VA, 4.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4037622 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Florida, 2.00%, 7/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;$800086 |
| Forsyth County, NC, 4.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 510986 |
| Francis Howell R-III School District, MO, 3.00%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405 | &nbsp;&nbsp;&nbsp;&nbsp; 2321394 |
| Franklin Township Somerset County, NJ, 2.00%, 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1271731 |
| Gladstone School District No. 115, Clackamas County, OR, 0.00%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 639249 |
| Guilford County, NC, 3.00%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1983672 |
| Hays Consolidated Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1183166 |
| &nbsp;&nbsp;&nbsp;3.25%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 2916693 |
| Huntersville, NC, 2.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 371487 |
| Kilgore Independent School District, TX, (PSF Guaranteed), 2.50%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp; 2160350 |
| Lake Oswego, OR, 2.60%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 | &nbsp;&nbsp;&nbsp;&nbsp; 1568320 |
| Leander Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 486089 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 513663 |
| Lewisville, TX: |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp; 1048002 |
| &nbsp;&nbsp;&nbsp;2.75%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp; 1687000 |
| Massachusetts: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp; 1858550 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055 | &nbsp;&nbsp;&nbsp;&nbsp; 3670596 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2833247 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp; 3083566 |
| Minnesota, 1.50%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1227806 |
| Mountain View Whisman School District, CA, (Election of 2020), 4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 812074 |
| New Braunfels, TX, 5.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 657069 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1153387 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050774 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5246762 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2056498 |
| North Carolina, 3.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 450947 |
| Orange County, NC, 3.15%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 752327 |
| Oregon: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2106493 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2597333 |
| Pennsylvania: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5970 | &nbsp;&nbsp;&nbsp;&nbsp; 6211976 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2601688 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Pickerington Local School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$824614 |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 239659 |
| Plano, TX, 3.34%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055 | &nbsp;&nbsp;&nbsp;&nbsp; 4998212 |
| Portland, ME, 2.50%, 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp; 1473752 |
| Prosper Independent School District, TX, (PSF Guaranteed), 1.625%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 3950979 |
| Richmond, VA, 2.70%, 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2659533 |
| Roseville Joint Union High School District, CA, (Election of 2007), 0.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 149833 |
| San Jacinto Community College District, TX, 5.00%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp; 5934542 |
| Santa Monica-Malibu Unified School District, CA, (Election of 2018), 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2193998 |
| Solana Beach School District, CA, (Election of 2016), 4.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71809 |
| Somerville, MA, 1.875%, 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490 | &nbsp;&nbsp;&nbsp;&nbsp; 3724653 |
| Worthington City School District, OH, 5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 373628 |
|  |  | &nbsp;&nbsp;**$104074924** |
| Hospital — 1.0% | Hospital — 1.0% | Hospital — 1.0% |
| Missouri Health and Educational Facilities Authority, (SSM Health), 5.00% to 6/1/28 (Put Date), 6/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3146625 |
| Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1102466 |
|  |  | &nbsp;&nbsp;**$4249091** |
| Housing — 8.2% | Housing — 8.2% | Housing — 8.2% |
| Colorado Housing and Finance Authority, Social Bonds, (GNMA), 6.00%, 11/1/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;$1805713 |
| Connecticut Housing Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 6.25%, 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2569145 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.25%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135 | &nbsp;&nbsp;&nbsp;&nbsp; 4425484 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 370158 |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance), 1.50%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760 | &nbsp;&nbsp;&nbsp;&nbsp; 3454171 |
| Florida Housing Finance Corp., Social Bonds, (FHLMC), (FNMA), (GNMA), 2.60%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 375544 |
| Illinois Housing Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855 | &nbsp;&nbsp;&nbsp;&nbsp; 3067420 |
| Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2335428 |
| Nevada Housing Division, (FHLMC), (FNMA), (GNMA), 3.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp; 950962 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| New Mexico Mortgage Finance Authority, (Single Family Mortgage Program), (FHLMC), (FNMA), (GNMA), 3.35%, 7/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;$551248 |
| Ohio Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 2.25%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 468839 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 2.45%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp; 822034 |
| Oklahoma Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 6.50%, 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 822586 |
| Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 5.50%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp; 5613865 |
| Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp; 2348901 |
| Texas Department of Housing and Community Affairs: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (GNMA), 5.75%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp; 1732356 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (GNMA), 6.00%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1828289 |
|  |  | &nbsp;&nbsp;**$33542143** |
| Insured - Bond Bank — 1.3% | Insured - Bond Bank — 1.3% | Insured - Bond Bank — 1.3% |
| Indianapolis Local Public Improvement Bond Bank, IN, (AG), 4.00%, 6/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;$5152476 |
|  |  | &nbsp;&nbsp;**$5152476** |
| Insured - Education — 2.9% | Insured - Education — 2.9% | Insured - Education — 2.9% |
| New Jersey Institute of Technology, (BAM), 5.00%, 7/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370 | &nbsp;&nbsp;$5766503 |
| Texas State Technical College System, System Improvement, (AG), 5.50%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp; 6312897 |
|  |  | &nbsp;&nbsp;**$12079400** |
| Insured - General Obligations — 0.7% | Insured - General Obligations — 0.7% | Insured - General Obligations — 0.7% |
| Amber Creek Metropolitan District, CO, (BAM), 5.25%, 12/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1034586 |
| Colton Joint Unified School District, CA, (Election of 2024), (BAM), 0.00%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 411773 |
| Mauston School District, WI, (AG), 1.75%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 959828 |
| Rialto Unified School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 343262 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 335538 |
|  |  | &nbsp;&nbsp;**$3084987** |
| Insured - Industrial Development Revenue — 2.1% | Insured - Industrial Development Revenue — 2.1% | Insured - Industrial Development Revenue — 2.1% |
| St. Vrain Lakes Metropolitan District No. 2, CO: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;$1539969 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Industrial Development Revenue (continued) | Insured - Industrial Development Revenue (continued) | Insured - Industrial Development Revenue (continued) |
| St. Vrain Lakes Metropolitan District No. 2, CO: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810 | &nbsp;&nbsp;$6934591 |
|  |  | &nbsp;&nbsp;**$8474560** |
| Insured - Lease Revenue/Certificates of Participation — 2.1% | Insured - Lease Revenue/Certificates of Participation — 2.1% | Insured - Lease Revenue/Certificates of Participation — 2.1% |
| Greeley School District No. 6, CO, Weld County, (AG), 5.25%, 12/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;$2907678 |
| Sanger Unified School District, CA, (AG), 5.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5695595 |
|  |  | &nbsp;&nbsp;**$8603273** |
| Insured - Special Tax Revenue — 2.2% | Insured - Special Tax Revenue — 2.2% | Insured - Special Tax Revenue — 2.2% |
| Downtown Revitalization Public Infrastructure District, UT: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 6/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;$1977386 |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1951958 |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091584 |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080541 |
| Harris County-Houston Sports Authority, TX, (AG), 5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1938131 |
| Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AG), 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085157 |
|  |  | &nbsp;&nbsp;**$9124757** |
| Insured - Transportation — 0.3% | Insured - Transportation — 0.3% | Insured - Transportation — 0.3% |
| Alameda Corridor Transportation Authority, CA, (AG), 0.00%, 10/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;$1250431 |
|  |  | &nbsp;&nbsp;**$1250431** |
| Lease Revenue/Certificates of Participation — 2.3% | Lease Revenue/Certificates of Participation — 2.3% | Lease Revenue/Certificates of Participation — 2.3% |
| California State Public Works Board, 5.00%, 11/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;$2693761 |
| Queen Creek, AZ, 5.50%, 10/1/65<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3178362 |
| Schenectady County Capital Resource Corp., NY, (One Broadway Center), 5.50%, 1/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3429149 |
|  |  | &nbsp;&nbsp;**$9301272** |
| Other Revenue — 10.1% | Other Revenue — 10.1% | Other Revenue — 10.1% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$4320830 |
| &nbsp;&nbsp;&nbsp;5.25% to 9/1/32 (Put Date), 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5397038 |
| California Community Choice Financing Authority, Clean Energy Project Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00% to 8/1/28 (Put Date), 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 4788933 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 5/1/35 (Put Date), 10/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp; 3349057 |
| Center City, MN, (Hazelden Betty Ford Foundation): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1207344 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Center City, MN, (Hazelden Betty Ford Foundation): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1022470 |
| Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 966735 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/29 (Put Date), 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2621774 |
| &nbsp;&nbsp;&nbsp;5.00% to 3/1/30 (Put Date), 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2118438 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/31 (Put Date), 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2681219 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/32 (Put Date), 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1347084 |
| New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue, 5.00% to 11/1/30 (Put Date), 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8535234 |
| Southeast Energy Authority, AL, 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2172363 |
| Tennessee Energy Acquisition Corp., 5.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087792 |
|  |  | &nbsp;&nbsp;**$41616311** |
| Senior Living/Life Care — 1.6% | Senior Living/Life Care — 1.6% | Senior Living/Life Care — 1.6% |
| Colorado Health Facilities Authority, (CommonSpirit Health Obligations), 5.25%, 11/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;$1042434 |
| Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.25%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 724494 |
| North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014031 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017693 |
| Virginia Small Business Financing Authority, (Lifespire of Virginia), 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp; 2917648 |
|  |  | &nbsp;&nbsp;**$6716300** |
| Special Tax Revenue — 12.0% | Special Tax Revenue — 12.0% | Special Tax Revenue — 12.0% |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$4078121 |
| Michigan Trunk Line Fund, 4.00%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;15545 | &nbsp;&nbsp;&nbsp;&nbsp; 16019550 |
| New York Dormitory Authority, Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5154897 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6095 | &nbsp;&nbsp;&nbsp;&nbsp; 6189424 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp; 1051250 |
| New York Dormitory Authority, Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;&nbsp;&nbsp; 4005695 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 741249 |
| New York State Dormitory Authority, 5.00%, 3/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7535 | &nbsp;&nbsp;&nbsp;&nbsp; 8046349 |
| New York State Thruway Authority, 5.00%, 3/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2116081 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2026

Portfolio of Investments — 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) |
| Triborough Bridge and Tunnel Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$279800 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1394840 |
|  |  | &nbsp;&nbsp;**$49077256** |
| Transportation — 3.0% | Transportation — 3.0% | Transportation — 3.0% |
| Alameda Corridor Transportation Authority, CA, 0.00%, 10/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;$1200919 |
| Chicago, IL, (O'Hare International Airport), 5.25%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1527713 |
| Louisiana Gasoline and Fuels Tax Revenue, 5.00%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5675196 |
| North Texas Tollway Authority, 4.125%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3061151 |
| Pennsylvania Turnpike Commission, 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023960 |
|  |  | &nbsp;&nbsp;**$12488939** |
| Water and Sewer — 12.0% | Water and Sewer — 12.0% | Water and Sewer — 12.0% |
| Celina, TX, Waterworks and Sewer System Revenue, 1.75%, 9/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;$2834799 |
| Indianapolis Department of Public Utilities Water System Revenue, 5.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 3822226 |
| Louisville and Jefferson County Metropolitan Sewer District, KY, 5.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825 | &nbsp;&nbsp;&nbsp;&nbsp; 5259694 |
| Massachusetts Clean Water Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1427380 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2714667 |
| Metropolitan Utilities District of Omaha, Water System Revenue, NE, 4.375%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545 | &nbsp;&nbsp;&nbsp;&nbsp; 4746690 |
| New York State Environmental Facilities Corp., (Clean Water and Drinking Water Revenue), 4.00%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp; 5098861 |
| Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17150702 |
| Spotsylvania County, VA, Water and Sewer Revenue, 4.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 735469 |
| Virginia Beach, VA, Storm Water Utility Revenue, 3.00%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745 | &nbsp;&nbsp;&nbsp;&nbsp; 3490274 |
| Washington Suburban Sanitary District, MD: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 750326 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1289762 |
|  |  | &nbsp;&nbsp;**$49320850** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $388,131,275) |  | &nbsp;&nbsp;**$403905627** |

---

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

Taxable Municipal Obligations — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 0.1% | Housing — 0.1% | Housing — 0.1% |
| Pennsylvania Housing Finance Agency, SFMR, 5.457%, 4/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;$493624 |
| Total Taxable Municipal Obligations<br> (identified cost $485,000) |  | &nbsp;&nbsp;**$493624** |

---

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

Short-Term Investments — 1.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.61%<sup>(2)</sup> | 5626049 | &nbsp;&nbsp;$5626049 |
| Total Short-Term Investments<br> (identified cost $5,626,049) |  | &nbsp;&nbsp;**$5626049** |
| Total Investments — 99.9%<br> (identified cost $394,242,324) |  | &nbsp;&nbsp;**$410025300** |
| Other Assets, Less Liabilities — 0.1% |  | &nbsp;&nbsp;**$263334** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$410288634** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | When-issued security. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of January 31, 2026. |
| At January 31, 2026, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: | At January 31, 2026, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 14.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 73.0% |

---

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 January 31, 2026, 11.7% 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 1.9% to 9.7% of total investments.

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Intermediate-Term Municipal Bond Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| **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 |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Statements of Assets and Liabilities

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2026** | &nbsp;&nbsp;&nbsp;**January 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Assets |  |  |
| Unaffiliated investments, at value (identified cost $132,343,179 and $388,616,275, respectively) | &nbsp;&nbsp;$135730832 | &nbsp;&nbsp;$404399251 |
| Affiliated investments, at value (identified cost $783,762 and $5,626,049, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626049 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544289 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18719 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051209 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453615 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453 | &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;81388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48019 |
| **Total assets** | &nbsp;&nbsp;**$138388119** | &nbsp;&nbsp;**$417141151** |
| Liabilities |  |  |
| Payable for investments purchased | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1780795 |
| 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;3160320 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692886 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518595 |
| Payable to affiliates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172556 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10634 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48019 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73608 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393734 |
| **Total liabilities** | &nbsp;&nbsp;**$421445** | &nbsp;&nbsp;**$6852517** |
| **Net Assets** | &nbsp;&nbsp;**$137966674** | &nbsp;&nbsp;**$410288634** |
| Sources of Net Assets |  |  |
| Paid-in capital | &nbsp;&nbsp;$147080262 | &nbsp;&nbsp;$426940781 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9113588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16652147) |
| **Net Assets** | &nbsp;&nbsp;**$137966674** | &nbsp;&nbsp;**$410288634** |
| Class A Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$50169664 | &nbsp;&nbsp;$41897645 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451105 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.30 | &nbsp;&nbsp;$12.14 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$10.65 | &nbsp;&nbsp;$12.55 |
| Class C Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$1146147 | &nbsp;&nbsp;$2510909 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206907 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.26 | &nbsp;&nbsp;$12.14 |
| Class I Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$86650863 | &nbsp;&nbsp;$365880080 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8410396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30106865 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.30 | &nbsp;&nbsp;$12.15 |

---

---

| | |
|:---|:---|
| 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_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Statements of Operations

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31, 2026** | &nbsp;&nbsp;&nbsp;**Year Ended January 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Investment Income |  |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$217103 | &nbsp;&nbsp;$434936 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;5088800 | &nbsp;&nbsp;&nbsp;&nbsp;16866445 |
| **Total investment income** | &nbsp;&nbsp;**$5305903** | &nbsp;&nbsp;**$17301381** |
| Expenses |  |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$484102 | &nbsp;&nbsp;$2050889 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95864 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33283 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24590 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100548 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15140 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107498 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57285 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26781 |
| **Total expenses** | &nbsp;&nbsp;**$894178** | &nbsp;&nbsp;**$2512263** |
| Deduct: |  |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$47514 | &nbsp;&nbsp;$15453 |
| **Total expense reductions** | &nbsp;&nbsp;**$47514** | &nbsp;&nbsp;**$15453** |
| **Net expenses** | &nbsp;&nbsp;**$846664** | &nbsp;&nbsp;**$2496810** |
| **Net investment income** | &nbsp;&nbsp;**$4459239** | &nbsp;&nbsp;**$14804571** |
| Realized and Unrealized Gain (Loss) |  |  |
| Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$1496010 | &nbsp;&nbsp;$1336528 |
| **Net realized gain** | &nbsp;&nbsp;**$1496010** | &nbsp;&nbsp;**$1336528** |
| Change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$1863238 | &nbsp;&nbsp;$5122745 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$1863238** | &nbsp;&nbsp;**$5122745** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$3359248** | &nbsp;&nbsp;**$6459273** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$7818487** | &nbsp;&nbsp;**$21263844** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31, 2026** | &nbsp;&nbsp;&nbsp;**Year Ended January 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$4459239 | &nbsp;&nbsp;$14804571 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336528 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5122745 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$7818487** | &nbsp;&nbsp;**$21263844** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1662940) | &nbsp;&nbsp;$(1234327) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82277) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2764808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12774991) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(4459432)** | &nbsp;&nbsp;**$(14091595)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(8396483) | &nbsp;&nbsp;$1521516 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1506533) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7620727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59927562) |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(16297218)** | &nbsp;&nbsp;**$(59912579)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(12938163)** | &nbsp;&nbsp;**$(52740330)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$150904837 | &nbsp;&nbsp;$463028964 |
| **At end of year** | &nbsp;&nbsp;**$137966674** | &nbsp;&nbsp;**$410288634** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Statements of Changes in Net Assets — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended January 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$5325608 | &nbsp;&nbsp;$15982267 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90502 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1785509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8299956) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$3757561** | &nbsp;&nbsp;**$7772813** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1791066) | &nbsp;&nbsp;$(1314662) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100325) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3305517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13586844) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(5135211)** | &nbsp;&nbsp;**$(15001831)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(4081498) | &nbsp;&nbsp;$(6313174) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391930) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19723775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11019407 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(24502807)** | &nbsp;&nbsp;**$4314303** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(25880457)** | &nbsp;&nbsp;**$(2914715)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$176785294 | &nbsp;&nbsp;$465943679 |
| **At end of year** | &nbsp;&nbsp;**$150904837** | &nbsp;&nbsp;**$463028964** |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.04 | &nbsp;&nbsp;$10.11 | &nbsp;&nbsp;$10.17 | &nbsp;&nbsp;$10.45 | &nbsp;&nbsp;$10.83 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$0.32<sup>(1)</sup> | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.57** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$0.21** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.26)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(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;&nbsp;(0.07) |
| **Total distributions** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.12)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.30** | &nbsp;&nbsp;**$10.04** | &nbsp;&nbsp;**$10.11** | &nbsp;&nbsp;**$10.17** | &nbsp;&nbsp;**$10.45** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.79%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.39)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$50170 | &nbsp;&nbsp;$57246 | &nbsp;&nbsp;$61741 | &nbsp;&nbsp;$77727 | &nbsp;&nbsp;$119419 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &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;0.76%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(4)</sup> | &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;3.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| Portfolio Turnover | &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;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92% | &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;96% |

---

<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> 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>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the year ended January 31, 2026, less than 0.005% of average daily net assets for the year ended January 31, 2025 and less than 0.01% of average daily net assets for the years ended January 31, 2024 and 2023).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.01 | &nbsp;&nbsp;$10.07 | &nbsp;&nbsp;$10.14 | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$10.79 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$(0.02) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.48** | &nbsp;&nbsp;**$0.17** | &nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.33)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$— |
| 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;(0.07) |
| **Total distributions** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.05)** | &nbsp;&nbsp;**$(0.07)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.26** | &nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;**$10.07** | &nbsp;&nbsp;**$10.14** | &nbsp;&nbsp;**$10.39** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.91%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.71%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.27%** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.89)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(3.11)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1146 | &nbsp;&nbsp;$1391 | &nbsp;&nbsp;$2098 | &nbsp;&nbsp;$3252 | &nbsp;&nbsp;$4603 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;(0.16)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% |

---

<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> 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>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the year ended January 31, 2026, less than 0.005% of average daily net assets for the year ended January 31, 2025 and less than 0.01% of average daily net assets for the years ended January 31, 2024 and 2023).

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.05 | &nbsp;&nbsp;$10.11 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;$10.45 | &nbsp;&nbsp;$10.83 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.34<sup>(1)</sup> | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.59** | &nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;**$0.23** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$(0.23)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| **Total distributions** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.15)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.30** | &nbsp;&nbsp;**$10.05** | &nbsp;&nbsp;**$10.11** | &nbsp;&nbsp;**$10.18** | &nbsp;&nbsp;**$10.45** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.95%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.85)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.14)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$86651 | &nbsp;&nbsp;$92269 | &nbsp;&nbsp;$112946 | &nbsp;&nbsp;$148903 | &nbsp;&nbsp;$207787 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &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;0.51%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51%<sup>(4)</sup> | &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;3.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Portfolio Turnover | &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;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92% | &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;96% |

---

<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> 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>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the year ended January 31, 2026, less than 0.005% of average daily net assets for the year ended January 31, 2025 and less than 0.01% of average daily net assets for the years ended January 31, 2024 and 2023).

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$11.91 | &nbsp;&nbsp;$12.09 | &nbsp;&nbsp;$12.09 | &nbsp;&nbsp;$12.49 | &nbsp;&nbsp;$13.07 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.40<sup>(1)</sup> | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.61** | &nbsp;&nbsp;**$0.19** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.40)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.13) |
| 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;(0.05) |
| **Total distributions** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.18)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.14** | &nbsp;&nbsp;**$11.91** | &nbsp;&nbsp;**$12.09** | &nbsp;&nbsp;**$12.09** | &nbsp;&nbsp;**$12.49** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.26%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.58%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.13%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.25)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.08)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$41898 | &nbsp;&nbsp;$39656 | &nbsp;&nbsp;$46655 | &nbsp;&nbsp;$52419 | &nbsp;&nbsp;$61492 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% |

---

<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> 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>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended January 31, 2026 and 2025, 0.01% of average daily net assets for the year ended January 31, 2024 and less than 0.01% of average daily net assets for the year ended January 31, 2023).

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$11.91 | &nbsp;&nbsp;$12.09 | &nbsp;&nbsp;$12.08 | &nbsp;&nbsp;$12.48 | &nbsp;&nbsp;$13.07 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.52** | &nbsp;&nbsp;**$0.10** | &nbsp;&nbsp;**$0.29** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.50)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.04) |
| 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;(0.05) |
| **Total distributions** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.09)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.14** | &nbsp;&nbsp;**$11.91** | &nbsp;&nbsp;**$12.09** | &nbsp;&nbsp;**$12.08** | &nbsp;&nbsp;**$12.48** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.47%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.44%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.00)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(3.88)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$2511 | &nbsp;&nbsp;$3982 | &nbsp;&nbsp;$4437 | &nbsp;&nbsp;$5307 | &nbsp;&nbsp;$8362 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% |

---

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

<sup>(2)</sup> Amount is less than $(0.005).

<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> 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> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended January 31, 2026 and 2025, 0.01% of average daily net assets for the year ended January 31, 2024 and less than 0.01% of average daily net assets for the year ended January 31, 2023).

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$11.92 | &nbsp;&nbsp;$12.11 | &nbsp;&nbsp;$12.10 | &nbsp;&nbsp;$12.50 | &nbsp;&nbsp;$13.09 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.43<sup>(1)</sup> | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.64** | &nbsp;&nbsp;**$0.21** | &nbsp;&nbsp;**$0.40** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.37)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.17) |
| 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;(0.05) |
| **Total distributions** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.22)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.15** | &nbsp;&nbsp;**$11.92** | &nbsp;&nbsp;**$12.11** | &nbsp;&nbsp;**$12.10** | &nbsp;&nbsp;**$12.50** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.52%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.84%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.01)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.90)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$365880 | &nbsp;&nbsp;$419391 | &nbsp;&nbsp;$414852 | &nbsp;&nbsp;$506284 | &nbsp;&nbsp;$619232 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%<sup>(5)</sup> | &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;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% |

---

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

<sup>(2)</sup> Amount is less than $(0.005).

<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> 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> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended January 31, 2026 and 2025, 0.01% of average daily net assets for the year ended January 31, 2024 and less than 0.01% of average daily net assets for the year ended January 31, 2023).

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Municipals Trust II (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 six funds, two of which, each diversified, are included in these financial statements. They include Parametric TABS Short-Term Municipal Bond Fund (Short-Term Municipal Bond Fund) and Parametric TABS Intermediate-Term Municipal Bond Fund (Intermediate-Term Municipal Bond Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds' investment objective is to seek 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.**

**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.

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. As of January 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.

During this reporting period, the Funds adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. The adoption of ASU 2023-09 did not result in any changes to the Funds' financial statement presentation or disclosure.

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.

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Notes to Financial Statements — 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 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 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.

I 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.

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.

The tax character of distributions declared for the years ended January 31, 2026 and January 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$3949568 | &nbsp;&nbsp;&nbsp;&nbsp;$13178471 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$509864 | &nbsp;&nbsp;&nbsp;&nbsp;$913124 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$3903966 | &nbsp;&nbsp;&nbsp;&nbsp;$11823874 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1231245 | &nbsp;&nbsp;&nbsp;&nbsp;$3177957 |

---

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Notes to Financial Statements — continued

------

As of January 31, 2026, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$12244 | &nbsp;&nbsp;&nbsp;&nbsp;$504190 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12925589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34545104) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3867553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17907362 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (518595) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(9113588)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(16652147)** |

---

At January 31, 2026, the 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;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| **Deferred capital losses:** |  |  |
| &nbsp;&nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;&nbsp;$10132139 | &nbsp;&nbsp;&nbsp;&nbsp;$29313802 |
| &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;&nbsp;$2793450 | &nbsp;&nbsp;&nbsp;&nbsp;$5231302 |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| **Aggregate cost** | &nbsp;&nbsp;**$132647041** | &nbsp;&nbsp;**$392117938** |
| Gross unrealized appreciation | &nbsp;&nbsp;$3889181 | &nbsp;&nbsp;$18259504 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352142) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$3867553** | &nbsp;&nbsp;**$17907362** |

---

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[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Notes to Financial Statements — continued

------

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to each Fund. The fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5000% |
| $1 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4750% |
| $2 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4550% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3175% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4400% |

---

For the year ended January 31, 2026, investment adviser and administration 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;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Investment Adviser and Administration Fee | &nbsp;&nbsp;&nbsp;&nbsp;$484102 | &nbsp;&nbsp;&nbsp;&nbsp;$2050889 |
| Effective Annual Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50% |

---

Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of each Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Funds.

Each Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser and administration fee paid by each Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by each Fund due to its investment in the Liquidity Fund. For the year ended January 31, 2026, the investment adviser and administration fee paid was reduced by $7,702 and $15,453 for Short-Term Municipal Bond Fund and Intermediate-Term Municipal Bond Fund, respectively, relating to each Fund's investment in the Liquidity Fund.

EVM and Parametric have agreed to reimburse the Funds' expenses to the extent that total annual fund operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.76%, 1.51% and 0.51% of Short-Term Municipal Bond Fund's average daily net assets for Class A, Class C and Class I, respectively, and 0.85%, 1.60% and 0.60% of Intermediate-Term Municipal Bond Fund's average daily net assets for Class A, Class C and Class I, respectively. These agreements may be changed or terminated after June 1, 2026. Pursuant to these agreements, EVM and Parametric waived and/or reimbursed $39,812 and none in total of Short-Term Municipal Bond Fund's and Intermediate-Term Municipal Bond Fund's operating expenses, respectively, for the year ended January 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 EVM and EVD, also received a portion of the sales charge on the 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

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Notes to Financial Statements — 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 year ended January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| EVM's Sub-Transfer Agent Fees | &nbsp;&nbsp;$1772 | &nbsp;&nbsp;$4455 |
| EVD's Class A Sales Charges | &nbsp;&nbsp;$894 | &nbsp;&nbsp;$2038 |
| Morgan Stanley affiliated broker-dealers' Class A Sales Charges | &nbsp;&nbsp;$675 | &nbsp;&nbsp;$— |

---

Trustees and officers of the Funds who are members of EVM's organization receive remuneration for their services to the Funds out of the investment adviser and administration fee. Trustees of the Funds who are not affiliated with EVM 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 EVM.

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 year ended January 31, 2026 for Class A shares amounted to the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Class A Distribution and Service Fees | &nbsp;&nbsp;$134781 | &nbsp;&nbsp;$95864 |

---

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 Funds. For the year ended January 31, 2026, the Funds paid or accrued to EVD the following distribution fees:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Class C Distribution Fees | &nbsp;&nbsp;$10212 | &nbsp;&nbsp;$24962 |

---

Pursuant to the Class C Plan, each Fund also makes 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 sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2026 amounted to the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Class C Service Fees | &nbsp;&nbsp;$3404 | &nbsp;&nbsp;$8321 |

---

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_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Notes to Financial Statements — 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 year ended January 31, 2026, the Funds were informed that EVD received the following amount of CDSCs paid by Class A and Class C shareholders.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Class A | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1403 |

---

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| **Purchases** |  |  |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$119322113 | &nbsp;&nbsp;&nbsp;&nbsp;$260249276 |
| U.S. Government and Agency 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**$119322113** | &nbsp;&nbsp;&nbsp;&nbsp;**$260249276** |
| **Sales** |  |  |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$106804264 | &nbsp;&nbsp;&nbsp;&nbsp;$244371531 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23559441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66565839 |
| **Total Sales** | &nbsp;&nbsp;&nbsp;&nbsp;**$130363705** | &nbsp;&nbsp;&nbsp;&nbsp;**$310937370** |

---

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Municipal Bond Fund** | **Short-Term Municipal Bond Fund** | **Short-Term Municipal Bond Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 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; 263546 | &nbsp;&nbsp;&nbsp;&nbsp;$2675700 | &nbsp;&nbsp;&nbsp;&nbsp; 447009 | &nbsp;&nbsp;&nbsp;&nbsp;$4492484 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 124100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1255715 | &nbsp;&nbsp;&nbsp;&nbsp; 138943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1396625 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1217219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12327898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (991977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9970607) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(829573)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8396483)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(406025)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4081498)** |

---

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Municipal Bond Fund (continued)** | **Short-Term Municipal Bond Fund (continued)** | **Short-Term Municipal Bond Fund (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 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; 27080 | &nbsp;&nbsp;&nbsp;&nbsp;$268381 | &nbsp;&nbsp;&nbsp;&nbsp; 2719 | &nbsp;&nbsp;&nbsp;&nbsp;$27141 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 2936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29615 | &nbsp;&nbsp;&nbsp;&nbsp; 3116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31197 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (578004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (755872) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(27290)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(280008)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(69313)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(697534)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;2601335 | &nbsp;&nbsp;&nbsp;&nbsp;$26385998 | &nbsp;&nbsp;&nbsp;&nbsp;6165714 | &nbsp;&nbsp;&nbsp;&nbsp;$62369641 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 226709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2295073 | &nbsp;&nbsp;&nbsp;&nbsp; 245957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2472710 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(3602970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36301798) | &nbsp;&nbsp;&nbsp;&nbsp;(8392780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84566126) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(774926)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7620727)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1981109)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(19723775)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate-Term Municipal Bond Fund** | **Intermediate-Term Municipal Bond Fund** | **Intermediate-Term Municipal Bond Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 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; 887498 | &nbsp;&nbsp;&nbsp;&nbsp;$10601069 | &nbsp;&nbsp;&nbsp;&nbsp; 532621 | &nbsp;&nbsp;&nbsp;&nbsp;$6384762 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 50480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600487 | &nbsp;&nbsp;&nbsp;&nbsp; 49254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589831 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (816304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9680040) | &nbsp;&nbsp;&nbsp;&nbsp;(1110056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13287767) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **121674** | &nbsp;&nbsp;&nbsp;&nbsp;**$1521516** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(528181)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6313174)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 36186 | &nbsp;&nbsp;&nbsp;&nbsp;$430528 | &nbsp;&nbsp;&nbsp;&nbsp; 51721 | &nbsp;&nbsp;&nbsp;&nbsp;$620204 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 3841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45585 | &nbsp;&nbsp;&nbsp;&nbsp; 4518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54082 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (167582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1982646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1066216) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(127555)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1506533)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(32543)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(391930)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 6148186 | &nbsp;&nbsp;&nbsp;&nbsp;$73128476 | &nbsp;&nbsp;&nbsp;&nbsp;9674301 | &nbsp;&nbsp;&nbsp;&nbsp;$116039776 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 615233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7325693 | &nbsp;&nbsp;&nbsp;&nbsp; 691276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8285739 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(11832208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140381731) | &nbsp;&nbsp;&nbsp;&nbsp;(9456947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113306108) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5068789)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(59927562)** | &nbsp;&nbsp;&nbsp;&nbsp; **908630** | &nbsp;&nbsp;&nbsp;&nbsp;**$11019407** |

---

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Notes to Financial Statements — continued

------

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, it 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 year ended January 31, 2026.

9 Affiliated Investments

At January 31, 2026, the value of each Fund's investment in funds that may be deemed to be affiliated was $783,762 for Short-Term Municipal Bond Fund, which represents 0.5% of its net assets, and $5,626,049 for Intermediate-Term Municipal Bond Fund, which represents 1.4% of its net assets. Transactions in such investments by the Funds for the year ended January 31, 2026 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short-Term<br> Municipal Bond Fund** |  |  |  |  |  |  |  |  |
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $7603605 | $91772449 | $(98592292) | $— | $— | $783762 | $217103 | 783762 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Intermediate-Term<br> Municipal Bond Fund** |  |  |  |  |  |  |  |  |
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $27361166 | $193383932 | $(215119049) | $— | $— | $5626049 | $434936 | 5626049 |

---

10 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_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Notes to Financial Statements — continued

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term<br> Municipal Bond 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;$135064695 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$135064695 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666137 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 783762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783762 |
| **Total Investments** | &nbsp;&nbsp;**$783762** | &nbsp;&nbsp;&nbsp;&nbsp;**$135730832** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$136514594** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate-Term<br> Municipal Bond 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;$403905627 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$403905627 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493624 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;5626049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5626049 |
| **Total Investments** | &nbsp;&nbsp;**$5626049** | &nbsp;&nbsp;&nbsp;&nbsp;**$404399251** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$410025300** |

---

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Municipals Trust II and Shareholders of Parametric TABS Short-Term Municipal Bond Fund and Parametric TABS Intermediate-Term Municipal Bond Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Parametric TABS Short-Term Municipal Bond Fund and Parametric TABS Intermediate-Term Municipal Bond Fund (collectively, the "Funds"), certain of the funds constituting Eaton Vance Municipals Trust II, including the portfolios of investments, as of January 31, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of January 31, 2026, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 23, 2026

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

Parametric

TABS Municipal Bond Funds

January 31, 2026

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended January 31, 2026, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

---

| | |
|:---|:---|
| TABS Short-Term Municipal Bond Fund | &nbsp;&nbsp;88.57% |
| TABS Intermediate-Term Municipal Bond Fund | &nbsp;&nbsp;93.52% |

---

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

This Page Intentionally Left Blank

------

[**Table of Contents**](#JOB_EV_AR_53c24c95-d77e-41de-845f-edf2abe7927f_TOC)

EITAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;1.31.26

------

![](g152503imgc12733cc1.jpg)

------

## Parametric

## TABS 5-to-15 Year Laddered Municipal Bond Fund

## Annual Financial Statements and Additional Information
January 31, 2026

------

![](g152503imgdb8f1a7e2.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 1-800-260-0761 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information January 31, 2026
Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_1728a98b-c95a-42ef-a0bf-f8591c026b25_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_c785c8d4-669f-460b-9270-4940aab2b1ab_1) | [Items 6 and 7 of Form N-CSR:](#xx_c785c8d4-669f-460b-9270-4940aab2b1ab_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_c785c8d4-669f-460b-9270-4940aab2b1ab_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_1058ee5c-c0ed-4581-a039-8f8ff96eecdc_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_1058ee5c-c0ed-4581-a039-8f8ff96eecdc_2) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_1058ee5c-c0ed-4581-a039-8f8ff96eecdc_3) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_ec524e76-dcf7-470c-a7b1-91b53c69c673_1) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_a9db9890-bf56-432b-82f2-7f027200e99e_1) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_48edbd83-df6b-4408-9622-0a6c27afaf56_1) | 23 |
| [Federal Tax Information](#xx_f0f3e41b-9d19-43d6-90f2-f6dacd85f608_1) | 24 |

---

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_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 97.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 1.8% | Bond Bank — 1.8% | Bond Bank — 1.8% |
| Michigan Finance Authority, (Trinity Health Credit Group), 3.00%, 10/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1491183 |
| New Hampshire Municipal Bond Bank, 3.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1656968 |
| New Jersey Infrastructure Bank, Green Bonds, 5.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 82017 |
| Oklahoma Water Resources Board, (State Loan Program): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 967668 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 635211 |
| Texas Water Development Board, 4.00%, 10/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10408777 |
|  |  | &nbsp;&nbsp;**$15241824** |
| Education — 3.5% | Education — 3.5% | Education — 3.5% |
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 2.845%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;$2743810 |
| California University: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580 | &nbsp;&nbsp;&nbsp;&nbsp; 5340244 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4410 | &nbsp;&nbsp;&nbsp;&nbsp; 5121610 |
| Duneland School Building Corp., IN, 4.00%, 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp; 2032245 |
| Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 449679 |
| Metropolitan State University of Denver, CO, (Student Housing and Event Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp; 2315746 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp; 1997962 |
| Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 4.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp; 1166924 |
| Poway Unified School District, CA, (Election of 2008), 0.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 751783 |
| University of Mississippi Educational Building Corp., 4.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp; 1583299 |
| Virginia College Building Authority, 4.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 874044 |
| Virginia Public School Authority, Prince William County, 3.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1648717 |
| West Lafayette School Building Corp., IN, 5.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2884189 |
|  |  | &nbsp;&nbsp;**$28910252** |
| Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% |
| American Municipal Power, Inc., OH, (Prairie State Energy Campus), 4.00%, 2/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690 | &nbsp;&nbsp;$5872592 |
| Clark County Public Utility District No. 1, WA, Electric System Revenue, 5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 562155 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| Florida Municipal Power Agency, 3.00%, 10/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;$1705605 |
| Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250515 |
| Marquette Board of Light and Power, MI, 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 741863 |
| Metropolitan Government of Nashville and Davidson County, TN, Electric Revenue, 4.00%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1395405 |
| North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 505280 |
| Public Finance Authority, WI, (Duke Energy Progress, LLC), 3.70% to 10/1/30 (Put Date), 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620 | &nbsp;&nbsp;&nbsp;&nbsp; 2698373 |
|  |  | &nbsp;&nbsp;**$13731788** |
| Escrowed/Prerefunded — 0.3% | Escrowed/Prerefunded — 0.3% | Escrowed/Prerefunded — 0.3% |
| Grand Forks County, ND, Prerefunded to 10/1/30, 4.00%, 10/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;$369256 |
| Los Angeles Unified School District, CA, Green Bonds, Prerefunded to 10/1/33, 5.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1744718 |
|  |  | &nbsp;&nbsp;**$2113974** |
| General Obligations — 44.1% | General Obligations — 44.1% | General Obligations — 44.1% |
| Aldine Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$303203 |
| Allen Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7938948 |
| Amarillo Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp;&nbsp;&nbsp; 2761050 |
| Anoka-Hennepin Independent School District No. 11, MN, 3.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 750063 |
| Athens, AL, 5.00%, 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 230853 |
| Auburn School District No. 408, WA, 4.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 777109 |
| Bainbridge Island School District No. 303, WA, 4.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 404657 |
| Beaufort County School District, SC: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 3/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 7317455 |
| &nbsp;&nbsp;&nbsp;3.00%, 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8455 | &nbsp;&nbsp;&nbsp;&nbsp; 7793584 |
| Belding Area Schools, MI, 5.00%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 226460 |
| Bergen County, NJ, 2.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp;&nbsp; 1687810 |
| Beverly Hills Unified School District, CA, (Election of 2018), 4.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 292728 |
| Bexar County, TX, 3.00%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 | &nbsp;&nbsp;&nbsp;&nbsp; 5951930 |
| Boerne Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007007 |
| Brookline, MA, 3.10%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1448295 |
| Burbank Unified School District, CA, (Election of 2013), 4.45%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 931017 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| California: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 11/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605 | &nbsp;&nbsp;$3627082 |
| &nbsp;&nbsp;&nbsp;3.80%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585 | &nbsp;&nbsp;&nbsp;&nbsp; 2690915 |
| &nbsp;&nbsp;&nbsp;4.55%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072824 |
| Celina Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1135643 |
| Celina, TX, 1.625%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp;&nbsp;&nbsp; 2124339 |
| Centennial School District No. 28Jt, OR, 5.00%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp; 918802 |
| Chaffey Joint Union High School District, CA, (Election of 2012): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 354150 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 394699 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 439344 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 128698 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 122688 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 183520 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 206308 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 219636 |
| Chambers County Improvement District No. 1, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1128344 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024652 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022262 |
| Chandler, AZ, 2.85%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 590687 |
| Channelview Independent School District, TX, (PSF Guaranteed), 2.375%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 460030 |
| Chisholm Independent School District No. 695, MN, 0.00%, 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp; 495507 |
| Clark County, NV: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 993919 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 176805 |
| Coconino County Unified School District No. 1, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 825273 |
| &nbsp;&nbsp;&nbsp;1.75%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp; 1525283 |
| College Station Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 321551 |
| College Station, TX: |  |  |
| &nbsp;&nbsp;&nbsp;3.35%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1491153 |
| &nbsp;&nbsp;&nbsp;3.45%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 868649 |
| Comal County, TX, 4.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580 | &nbsp;&nbsp;&nbsp;&nbsp; 5584332 |
| Connecticut: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3133181 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3120697 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp; 1670893 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 268060 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 280899 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Conroe Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/39<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;$2074755 |
| Conroe, TX, 4.125%, 3/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp; 1959577 |
| Cook County School District No. 25, IL, 5.00%, 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp; 642954 |
| Cupertino Union School District, CA, (Election of 2012), 5.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 562533 |
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp; 2514772 |
| Dallas Center-Grimes Community School District, IA: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1063979 |
| &nbsp;&nbsp;&nbsp;3.00%, 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 891005 |
| Dallas, TX, 5.00%, 2/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5145 | &nbsp;&nbsp;&nbsp;&nbsp; 5842797 |
| David Douglas School District No. 40, OR: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 320175 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1098879 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 895286 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1139906 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 444475 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 447669 |
| Dedham, MA, 3.30%, 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 775049 |
| Del Valle Independent School District, TX, (PSF Guaranteed), 4.00%, 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 776770 |
| Delaware, 5.00%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp; 1587535 |
| El Paso Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504254 |
| Euless, TX, 5.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 144134 |
| Fairfax County, VA, 4.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4680 | &nbsp;&nbsp;&nbsp;&nbsp; 4775179 |
| Florida: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp; 1364591 |
| &nbsp;&nbsp;&nbsp;3.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5195 | &nbsp;&nbsp;&nbsp;&nbsp; 5191247 |
| Fort Bend Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 395638 |
| &nbsp;&nbsp;&nbsp;3.00%, 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 483081 |
| Frenship Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1617565 |
| Glen Rose Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 623959 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 1036087 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1126754 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 363411 |
| Grayson County Junior College District, TX, 5.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 992722 |
| Greensboro, NC, 2.00%, 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 245181 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Grosse Pointe Public School System, MI, 3.00%, 5/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;$1523466 |
| Guilford County, NC, 3.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 189947 |
| Harlandale Independent School District, TX, 5.00%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp; 873283 |
| Harrisburg School District No. 41-2, SD: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp; 2086243 |
| &nbsp;&nbsp;&nbsp;2.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1200800 |
| Hays Consolidated Independent School District, TX, (PSF Guaranteed), 3.25%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445 | &nbsp;&nbsp;&nbsp;&nbsp; 3464830 |
| Hays County, TX, 3.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1082257 |
| Hempstead, NY: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5935 | &nbsp;&nbsp;&nbsp;&nbsp; 5436166 |
| &nbsp;&nbsp;&nbsp;2.00%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6095 | &nbsp;&nbsp;&nbsp;&nbsp; 5480497 |
| Hennepin County, MN, 5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019646 |
| Henrico County, VA, 3.35%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4670 | &nbsp;&nbsp;&nbsp;&nbsp; 4688676 |
| Homewood, AL, 5.00%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1344593 |
| Honolulu City and County, HI, 3.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30062 |
| Houston, TX, 4.00%, 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp; 1738360 |
| Independence School District, MO, 3.25%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp; 2585137 |
| Iowa City Community School District, IA, 2.75%, 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp; 2785086 |
| Kansas City, MO, 3.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 237765 |
| Kennebunk, ME, 2.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 260902 |
| Knox County, TN, 3.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | &nbsp;&nbsp;&nbsp;&nbsp; 2598691 |
| Knoxville, TN, 3.00%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3365 | &nbsp;&nbsp;&nbsp;&nbsp; 3131625 |
| Krum Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 720308 |
| Lake Oswego, OR, 2.50%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1167100 |
| Lake Washington School District No. 414, WA, 4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013577 |
| Lane County School District No. 40, OR, 0.00%, 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 530860 |
| Lexington, MA, 3.20%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp; 1195935 |
| Lone Star College System, TX, 3.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1370019 |
| Longmeadow, MA, 2.00%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 306735 |
| Longview, TX, 4.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1112296 |
| Loudoun County, VA, 3.25%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 910052 |
| Marshfield, MA: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 9/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 347442 |
| &nbsp;&nbsp;&nbsp;2.00%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 614817 |
| Maryland, 5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5742851 |
| Massachusetts, 2.00%, 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 454812 |
| McKinney, TX, 2.50%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp; 1929304 |
| Medina Valley Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 345294 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Merriam, KS, 4.50%, 8/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;$2912012 |
| Mildred Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 420797 |
| Millbrae School District, CA, 2.50%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 255713 |
| Minnesota, 5.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp; 5778890 |
| Minnetonka Independent School District No. 276, MN: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 389779 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 295604 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 376509 |
| Monrovia Unified School District, CA, (Election of 2006), 0.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp; 2697698 |
| Montgomery County Municipal Utility District No. 46, TX, 4.00%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp; 1296200 |
| Morgan County School District, UT, 4.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp; 1199760 |
| Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 169170 |
| Nebo School District, UT, 2.125%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465 | &nbsp;&nbsp;&nbsp;&nbsp; 4096289 |
| Nevada, 2.125%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1480024 |
| New York, 5.00%, 3/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5425 | &nbsp;&nbsp;&nbsp;&nbsp; 6417593 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1910587 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2235312 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4469811 |
| Newport-Mesa Unified School District, CA, (Election of 2005): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp; 2617360 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6580 | &nbsp;&nbsp;&nbsp;&nbsp; 4594194 |
| Norfolk, VA, 5.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810 | &nbsp;&nbsp;&nbsp;&nbsp; 5232217 |
| North Carolina, 3.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp; 3657680 |
| Orange County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 | &nbsp;&nbsp;&nbsp;&nbsp; 2579472 |
| &nbsp;&nbsp;&nbsp;3.30%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp; 2067090 |
| Oregon: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2421801 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875 | &nbsp;&nbsp;&nbsp;&nbsp; 3079766 |
| Pasadena Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840 | &nbsp;&nbsp;&nbsp;&nbsp; 5039461 |
| Pearland Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 257594 |
| Pecos Barstow Toyah Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1576601 |
| Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 760204 |
| Pennsylvania, 4.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17689044 |
| Plano, TX, 3.28%, 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1694132 |
| Portland, ME, 2.50%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1239131 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Portland, OR, 2.00%, 10/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345 | &nbsp;&nbsp;$2063247 |
| Quincy School District No. 144-101, WA, 4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 802223 |
| Racine County, WI: |  |  |
| &nbsp;&nbsp;&nbsp;0.25%, 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 161171 |
| &nbsp;&nbsp;&nbsp;0.50%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 217785 |
| Rhode Island, 2.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 748687 |
| Richardson Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 600384 |
| Richmond, VA: |  |  |
| &nbsp;&nbsp;&nbsp;2.60%, 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7845 | &nbsp;&nbsp;&nbsp;&nbsp; 7123427 |
| &nbsp;&nbsp;&nbsp;2.65%, 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7910 | &nbsp;&nbsp;&nbsp;&nbsp; 7094579 |
| River Falls School District, WI, 3.20%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 925357 |
| Romeo Community Schools, MI, 5.00%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 703949 |
| Roseville Joint Union High School District, CA, (Election of 2007): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 67932 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 64736 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 112747 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 127419 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 128350 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 114846 |
| Round Rock, TX, 4.00%, 8/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 745366 |
| San Antonio Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 502732 |
| San Jacinto Community College District, TX, 4.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1534047 |
| School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 450433 |
| Scituate, MA, 2.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 607585 |
| Somerville, MA, 1.75%, 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4020 | &nbsp;&nbsp;&nbsp;&nbsp; 3476700 |
| Southside Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 303013 |
| Spokane, WA, 4.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 3024031 |
| St. Charles School District, MO, 3.00%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 615346 |
| Stamford, CT, 2.00%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp; 733165 |
| Sugar Land, TX, 4.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009404 |
| Texas, (LOC: JPMorgan Chase Bank, N.A.), 2.40%, 6/1/50<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18870 | &nbsp;&nbsp;&nbsp;&nbsp; 18870000 |
| Travis County, TX: |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;&nbsp; 1548849 |
| &nbsp;&nbsp;&nbsp;3.375%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 400820 |
| Tukwila, WA, 4.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 506076 |
| Tyler Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2043375 |
| Umatilla School District No. 6R, Umatilla County, OR, 0.00%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 96643 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Union County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;$917856 |
| &nbsp;&nbsp;&nbsp;3.00%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 968501 |
| United Independent School District, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 354218 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 540794 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 584627 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 603975 |
| Upper St. Clair Township, PA, 4.00%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 802743 |
| Vestavia Hills, AL, 4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 821114 |
| Village of Dobbs Ferry, NY: |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, 10/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 450595 |
| &nbsp;&nbsp;&nbsp;3.00%, 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 330151 |
| Waldwick School District, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp; 1097225 |
| &nbsp;&nbsp;&nbsp;2.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 954426 |
| &nbsp;&nbsp;&nbsp;2.00%, 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1086291 |
| Washington: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705 | &nbsp;&nbsp;&nbsp;&nbsp; 5449776 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1278956 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925 | &nbsp;&nbsp;&nbsp;&nbsp; 4145691 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3221505 |
| West St. Paul-Mendota Heights-Eagan Independent School District No. 197, MN, 3.55%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7615 | &nbsp;&nbsp;&nbsp;&nbsp; 7612338 |
| Westchester County, NY, 2.00%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 590857 |
| Wichita Falls Independent School District, TX, (PSF Guaranteed), 3.00%, 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 | &nbsp;&nbsp;&nbsp;&nbsp; 2077058 |
| Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 360469 |
| Williamson County, TX, 3.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 220443 |
| Willis Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 205331 |
| Yosemite Community College District, CA, (Election of 2004), 0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 114166 |
| Ysleta Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 416031 |
|  |  | &nbsp;&nbsp;**$363481403** |
| Hospital — 3.5% | Hospital — 3.5% | Hospital — 3.5% |
| California Health Facilities Financing Authority, (Adventist Health System/West): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;$90044 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1429733 |
| California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 349435 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Center City, MN, (Hazelden Betty Ford Foundation): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;$247173 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 373204 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 309404 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 400625 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 419961 |
| Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 338387 |
| Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103680 |
| Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 363676 |
| Idaho Health Facilities Authority, ID, (St. Lukes's Health System), 5.00% to 3/1/35 (Put Date), 3/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 4177854 |
| Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2028968 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1521025 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026710 |
| Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins Health System), 5.00%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 | &nbsp;&nbsp;&nbsp;&nbsp; 3153627 |
| Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 877539 |
| Minneapolis, MN, (Allina Health System), 4.00%, 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp; 2016030 |
| Missouri Health and Educational Facilities Authority, (Saint Luke's Health System), 5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006800 |
| New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 605994 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 277726 |
| New York Dormitory Authority, (Maimonides Medical Center), 4.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153475 |
| South Carolina Jobs-Economic Development Authority, (Novant Health Obligated Group), 5.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp; 3615387 |
| Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150028 |
| University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp; 1510781 |
| Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65481 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 302000 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70436 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$403592 |
| Wisconsin Health and Educational Facilities Authority, (Gundersen Health System), 4.00%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 444385 |
|  |  | &nbsp;&nbsp;**$28833160** |
| Housing — 9.6% | Housing — 9.6% | Housing — 9.6% |
| Colorado Housing and Finance Authority, Social Bonds, (GNMA), 5.75%, 11/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;$4199804 |
| Connecticut Housing Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 6.00%, 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 826784 |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance), 1.45%, 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1122533 |
| Illinois Housing Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865 | &nbsp;&nbsp;&nbsp;&nbsp; 3209927 |
| Indiana Housing and Community Development Authority, SFMR, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 | &nbsp;&nbsp;&nbsp;&nbsp; 3140496 |
| Iowa Finance Authority, SFMR, Social Bonds, (FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 2.27%, 7/1/49<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| Maricopa County and Phoenix Industrial Development Authorities, AZ, (GNMA), 5.75%, 3/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975 | &nbsp;&nbsp;&nbsp;&nbsp; 6639385 |
| Michigan Housing Development Authority, Social Bonds, 6.00%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7380 | &nbsp;&nbsp;&nbsp;&nbsp; 8064588 |
| Minnesota Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;2019 Series A, 4.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 307872 |
| &nbsp;&nbsp;&nbsp;2019 Series A, 4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 456925 |
| &nbsp;&nbsp;&nbsp;2019 Series C, 4.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 250472 |
| New Mexico Mortgage Finance Authority, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp; 2772031 |
| New York City Housing Development Corp., NY, Sustainability Bonds, 2.85%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| New York Mortgage Agency, 3.65%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95307 |
| North Dakota Housing Finance Agency, Social Bonds, 6.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610 | &nbsp;&nbsp;&nbsp;&nbsp; 5027231 |
| Ohio Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp; 2398176 |
| Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 6.25%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5310 | &nbsp;&nbsp;&nbsp;&nbsp; 5790455 |
| South Dakota Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 6.25%, 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4285 | &nbsp;&nbsp;&nbsp;&nbsp; 4702654 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), GNMA), 6.25%, 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 5532614 |
| Tennessee Housing Development Agency, (Residential Finance Program), Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp; 2530533 |
| Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 6.00%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 5097047 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Utah Housing Corp., (FHLMC), (FNMA), (GNMA), 6.00%, 7/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730 | &nbsp;&nbsp;$5258704 |
| Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp; 1001286 |
| Virginia Housing Development Authority, 2.55%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 89858 |
| Wisconsin Housing and Economic Development Authority, Home Ownership Revenue, Social Bonds, (FHLMC), (FNMA), (GNMA), 6.00%, 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp; 6313277 |
|  |  | &nbsp;&nbsp;**$78847959** |
| Insured - Bond Bank — 1.4% | Insured - Bond Bank — 1.4% | Insured - Bond Bank — 1.4% |
| Indianapolis Local Public Improvement Bond Bank, IN, (AG), 4.00%, 6/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10855 | &nbsp;&nbsp;$11299015 |
|  |  | &nbsp;&nbsp;**$11299015** |
| Insured - Education — 0.2% | Insured - Education — 0.2% | Insured - Education — 0.2% |
| New Jersey Institute of Technology, (BAM), 5.00%, 7/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;$1401518 |
|  |  | &nbsp;&nbsp;**$1401518** |
| Insured - Electric Utilities — 0.5% | Insured - Electric Utilities — 0.5% | Insured - Electric Utilities — 0.5% |
| Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 & 4 Project M): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.00%, 1/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;$479731 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 132426 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 252608 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 529218 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 376497 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 414486 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 292494 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 556509 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 431040 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 444965 |
|  |  | &nbsp;&nbsp;**$3909974** |
| Insured - General Obligations — 0.8% | Insured - General Obligations — 0.8% | Insured - General Obligations — 0.8% |
| Amber Creek Metropolitan District, CO: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;$176314 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 148466 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 175298 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 332854 |
| Colton Joint Unified School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 331972 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 378418 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Colton Joint Unified School District, CA, (Election of 2024): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;$328886 |
| Fort Bend County Municipal Utility District No. 58, TX, (BAM), 3.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10003 |
| Mauston School District, WI, (AG), 1.60%, 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255 | &nbsp;&nbsp;&nbsp;&nbsp; 1884615 |
| 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; 177264 |
| &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; 361726 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 522333 |
| Rialto Unified School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 144458 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 306641 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 341281 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 482134 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 273142 |
|  |  | &nbsp;&nbsp;**$6375805** |
| Insured - Lease Revenue/Certificates of Participation — 0.5% | Insured - Lease Revenue/Certificates of Participation — 0.5% | Insured - Lease Revenue/Certificates of Participation — 0.5% |
| Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$100185 |
| Fairfield, CA, Certificates of Participation: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 788101 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3462935 |
| Highlands County School Board, FL, (BAM), 5.00%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75157 |
| Tahoe-Truckee Unified School District, CA, Certificates of Participation, (BAM), 5.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90785 |
|  |  | &nbsp;&nbsp;**$4517163** |
| Insured - Special Tax Revenue — 1.2% | Insured - Special Tax Revenue — 1.2% | Insured - Special Tax Revenue — 1.2% |
| Downtown Revitalization Public Infrastructure District, UT: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1145335 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1760249 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1520046 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2451505 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114320 |
| Mobile County Board of School Commissioners, AL, (BAM), 4.00%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp; 1445890 |
| North Houston Development Corp., TX, Tax Increment Contract Revenue, (AG), 3.00%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 843598 |
|  |  | &nbsp;&nbsp;**$10280943** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Transportation — 0.6% | Insured - Transportation — 0.6% | Insured - Transportation — 0.6% |
| Alameda Corridor Transportation Authority, CA, (AG), 0.00%, 10/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6515 | &nbsp;&nbsp;$3806802 |
| New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175360 |
| New Orleans Aviation Board, LA, (AG), 5.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040437 |
|  |  | &nbsp;&nbsp;**$5022599** |
| Insured - Water and Sewer — 0.0%<sup>†</sup> | Insured - Water and Sewer — 0.0%<sup>†</sup> | Insured - Water and Sewer — 0.0%<sup>†</sup> |
| Hamburg Municipal Authority, PA, Sewer Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 2.00%, 10/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$42408 |
| &nbsp;&nbsp;&nbsp;(AG), 2.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 25685 |
|  |  | &nbsp;&nbsp;**$68093** |
| Lease Revenue/Certificates of Participation — 3.2% | Lease Revenue/Certificates of Participation — 3.2% | Lease Revenue/Certificates of Participation — 3.2% |
| Colorado Department of Transportation: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;$353300 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 312900 |
| Greene County, MO, Certificates of Participation, 4.00%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1789718 |
| IPS Multi-School Building Corp., IN, Social Bonds, 5.00%, 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 447797 |
| Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp; 1512021 |
| Los Angeles Unified School District, CA, Green Bonds, 5.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 1139917 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.25%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5885245 |
| New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12325 | &nbsp;&nbsp;&nbsp;&nbsp; 13800500 |
| Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500874 |
| Sandy Springs Public Facilities Authority, GA: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 537895 |
| &nbsp;&nbsp;&nbsp;2.00%, 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 436881 |
|  |  | &nbsp;&nbsp;**$26717048** |
| Other Revenue — 9.6% | Other Revenue — 9.6% | Other Revenue — 9.6% |
| Black Belt Energy Gas District, AL, 5.00%, 12/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;$10261970 |
| California Community Choice Financing Authority, Clean Energy Project Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00% to 8/1/31 (Put Date), 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 2045538 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00% to 8/1/28 (Put Date), 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp; 5400286 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 5/1/35 (Put Date), 10/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4392206 |
| Energy Southeast A Cooperative District, AL, 5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3765227 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 2/1/28 (Put Date), 2/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$5079086 |
| Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 501691 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 276241 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00% to 12/1/29 (Put Date), 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23115 | &nbsp;&nbsp;&nbsp;&nbsp; 23630541 |
| &nbsp;&nbsp;&nbsp;5.00% to 3/1/30 (Put Date), 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2648048 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/31 (Put Date), 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3217463 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/32 (Put Date), 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5388335 |
| Philadelphia Energy Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 577175 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 953969 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 806846 |
| Tennergy Corp., TN, Gas Supply Revenue, 4.00% to 9/1/28 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1171786 |
| Tennessee Energy Acquisition Corp., 5.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp; 8919897 |
|  |  | &nbsp;&nbsp;**$79036305** |
| Senior Living/Life Care — 2.1% | Senior Living/Life Care — 2.1% | Senior Living/Life Care — 2.1% |
| Baltimore County, MD, (Riderwood Village, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;$1508407 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 360860 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 617052 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp; 702363 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 628134 |
| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50074 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 911337 |
| California Municipal Finance Authority, (PRS California Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 230100 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 349022 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 547313 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 465802 |
| Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp; 1036393 |
| East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 310240 |
| Lancaster Municipal Authority, PA, (Garden Spot Village): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 223073 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Portfolio of Investments — 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) |
| Lancaster Municipal Authority, PA, (Garden Spot Village): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;$334914 |
| Missouri Health and Educational Facilities Authority, (Lutheran Senior Services): |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 971968 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1247333 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 841063 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 562297 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 576461 |
| North Carolina Medical Care Commission, (United Methodist Retirement Homes): |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016A, 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10128 |
| &nbsp;&nbsp;&nbsp;Series 2016A, 5.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 303709 |
| Virginia Small Business Financing Authority, (Lifespire of Virginia), 5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3216743 |
| Washington Housing Finance Commission, WA, (Emerald Heights), 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1678074 |
|  |  | &nbsp;&nbsp;**$17682860** |
| Special Tax Revenue — 4.3% | Special Tax Revenue — 4.3% | Special Tax Revenue — 4.3% |
| Allentown Neighborhood Improvement Zone Development Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;$291019 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 171824 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 494425 |
| Connecticut, Special Tax Obligation Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1153722 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3391770 |
| Massachusetts School Building Authority, Social Bonds, 5.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2854116 |
| Miami-Dade County, FL, Special Obligation Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 953955 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 898487 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 738072 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp; 1998945 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 317485 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685 | &nbsp;&nbsp;&nbsp;&nbsp; 2981649 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1454999 |
| New York Dormitory Authority, Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950 | &nbsp;&nbsp;&nbsp;&nbsp; 7125534 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 2096435 |
| New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1725542 |

---

---

| | | |
|:---|:---|:---|
| **<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 State Urban Development Corp., Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885 | &nbsp;&nbsp;$2961142 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 2936911 |
| Tri-County Metropolitan Transportation District of Oregon, OR, Green Bonds, 3.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1040700 |
|  |  | &nbsp;&nbsp;**$35586732** |
| Transportation — 4.6% | Transportation — 4.6% | Transportation — 4.6% |
| Alameda Corridor Transportation Authority, CA: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 10/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;$772979 |
| &nbsp;&nbsp;&nbsp;0.00%, 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 2886826 |
| Central Texas Regional Mobility Authority, 4.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72477 |
| Chicago, IL, (O'Hare International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1400188 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp; 2625454 |
| Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp;&nbsp; 1278511 |
| Illinois Toll Highway Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175382 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 350697 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport), 5.00%, 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 242504 |
| Maryland Department of Transportation, 3.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730 | &nbsp;&nbsp;&nbsp;&nbsp; 4780023 |
| Metropolitan Transportation Authority, NY, 2.869%, (67% of SOFR + 0.43%), 11/1/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 298925 |
| Nevada Highway Improvement Revenue, 2.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 745334 |
| New Orleans Aviation Board, LA, 5.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153057 |
| North Texas Tollway Authority, 4.125%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6162663 |
| Port Authority of New York and New Jersey, 5.00%, 10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 9697653 |
| Salt Lake City, UT, (Salt Lake City International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 317253 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 696743 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 632199 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 473297 |
| Virgin Islands Transportation and Infrastructure Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp; 1702498 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1574258 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1323697 |
|  |  | &nbsp;&nbsp;**$38362618** |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer — 4.4% | Water and Sewer — 4.4% | Water and Sewer — 4.4% |
| Collier County Water-Sewer District, FL, 3.00%, 7/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$942867 |
| Dallas, TX, Waterworks and Sewer System Revenue, 4.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 808285 |
| Honolulu City and County, HI, Wastewater System Revenue, Green Bonds, 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195 | &nbsp;&nbsp;&nbsp;&nbsp; 2486952 |
| Indiana Finance Authority, (CWA Authority, Inc.), Green Bonds, 4.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1529068 |
| Jefferson County, AL, Sewer Revenue, 5.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5506582 |
| Lincoln, NE, Sanitary Sewer Revenue, 3.00%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 428428 |
| Louisville and Jefferson County Metropolitan Sewer District, KY, Green Bonds, 4.00%, 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 234021 |
| Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 585074 |
| Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1710058 |
| Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106145 |
| Metropolitan Utilities District of Omaha, NE, Water System Revenue, 3.25%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp; 1720526 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 3.00%, 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 987221 |
| New York State Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 4.00%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 159872 |
| Portland, OR, Sewer System Revenue, 3.00%, 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 678107 |
| San Francisco City and County Public Utilities Commission, CA, Wastewater Revenue, 4.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 198253 |
| San Francisco, CA, Public Utilities Commission Water Revenue, 5.00%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp; 2604167 |
| Santa Maria, CA, Water & Wastewater Revenue, 3.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1593947 |
| Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp; 2976151 |
| Southeast Energy Authority, AL, (Project No. 6), (Liq: Royal Bank of Canada), 5.00% to 6/1/30 (Put Date), 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1589977 |
| Texas Water Development Board: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp; 4327061 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504877 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 713032 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Washington Suburban Sanitary District, MD, 2.00%, 6/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1792903 |
| Winston-Salem, NC, Water & Sewer System Revenue, 2.375%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp; 1824418 |
|  |  | &nbsp;&nbsp;**$36007992** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $776,230,698) |  | &nbsp;&nbsp;**$807429025** |

---

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

Short-Term Investments — 1.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.61%<sup>(4)</sup> | 11613972 | &nbsp;&nbsp;$11613972 |
| Total Short-Term Investments<br> (identified cost $11,613,972) |  | &nbsp;&nbsp;**$11613972** |
| Total Investments — 99.3%<br> (identified cost $787,844,670) |  | &nbsp;&nbsp;**$819042997** |
| Other Assets, Less Liabilities — 0.7% |  | &nbsp;&nbsp;**$5747596** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$824790593** |

---

---

| | |
|:---|:---|
| 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> | Floating rate security. The stated interest rate represents the rate in effect at January 31, 2026. |
| <sup>(2)</sup> | When-issued security. |
| <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 January 31, 2026. |
| <sup>(4)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of January 31, 2026. |
| At January 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 January 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 | 16.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 81.2% |

---

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

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Portfolio of Investments — continued

------

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 January 31, 2026, 5.2% 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 0.8% to 4.4% 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 |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2026** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $776,230,698) | &nbsp;&nbsp;$807429025 |
| Affiliated investments, at value (identified cost $11,613,972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11613972 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8315991 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68721 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11831281 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817014 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40954 |
| **Total assets** | &nbsp;&nbsp;**$840116958** |
| Liabilities |  |
| Payable for investments purchased | &nbsp;&nbsp;$11530027 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064517 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873699 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366735 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216850 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15176 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4332 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40954 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12527 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201548 |
| **Total liabilities** | &nbsp;&nbsp;**$15326365** |
| **Net Assets** | &nbsp;&nbsp;**$824790593** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$865900115 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41109522) |
| **Net Assets** | &nbsp;&nbsp;**$824790593** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$50897588 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4067489 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$12.51 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$12.93 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$5213754 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416870 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$12.51 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$768679251 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61477344 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$12.50 |

---

---

| | |
|:---|:---|
| 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_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**January 31, 2026** |
| Investment Income |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$772210 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;27669994 |
| **Total investment income** | &nbsp;&nbsp;**$28442204** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$2371181 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123870 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65855 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45024 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175857 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241138 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122951 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18800 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67959 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44692 |
| **Total expenses** | &nbsp;&nbsp;**$3277327** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$150707 |
| **Total expense reductions** | &nbsp;&nbsp;**$150707** |
| **Net expenses** | &nbsp;&nbsp;**$3126620** |
| **Net investment income** | &nbsp;&nbsp;**$25315584** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(1999804) |
| **Net realized loss** | &nbsp;&nbsp;**$(1999804)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$22482947 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$22482947** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$20483143** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$45798727** |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
|  | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$25315584 | &nbsp;&nbsp;$24401468 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1999804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236502 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22482947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8966259) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$45798727** | &nbsp;&nbsp;**$15671711** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1472392) | &nbsp;&nbsp;$(1596477) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235747) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22064667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20900769) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(23683365)** | &nbsp;&nbsp;**$(22732993)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(3503289) | &nbsp;&nbsp;$(2179070) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2735264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5770459) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72960879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42213141 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$66722326** | &nbsp;&nbsp;**$34263612** |
| **Net increase in net assets** | &nbsp;&nbsp;**$88837688** | &nbsp;&nbsp;**$27202330** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$735952905 | &nbsp;&nbsp;$708750575 |
| **At end of year** | &nbsp;&nbsp;**$824790593** | &nbsp;&nbsp;**$735952905** |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$12.15 | &nbsp;&nbsp;$12.26 | &nbsp;&nbsp;$12.21 | &nbsp;&nbsp;$12.70 | &nbsp;&nbsp;$13.24 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.39<sup>(1)</sup> | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.72** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$0.38** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.36)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.18) |
| **Total distributions** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.18)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.51** | &nbsp;&nbsp;**$12.15** | &nbsp;&nbsp;**$12.26** | &nbsp;&nbsp;**$12.21** | &nbsp;&nbsp;**$12.70** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.06%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.88)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.73)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$50898 | &nbsp;&nbsp;$53009 | &nbsp;&nbsp;$55676 | &nbsp;&nbsp;$62567 | &nbsp;&nbsp;$81892 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| Portfolio Turnover of the Portfolio<sup>(6)</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;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| Portfolio Turnover of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &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;52%<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;— |

---

---

| | |
|:---|:---|
| <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<br> the effect of sales charges. |
| <sup>(3)</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>(4)</sup> | Includes the Fund's share of the Portfolio's allocated expenses for the period while the Fund was investing in the Portfolio. |
| <sup>(5)</sup> | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's and Portfolio's investment in the Liquidity Fund (equal to less than 0.005%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended January 31, 2026, 2025, 2024 and 2023, respectively). |
| <sup>(6)</sup> | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
| <sup>(7)</sup> | For the period from May 20, 2023 through January 31, 2024 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. | References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$12.14 | &nbsp;&nbsp;$12.26 | &nbsp;&nbsp;$12.20 | &nbsp;&nbsp;$12.69 | &nbsp;&nbsp;$13.23 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.30<sup>(1)</sup> | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.64** | &nbsp;&nbsp;**$0.14** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.46)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.08) |
| **Total distributions** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.08)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.51** | &nbsp;&nbsp;**$12.14** | &nbsp;&nbsp;**$12.26** | &nbsp;&nbsp;**$12.20** | &nbsp;&nbsp;**$12.69** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.35%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.54%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.47)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$5214 | &nbsp;&nbsp;$7793 | &nbsp;&nbsp;$13691 | &nbsp;&nbsp;$20513 | &nbsp;&nbsp;$30795 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Portfolio Turnover of the Portfolio<sup>(6)</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;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| Portfolio Turnover of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52%<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;— |

---

---

| | |
|:---|:---|
| <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<br> the effect of sales charges. |
| <sup>(3)</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>(4)</sup> | Includes the Fund's share of the Portfolio's allocated expenses for the period while the Fund was investing in the Portfolio. |
| <sup>(5)</sup> | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's and Portfolio's investment in the Liquidity Fund (equal to less than 0.005%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended January 31, 2026, 2025, 2024 and 2023, respectively). |
| <sup>(6)</sup> | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
| <sup>(7)</sup> | For the period from May 20, 2023 through January 31, 2024 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. | References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$12.14 | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;$12.20 | &nbsp;&nbsp;$12.69 | &nbsp;&nbsp;$13.23 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.42<sup>(1)</sup> | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.75** | &nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.32)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.22) |
| **Total distributions** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.22)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.50** | &nbsp;&nbsp;**$12.14** | &nbsp;&nbsp;**$12.25** | &nbsp;&nbsp;**$12.20** | &nbsp;&nbsp;**$12.69** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.33%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.27%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.64)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.49)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$768679 | &nbsp;&nbsp;$675151 | &nbsp;&nbsp;$639383 | &nbsp;&nbsp;$547295 | &nbsp;&nbsp;$825332 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%<sup>(5)</sup> | &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;0.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| Portfolio Turnover of the Portfolio<sup>(6)</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;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| Portfolio Turnover of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &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;&nbsp;&nbsp;52%<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;— |

---

---

| | |
|:---|:---|
| <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> | 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>(4)</sup> | Includes the Fund's share of the Portfolio's allocated expenses for the period while the Fund was investing in the Portfolio. |
| <sup>(5)</sup> | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's and Portfolio's investment in the Liquidity Fund (equal to less than 0.005%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended January 31, 2026, 2025, 2024 and 2023, respectively). |
| <sup>(6)</sup> | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
| <sup>(7)</sup> | For the period from May 20, 2023 through January 31, 2024 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. | References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Notes to Financial Statements

------

1 Significant Accounting Policies

Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust II (the 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 Fund's investment objective is to seek current income exempt from regular federal income tax. The Fund offers 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 Fund's 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 Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The 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 the 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 the 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—The 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. The 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 the 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. As of January 31, 2026, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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.

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Notes to Financial Statements — 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 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 Fund. 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, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H When-Issued Securities and Delayed Delivery Transactions—The Fund 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 Fund maintains 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.

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

2 Distributions to Shareholders and Income Tax Information

The net investment income of the 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 the 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.

The tax character of distributions declared for the years ended January 31, 2026 and January 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$22991594 | &nbsp;&nbsp;&nbsp;&nbsp;$21358785 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$691771 | &nbsp;&nbsp;&nbsp;&nbsp;$1374208 |

---

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Notes to Financial Statements — continued

------

As of January 31, 2026, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$598499 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64384181) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23042895 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (366735) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(41109522)** |

---

At January 31, 2026, the Fund, for federal income tax purposes, had deferred capital losses of $64,384,181 which would reduce its 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 Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2026, $33,198,895 are short-term and $31,185,286 are long-term.

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

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$796000102** |
| Gross unrealized appreciation | &nbsp;&nbsp;$23385609 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342714) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$23042895** |

---

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3200% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3075% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.2950% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.2875% |

---

For the year ended January 31, 2026, the investment adviser and administration fee amounted to $2,371,181 or 0.32% of the Fund's average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser and administration fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fee paid by the Fund due to its investment in the Liquidity Fund. For the year ended January 31, 2026, the investment adviser and administration fee paid was reduced by $27,082 relating to the Fund's investment in the Liquidity Fund.

EVM and Parametric have agreed to reimburse the Fund's 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

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[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Notes to Financial Statements — continued

------

litigation expenses) exceed 0.65%, 1.40% and 0.40% 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 June 1, 2026. Pursuant to this agreement, EVM and Parametric waived and/or reimbursed $123,625 in total of the Fund's operating expenses for the year ended January 31, 2026.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2026, EVM earned $12,224 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $5,620 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2026. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended January 31, 2026 in the amount of $1,900. 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).

Trustees and officers of the Fund who are members of EVM's organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM 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 Fund are officers of EVM.

4 Distribution Plans

The 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, the 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 the 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 year ended January 31, 2026 amounted to $123,870 for Class A shares.

The 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, the 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 Fund. For the year ended January 31, 2026, the Fund paid or accrued to EVD $49,391 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2026 amounted to $16,464 for Class C shares.

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

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 year ended January 31, 2026, the Fund was informed that EVD received $3,360 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $332,685,838 and $253,771,743, respectively, for the year ended January 31, 2026.

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[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Notes to Financial Statements — continued

------

7 Shares of Beneficial Interest

The 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 Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 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; 944721 | &nbsp;&nbsp;&nbsp;&nbsp;$11554110 | &nbsp;&nbsp;&nbsp;&nbsp; 930491 | &nbsp;&nbsp;&nbsp;&nbsp;$11325040 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 90186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1099189 | &nbsp;&nbsp;&nbsp;&nbsp; 98111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1192906 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1330655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16156588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1205792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14697016) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(295748)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3503289)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(177190)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2179070)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 56414 | &nbsp;&nbsp;&nbsp;&nbsp;$690657 | &nbsp;&nbsp;&nbsp;&nbsp; 82943 | &nbsp;&nbsp;&nbsp;&nbsp;$1005900 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 8157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99186 | &nbsp;&nbsp;&nbsp;&nbsp; 14620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177569 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (289463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3525107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (572872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6953928) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(224892)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2735264)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(475309)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5770459)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;18395797 | &nbsp;&nbsp;&nbsp;&nbsp;$224291327 | &nbsp;&nbsp;&nbsp;&nbsp;16124171 | &nbsp;&nbsp;&nbsp;&nbsp;$196206336 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1523331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18562724 | &nbsp;&nbsp;&nbsp;&nbsp; 1489811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18101099 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(14058600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169893172) | &nbsp;&nbsp;&nbsp;&nbsp;(14180889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172094294) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **5860528** | &nbsp;&nbsp;&nbsp;&nbsp;**$72960879** | &nbsp;&nbsp;&nbsp;&nbsp; **3433093** | &nbsp;&nbsp;&nbsp;&nbsp;**$42213141** |

---

8 Line of Credit

The Fund participates 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 Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the 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 Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2026.

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Notes to Financial Statements — continued

------

9 Affiliated Investments

At January 31, 2026, the value of the Fund's investment in funds that may be deemed to be affiliated was $11,613,972, which represents 1.4% of the Fund's net assets. Transactions in such investments by the Fund for the year ended January 31, 2026 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $45641594 | $288268839 | $(322296461) | $— | $— | $11613972 | $772210 | 11613972 |

---

10 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 January 31, 2026, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$807429025 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$807429025 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;11613972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11613972 |
| **Total Investments** | &nbsp;&nbsp;**$11613972** | &nbsp;&nbsp;&nbsp;&nbsp;**$807429025** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$819042997** |

---

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Municipals Trust II and Shareholders of Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (the "Fund"), one of the funds constituting Eaton Vance Municipals Trust II, including the portfolio of investments, as of January 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 23, 2026

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2026

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended January 31, 2026, the Fund designates 97.08% of distributions from net investment income as an exempt-interest dividend.

------

[**Table of Contents**](#JOB_EV_AR_83bf6216-86ec-46b8-a32c-acf2e1ec5113_TOC)

EALTX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;1.31.26

------

![](g152503img61d274e21.jpg)

------

## Parametric

## TABS 1-to-10 Year Laddered Municipal Bond Fund

## Annual Financial Statements and Additional Information
January 31, 2026

------

![](g152503imgce7a02742.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 1-800-260-0761 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Annual Financial Statements and Additional Information January 31, 2026
Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_a56191f1-ff46-4530-8aca-b1cdeef485e6_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_e9668798-f01e-4c59-9b63-abf309e3550f_1) | [Items 6 and 7 of Form N-CSR:](#xx_e9668798-f01e-4c59-9b63-abf309e3550f_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_e9668798-f01e-4c59-9b63-abf309e3550f_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_7b145021-0f9d-4322-a06e-417a3daf5461_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_7b145021-0f9d-4322-a06e-417a3daf5461_2) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_7b145021-0f9d-4322-a06e-417a3daf5461_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_a6946a81-6727-411c-bbc0-702992f53ed0_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_6ec17976-29ff-4f03-83a2-3077f43a863b_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_c7ac1fda-d952-44ed-8506-ff8f6ab616c5_1) | 16 |
| [Federal Tax Information](#xx_a48d1f6f-79b4-46b2-b857-50c03fb9c80d_1) | 17 |

---

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_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 98.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 4.0% | Education — 4.0% | Education — 4.0% |
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 2.845%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$997749 |
| Metropolitan State University of Denver, CO, (Student Housing and Event Center), 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1157355 |
| New Jersey Educational Facilities Authority, (Princeton University), 5.00% to 7/1/31 (Put Date), 7/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1120431 |
|  |  | &nbsp;&nbsp;**$3275535** |
| Electric Utilities — 7.4% | Electric Utilities — 7.4% | Electric Utilities — 7.4% |
| Burke County Development Authority, GA, (Oglethorpe Power Corp.), 3.60% to 2/1/30 (Put Date), 11/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;$1157558 |
| Foley Utilities Board, AL, 5.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 1016652 |
| Fremont, NE, Combined Utilities Revenue, 1.75%, 7/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1367890 |
| Lansing Board of Water and Light, MI, 5.00% to 7/1/31 (Put Date), 7/1/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 551366 |
| Orlando Utilities Commission, FL, (SPA: TD Bank, N.A.), 2.25%, 10/1/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 |
| Seattle, WA, Municipal Light and Power Revenue, 2.53%, (SIFMA + 0.25%), 5/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 497905 |
|  |  | &nbsp;&nbsp;**$5991371** |
| General Obligations — 33.1% | General Obligations — 33.1% | General Obligations — 33.1% |
| Amherst, NY, 3.00%, 11/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$500026 |
| Bexar County, TX, 3.00%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2300746 |
| California, 3.60%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029877 |
| Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 82895 |
| Columbia School District, MO, 2.10%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 496952 |
| Connecticut, 5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 562246 |
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1480783 |
| David Douglas School District No. 40, OR: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 519919 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 130084 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 84322 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 136766 |
| Eugene School District No. 4J, OR, Lane County, 3.00%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 750023 |
| Forest Lake, MN, 2.15%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 297869 |
| Fort Bend County Water Control and Improvement District No. 2, TX, 5.00%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1628053 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Frisco, TX, 2.00%, 2/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;$60145 |
| Hays Consolidated Independent School District, TX, (PSF Guaranteed), 3.25%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005756 |
| Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 495928 |
| Lewisville, TX, 2.75%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp; 627971 |
| Lockhart Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 155319 |
| Loudoun County, VA, 1.625%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 845843 |
| Minnetonka Independent School District No. 276, MN, 0.00%, 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 113470 |
| New York, NY, 5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034176 |
| North Carolina: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1267804 |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2505261 |
| Oregon, 5.00%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1649632 |
| Pennsylvania, 4.00%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 528131 |
| Roseville Joint Union High School District, CA, (Election of 2007), 0.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 83046 |
| Rutherford County, TN, 1.50%, 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1306462 |
| Sheldon Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200012 |
| Somerville, MA, 1.75%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2648770 |
| Spring-Ford Area School District, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 288695 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 148847 |
| St. Cloud Independent School District No. 742, MN, 0.00%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 194704 |
| Texas, (LOC: JPMorgan Chase Bank, N.A.), 2.40%, 6/1/50<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 585000 |
| Tuscaloosa, AL, 5.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 797231 |
| Umatilla School District No. 6R, OR: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 19799 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 144343 |
|  |  | &nbsp;&nbsp;**$26706906** |
| Hospital — 6.7% | Hospital — 6.7% | Hospital — 6.7% |
| California Health Facilities Financing Authority, (Adventist Health System/West), 5.00%, 12/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$857840 |
| Center City, MN, (Hazelden Betty Ford Foundation): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 271922 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 231373 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 305821 |
| Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health), 5.00% to 7/1/29 (Put Date), 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 538698 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Indiana Finance Authority, (Ascension Senior Credit), 5.00%, 11/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2136227 |
| Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (Vanderbilt University Medical Center), 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057494 |
|  |  | &nbsp;&nbsp;**$5399375** |
| Housing — 10.6% | Housing — 10.6% | Housing — 10.6% |
| Connecticut Housing Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;$386022 |
| Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 774938 |
| New York City Housing Development Corp., NY, Green Bonds, (SPA: TD Bank, N.A.), 2.27%, 5/1/50<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| Ohio Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 636303 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 1045780 |
| Pennsylvania Housing Finance Agency, SFMR, 2.10%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 113551 |
| South Dakota Housing Development Authority, (FHLMC), (FNMA), (GNMA), 6.25%, 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 1042595 |
| Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 784723 |
| Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp; 1759594 |
|  |  | &nbsp;&nbsp;**$8543506** |
| Industrial Development Revenue — 1.0% | Industrial Development Revenue — 1.0% | Industrial Development Revenue — 1.0% |
| Parish of St. John the Baptist, LA, (Marathon Oil Corp.), 3.30% to 7/3/28 (Put Date), 6/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$809846 |
|  |  | &nbsp;&nbsp;**$809846** |
| Insured - General Obligations — 4.2% | Insured - General Obligations — 4.2% | Insured - General Obligations — 4.2% |
| Amber Creek Metropolitan District, CO: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;$228947 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 150478 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79323 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37688 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 191001 |
| Clifton, NJ, (BAM), 2.00%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 679824 |
| Colton Joint Unified School District, CA, (Election of 2024), (BAM), 0.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 352653 |
| Royse City, TX, (BAM), 5.00%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1646039 |
|  |  | &nbsp;&nbsp;**$3365953** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Lease Revenue/Certificates of Participation — 0.2% | Insured - Lease Revenue/Certificates of Participation — 0.2% | Insured - Lease Revenue/Certificates of Participation — 0.2% |
| Highlands County School Board, FL, (BAM), 5.00%, 3/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;$180344 |
|  |  | &nbsp;&nbsp;**$180344** |
| Insured - Special Tax Revenue — 1.4% | Insured - Special Tax Revenue — 1.4% | Insured - Special Tax Revenue — 1.4% |
| Downtown Revitalization Public Infrastructure District, UT, (AG), 5.00%, 6/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1156829 |
|  |  | &nbsp;&nbsp;**$1156829** |
| Other Revenue — 10.0% | Other Revenue — 10.0% | Other Revenue — 10.0% |
| Black Belt Energy Gas District, AL, 5.25% to 9/1/32 (Put Date), 5/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$809556 |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 4.00% to 8/1/31 (Put Date), 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 850620 |
| Fort Myers, FL, Capital Improvement Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 155325 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 270564 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 601191 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 3/1/30 (Put Date), 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2118438 |
| New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue, 5.00% to 11/1/30 (Put Date), 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066904 |
| Southeast Energy Authority, AL, 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086182 |
| Tennessee Energy Acquisition Corp., 5.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087792 |
|  |  | &nbsp;&nbsp;**$8046572** |
| Senior Living/Life Care — 6.1% | Senior Living/Life Care — 6.1% | Senior Living/Life Care — 6.1% |
| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;$831241 |
| California Municipal Finance Authority, (PRS California Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 451532 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 373878 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 216263 |
| Lancaster Municipal Authority, PA, (Garden Spot Village), 5.00%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 214944 |
| Missouri Health and Educational Facilities Authority, (Lutheran Senior Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 772426 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 980711 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Portfolio of Investments — 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) |
| Virginia Small Business Financing Authority, (Lifespire of Virginia), 5.00%, 12/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;$1058470 |
| West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home), 4.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30169 |
|  |  | &nbsp;&nbsp;**$4929634** |
| Special Tax Revenue — 4.0% | Special Tax Revenue — 4.0% | Special Tax Revenue — 4.0% |
| Battery Park City Authority, NY, (SPA: TD Bank, N.A.), 3.20%, 11/1/38<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;$1215000 |
| New York City Transitional Finance Authority, NY, Future Tax Secured Revenue, (LOC: Sumitomo Mitsui Banking Corp.), 2.27%, 11/1/41<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp;**$3215000** |
| Transportation — 3.9% | Transportation — 3.9% | Transportation — 3.9% |
| Maryland Department of Transportation, 3.00%, 10/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;$565922 |
| Pennsylvania Turnpike Commission, (LOC: TD Bank, N.A.), 2.27%, 12/1/39<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 550781 |
|  |  | &nbsp;&nbsp;**$3116703** |
| Water and Sewer — 5.7% | Water and Sewer — 5.7% | Water and Sewer — 5.7% |
| New York City Municipal Water Finance Authority, 5.00%, 6/15/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2051739 |
| Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2522162 |
|  |  | &nbsp;&nbsp;**$4573901** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $77,334,848) |  | &nbsp;&nbsp;**$79311475** |

---

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

Short-Term Investments — 1.7%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.61%<sup>(5)</sup> | 1366754 | &nbsp;&nbsp;$1366754 |
| Total Short-Term Investments<br> (identified cost $1,366,754) |  | &nbsp;&nbsp;**$1366754** |
| Total Investments — 100.0%<br> (identified cost $78,701,602) |  | &nbsp;&nbsp;**$80678229** |
| Other Assets, Less Liabilities — 0.0%<sup>†</sup> |  | &nbsp;&nbsp;**$7911** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$80686140** |

---

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

---

| | |
|:---|:---|
| 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> | Floating rate security. The stated interest rate represents the rate in effect at January 31, 2026. |
| <sup>(2)</sup> | When-issued security. |
| <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 January 31, 2026. |
| <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 January 31, 2026. |
| <sup>(5)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of January 31, 2026. |
| At January 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 January 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 | 14.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 12.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 71.6% |

---

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 January 31, 2026, 5.8% 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 1.4% to 4.4% 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 |
| LOC | – Letter of Credit |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**January 31, 2026** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $77,334,848) | &nbsp;&nbsp;$79311475 |
| Affiliated investments, at value (identified cost $1,366,754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366754 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671585 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7926 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715883 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25651 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20256 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17003 |
| **Total assets** | &nbsp;&nbsp;**$83136533** |
| Liabilities |  |
| Payable for investments purchased | &nbsp;&nbsp;$1664985 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551195 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115559 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21359 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17003 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76957 |
| **Total liabilities** | &nbsp;&nbsp;**$2450393** |
| **Net Assets** | &nbsp;&nbsp;**$80686140** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$81144183 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458043) |
| **Net Assets** | &nbsp;&nbsp;**$80686140** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$6692857 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635640 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.53 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$10.88 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$714842 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67895 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.53 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$73278441 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6951856 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.54 |

---

---

| | |
|:---|:---|
| 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_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**January 31, 2026** |
| Investment Income |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$148793 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;2553752 |
| **Total investment income** | &nbsp;&nbsp;**$2702545** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$232478 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16447 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9320 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4927 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28867 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28304 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62812 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6720 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50768 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15197 |
| **Total expenses** | &nbsp;&nbsp;**$455840** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$144769 |
| **Total expense reductions** | &nbsp;&nbsp;**$144769** |
| **Net expenses** | &nbsp;&nbsp;**$311071** |
| **Net investment income** | &nbsp;&nbsp;**$2391474** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$137740 |
| **Net realized gain** | &nbsp;&nbsp;**$137740** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$1574066 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$1574066** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$1711806** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$4103280** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
|  | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$2391474 | &nbsp;&nbsp;$2371603 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64842) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345176) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$4103280** | &nbsp;&nbsp;**$1961585** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(184908) | &nbsp;&nbsp;$(181264) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43308) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1994392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1980117) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(2198513)** | &nbsp;&nbsp;**$(2204689)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$296686 | &nbsp;&nbsp;$(1103403) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(665509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1259420) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9431725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1632746) |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$9062902** | &nbsp;&nbsp;**$(3995569)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$10967669** | &nbsp;&nbsp;**$(4238673)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$69718471 | &nbsp;&nbsp;$73957144 |
| **At end of year** | &nbsp;&nbsp;**$80686140** | &nbsp;&nbsp;**$69718471** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.26 | &nbsp;&nbsp;$10.30 | &nbsp;&nbsp;$10.37 | &nbsp;&nbsp;$10.59 | &nbsp;&nbsp;$10.91 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.32<sup>(1)</sup> | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.56** | &nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;**$0.22** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$(0.20)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.10) |
| 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;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| **Total distributions** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.12)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.53** | &nbsp;&nbsp;**$10.26** | &nbsp;&nbsp;**$10.30** | &nbsp;&nbsp;**$10.37** | &nbsp;&nbsp;**$10.59** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.55%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.37)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.87)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$6693 | &nbsp;&nbsp;$6222 | &nbsp;&nbsp;$7362 | &nbsp;&nbsp;$9006 | &nbsp;&nbsp;$14526 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |

---

<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> 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>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to 0.01%, less than 0.01%, 0.01% and 0.01% of average daily net assets for the years ended January 31, 2026, 2025, 2024 and 2023, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.26 | &nbsp;&nbsp;$10.30 | &nbsp;&nbsp;$10.37 | &nbsp;&nbsp;$10.59 | &nbsp;&nbsp;$10.91 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.24<sup>(1)</sup> | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;$0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.48** | &nbsp;&nbsp;**$0.18** | &nbsp;&nbsp;**$0.14** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.28)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.02) |
| 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;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| **Total distributions** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;**$(0.04)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.53** | &nbsp;&nbsp;**$10.26** | &nbsp;&nbsp;**$10.30** | &nbsp;&nbsp;**$10.37** | &nbsp;&nbsp;**$10.59** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.76%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.39%** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.12)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.60)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$715 | &nbsp;&nbsp;$1359 | &nbsp;&nbsp;$2628 | &nbsp;&nbsp;$3198 | &nbsp;&nbsp;$3591 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |

---

<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> 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>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to 0.01%, less than 0.01%, 0.01% and 0.01% of average daily net assets for the years ended January 31, 2026, 2025, 2024 and 2023, respectively).

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.28 | &nbsp;&nbsp;$10.31 | &nbsp;&nbsp;$10.38 | &nbsp;&nbsp;$10.60 | &nbsp;&nbsp;$10.92 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$0.34<sup>(1)</sup> | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.58** | &nbsp;&nbsp;**$0.29** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$(0.17)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.13) |
| 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;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| **Total distributions** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.15)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.54** | &nbsp;&nbsp;**$10.28** | &nbsp;&nbsp;**$10.31** | &nbsp;&nbsp;**$10.38** | &nbsp;&nbsp;**$10.60** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.71%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.85%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.12)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.62)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$73278 | &nbsp;&nbsp;$62137 | &nbsp;&nbsp;$63967 | &nbsp;&nbsp;$61275 | &nbsp;&nbsp;$75548 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &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;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |

---

<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> 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>(4)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to 0.01%, less than 0.01%, 0.01% and 0.01% of average daily net assets for the years ended January 31, 2026, 2025, 2024 and 2023, respectively).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Notes to Financial Statements

------

1 Significant Accounting Policies

Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust II (the 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 Fund's investment objective is to provide current income exempt from regular federal income tax. The Fund offers 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 Fund's 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 Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The 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 the 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 the 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—The 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. The 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 the 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. As of January 31, 2026, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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.

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Notes to Financial Statements — 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 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 Fund. 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, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H When-Issued Securities and Delayed Delivery Transactions—The Fund 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 Fund maintains 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.

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

2 Distributions to Shareholders and Income Tax Information

The net investment income of the 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 the 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.

The tax character of distributions declared for the years ended January 31, 2026 and January 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$2059656 | &nbsp;&nbsp;&nbsp;&nbsp;$2046448 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$138857 | &nbsp;&nbsp;&nbsp;&nbsp;$158241 |

---

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Notes to Financial Statements — continued

------

As of January 31, 2026, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$16680 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2918849) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444522 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (396) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(458043)** |

---

At January 31, 2026, the Fund, for federal income tax purposes, had deferred capital losses of $2,918,849 which would reduce its 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 Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2026, $1,528,926 are short-term and $1,389,923 are long-term.

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

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$78233707** |
| Gross unrealized appreciation | &nbsp;&nbsp;$2450408 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5886) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$2444522** |

---

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate as a percentage of the Fund's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3200% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3075% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.2950% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.2875% |

---

For the year ended January 31, 2026, the investment adviser and administration fee amounted to $232,478 or 0.32% of the Fund's average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser and administration fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fee paid by the Fund due to its investment in the Liquidity Fund. For the year ended January 31, 2026, the investment adviser and administration fee paid was reduced by $5,253 relating to the Fund's investment in the Liquidity Fund.

EVM and Parametric have agreed to reimburse the Fund's 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 0.65%, 1.40% and 0.40% 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 June 1, 2026. Pursuant to this agreement, EVM and Parametric waived and/or reimbursed $139,516 in total of the Fund's operating expenses for the year ended January 31, 2026.

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Notes to Financial Statements — continued

------

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2026, EVM earned $2,393 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received less than $100 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2026. EVD also received distribution and service fees from Class A and Class C shares (see Note 4).

Trustees and officers of the Fund who are members of EVM's organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM 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 Fund are officers of EVM.

4 Distribution Plans

The 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, the 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 the 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 year ended January 31, 2026 amounted to $16,447 for Class A shares.

The 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, the 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 Fund. For the year ended January 31, 2026, the Fund paid or accrued to EVD $6,990 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2026 amounted to $2,330 for Class C shares.

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

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 year ended January 31, 2026, the Fund was informed that EVD received no CDSCs paid by Class A or Class C shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $54,490,234 and $44,159,664, respectively, for the year ended January 31, 2026.

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Notes to Financial Statements — continued

------

7 Shares of Beneficial Interest

The 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 Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 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; 142753 | &nbsp;&nbsp;&nbsp;&nbsp;$1476130 | &nbsp;&nbsp;&nbsp;&nbsp; 222496 | &nbsp;&nbsp;&nbsp;&nbsp;$2297113 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 17773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183933 | &nbsp;&nbsp;&nbsp;&nbsp; 17589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180279 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1363377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (348617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3580795) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **29455** | &nbsp;&nbsp;&nbsp;&nbsp;**$296686** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(108532)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1103403)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 2389 | &nbsp;&nbsp;&nbsp;&nbsp;$25000 | &nbsp;&nbsp;&nbsp;&nbsp; 4908 | &nbsp;&nbsp;&nbsp;&nbsp;$50204 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19160 | &nbsp;&nbsp;&nbsp;&nbsp; 4217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43218 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (709669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1352842) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(64538)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(665509)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(122691)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1259420)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;2215277 | &nbsp;&nbsp;&nbsp;&nbsp;$22907354 | &nbsp;&nbsp;&nbsp;&nbsp;1664140 | &nbsp;&nbsp;&nbsp;&nbsp;$17100536 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 192029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1990060 | &nbsp;&nbsp;&nbsp;&nbsp; 192609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1976666 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1502571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15465689) | &nbsp;&nbsp;&nbsp;&nbsp;(2013324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20709948) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **904735** | &nbsp;&nbsp;&nbsp;&nbsp;**$9431725** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(156575)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1632746)** |

---

8 Line of Credit

The Fund participates 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 Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the 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 Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2026.

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Notes to Financial Statements — continued

------

9 Affiliated Investments

At January 31, 2026, the value of the Fund's investment in funds that may be deemed to be affiliated was $1,366,754, which represents 1.7% of the Fund's net assets. Transactions in such investments by the Fund for the year ended January 31, 2026 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $4718294 | $46990621 | $(50342161) | $— | $— | $1366754 | $148793 | 1366754 |

---

10 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 January 31, 2026, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$79311475 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$79311475 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1366754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1366754 |
| **Total Investments** | &nbsp;&nbsp;**$1366754** | &nbsp;&nbsp;&nbsp;&nbsp;**$79311475** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$80678229** |

---

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Municipals Trust II and Shareholders of Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (the "Fund"), one of the funds constituting Eaton Vance Municipals Trust II, including the portfolio of investments, as of January 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 23, 2026

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2026

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended January 31, 2026, the Fund designates 93.68% of distributions from net investment income as an exempt-interest dividend.

------

[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

This Page Intentionally Left Blank

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[**Table of Contents**](#JOB_EV_AR_e96cb9b1-f2ea-4c2f-81bf-6da6bf64ac3d_TOC)

EALBX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;1.31.26

------

#### 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.](d152503dex99cert.htm)

(a)(2)(ii) [Principal Executive Officer's Section 302 certification.](d152503dex99cert.htm#a)

(b) [Combined Section 906 certification.](d152503dex99906cert.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 II | Eaton Vance Municipals Trust II |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | March 24, 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: | March 24, 2026 |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | March 24, 2026 |

---

## Ex-99.Cert

**Eaton Vance Municipals Trust II** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Municipals
Trust II;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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: March 24, 2026 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**Eaton Vance Municipals Trust II** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Kenneth A. Topping, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Municipals
Trust II;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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: March 24, 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 II (the "**Trust**") that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Report of the **Trust** on Form N-CSR for the period ended
January 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 II

Date: March 24, 2026

---

| |
|:---|
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |

---

Date: March 24, 2026

---

| |
|:---|
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |

---