# EDGAR Filing Document

**Accession Number:** 0000778365
**File Stem:** 0001193125-25-251258
**Filing Date:** 2025-10
**Character Count:** 661791
**Document Hash:** 030d88f88bd1341d7bc01f301c14f595
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-251258.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001193125-25-251258

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 82

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**EFFECTIVENESS DATE**: 20251027

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04409
- **FILM NUMBER:** 251419326

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

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

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

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

## Series and Classes Contracts Data

### Eaton Vance Maryland Municipal Income Fund (Series ID: S000004840)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000013104 | Eaton Vance Maryland Municipal Income Fund Class A | ETMDX           |
| C000013106 | Eaton Vance Maryland Municipal Income Fund Class C | ECMDX           |
| C000063947 | Eaton Vance Maryland Municipal Income Fund Class I | EIMDX           |

### Eaton Vance Missouri Municipal Income Fund (Series ID: S000004845)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000013120 | Eaton Vance Missouri Municipal Income Fund Class A | ETMOX           |
| C000013122 | Eaton Vance Missouri Municipal Income Fund Class C | ECMOX           |
| C000092719 | Eaton Vance Missouri Municipal Income Fund Class I | EIMOX           |

### Eaton Vance North Carolina Municipal Income Fund (Series ID: S000004850)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000013136 | Eaton Vance North Carolina Municipal Income Fund Class A | ETNCX           |
| C000013138 | Eaton Vance North Carolina Municipal Income Fund Class C | ECNCX           |
| C000063950 | Eaton Vance North Carolina Municipal Income Fund Class I | EINCX           |

### Eaton Vance Oregon Municipal Income Fund (Series ID: S000004852)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000013142 | Eaton Vance Oregon Municipal Income Fund Class A | ETORX           |
| C000013144 | Eaton Vance Oregon Municipal Income Fund Class C | ECORX           |
| C000092722 | Eaton Vance Oregon Municipal Income Fund Class I | EIORX           |

### Eaton Vance South Carolina Municipal Income Fund (Series ID: S000004855)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000013151 | Eaton Vance South Carolina Municipal Income Fund Class A | EASCX           |
| C000013153 | Eaton Vance South Carolina Municipal Income Fund Class C | ECSCX           |
| C000063952 | Eaton Vance South Carolina Municipal Income Fund Class I | EISCX           |

### Eaton Vance Virginia Municipal Income Fund (Series ID: S000004857)

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

### Eaton Vance Georgia Municipal Income Fund (Series ID: S000004864)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000013178 | Eaton Vance Georgia Municipal Income Fund Class A | ETGAX           |
| C000013180 | Eaton Vance Georgia Municipal Income Fund Class C | ECGAX           |
| C000063956 | Eaton Vance Georgia Municipal Income Fund Class I | EIGAX           |

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## Eaton Vance Municipals Trust

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

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

#### (Address of Principal Executive Offices)

#### Deidre E. Walsh

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

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

#### (Registrant's Telephone Number)

#### August 31

#### Date of Fiscal Year End

#### August 31, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) # Eaton Vance Georgia Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class A ETGAX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Georgia Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $71 | 0.71% |

---

## 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):

↓ An overweight allocation to bonds with 4% coupon rates detracted from Index-relative returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance

↓ An overweight exposure to, and security selections in AA-rated bonds detracted from relative returns during the period

↑ An underweight position and security selections in BBB-rated bonds helped returns as lower-rated bonds generally underperformed higher-rated bonds

↑ Overweight positions and security selections in Industrial Development Revenue/ Pollution Control Revenue bonds also contributed to returns

↑ An out-of-Index exposure to variable-rate demand notes — typically considered a defensive investment — contributed to returns

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

![Growth of 10K Chart](g74130i66422d5e5d1c7f11ea3b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Georgia Municipal Bond Index** |
| **8/15** | $9675 | $10000 | $10000 |
| **9/15** | $9758 | $10072 | $10069 |
| **10/15** | $9783 | $10112 | $10098 |
| **11/15** | $9844 | $10153 | $10129 |
| **12/15** | $9926 | $10224 | $10183 |
| **1/16** | $10032 | $10346 | $10295 |
| **2/16** | $10010 | $10362 | $10311 |
| **3/16** | $10070 | $10395 | $10334 |
| **4/16** | $10153 | $10472 | $10399 |
| **5/16** | $10178 | $10500 | $10415 |
| **6/16** | $10343 | $10667 | $10561 |
| **7/16** | $10310 | $10673 | $10570 |
| **8/16** | $10347 | $10688 | $10590 |
| **9/16** | $10313 | $10634 | $10537 |
| **10/16** | $10209 | $10523 | $10451 |
| **11/16** | $9858 | $10130 | $10102 |
| **12/16** | $9965 | $10249 | $10209 |
| **1/17** | $9977 | $10317 | $10271 |
| **2/17** | $10037 | $10389 | $10335 |
| **3/17** | $10050 | $10411 | $10347 |
| **4/17** | $10122 | $10487 | $10412 |
| **5/17** | $10266 | $10653 | $10561 |
| **6/17** | $10231 | $10615 | $10524 |
| **7/17** | $10280 | $10701 | $10593 |
| **8/17** | $10366 | $10782 | $10662 |
| **9/17** | $10319 | $10727 | $10604 |
| **10/17** | $10284 | $10754 | $10627 |
| **11/17** | $10237 | $10696 | $10570 |
| **12/17** | $10323 | $10808 | $10663 |
| **1/18** | $10214 | $10681 | $10551 |
| **2/18** | $10190 | $10649 | $10533 |
| **3/18** | $10239 | $10688 | $10558 |
| **4/18** | $10216 | $10650 | $10524 |
| **5/18** | $10315 | $10772 | $10628 |
| **6/18** | $10316 | $10781 | $10644 |
| **7/18** | $10340 | $10807 | $10662 |
| **8/18** | $10365 | $10835 | $10679 |
| **9/18** | $10315 | $10765 | $10616 |
| **10/18** | $10253 | $10698 | $10562 |
| **11/18** | $10366 | $10817 | $10677 |
| **12/18** | $10477 | $10946 | $10792 |
| **1/19** | $10577 | $11029 | $10872 |
| **2/19** | $10614 | $11088 | $10925 |
| **3/19** | $10751 | $11263 | $11075 |
| **4/19** | $10762 | $11306 | $11114 |
| **5/19** | $10885 | $11462 | $11261 |
| **6/19** | $10933 | $11504 | $11308 |
| **7/19** | $11006 | $11597 | $11393 |
| **8/19** | $11153 | $11780 | $11559 |
| **9/19** | $11062 | $11685 | $11450 |
| **10/19** | $11071 | $11706 | $11476 |
| **11/19** | $11081 | $11735 | $11507 |
| **12/19** | $11116 | $11771 | $11545 |
| **1/20** | $11291 | $11983 | $11744 |
| **2/20** | $11415 | $12137 | $11897 |
| **3/20** | $11088 | $11697 | $11465 |
| **4/20** | $10954 | $11550 | $11356 |
| **5/20** | $11284 | $11918 | $11710 |
| **6/20** | $11343 | $12016 | $11827 |
| **7/20** | $11504 | $12218 | $12010 |
| **8/20** | $11446 | $12161 | $11979 |
| **9/20** | $11465 | $12163 | $11997 |
| **10/20** | $11431 | $12127 | $11969 |
| **11/20** | $11580 | $12310 | $12124 |
| **12/20** | $11636 | $12385 | $12167 |
| **1/21** | $11680 | $12464 | $12228 |
| **2/21** | $11513 | $12266 | $12043 |
| **3/21** | $11568 | $12341 | $12115 |
| **4/21** | $11650 | $12445 | $12197 |
| **5/21** | $11679 | $12482 | $12218 |
| **6/21** | $11693 | $12516 | $12239 |
| **7/21** | $11773 | $12620 | $12335 |
| **8/21** | $11735 | $12574 | $12295 |
| **9/21** | $11643 | $12483 | $12214 |
| **10/21** | $11631 | $12446 | $12171 |
| **11/21** | $11712 | $12552 | $12275 |
| **12/21** | $11727 | $12573 | $12289 |
| **1/22** | $11435 | $12229 | $11974 |
| **2/22** | $11372 | $12185 | $11933 |
| **3/22** | $11067 | $11790 | $11552 |
| **4/22** | $10803 | $11464 | $11257 |
| **5/22** | $10927 | $11634 | $11399 |
| **6/22** | $10784 | $11443 | $11234 |
| **7/22** | $11016 | $11746 | $11510 |
| **8/22** | $10792 | $11488 | $11260 |
| **9/22** | $10436 | $11047 | $10822 |
| **10/22** | $10375 | $10956 | $10717 |
| **11/22** | $10788 | $11468 | $11209 |
| **12/22** | $10809 | $11501 | $11225 |
| **1/23** | $11074 | $11831 | $11545 |
| **2/23** | $10854 | $11564 | $11289 |
| **3/23** | $11054 | $11820 | $11518 |
| **4/23** | $11051 | $11793 | $11519 |
| **5/23** | $10952 | $11691 | $11408 |
| **6/23** | $11032 | $11808 | $11513 |
| **7/23** | $11057 | $11855 | $11556 |
| **8/23** | $10944 | $11684 | $11415 |
| **9/23** | $10639 | $11342 | $11090 |
| **10/23** | $10486 | $11245 | $11012 |
| **11/23** | $11138 | $11959 | $11677 |
| **12/23** | $11416 | $12237 | $11945 |
| **1/24** | $11402 | $12174 | $11875 |
| **2/24** | $11388 | $12190 | $11900 |
| **3/24** | $11388 | $12190 | $11922 |
| **4/24** | $11277 | $12039 | $11793 |
| **5/24** | $11263 | $12003 | $11767 |
| **6/24** | $11433 | $12187 | $11936 |
| **7/24** | $11518 | $12299 | $12071 |
| **8/24** | $11575 | $12396 | $12159 |
| **9/24** | $11691 | $12518 | $12289 |
| **10/24** | $11536 | $12335 | $12135 |
| **11/24** | $11709 | $12549 | $12308 |
| **12/24** | $11567 | $12366 | $12131 |
| **1/25** | $11598 | $12428 | $12221 |
| **2/25** | $11714 | $12551 | $12325 |
| **3/25** | $11499 | $12338 | $12174 |
| **4/25** | $11443 | $12239 | $12086 |
| **5/25** | $11416 | $12247 | $12119 |
| **6/25** | $11492 | $12323 | $12209 |
| **7/25** | $11436 | $12298 | $12209 |
| **8/25** | $11524 | $12405 | $12325 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (0.41)% | 0.14% | 1.77% |
| Class A with 3.25% Maximum Sales Charge | (3.60)% | (0.53)% | 1.43% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Georgia Municipal Bond Index | 1.36% | 0.57% | 2.11% |

---

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 | $122324780 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $428518 |

---

## 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](g74130i3e47bf99b1b3a9e0a177.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.9% |
| Industrial Development Revenue | 4.7% |
| Other Revenue | 4.9% |
| Electric Utilities | 5.2% |
| Education | 7.0% |
| Special Tax Revenue | 7.2% |
| Housing | 10.2% |
| Transportation | 12.9% |
| Water and Sewer | 13.2% |
| Hospital | 13.9% |
| General Obligations | 14.9% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g74130i43943bbd43d71bb3f97c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 8.7% |
| BB | 1.0% |
| BBB | 4.4% |
| A | 17.8% |
| AA | 59.1% |
| AAA | 9.0% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# ETGAX-TSR-AR

# Eaton Vance Georgia Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class C ECGAX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Georgia Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $146 | 1.47% |

---

## 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):

↓ An overweight allocation to bonds with 4% coupon rates detracted from Index-relative returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance

↓ An overweight exposure to, and security selections in AA-rated bonds detracted from relative returns during the period

↑ An underweight position and security selections in BBB-rated bonds helped returns as lower-rated bonds generally underperformed higher-rated bonds

↑ Overweight positions and security selections in Industrial Development Revenue/ Pollution Control Revenue bonds also contributed to returns

↑ An out-of-Index exposure to variable-rate demand notes — typically considered a defensive investment — contributed to returns

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

![Growth of 10K Chart](g74130i8f737988352cd19dab34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Georgia Municipal Bond Index** |
| **8/15** | $10000 | $10000 | $10000 |
| **9/15** | $10075 | $10072 | $10069 |
| **10/15** | $10106 | $10112 | $10098 |
| **11/15** | $10149 | $10153 | $10129 |
| **12/15** | $10236 | $10224 | $10183 |
| **1/16** | $10344 | $10346 | $10295 |
| **2/16** | $10318 | $10362 | $10311 |
| **3/16** | $10370 | $10395 | $10334 |
| **4/16** | $10446 | $10472 | $10399 |
| **5/16** | $10454 | $10500 | $10415 |
| **6/16** | $10619 | $10667 | $10561 |
| **7/16** | $10593 | $10673 | $10570 |
| **8/16** | $10624 | $10688 | $10590 |
| **9/16** | $10575 | $10634 | $10537 |
| **10/16** | $10470 | $10523 | $10451 |
| **11/16** | $10095 | $10130 | $10102 |
| **12/16** | $10204 | $10249 | $10209 |
| **1/17** | $10211 | $10317 | $10271 |
| **2/17** | $10264 | $10389 | $10335 |
| **3/17** | $10271 | $10411 | $10347 |
| **4/17** | $10347 | $10487 | $10412 |
| **5/17** | $10480 | $10653 | $10561 |
| **6/17** | $10442 | $10615 | $10524 |
| **7/17** | $10483 | $10701 | $10593 |
| **8/17** | $10560 | $10782 | $10662 |
| **9/17** | $10499 | $10727 | $10604 |
| **10/17** | $10472 | $10754 | $10627 |
| **11/17** | $10400 | $10696 | $10570 |
| **12/17** | $10488 | $10808 | $10663 |
| **1/18** | $10379 | $10681 | $10551 |
| **2/18** | $10340 | $10649 | $10533 |
| **3/18** | $10382 | $10688 | $10558 |
| **4/18** | $10344 | $10650 | $10524 |
| **5/18** | $10444 | $10772 | $10628 |
| **6/18** | $10441 | $10781 | $10644 |
| **7/18** | $10470 | $10807 | $10662 |
| **8/18** | $10477 | $10835 | $10679 |
| **9/18** | $10425 | $10765 | $10616 |
| **10/18** | $10350 | $10698 | $10562 |
| **11/18** | $10451 | $10817 | $10677 |
| **12/18** | $10575 | $10946 | $10792 |
| **1/19** | $10652 | $11029 | $10872 |
| **2/19** | $10695 | $11088 | $10925 |
| **3/19** | $10818 | $11263 | $11075 |
| **4/19** | $10835 | $11306 | $11114 |
| **5/19** | $10946 | $11462 | $11261 |
| **6/19** | $10985 | $11504 | $11308 |
| **7/19** | $11048 | $11597 | $11393 |
| **8/19** | $11193 | $11780 | $11559 |
| **9/19** | $11101 | $11685 | $11450 |
| **10/19** | $11093 | $11706 | $11476 |
| **11/19** | $11097 | $11735 | $11507 |
| **12/19** | $11124 | $11771 | $11545 |
| **1/20** | $11294 | $11983 | $11744 |
| **2/20** | $11404 | $12137 | $11897 |
| **3/20** | $11081 | $11697 | $11465 |
| **4/20** | $10938 | $11550 | $11356 |
| **5/20** | $11265 | $11918 | $11710 |
| **6/20** | $11314 | $12016 | $11827 |
| **7/20** | $11459 | $12218 | $12010 |
| **8/20** | $11398 | $12161 | $11979 |
| **9/20** | $11410 | $12163 | $11997 |
| **10/20** | $11372 | $12127 | $11969 |
| **11/20** | $11517 | $12310 | $12124 |
| **12/20** | $11563 | $12385 | $12167 |
| **1/21** | $11597 | $12464 | $12228 |
| **2/21** | $11424 | $12266 | $12043 |
| **3/21** | $11469 | $12341 | $12115 |
| **4/21** | $11552 | $12445 | $12197 |
| **5/21** | $11560 | $12482 | $12218 |
| **6/21** | $11579 | $12516 | $12239 |
| **7/21** | $11647 | $12620 | $12335 |
| **8/21** | $11605 | $12574 | $12295 |
| **9/21** | $11514 | $12483 | $12214 |
| **10/21** | $11484 | $12446 | $12171 |
| **11/21** | $11565 | $12552 | $12275 |
| **12/21** | $11560 | $12573 | $12289 |
| **1/22** | $11260 | $12229 | $11974 |
| **2/22** | $11196 | $12185 | $11933 |
| **3/22** | $10897 | $11790 | $11552 |
| **4/22** | $10624 | $11464 | $11257 |
| **5/22** | $10744 | $11634 | $11399 |
| **6/22** | $10596 | $11443 | $11234 |
| **7/22** | $10816 | $11746 | $11510 |
| **8/22** | $10592 | $11488 | $11260 |
| **9/22** | $10235 | $11047 | $10822 |
| **10/22** | $10162 | $10956 | $10717 |
| **11/22** | $10572 | $11468 | $11209 |
| **12/22** | $10573 | $11501 | $11225 |
| **1/23** | $10836 | $11831 | $11545 |
| **2/23** | $10604 | $11564 | $11289 |
| **3/23** | $10795 | $11820 | $11518 |
| **4/23** | $10799 | $11793 | $11519 |
| **5/23** | $10691 | $11691 | $11408 |
| **6/23** | $10759 | $11808 | $11513 |
| **7/23** | $10776 | $11855 | $11556 |
| **8/23** | $10656 | $11684 | $11415 |
| **9/23** | $10361 | $11342 | $11090 |
| **10/23** | $10205 | $11245 | $11012 |
| **11/23** | $10830 | $11959 | $11677 |
| **12/23** | $11090 | $12237 | $11945 |
| **1/24** | $11072 | $12174 | $11875 |
| **2/24** | $11055 | $12190 | $11900 |
| **3/24** | $11050 | $12190 | $11922 |
| **4/24** | $10931 | $12039 | $11793 |
| **5/24** | $10913 | $12003 | $11767 |
| **6/24** | $11062 | $12187 | $11936 |
| **7/24** | $11147 | $12299 | $12071 |
| **8/24** | $11180 | $12396 | $12159 |
| **9/24** | $11293 | $12518 | $12289 |
| **10/24** | $11134 | $12335 | $12135 |
| **11/24** | $11299 | $12549 | $12308 |
| **12/24** | $11140 | $12366 | $12131 |
| **1/25** | $11175 | $12428 | $12221 |
| **2/25** | $11275 | $12551 | $12325 |
| **3/25** | $11063 | $12338 | $12174 |
| **4/25** | $11009 | $12239 | $12086 |
| **5/25** | $10966 | $12247 | $12119 |
| **6/25** | $11029 | $12323 | $12209 |
| **7/25** | $10974 | $12298 | $12209 |
| **8/25** | $11225 | $12405 | $12325 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (1.03)% | (0.59)% | 1.16% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (2.00)% | (0.59)% | 1.16% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Georgia Municipal Bond Index | 1.36% | 0.57% | 2.11% |

---

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 | $122324780 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $428518 |

---

## 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](g74130id3ecd4cdd819d97df1a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.9% |
| Industrial Development Revenue | 4.7% |
| Other Revenue | 4.9% |
| Electric Utilities | 5.2% |
| Education | 7.0% |
| Special Tax Revenue | 7.2% |
| Housing | 10.2% |
| Transportation | 12.9% |
| Water and Sewer | 13.2% |
| Hospital | 13.9% |
| General Obligations | 14.9% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g74130ia9ad581e1e20e891f5c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 8.7% |
| BB | 1.0% |
| BBB | 4.4% |
| A | 17.8% |
| AA | 59.1% |
| AAA | 9.0% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# ECGAX-TSR-AR

# Eaton Vance Georgia Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class I EIGAX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Georgia Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $52 | 0.52% |

---

## 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):

↓ An overweight allocation to bonds with 4% coupon rates detracted from Index-relative returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance

↓ An overweight exposure to, and security selections in AA-rated bonds detracted from relative returns during the period

↑ An underweight position and security selections in BBB-rated bonds helped returns as lower-rated bonds generally underperformed higher-rated bonds

↑ Overweight positions and security selections in Industrial Development Revenue/ Pollution Control Revenue bonds also contributed to returns

↑ An out-of-Index exposure to variable-rate demand notes — typically considered a defensive investment — contributed to returns

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

![Growth of 10K Chart](g74130iafd1fd9078f19be20419.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Georgia Municipal Bond Index** |
| **8/15** | $1000000 | $1000000 | $1000000 |
| **9/15** | $1008687 | $1007244 | $1006872 |
| **10/15** | $1011510 | $1011249 | $1009805 |
| **11/15** | $1017916 | $1015269 | $1012852 |
| **12/15** | $1026639 | $1022402 | $1018282 |
| **1/16** | $1038900 | $1034601 | $1029477 |
| **2/16** | $1036811 | $1036228 | $1031092 |
| **3/16** | $1043140 | $1039511 | $1033366 |
| **4/16** | $1051898 | $1047154 | $1039908 |
| **5/16** | $1053511 | $1049987 | $1041492 |
| **6/16** | $1070692 | $1066690 | $1056088 |
| **7/16** | $1068655 | $1067342 | $1057044 |
| **8/16** | $1072686 | $1068782 | $1058964 |
| **9/16** | $1068192 | $1063448 | $1053732 |
| **10/16** | $1058777 | $1052291 | $1045080 |
| **11/16** | $1021516 | $1013045 | $1010191 |
| **12/16** | $1032742 | $1024938 | $1020873 |
| **1/17** | $1035375 | $1031695 | $1027088 |
| **2/17** | $1040511 | $1038859 | $1033473 |
| **3/17** | $1043259 | $1041115 | $1034680 |
| **4/17** | $1050937 | $1048669 | $1041221 |
| **5/17** | $1064786 | $1065312 | $1056102 |
| **6/17** | $1062612 | $1061492 | $1052390 |
| **7/17** | $1067788 | $1070080 | $1059282 |
| **8/17** | $1075719 | $1078223 | $1066159 |
| **9/17** | $1071052 | $1072741 | $1060360 |
| **10/17** | $1068837 | $1075359 | $1062659 |
| **11/17** | $1062900 | $1069601 | $1056950 |
| **12/17** | $1071981 | $1080781 | $1066262 |
| **1/18** | $1062142 | $1068057 | $1055112 |
| **2/18** | $1059786 | $1064866 | $1053343 |
| **3/18** | $1063829 | $1068796 | $1055829 |
| **4/18** | $1061590 | $1064982 | $1052421 |
| **5/18** | $1072031 | $1077177 | $1062830 |
| **6/18** | $1073675 | $1078096 | $1064374 |
| **7/18** | $1076355 | $1080712 | $1066173 |
| **8/18** | $1079058 | $1083488 | $1067948 |
| **9/18** | $1072829 | $1076473 | $1061572 |
| **10/18** | $1066572 | $1069844 | $1056191 |
| **11/18** | $1078439 | $1081686 | $1067738 |
| **12/18** | $1091502 | $1094637 | $1079164 |
| **1/19** | $1100750 | $1102912 | $1087202 |
| **2/19** | $1106114 | $1108817 | $1092540 |
| **3/19** | $1119189 | $1126345 | $1107518 |
| **4/19** | $1121847 | $1130578 | $1111351 |
| **5/19** | $1134857 | $1146164 | $1126115 |
| **6/19** | $1138662 | $1150397 | $1130782 |
| **7/19** | $1146436 | $1159668 | $1139298 |
| **8/19** | $1163310 | $1177960 | $1155916 |
| **9/19** | $1153961 | $1168517 | $1144973 |
| **10/19** | $1153856 | $1170611 | $1147638 |
| **11/19** | $1155084 | $1173539 | $1150723 |
| **12/19** | $1158867 | $1177122 | $1154532 |
| **1/20** | $1177282 | $1198271 | $1174350 |
| **2/20** | $1190336 | $1213723 | $1189678 |
| **3/20** | $1157925 | $1169698 | $1146478 |
| **4/20** | $1142786 | $1155018 | $1135570 |
| **5/20** | $1178684 | $1191761 | $1171018 |
| **6/20** | $1183660 | $1201569 | $1182672 |
| **7/20** | $1200710 | $1221807 | $1201023 |
| **8/20** | $1194806 | $1216074 | $1197856 |
| **9/20** | $1196983 | $1216332 | $1199692 |
| **10/20** | $1195016 | $1212678 | $1196894 |
| **11/20** | $1209392 | $1230978 | $1212362 |
| **12/20** | $1215486 | $1238477 | $1216677 |
| **1/21** | $1220196 | $1246369 | $1222752 |
| **2/21** | $1202994 | $1226566 | $1204309 |
| **3/21** | $1208929 | $1234131 | $1211503 |
| **4/21** | $1217730 | $1244482 | $1219657 |
| **5/21** | $1220977 | $1248195 | $1221770 |
| **6/21** | $1222647 | $1251622 | $1223902 |
| **7/21** | $1231209 | $1262003 | $1233476 |
| **8/21** | $1228766 | $1257371 | $1229518 |
| **9/21** | $1219449 | $1248297 | $1221447 |
| **10/21** | $1216983 | $1244647 | $1217120 |
| **11/21** | $1227028 | $1255243 | $1227543 |
| **12/21** | $1227379 | $1257268 | $1228884 |
| **1/22** | $1197169 | $1222853 | $1197355 |
| **2/22** | $1190711 | $1218472 | $1193328 |
| **3/22** | $1159039 | $1178973 | $1155216 |
| **4/22** | $1131676 | $1146363 | $1125688 |
| **5/22** | $1144795 | $1163392 | $1139893 |
| **6/22** | $1130076 | $1144338 | $1123375 |
| **7/22** | $1154565 | $1174573 | $1150965 |
| **8/22** | $1131361 | $1148831 | $1126031 |
| **9/22** | $1094255 | $1104738 | $1082231 |
| **10/22** | $1088076 | $1095550 | $1071668 |
| **11/22** | $1132894 | $1146793 | $1120935 |
| **12/22** | $1133830 | $1150076 | $1122460 |
| **1/23** | $1163251 | $1183112 | $1154532 |
| **2/23** | $1138918 | $1156360 | $1128885 |
| **3/23** | $1160099 | $1182017 | $1151805 |
| **4/23** | $1161380 | $1179316 | $1151927 |
| **5/23** | $1149777 | $1169097 | $1140796 |
| **6/23** | $1158356 | $1180808 | $1151292 |
| **7/23** | $1161181 | $1185479 | $1155586 |
| **8/23** | $1149610 | $1168413 | $1141480 |
| **9/23** | $1117864 | $1134168 | $1108981 |
| **10/23** | $1102027 | $1124516 | $1101211 |
| **11/23** | $1170548 | $1195902 | $1167749 |
| **12/23** | $1199878 | $1223697 | $1194479 |
| **1/24** | $1198565 | $1217448 | $1187546 |
| **2/24** | $1198797 | $1219011 | $1190017 |
| **3/24** | $1199018 | $1218973 | $1192152 |
| **4/24** | $1186041 | $1203876 | $1179303 |
| **5/24** | $1186283 | $1200344 | $1176748 |
| **6/24** | $1202868 | $1218743 | $1193583 |
| **7/24** | $1212047 | $1229852 | $1207116 |
| **8/24** | $1218232 | $1239551 | $1215945 |
| **9/24** | $1230586 | $1251802 | $1228933 |
| **10/24** | $1214494 | $1233550 | $1213545 |
| **11/24** | $1232905 | $1254858 | $1230751 |
| **12/24** | $1218246 | $1236589 | $1213069 |
| **1/25** | $1221665 | $1242787 | $1222090 |
| **2/25** | $1234046 | $1255109 | $1232537 |
| **3/25** | $1211685 | $1233838 | $1217428 |
| **4/25** | $1206060 | $1223898 | $1208584 |
| **5/25** | $1203432 | $1224684 | $1211946 |
| **6/25** | $1211576 | $1232308 | $1220893 |
| **7/25** | $1205903 | $1229819 | $1220867 |
| **8/25** | $1215827 | $1240508 | $1232457 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (0.20)% | 0.35% | 1.97% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Georgia Municipal Bond Index | 1.36% | 0.57% | 2.11% |

---

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 | $122324780 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $428518 |

---

## 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](g74130i090947f2631df0702cfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.9% |
| Industrial Development Revenue | 4.7% |
| Other Revenue | 4.9% |
| Electric Utilities | 5.2% |
| Education | 7.0% |
| Special Tax Revenue | 7.2% |
| Housing | 10.2% |
| Transportation | 12.9% |
| Water and Sewer | 13.2% |
| Hospital | 13.9% |
| General Obligations | 14.9% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g74130ieaf6a4a4446eb4498e00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 8.7% |
| BB | 1.0% |
| BBB | 4.4% |
| A | 17.8% |
| AA | 59.1% |
| AAA | 9.0% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# EIGAX-TSR-AR

# Eaton Vance Maryland Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class A ETMDX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Maryland Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $76 | 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 Bond Index (the Index):

↓ An overweight exposure to bonds with 17+ years to maturity detracted from Index-relative returns during the period

↓ An overweight allocation to the hospital sector, which underperformed the Index, also weighed on Index-relative returns

↓ An overweight allocation to bonds with 4% coupon rates hurt returns during the period

↑ An overweight allocation to the housing sector, which generally overperformed the Index, contributed to returns during the period

↑ Security selections in BBB-rated bonds also contributed to fund performance

↑ An out-of-Index allocation to variable-rate demand notes ― typically considered a defensive investment ― contributed to returns during the period

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

![Growth of 10K Chart](g74130i05df201c7d60bab34a4a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Maryland Municipal Bond Index** |
| **8/15** | $9675 | $10000 | $10000 |
| **9/15** | $9713 | $10072 | $10070 |
| **10/15** | $9751 | $10112 | $10103 |
| **11/15** | $9788 | $10153 | $10122 |
| **12/15** | $9857 | $10224 | $10172 |
| **1/16** | $9938 | $10346 | $10292 |
| **2/16** | $9932 | $10362 | $10315 |
| **3/16** | $9970 | $10395 | $10328 |
| **4/16** | $10039 | $10472 | $10387 |
| **5/16** | $10051 | $10500 | $10396 |
| **6/16** | $10162 | $10667 | $10535 |
| **7/16** | $10153 | $10673 | $10547 |
| **8/16** | $10179 | $10688 | $10562 |
| **9/16** | $10147 | $10634 | $10519 |
| **10/16** | $10082 | $10523 | $10437 |
| **11/16** | $9806 | $10130 | $10117 |
| **12/16** | $9887 | $10249 | $10212 |
| **1/17** | $9935 | $10317 | $10275 |
| **2/17** | $9983 | $10389 | $10343 |
| **3/17** | $9998 | $10411 | $10356 |
| **4/17** | $10048 | $10487 | $10430 |
| **5/17** | $10166 | $10653 | $10561 |
| **6/17** | $10136 | $10615 | $10527 |
| **7/17** | $10194 | $10701 | $10596 |
| **8/17** | $10252 | $10782 | $10660 |
| **9/17** | $10207 | $10727 | $10595 |
| **10/17** | $10207 | $10754 | $10612 |
| **11/17** | $10162 | $10696 | $10544 |
| **12/17** | $10245 | $10808 | $10643 |
| **1/18** | $10141 | $10681 | $10526 |
| **2/18** | $10118 | $10649 | $10500 |
| **3/18** | $10153 | $10688 | $10528 |
| **4/18** | $10119 | $10650 | $10488 |
| **5/18** | $10213 | $10772 | $10600 |
| **6/18** | $10215 | $10781 | $10608 |
| **7/18** | $10249 | $10807 | $10631 |
| **8/18** | $10250 | $10835 | $10647 |
| **9/18** | $10191 | $10765 | $10586 |
| **10/18** | $10132 | $10698 | $10525 |
| **11/18** | $10227 | $10817 | $10651 |
| **12/18** | $10321 | $10946 | $10784 |
| **1/19** | $10380 | $11029 | $10870 |
| **2/19** | $10428 | $11088 | $10918 |
| **3/19** | $10584 | $11263 | $11057 |
| **4/19** | $10608 | $11306 | $11083 |
| **5/19** | $10727 | $11462 | $11217 |
| **6/19** | $10762 | $11504 | $11250 |
| **7/19** | $10844 | $11597 | $11346 |
| **8/19** | $11012 | $11780 | $11503 |
| **9/19** | $10938 | $11685 | $11400 |
| **10/19** | $10934 | $11706 | $11435 |
| **11/19** | $10954 | $11735 | $11460 |
| **12/19** | $10974 | $11771 | $11495 |
| **1/20** | $11153 | $11983 | $11683 |
| **2/20** | $11296 | $12137 | $11805 |
| **3/20** | $10900 | $11697 | $11543 |
| **4/20** | $10602 | $11550 | $11444 |
| **5/20** | $10956 | $11918 | $11811 |
| **6/20** | $11065 | $12016 | $11823 |
| **7/20** | $11247 | $12218 | $11997 |
| **8/20** | $11193 | $12161 | $11927 |
| **9/20** | $11200 | $12163 | $11937 |
| **10/20** | $11170 | $12127 | $11893 |
| **11/20** | $11351 | $12310 | $12050 |
| **12/20** | $11432 | $12385 | $12085 |
| **1/21** | $11513 | $12464 | $12127 |
| **2/21** | $11343 | $12266 | $11944 |
| **3/21** | $11372 | $12341 | $11985 |
| **4/21** | $11463 | $12445 | $12081 |
| **5/21** | $11528 | $12482 | $12106 |
| **6/21** | $11556 | $12516 | $12120 |
| **7/21** | $11659 | $12620 | $12220 |
| **8/21** | $11623 | $12574 | $12174 |
| **9/21** | $11524 | $12483 | $12070 |
| **10/21** | $11501 | $12446 | $12047 |
| **11/21** | $11605 | $12552 | $12144 |
| **12/21** | $11606 | $12573 | $12160 |
| **1/22** | $11341 | $12229 | $11825 |
| **2/22** | $11294 | $12185 | $11800 |
| **3/22** | $10940 | $11790 | $11434 |
| **4/22** | $10624 | $11464 | $11142 |
| **5/22** | $10770 | $11634 | $11305 |
| **6/22** | $10571 | $11443 | $11154 |
| **7/22** | $10845 | $11746 | $11437 |
| **8/22** | $10593 | $11488 | $11195 |
| **9/22** | $10187 | $11047 | $10768 |
| **10/22** | $10116 | $10956 | $10696 |
| **11/22** | $10576 | $11468 | $11156 |
| **12/22** | $10557 | $11501 | $11197 |
| **1/23** | $10876 | $11831 | $11491 |
| **2/23** | $10613 | $11564 | $11233 |
| **3/23** | $10843 | $11820 | $11487 |
| **4/23** | $10827 | $11793 | $11453 |
| **5/23** | $10732 | $11691 | $11328 |
| **6/23** | $10823 | $11808 | $11429 |
| **7/23** | $10860 | $11855 | $11469 |
| **8/23** | $10744 | $11684 | $11305 |
| **9/23** | $10418 | $11342 | $10956 |
| **10/23** | $10274 | $11245 | $10876 |
| **11/23** | $10926 | $11959 | $11542 |
| **12/23** | $11234 | $12237 | $11792 |
| **1/24** | $11222 | $12174 | $11712 |
| **2/24** | $11223 | $12190 | $11729 |
| **3/24** | $11225 | $12190 | $11730 |
| **4/24** | $11105 | $12039 | $11579 |
| **5/24** | $11094 | $12003 | $11535 |
| **6/24** | $11272 | $12187 | $11701 |
| **7/24** | $11355 | $12299 | $11807 |
| **8/24** | $11425 | $12396 | $11910 |
| **9/24** | $11536 | $12518 | $12009 |
| **10/24** | $11374 | $12335 | $11858 |
| **11/24** | $11582 | $12549 | $12037 |
| **12/24** | $11419 | $12366 | $11874 |
| **1/25** | $11449 | $12428 | $11945 |
| **2/25** | $11587 | $12551 | $12065 |
| **3/25** | $11354 | $12338 | $11878 |
| **4/25** | $11302 | $12239 | $11795 |
| **5/25** | $11222 | $12247 | $11828 |
| **6/25** | $11322 | $12323 | $11908 |
| **7/25** | $11242 | $12298 | $11883 |
| **8/25** | $11360 | $12405 | $11993 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (0.59)% | 0.29% | 1.62% |
| Class A with 3.25% Maximum Sales Charge | (3.80)% | (0.36)% | 1.28% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Maryland Municipal Bond Index | 0.70% | 0.11% | 1.83% |

---

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 | $88088701 |
| # of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 71% |
| Total Advisory Fees Paid | $289642 |

---

## 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](g74130iac3a74504296ba3a5f92.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.7% |
| Senior Living/Life Care | 3.0% |
| Lease Rev./Cert. of Participation | 5.1% |
| Special Tax Revenue | 7.1% |
| Education | 7.3% |
| Transportation | 13.3% |
| Housing | 14.6% |
| Hospital | 17.5% |
| General Obligations | 24.4% |

---

---

| | |
|:---|:---|
| 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](g74130ic6b4545791b91d4f0fc6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.7% |
| BB | 2.2% |
| BBB | 7.0% |
| A | 22.3% |
| AA | 36.5% |
| AAA | 25.3% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# ETMDX-TSR-AR

# Eaton Vance Maryland Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class C ECMDX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Maryland Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $150 | 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 Bond Index (the Index):

↓ An overweight exposure to bonds with 17+ years to maturity detracted from Index-relative returns during the period

↓ An overweight allocation to the hospital sector, which underperformed the Index, also weighed on Index-relative returns

↓ An overweight allocation to bonds with 4% coupon rates hurt returns during the period

↑ An overweight allocation to the housing sector, which generally overperformed the Index, contributed to returns during the period

↑ Security selections in BBB-rated bonds also contributed to fund performance

↑ An out-of-Index allocation to variable-rate demand notes ― typically considered a defensive investment ― contributed to returns during the period

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

![Growth of 10K Chart](g74130if731767375382d88b1a6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Maryland Municipal Bond Index** |
| **8/15** | $10000 | $10000 | $10000 |
| **9/15** | $10022 | $10072 | $10070 |
| **10/15** | $10054 | $10112 | $10103 |
| **11/15** | $10096 | $10153 | $10122 |
| **12/15** | $10157 | $10224 | $10172 |
| **1/16** | $10239 | $10346 | $10292 |
| **2/16** | $10219 | $10362 | $10315 |
| **3/16** | $10251 | $10395 | $10328 |
| **4/16** | $10323 | $10472 | $10387 |
| **5/16** | $10321 | $10500 | $10396 |
| **6/16** | $10443 | $10667 | $10535 |
| **7/16** | $10420 | $10673 | $10547 |
| **8/16** | $10440 | $10688 | $10562 |
| **9/16** | $10395 | $10634 | $10519 |
| **10/16** | $10330 | $10523 | $10437 |
| **11/16** | $10045 | $10130 | $10117 |
| **12/16** | $10117 | $10249 | $10212 |
| **1/17** | $10158 | $10317 | $10275 |
| **2/17** | $10200 | $10389 | $10343 |
| **3/17** | $10209 | $10411 | $10356 |
| **4/17** | $10251 | $10487 | $10430 |
| **5/17** | $10369 | $10653 | $10561 |
| **6/17** | $10326 | $10615 | $10527 |
| **7/17** | $10386 | $10701 | $10596 |
| **8/17** | $10435 | $10782 | $10660 |
| **9/17** | $10389 | $10727 | $10595 |
| **10/17** | $10374 | $10754 | $10612 |
| **11/17** | $10317 | $10696 | $10544 |
| **12/17** | $10400 | $10808 | $10643 |
| **1/18** | $10299 | $10681 | $10526 |
| **2/18** | $10252 | $10649 | $10500 |
| **3/18** | $10291 | $10688 | $10528 |
| **4/18** | $10244 | $10650 | $10488 |
| **5/18** | $10337 | $10772 | $10600 |
| **6/18** | $10335 | $10781 | $10608 |
| **7/18** | $10363 | $10807 | $10631 |
| **8/18** | $10359 | $10835 | $10647 |
| **9/18** | $10289 | $10765 | $10586 |
| **10/18** | $10218 | $10698 | $10525 |
| **11/18** | $10313 | $10817 | $10651 |
| **12/18** | $10406 | $10946 | $10784 |
| **1/19** | $10456 | $11029 | $10870 |
| **2/19** | $10496 | $11088 | $10918 |
| **3/19** | $10646 | $11263 | $11057 |
| **4/19** | $10664 | $11306 | $11083 |
| **5/19** | $10780 | $11462 | $11217 |
| **6/19** | $10808 | $11504 | $11250 |
| **7/19** | $10889 | $11597 | $11346 |
| **8/19** | $11038 | $11780 | $11503 |
| **9/19** | $10965 | $11685 | $11400 |
| **10/19** | $10956 | $11706 | $11435 |
| **11/19** | $10958 | $11735 | $11460 |
| **12/19** | $10971 | $11771 | $11495 |
| **1/20** | $11141 | $11983 | $11683 |
| **2/20** | $11290 | $12137 | $11805 |
| **3/20** | $10878 | $11697 | $11543 |
| **4/20** | $10577 | $11550 | $11444 |
| **5/20** | $10919 | $11918 | $11811 |
| **6/20** | $11025 | $12016 | $11823 |
| **7/20** | $11197 | $12218 | $11997 |
| **8/20** | $11142 | $12161 | $11927 |
| **9/20** | $11144 | $12163 | $11937 |
| **10/20** | $11110 | $12127 | $11893 |
| **11/20** | $11270 | $12310 | $12050 |
| **12/20** | $11350 | $12385 | $12085 |
| **1/21** | $11417 | $12464 | $12127 |
| **2/21** | $11247 | $12266 | $11944 |
| **3/21** | $11267 | $12341 | $11985 |
| **4/21** | $11356 | $12445 | $12081 |
| **5/21** | $11409 | $12482 | $12106 |
| **6/21** | $11439 | $12516 | $12120 |
| **7/21** | $11526 | $12620 | $12220 |
| **8/21** | $11476 | $12574 | $12174 |
| **9/21** | $11381 | $12483 | $12070 |
| **10/21** | $11354 | $12446 | $12047 |
| **11/21** | $11442 | $12552 | $12144 |
| **12/21** | $11438 | $12573 | $12160 |
| **1/22** | $11169 | $12229 | $11825 |
| **2/22** | $11110 | $12185 | $11800 |
| **3/22** | $10762 | $11790 | $11434 |
| **4/22** | $10449 | $11464 | $11142 |
| **5/22** | $10575 | $11634 | $11305 |
| **6/22** | $10368 | $11443 | $11154 |
| **7/22** | $10644 | $11746 | $11437 |
| **8/22** | $10389 | $11488 | $11195 |
| **9/22** | $9973 | $11047 | $10768 |
| **10/22** | $9905 | $10956 | $10696 |
| **11/22** | $10359 | $11468 | $11156 |
| **12/22** | $10326 | $11501 | $11197 |
| **1/23** | $10630 | $11831 | $11491 |
| **2/23** | $10367 | $11564 | $11233 |
| **3/23** | $10580 | $11820 | $11487 |
| **4/23** | $10561 | $11793 | $11453 |
| **5/23** | $10471 | $11691 | $11328 |
| **6/23** | $10548 | $11808 | $11429 |
| **7/23** | $10564 | $11855 | $11469 |
| **8/23** | $10457 | $11684 | $11305 |
| **9/23** | $10138 | $11342 | $10956 |
| **10/23** | $9983 | $11245 | $10876 |
| **11/23** | $10618 | $11959 | $11542 |
| **12/23** | $10899 | $12237 | $11792 |
| **1/24** | $10896 | $12174 | $11712 |
| **2/24** | $10881 | $12190 | $11729 |
| **3/24** | $10878 | $12190 | $11730 |
| **4/24** | $10744 | $12039 | $11579 |
| **5/24** | $10729 | $12003 | $11535 |
| **6/24** | $10894 | $12187 | $11701 |
| **7/24** | $10975 | $12299 | $11807 |
| **8/24** | $11033 | $12396 | $11910 |
| **9/24** | $11139 | $12518 | $12009 |
| **10/24** | $10979 | $12335 | $11858 |
| **11/24** | $11158 | $12549 | $12037 |
| **12/24** | $10997 | $12366 | $11874 |
| **1/25** | $11019 | $12428 | $11945 |
| **2/25** | $11149 | $12551 | $12065 |
| **3/25** | $10915 | $12338 | $11878 |
| **4/25** | $10864 | $12239 | $11795 |
| **5/25** | $10777 | $12247 | $11828 |
| **6/25** | $10861 | $12323 | $11908 |
| **7/25** | $10786 | $12298 | $11883 |
| **8/25** | $11054 | $12405 | $11993 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (1.35)% | (0.47)% | 1.01% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (2.31)% | (0.47)% | 1.01% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Maryland Municipal Bond Index | 0.70% | 0.11% | 1.83% |

---

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 | $88088701 |
| # of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 71% |
| Total Advisory Fees Paid | $289642 |

---

## 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](g74130ie8ad7d508e17356d9553.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.7% |
| Senior Living/Life Care | 3.0% |
| Lease Rev./Cert. of Participation | 5.1% |
| Special Tax Revenue | 7.1% |
| Education | 7.3% |
| Transportation | 13.3% |
| Housing | 14.6% |
| Hospital | 17.5% |
| General Obligations | 24.4% |

---

---

| | |
|:---|:---|
| 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](g74130i45f2e02526a0784e5264.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.7% |
| BB | 2.2% |
| BBB | 7.0% |
| A | 22.3% |
| AA | 36.5% |
| AAA | 25.3% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# ECMDX-TSR-AR

# Eaton Vance Maryland Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class I EIMDX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Maryland Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $56 | 0.56% |

---

## 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):

↓ An overweight exposure to bonds with 17+ years to maturity detracted from Index-relative returns during the period

↓ An overweight allocation to the hospital sector, which underperformed the Index, also weighed on Index-relative returns

↓ An overweight allocation to bonds with 4% coupon rates hurt returns during the period

↑ An overweight allocation to the housing sector, which generally overperformed the Index, contributed to returns during the period

↑ Security selections in BBB-rated bonds also contributed to fund performance

↑ An out-of-Index allocation to variable-rate demand notes ― typically considered a defensive investment ― contributed to returns 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](g74130i4287dc5a30bd8b743afe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Maryland Municipal Bond Index** |
| **8/15** | $1000000 | $1000000 | $1000000 |
| **9/15** | $1004103 | $1007244 | $1006952 |
| **10/15** | $1008143 | $1011249 | $1010323 |
| **11/15** | $1012222 | $1015269 | $1012190 |
| **12/15** | $1019495 | $1022402 | $1017218 |
| **1/16** | $1028044 | $1034601 | $1029213 |
| **2/16** | $1027560 | $1036228 | $1031481 |
| **3/16** | $1031695 | $1039511 | $1032788 |
| **4/16** | $1039002 | $1047154 | $1038676 |
| **5/16** | $1040351 | $1049987 | $1039571 |
| **6/16** | $1051971 | $1066690 | $1053529 |
| **7/16** | $1051275 | $1067342 | $1054690 |
| **8/16** | $1054063 | $1068782 | $1056246 |
| **9/16** | $1051010 | $1063448 | $1051889 |
| **10/16** | $1044496 | $1052291 | $1043742 |
| **11/16** | $1016079 | $1013045 | $1011710 |
| **12/16** | $1024664 | $1024938 | $1021174 |
| **1/17** | $1029796 | $1031695 | $1027519 |
| **2/17** | $1034998 | $1038859 | $1034304 |
| **3/17** | $1036718 | $1041115 | $1035556 |
| **4/17** | $1041983 | $1048669 | $1042963 |
| **5/17** | $1054448 | $1065312 | $1056060 |
| **6/17** | $1051524 | $1061492 | $1052661 |
| **7/17** | $1057695 | $1070080 | $1059641 |
| **8/17** | $1063858 | $1078223 | $1065988 |
| **9/17** | $1059370 | $1072741 | $1059481 |
| **10/17** | $1059591 | $1075359 | $1061231 |
| **11/17** | $1055129 | $1069601 | $1054381 |
| **12/17** | $1063849 | $1080781 | $1064298 |
| **1/18** | $1053315 | $1068057 | $1052647 |
| **2/18** | $1051022 | $1064866 | $1050046 |
| **3/18** | $1054856 | $1068796 | $1052812 |
| **4/18** | $1051474 | $1064982 | $1048806 |
| **5/18** | $1061426 | $1077177 | $1059972 |
| **6/18** | $1061786 | $1078096 | $1060768 |
| **7/18** | $1065589 | $1080712 | $1063107 |
| **8/18** | $1065862 | $1083488 | $1064680 |
| **9/18** | $1059928 | $1076473 | $1058631 |
| **10/18** | $1053899 | $1069844 | $1052500 |
| **11/18** | $1062711 | $1081686 | $1065146 |
| **12/18** | $1073899 | $1094637 | $1078365 |
| **1/19** | $1080240 | $1102912 | $1087045 |
| **2/19** | $1085401 | $1108817 | $1091773 |
| **3/19** | $1101775 | $1126345 | $1105739 |
| **4/19** | $1104463 | $1130578 | $1108338 |
| **5/19** | $1117057 | $1146164 | $1121664 |
| **6/19** | $1120898 | $1150397 | $1125003 |
| **7/19** | $1129599 | $1159668 | $1134644 |
| **8/19** | $1147188 | $1177960 | $1150333 |
| **9/19** | $1139692 | $1168517 | $1140027 |
| **10/19** | $1139493 | $1170611 | $1143544 |
| **11/19** | $1140468 | $1173539 | $1146012 |
| **12/19** | $1142753 | $1177122 | $1149496 |
| **1/20** | $1162834 | $1198271 | $1168293 |
| **2/20** | $1177917 | $1213723 | $1180522 |
| **3/20** | $1136932 | $1169698 | $1154336 |
| **4/20** | $1106107 | $1155018 | $1144366 |
| **5/20** | $1143179 | $1191761 | $1181072 |
| **6/20** | $1154696 | $1201569 | $1182292 |
| **7/20** | $1173792 | $1221807 | $1199683 |
| **8/20** | $1168376 | $1216074 | $1192695 |
| **9/20** | $1169377 | $1216332 | $1193743 |
| **10/20** | $1166386 | $1212678 | $1189262 |
| **11/20** | $1184179 | $1230978 | $1205018 |
| **12/20** | $1194129 | $1238477 | $1208513 |
| **1/21** | $1201438 | $1246369 | $1212656 |
| **2/21** | $1185260 | $1226566 | $1194351 |
| **3/21** | $1188488 | $1234131 | $1198482 |
| **4/21** | $1198179 | $1244482 | $1208064 |
| **5/21** | $1205161 | $1248195 | $1210607 |
| **6/21** | $1208244 | $1251622 | $1211996 |
| **7/21** | $1219176 | $1262003 | $1222009 |
| **8/21** | $1215632 | $1257371 | $1217397 |
| **9/21** | $1205537 | $1248297 | $1206973 |
| **10/21** | $1203325 | $1244647 | $1204682 |
| **11/21** | $1214380 | $1255243 | $1214354 |
| **12/21** | $1214753 | $1257268 | $1215968 |
| **1/22** | $1187268 | $1222853 | $1182479 |
| **2/22** | $1181213 | $1218472 | $1180023 |
| **3/22** | $1145698 | $1178973 | $1143431 |
| **4/22** | $1112949 | $1146363 | $1114231 |
| **5/22** | $1126985 | $1163392 | $1130461 |
| **6/22** | $1106433 | $1144338 | $1115440 |
| **7/22** | $1136614 | $1174573 | $1143744 |
| **8/22** | $1110414 | $1148831 | $1119542 |
| **9/22** | $1066845 | $1104738 | $1076834 |
| **10/22** | $1059611 | $1095550 | $1069642 |
| **11/22** | $1109203 | $1146793 | $1115599 |
| **12/22** | $1107450 | $1150076 | $1119683 |
| **1/23** | $1141060 | $1183112 | $1149086 |
| **2/23** | $1113678 | $1156360 | $1123322 |
| **3/23** | $1136604 | $1182017 | $1148666 |
| **4/23** | $1136483 | $1179316 | $1145267 |
| **5/23** | $1126769 | $1169097 | $1132839 |
| **6/23** | $1136410 | $1180808 | $1142874 |
| **7/23** | $1139120 | $1185479 | $1146901 |
| **8/23** | $1127199 | $1168413 | $1130482 |
| **9/23** | $1094622 | $1134168 | $1095585 |
| **10/23** | $1078352 | $1124516 | $1087588 |
| **11/23** | $1148267 | $1195902 | $1154188 |
| **12/23** | $1180710 | $1223697 | $1179202 |
| **1/24** | $1179635 | $1217448 | $1171232 |
| **2/24** | $1179981 | $1219011 | $1172928 |
| **3/24** | $1180336 | $1218973 | $1173026 |
| **4/24** | $1166636 | $1203876 | $1157901 |
| **5/24** | $1165611 | $1200344 | $1153452 |
| **6/24** | $1185893 | $1218743 | $1170125 |
| **7/24** | $1194827 | $1229852 | $1180661 |
| **8/24** | $1202401 | $1239551 | $1191028 |
| **9/24** | $1214288 | $1251802 | $1200908 |
| **10/24** | $1197513 | $1233550 | $1185764 |
| **11/24** | $1219503 | $1254858 | $1203685 |
| **12/24** | $1202655 | $1236589 | $1187421 |
| **1/25** | $1206001 | $1242787 | $1194547 |
| **2/25** | $1220666 | $1255109 | $1206482 |
| **3/25** | $1196435 | $1233838 | $1187811 |
| **4/25** | $1191136 | $1223898 | $1179521 |
| **5/25** | $1182871 | $1224684 | $1182796 |
| **6/25** | $1192213 | $1232308 | $1190774 |
| **7/25** | $1185428 | $1229819 | $1188258 |
| **8/25** | $1196336 | $1240508 | $1199343 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (0.50)% | 0.47% | 1.81% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Maryland Municipal Bond Index | 0.70% | 0.11% | 1.83% |

---

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 | $88088701 |
| # of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 71% |
| Total Advisory Fees Paid | $289642 |

---

## 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](g74130i15097afd4977139cc698.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.7% |
| Senior Living/Life Care | 3.0% |
| Lease Rev./Cert. of Participation | 5.1% |
| Special Tax Revenue | 7.1% |
| Education | 7.3% |
| Transportation | 13.3% |
| Housing | 14.6% |
| Hospital | 17.5% |
| General Obligations | 24.4% |

---

---

| | |
|:---|:---|
| 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](g74130i5af3ce24486245fa6e7c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.7% |
| BB | 2.2% |
| BBB | 7.0% |
| A | 22.3% |
| AA | 36.5% |
| AAA | 25.3% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# EIMDX-TSR-AR

# Eaton Vance Missouri Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class A ETMOX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Missouri Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $74 | 0.74% |

---

## 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 in the electric sector, which outperformed the Index during the period, contributed to Fund returns

↑ An out-of-Index allocation to taxable municipal bonds helped Index-relative returns as taxable municipal bonds outperformed tax-exempt municipal bonds

↑ An out-of-Index exposure to variable-rate demand notes — typically considered a defensive investment — contributed to returns

↓ An overweight exposure to, and security selections in the hospital sector, which underperformed the Index, weighed on Index-relative returns

↓ An overweight allocation to bonds with 4% coupon rates detracted from returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance during the period

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

![Growth of 10K Chart](g74130i862f50a9d478fc02a1fd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Missouri Municipal Bond Index** |
| **8/15** | $9675 | $10000 | $10000 |
| **9/15** | $9745 | $10072 | $10072 |
| **10/15** | $9785 | $10112 | $10099 |
| **11/15** | $9825 | $10153 | $10132 |
| **12/15** | $9907 | $10224 | $10191 |
| **1/16** | $10009 | $10346 | $10315 |
| **2/16** | $10018 | $10362 | $10336 |
| **3/16** | $10058 | $10395 | $10376 |
| **4/16** | $10118 | $10472 | $10449 |
| **5/16** | $10148 | $10500 | $10474 |
| **6/16** | $10324 | $10667 | $10658 |
| **7/16** | $10322 | $10673 | $10655 |
| **8/16** | $10383 | $10688 | $10672 |
| **9/16** | $10348 | $10634 | $10613 |
| **10/16** | $10271 | $10523 | $10497 |
| **11/16** | $9961 | $10130 | $10096 |
| **12/16** | $10032 | $10249 | $10238 |
| **1/17** | $10052 | $10317 | $10304 |
| **2/17** | $10103 | $10389 | $10383 |
| **3/17** | $10121 | $10411 | $10407 |
| **4/17** | $10183 | $10487 | $10482 |
| **5/17** | $10310 | $10653 | $10643 |
| **6/17** | $10275 | $10615 | $10624 |
| **7/17** | $10327 | $10701 | $10699 |
| **8/17** | $10401 | $10782 | $10768 |
| **9/17** | $10387 | $10727 | $10702 |
| **10/17** | $10329 | $10754 | $10745 |
| **11/17** | $10271 | $10696 | $10686 |
| **12/17** | $10344 | $10808 | $10787 |
| **1/18** | $10273 | $10681 | $10661 |
| **2/18** | $10279 | $10649 | $10636 |
| **3/18** | $10318 | $10688 | $10683 |
| **4/18** | $10291 | $10650 | $10648 |
| **5/18** | $10408 | $10772 | $10759 |
| **6/18** | $10425 | $10781 | $10771 |
| **7/18** | $10464 | $10807 | $10792 |
| **8/18** | $10492 | $10835 | $10818 |
| **9/18** | $10429 | $10765 | $10748 |
| **10/18** | $10356 | $10698 | $10679 |
| **11/18** | $10452 | $10817 | $10808 |
| **12/18** | $10536 | $10946 | $10942 |
| **1/19** | $10609 | $11029 | $11029 |
| **2/19** | $10683 | $11088 | $11080 |
| **3/19** | $10825 | $11263 | $11248 |
| **4/19** | $10852 | $11306 | $11293 |
| **5/19** | $10994 | $11462 | $11429 |
| **6/19** | $11032 | $11504 | $11478 |
| **7/19** | $11107 | $11597 | $11571 |
| **8/19** | $11286 | $11780 | $11768 |
| **9/19** | $11219 | $11685 | $11674 |
| **10/19** | $11209 | $11706 | $11687 |
| **11/19** | $11224 | $11735 | $11707 |
| **12/19** | $11251 | $11771 | $11747 |
| **1/20** | $11431 | $11983 | $11959 |
| **2/20** | $11576 | $12137 | $12120 |
| **3/20** | $11284 | $11697 | $11651 |
| **4/20** | $11133 | $11550 | $11485 |
| **5/20** | $11481 | $11918 | $11893 |
| **6/20** | $11532 | $12016 | $12001 |
| **7/20** | $11689 | $12218 | $12208 |
| **8/20** | $11629 | $12161 | $12159 |
| **9/20** | $11637 | $12163 | $12161 |
| **10/20** | $11608 | $12127 | $12123 |
| **11/20** | $11785 | $12310 | $12320 |
| **12/20** | $11841 | $12385 | $12420 |
| **1/21** | $11872 | $12464 | $12485 |
| **2/21** | $11663 | $12266 | $12282 |
| **3/21** | $11743 | $12341 | $12380 |
| **4/21** | $11847 | $12445 | $12496 |
| **5/21** | $11865 | $12482 | $12539 |
| **6/21** | $11884 | $12516 | $12590 |
| **7/21** | $11988 | $12620 | $12697 |
| **8/21** | $11946 | $12574 | $12638 |
| **9/21** | $11831 | $12483 | $12551 |
| **10/21** | $11813 | $12446 | $12496 |
| **11/21** | $11907 | $12552 | $12619 |
| **12/21** | $11926 | $12573 | $12638 |
| **1/22** | $11625 | $12229 | $12328 |
| **2/22** | $11572 | $12185 | $12287 |
| **3/22** | $11258 | $11790 | $11904 |
| **4/22** | $10944 | $11464 | $11547 |
| **5/22** | $11076 | $11634 | $11702 |
| **6/22** | $10863 | $11443 | $11515 |
| **7/22** | $11134 | $11746 | $11795 |
| **8/22** | $10893 | $11488 | $11559 |
| **9/22** | $10478 | $11047 | $11015 |
| **10/22** | $10389 | $10956 | $10888 |
| **11/22** | $10867 | $11468 | $11447 |
| **12/22** | $10891 | $11501 | $11479 |
| **1/23** | $11168 | $11831 | $11860 |
| **2/23** | $10905 | $11564 | $11563 |
| **3/23** | $11123 | $11820 | $11803 |
| **4/23** | $11114 | $11793 | $11799 |
| **5/23** | $11028 | $11691 | $11701 |
| **6/23** | $11121 | $11808 | $11824 |
| **7/23** | $11149 | $11855 | $11869 |
| **8/23** | $11011 | $11684 | $11703 |
| **9/23** | $10680 | $11342 | $11264 |
| **10/23** | $10529 | $11245 | $11131 |
| **11/23** | $11155 | $11959 | $11933 |
| **12/23** | $11433 | $12237 | $12243 |
| **1/24** | $11425 | $12174 | $12167 |
| **2/24** | $11431 | $12190 | $12170 |
| **3/24** | $11437 | $12190 | $12218 |
| **4/24** | $11312 | $12039 | $12064 |
| **5/24** | $11293 | $12003 | $12040 |
| **6/24** | $11458 | $12187 | $12253 |
| **7/24** | $11544 | $12299 | $12364 |
| **8/24** | $11619 | $12396 | $12459 |
| **9/24** | $11746 | $12518 | $12599 |
| **10/24** | $11579 | $12335 | $12395 |
| **11/24** | $11773 | $12549 | $12642 |
| **12/24** | $11605 | $12366 | $12411 |
| **1/25** | $11625 | $12428 | $12469 |
| **2/25** | $11765 | $12551 | $12608 |
| **3/25** | $11568 | $12338 | $12384 |
| **4/25** | $11480 | $12239 | $12270 |
| **5/25** | $11445 | $12247 | $12271 |
| **6/25** | $11575 | $12323 | $12322 |
| **7/25** | $11527 | $12298 | $12282 |
| **8/25** | $11628 | $12405 | $12400 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 0.09% | 0.00%<sup>Footnote Reference\*</sup> | 1.86% |
| Class A with 3.25% Maximum Sales Charge | (3.13)% | (0.67)% | 1.52% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Missouri Municipal Bond Index | (0.47)% | 0.39% | 2.17% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.005% or (0.005)%, as applicable. |

---

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 | $86004726 |
| # of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $270645 |

---

## 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](g74130i91cc95066bf6133930c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 1.9% |
| Special Tax Revenue | 4.6% |
| Electric Utilities | 5.0% |
| Water and Sewer | 5.3% |
| Housing | 5.4% |
| Senior Living/Life Care | 5.9% |
| Lease Rev./Cert. of Participation | 7.7% |
| Transportation | 7.8% |
| Education | 9.1% |
| Hospital | 13.4% |
| General Obligations | 33.9% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g74130id79ae0c6f7f80da0216f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.6% |
| BB | 2.2% |
| BBB | 2.5% |
| A | 19.5% |
| AA | 69.0% |
| AAA | 1.2% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# ETMOX-TSR-AR

# Eaton Vance Missouri Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class C ECMOX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Missouri Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $149 | 1.49% |

---

## 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):

↓ An overweight exposure to, and security selections in the hospital sector, which underperformed the Index, weighed on Index-relative returns

↓ An overweight allocation to bonds with 4% coupon rates detracted from returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance during the period

↑ Security selections in the electric sector, which outperformed the Index during the period, contributed to Fund returns

↑ An out-of-Index allocation to taxable municipal bonds helped Index-relative returns as taxable municipal bonds outperformed tax-exempt municipal bonds

↑ An out-of-Index exposure to variable-rate demand notes — typically considered a defensive investment — contributed to returns

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

![Growth of 10K Chart](g74130i962cca7624f29fbc96d0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Missouri Municipal Bond Index** |
| **8/15** | $10000 | $10000 | $10000 |
| **9/15** | $10072 | $10072 | $10072 |
| **10/15** | $10106 | $10112 | $10099 |
| **11/15** | $10150 | $10153 | $10132 |
| **12/15** | $10222 | $10224 | $10191 |
| **1/16** | $10314 | $10346 | $10315 |
| **2/16** | $10319 | $10362 | $10336 |
| **3/16** | $10353 | $10395 | $10376 |
| **4/16** | $10416 | $10472 | $10449 |
| **5/16** | $10439 | $10500 | $10474 |
| **6/16** | $10610 | $10667 | $10658 |
| **7/16** | $10604 | $10673 | $10655 |
| **8/16** | $10666 | $10688 | $10672 |
| **9/16** | $10621 | $10634 | $10613 |
| **10/16** | $10525 | $10523 | $10497 |
| **11/16** | $10214 | $10130 | $10096 |
| **12/16** | $10276 | $10249 | $10238 |
| **1/17** | $10290 | $10317 | $10304 |
| **2/17** | $10335 | $10389 | $10383 |
| **3/17** | $10348 | $10411 | $10407 |
| **4/17** | $10402 | $10487 | $10482 |
| **5/17** | $10515 | $10653 | $10643 |
| **6/17** | $10480 | $10615 | $10624 |
| **7/17** | $10524 | $10701 | $10699 |
| **8/17** | $10598 | $10782 | $10768 |
| **9/17** | $10582 | $10727 | $10702 |
| **10/17** | $10505 | $10754 | $10745 |
| **11/17** | $10447 | $10696 | $10686 |
| **12/17** | $10510 | $10808 | $10787 |
| **1/18** | $10431 | $10681 | $10661 |
| **2/18** | $10433 | $10649 | $10636 |
| **3/18** | $10466 | $10688 | $10683 |
| **4/18** | $10436 | $10650 | $10648 |
| **5/18** | $10540 | $10772 | $10759 |
| **6/18** | $10552 | $10781 | $10771 |
| **7/18** | $10594 | $10807 | $10792 |
| **8/18** | $10605 | $10835 | $10818 |
| **9/18** | $10534 | $10765 | $10748 |
| **10/18** | $10462 | $10698 | $10679 |
| **11/18** | $10546 | $10817 | $10808 |
| **12/18** | $10630 | $10946 | $10942 |
| **1/19** | $10692 | $11029 | $11029 |
| **2/19** | $10767 | $11088 | $11080 |
| **3/19** | $10891 | $11263 | $11248 |
| **4/19** | $10912 | $11306 | $11293 |
| **5/19** | $11058 | $11462 | $11429 |
| **6/19** | $11088 | $11504 | $11478 |
| **7/19** | $11162 | $11597 | $11571 |
| **8/19** | $11321 | $11780 | $11768 |
| **9/19** | $11245 | $11685 | $11674 |
| **10/19** | $11242 | $11706 | $11687 |
| **11/19** | $11240 | $11735 | $11707 |
| **12/19** | $11261 | $11771 | $11747 |
| **1/20** | $11430 | $11983 | $11959 |
| **2/20** | $11567 | $12137 | $12120 |
| **3/20** | $11266 | $11697 | $11651 |
| **4/20** | $11115 | $11550 | $11485 |
| **5/20** | $11457 | $11918 | $11893 |
| **6/20** | $11498 | $12016 | $12001 |
| **7/20** | $11645 | $12218 | $12208 |
| **8/20** | $11587 | $12161 | $12159 |
| **9/20** | $11577 | $12163 | $12161 |
| **10/20** | $11546 | $12127 | $12123 |
| **11/20** | $11711 | $12310 | $12320 |
| **12/20** | $11766 | $12385 | $12420 |
| **1/21** | $11789 | $12464 | $12485 |
| **2/21** | $11585 | $12266 | $12282 |
| **3/21** | $11651 | $12341 | $12380 |
| **4/21** | $11739 | $12445 | $12496 |
| **5/21** | $11761 | $12482 | $12539 |
| **6/21** | $11772 | $12516 | $12590 |
| **7/21** | $11859 | $12620 | $12697 |
| **8/21** | $11805 | $12574 | $12638 |
| **9/21** | $11697 | $12483 | $12551 |
| **10/21** | $11664 | $12446 | $12496 |
| **11/21** | $11753 | $12552 | $12619 |
| **12/21** | $11754 | $12573 | $12638 |
| **1/22** | $11457 | $12229 | $12328 |
| **2/22** | $11394 | $12185 | $12287 |
| **3/22** | $11087 | $11790 | $11904 |
| **4/22** | $10769 | $11464 | $11547 |
| **5/22** | $10893 | $11634 | $11702 |
| **6/22** | $10676 | $11443 | $11515 |
| **7/22** | $10935 | $11746 | $11795 |
| **8/22** | $10694 | $11488 | $11559 |
| **9/22** | $10276 | $11047 | $11015 |
| **10/22** | $10182 | $10956 | $10888 |
| **11/22** | $10646 | $11468 | $11447 |
| **12/22** | $10663 | $11501 | $11479 |
| **1/23** | $10926 | $11831 | $11860 |
| **2/23** | $10656 | $11564 | $11563 |
| **3/23** | $10867 | $11820 | $11803 |
| **4/23** | $10855 | $11793 | $11799 |
| **5/23** | $10763 | $11691 | $11701 |
| **6/23** | $10841 | $11808 | $11824 |
| **7/23** | $10862 | $11855 | $11869 |
| **8/23** | $10725 | $11684 | $11703 |
| **9/23** | $10384 | $11342 | $11264 |
| **10/23** | $10246 | $11245 | $11131 |
| **11/23** | $10851 | $11959 | $11933 |
| **12/23** | $11103 | $12237 | $12243 |
| **1/24** | $11092 | $12174 | $12167 |
| **2/24** | $11094 | $12190 | $12170 |
| **3/24** | $11084 | $12190 | $12218 |
| **4/24** | $10959 | $12039 | $12064 |
| **5/24** | $10937 | $12003 | $12040 |
| **6/24** | $11090 | $12187 | $12253 |
| **7/24** | $11162 | $12299 | $12364 |
| **8/24** | $11235 | $12396 | $12459 |
| **9/24** | $11354 | $12518 | $12599 |
| **10/24** | $11180 | $12335 | $12395 |
| **11/24** | $11358 | $12549 | $12642 |
| **12/24** | $11183 | $12366 | $12411 |
| **1/25** | $11208 | $12428 | $12469 |
| **2/25** | $11327 | $12551 | $12608 |
| **3/25** | $11139 | $12338 | $12384 |
| **4/25** | $11047 | $12239 | $12270 |
| **5/25** | $11001 | $12247 | $12271 |
| **6/25** | $11122 | $12323 | $12322 |
| **7/25** | $11064 | $12298 | $12282 |
| **8/25** | $11327 | $12405 | $12400 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (0.65)% | (0.74)% | 1.25% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (1.62)% | (0.74)% | 1.25% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Missouri Municipal Bond Index | (0.47)% | 0.39% | 2.17% |

---

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 | $86004726 |
| # of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $270645 |

---

## 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](g74130if13e721b0a6cbce83274.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 1.9% |
| Special Tax Revenue | 4.6% |
| Electric Utilities | 5.0% |
| Water and Sewer | 5.3% |
| Housing | 5.4% |
| Senior Living/Life Care | 5.9% |
| Lease Rev./Cert. of Participation | 7.7% |
| Transportation | 7.8% |
| Education | 9.1% |
| Hospital | 13.4% |
| General Obligations | 33.9% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g74130i3bbbc826405e8f6326e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.6% |
| BB | 2.2% |
| BBB | 2.5% |
| A | 19.5% |
| AA | 69.0% |
| AAA | 1.2% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# ECMOX-TSR-AR

# Eaton Vance Missouri Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class I EIMOX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Missouri Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $54 | 0.54% |

---

## 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 in the electric sector, which outperformed the Index during the period, contributed to Fund returns

↑ An out-of-Index allocation to taxable municipal bonds helped Index-relative returns as taxable municipal bonds outperformed tax-exempt municipal bonds

↑ An out-of-Index exposure to variable-rate demand notes — typically considered a defensive investment — contributed to returns

↓ An overweight exposure to, and security selections in the hospital sector, which underperformed the Index, weighed on Index-relative returns

↓ An overweight allocation to bonds with 4% coupon rates detracted from returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance 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](g74130i7087fce90b09f6a717ce.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Missouri Municipal Bond Index** |
| **8/15** | $1000000 | $1000000 | $1000000 |
| **9/15** | $1007414 | $1007244 | $1007247 |
| **10/15** | $1011721 | $1011249 | $1009893 |
| **11/15** | $1017113 | $1015269 | $1013153 |
| **12/15** | $1024626 | $1022402 | $1019092 |
| **1/16** | $1035372 | $1034601 | $1031531 |
| **2/16** | $1036464 | $1036228 | $1033595 |
| **3/16** | $1040745 | $1039511 | $1037580 |
| **4/16** | $1048274 | $1047154 | $1044942 |
| **5/16** | $1051512 | $1049987 | $1047414 |
| **6/16** | $1069917 | $1066690 | $1065772 |
| **7/16** | $1068807 | $1067342 | $1065469 |
| **8/16** | $1076355 | $1068782 | $1067222 |
| **9/16** | $1072980 | $1063448 | $1061296 |
| **10/16** | $1064097 | $1052291 | $1049687 |
| **11/16** | $1033213 | $1013045 | $1009578 |
| **12/16** | $1040819 | $1024938 | $1023773 |
| **1/17** | $1041875 | $1031695 | $1030366 |
| **2/17** | $1048473 | $1038859 | $1038293 |
| **3/17** | $1050558 | $1041115 | $1040653 |
| **4/17** | $1057095 | $1048669 | $1048221 |
| **5/17** | $1069328 | $1065312 | $1064264 |
| **6/17** | $1067029 | $1061492 | $1062415 |
| **7/17** | $1071482 | $1070080 | $1069859 |
| **8/17** | $1080425 | $1078223 | $1076769 |
| **9/17** | $1079156 | $1072741 | $1070208 |
| **10/17** | $1072278 | $1075359 | $1074536 |
| **11/17** | $1067494 | $1069601 | $1068568 |
| **12/17** | $1075258 | $1080781 | $1078667 |
| **1/18** | $1066952 | $1068057 | $1066081 |
| **2/18** | $1067759 | $1064866 | $1063620 |
| **3/18** | $1072014 | $1068796 | $1068318 |
| **4/18** | $1070479 | $1064982 | $1064776 |
| **5/18** | $1081704 | $1077177 | $1075948 |
| **6/18** | $1083676 | $1078096 | $1077063 |
| **7/18** | $1087871 | $1080712 | $1079190 |
| **8/18** | $1090951 | $1083488 | $1081838 |
| **9/18** | $1084660 | $1076473 | $1074752 |
| **10/18** | $1077174 | $1069844 | $1067856 |
| **11/18** | $1087365 | $1081686 | $1080803 |
| **12/18** | $1096331 | $1094637 | $1094201 |
| **1/19** | $1104105 | $1102912 | $1102899 |
| **2/19** | $1111949 | $1108817 | $1107968 |
| **3/19** | $1126866 | $1126345 | $1124817 |
| **4/19** | $1129849 | $1130578 | $1129260 |
| **5/19** | $1146031 | $1146164 | $1142880 |
| **6/19** | $1148963 | $1150397 | $1147834 |
| **7/19** | $1158161 | $1159668 | $1157063 |
| **8/19** | $1175819 | $1177960 | $1176789 |
| **9/19** | $1169009 | $1168517 | $1167431 |
| **10/19** | $1168214 | $1170611 | $1168747 |
| **11/19** | $1169955 | $1173539 | $1170703 |
| **12/19** | $1172991 | $1177122 | $1174737 |
| **1/20** | $1191921 | $1198271 | $1195944 |
| **2/20** | $1207163 | $1213723 | $1212018 |
| **3/20** | $1176942 | $1169698 | $1165050 |
| **4/20** | $1161384 | $1155018 | $1148521 |
| **5/20** | $1197796 | $1191761 | $1189310 |
| **6/20** | $1203242 | $1201569 | $1200053 |
| **7/20** | $1219748 | $1221807 | $1220796 |
| **8/20** | $1215026 | $1216074 | $1215906 |
| **9/20** | $1214766 | $1216332 | $1216053 |
| **10/20** | $1211987 | $1212678 | $1212318 |
| **11/20** | $1230668 | $1230978 | $1231975 |
| **12/20** | $1236681 | $1238477 | $1241963 |
| **1/21** | $1240155 | $1246369 | $1248491 |
| **2/21** | $1219753 | $1226566 | $1228217 |
| **3/21** | $1227036 | $1234131 | $1237960 |
| **4/21** | $1238087 | $1244482 | $1249581 |
| **5/21** | $1241510 | $1248195 | $1253906 |
| **6/21** | $1243644 | $1251622 | $1258958 |
| **7/21** | $1253452 | $1262003 | $1269728 |
| **8/21** | $1249319 | $1257371 | $1263783 |
| **9/21** | $1238780 | $1248297 | $1255073 |
| **10/21** | $1235871 | $1244647 | $1249640 |
| **11/21** | $1247109 | $1255243 | $1261914 |
| **12/21** | $1248035 | $1257268 | $1263752 |
| **1/22** | $1216789 | $1222853 | $1232750 |
| **2/22** | $1211412 | $1218472 | $1228739 |
| **3/22** | $1178776 | $1178973 | $1190430 |
| **4/22** | $1146155 | $1146363 | $1154656 |
| **5/22** | $1161499 | $1163392 | $1170219 |
| **6/22** | $1138037 | $1144338 | $1151544 |
| **7/22** | $1167965 | $1174573 | $1179496 |
| **8/22** | $1141591 | $1148831 | $1155852 |
| **9/22** | $1098365 | $1104738 | $1101450 |
| **10/22** | $1089270 | $1095550 | $1088784 |
| **11/22** | $1140741 | $1146793 | $1144693 |
| **12/22** | $1142219 | $1150076 | $1147864 |
| **1/23** | $1171374 | $1183112 | $1186006 |
| **2/23** | $1144050 | $1156360 | $1156307 |
| **3/23** | $1167104 | $1182017 | $1180270 |
| **4/23** | $1166283 | $1179316 | $1179928 |
| **5/23** | $1157456 | $1169097 | $1170099 |
| **6/23** | $1167396 | $1180808 | $1182397 |
| **7/23** | $1170602 | $1185479 | $1186947 |
| **8/23** | $1156300 | $1168413 | $1170334 |
| **9/23** | $1121790 | $1134168 | $1126416 |
| **10/23** | $1106085 | $1124516 | $1113051 |
| **11/23** | $1173365 | $1195902 | $1193318 |
| **12/23** | $1201382 | $1223697 | $1224274 |
| **1/24** | $1202144 | $1217448 | $1216684 |
| **2/24** | $1202963 | $1219011 | $1216967 |
| **3/24** | $1202422 | $1218973 | $1221761 |
| **4/24** | $1189525 | $1203876 | $1206447 |
| **5/24** | $1187661 | $1200344 | $1204046 |
| **6/24** | $1205235 | $1218743 | $1225269 |
| **7/24** | $1214517 | $1229852 | $1236386 |
| **8/24** | $1222539 | $1239551 | $1245920 |
| **9/24** | $1236096 | $1251802 | $1259946 |
| **10/24** | $1218753 | $1233550 | $1239527 |
| **11/24** | $1239416 | $1254858 | $1264176 |
| **12/24** | $1221952 | $1236589 | $1241144 |
| **1/25** | $1225638 | $1242787 | $1246878 |
| **2/25** | $1239159 | $1255109 | $1260761 |
| **3/25** | $1218643 | $1233838 | $1238421 |
| **4/25** | $1210970 | $1223898 | $1227021 |
| **5/25** | $1206138 | $1224684 | $1227059 |
| **6/25** | $1221443 | $1232308 | $1232160 |
| **7/25** | $1215120 | $1229819 | $1228245 |
| **8/25** | $1226171 | $1240508 | $1240021 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 0.30% | 0.18% | 2.06% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Missouri Municipal Bond Index | (0.47)% | 0.39% | 2.17% |

---

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 | $86004726 |
| # of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $270645 |

---

## 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](g74130ib677509cd18865ef88a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 1.9% |
| Special Tax Revenue | 4.6% |
| Electric Utilities | 5.0% |
| Water and Sewer | 5.3% |
| Housing | 5.4% |
| Senior Living/Life Care | 5.9% |
| Lease Rev./Cert. of Participation | 7.7% |
| Transportation | 7.8% |
| Education | 9.1% |
| Hospital | 13.4% |
| General Obligations | 33.9% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g74130ie5ff9d65aa7f09d86ab0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.6% |
| BB | 2.2% |
| BBB | 2.5% |
| A | 19.5% |
| AA | 69.0% |
| AAA | 1.2% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# EIMOX-TSR-AR

# Eaton Vance North Carolina Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class A ETNCX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance North Carolina Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $71 | 0.71% |

---

## 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):

↓ An overweight allocation to bonds with 4% coupon rates detracted from Index-relative returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance

↓ An overweight position and security selections in the hospital sector, which underperformed the Index, also weighed on Index-relative returns

↑ Security selections in A-rated bonds contributed to returns during the period

↑ Security selections in bonds with 8-12 years remaining to maturity also contributed to performance during the period

↑ Out-of-Index exposures to variable-rate demand notes and floating-rate notes — typically considered defensive investments — contributed to returns

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

![Growth of 10K Chart](g74130i26c6b1fc7cf0da4e45f2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg North Carolina Municipal Bond Index** |
| **8/15** | $9675 | $10000 | $10000 |
| **9/15** | $9733 | $10072 | $10064 |
| **10/15** | $9760 | $10112 | $10094 |
| **11/15** | $9799 | $10153 | $10110 |
| **12/15** | $9870 | $10224 | $10156 |
| **1/16** | $9984 | $10346 | $10261 |
| **2/16** | $10001 | $10362 | $10284 |
| **3/16** | $10040 | $10395 | $10297 |
| **4/16** | $10111 | $10472 | $10355 |
| **5/16** | $10138 | $10500 | $10369 |
| **6/16** | $10284 | $10667 | $10506 |
| **7/16** | $10278 | $10673 | $10515 |
| **8/16** | $10315 | $10688 | $10533 |
| **9/16** | $10264 | $10634 | $10484 |
| **10/16** | $10181 | $10523 | $10408 |
| **11/16** | $9854 | $10130 | $10085 |
| **12/16** | $9936 | $10249 | $10189 |
| **1/17** | $9963 | $10317 | $10252 |
| **2/17** | $10013 | $10389 | $10325 |
| **3/17** | $10040 | $10411 | $10343 |
| **4/17** | $10101 | $10487 | $10410 |
| **5/17** | $10217 | $10653 | $10539 |
| **6/17** | $10199 | $10615 | $10507 |
| **7/17** | $10237 | $10701 | $10576 |
| **8/17** | $10309 | $10782 | $10639 |
| **9/17** | $10279 | $10727 | $10566 |
| **10/17** | $10259 | $10754 | $10584 |
| **11/17** | $10195 | $10696 | $10517 |
| **12/17** | $10278 | $10808 | $10603 |
| **1/18** | $10179 | $10681 | $10513 |
| **2/18** | $10148 | $10649 | $10493 |
| **3/18** | $10163 | $10688 | $10510 |
| **4/18** | $10143 | $10650 | $10478 |
| **5/18** | $10227 | $10772 | $10578 |
| **6/18** | $10242 | $10781 | $10583 |
| **7/18** | $10268 | $10807 | $10609 |
| **8/18** | $10283 | $10835 | $10627 |
| **9/18** | $10227 | $10765 | $10567 |
| **10/18** | $10160 | $10698 | $10518 |
| **11/18** | $10257 | $10817 | $10629 |
| **12/18** | $10353 | $10946 | $10742 |
| **1/19** | $10424 | $11029 | $10830 |
| **2/19** | $10459 | $11088 | $10875 |
| **3/19** | $10577 | $11263 | $11001 |
| **4/19** | $10600 | $11306 | $11034 |
| **5/19** | $10729 | $11462 | $11156 |
| **6/19** | $10774 | $11504 | $11197 |
| **7/19** | $10844 | $11597 | $11291 |
| **8/19** | $11022 | $11780 | $11448 |
| **9/19** | $10948 | $11685 | $11348 |
| **10/19** | $10945 | $11706 | $11376 |
| **11/19** | $10956 | $11735 | $11404 |
| **12/19** | $10978 | $11771 | $11433 |
| **1/20** | $11171 | $11983 | $11618 |
| **2/20** | $11315 | $12137 | $11752 |
| **3/20** | $10949 | $11697 | $11402 |
| **4/20** | $10790 | $11550 | $11326 |
| **5/20** | $11093 | $11918 | $11705 |
| **6/20** | $11176 | $12016 | $11757 |
| **7/20** | $11344 | $12218 | $11925 |
| **8/20** | $11291 | $12161 | $11880 |
| **9/20** | $11286 | $12163 | $11898 |
| **10/20** | $11255 | $12127 | $11856 |
| **11/20** | $11421 | $12310 | $11995 |
| **12/20** | $11475 | $12385 | $12026 |
| **1/21** | $11542 | $12464 | $12084 |
| **2/21** | $11363 | $12266 | $11916 |
| **3/21** | $11405 | $12341 | $11983 |
| **4/21** | $11510 | $12445 | $12065 |
| **5/21** | $11526 | $12482 | $12084 |
| **6/21** | $11555 | $12516 | $12108 |
| **7/21** | $11645 | $12620 | $12208 |
| **8/21** | $11610 | $12574 | $12152 |
| **9/21** | $11512 | $12483 | $12062 |
| **10/21** | $11490 | $12446 | $12029 |
| **11/21** | $11568 | $12552 | $12124 |
| **12/21** | $11570 | $12573 | $12137 |
| **1/22** | $11295 | $12229 | $11819 |
| **2/22** | $11235 | $12185 | $11778 |
| **3/22** | $10947 | $11790 | $11375 |
| **4/22** | $10672 | $11464 | $11079 |
| **5/22** | $10800 | $11634 | $11223 |
| **6/22** | $10651 | $11443 | $11080 |
| **7/22** | $10896 | $11746 | $11369 |
| **8/22** | $10670 | $11488 | $11107 |
| **9/22** | $10332 | $11047 | $10660 |
| **10/22** | $10273 | $10956 | $10580 |
| **11/22** | $10649 | $11468 | $11069 |
| **12/22** | $10681 | $11501 | $11110 |
| **1/23** | $10930 | $11831 | $11428 |
| **2/23** | $10708 | $11564 | $11177 |
| **3/23** | $10896 | $11820 | $11435 |
| **4/23** | $10880 | $11793 | $11394 |
| **5/23** | $10760 | $11691 | $11274 |
| **6/23** | $10849 | $11808 | $11381 |
| **7/23** | $10859 | $11855 | $11420 |
| **8/23** | $10753 | $11684 | $11220 |
| **9/23** | $10481 | $11342 | $10879 |
| **10/23** | $10338 | $11245 | $10779 |
| **11/23** | $10941 | $11959 | $11470 |
| **12/23** | $11205 | $12237 | $11733 |
| **1/24** | $11193 | $12174 | $11654 |
| **2/24** | $11195 | $12190 | $11669 |
| **3/24** | $11196 | $12190 | $11682 |
| **4/24** | $11093 | $12039 | $11531 |
| **5/24** | $11081 | $12003 | $11482 |
| **6/24** | $11244 | $12187 | $11653 |
| **7/24** | $11340 | $12299 | $11772 |
| **8/24** | $11396 | $12396 | $11869 |
| **9/24** | $11507 | $12518 | $11982 |
| **10/24** | $11322 | $12335 | $11795 |
| **11/24** | $11514 | $12549 | $11992 |
| **12/24** | $11356 | $12366 | $11811 |
| **1/25** | $11386 | $12428 | $11890 |
| **2/25** | $11512 | $12551 | $12020 |
| **3/25** | $11297 | $12338 | $11818 |
| **4/25** | $11232 | $12239 | $11715 |
| **5/25** | $11181 | $12247 | $11740 |
| **6/25** | $11254 | $12323 | $11824 |
| **7/25** | $11188 | $12298 | $11816 |
| **8/25** | $11270 | $12405 | $11916 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (1.07)% | (0.03)% | 1.54% |
| Class A with 3.25% Maximum Sales Charge | (4.33)% | (0.69)% | 1.20% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg North Carolina Municipal Bond Index | 0.40% | 0.06% | 1.77% |

---

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 | $230637441 |
| # of Portfolio Holdings | 171 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $864614 |

---

## 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](g74130i9cf40835c20233d74679.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.0% |
| Electric Utilities | 4.7% |
| Senior Living/Life Care | 6.6% |
| Housing | 7.2% |
| Lease Rev./Cert. of Participation | 8.3% |
| Education | 9.0% |
| General Obligations | 11.0% |
| Transportation | 12.7% |
| Hospital | 12.7% |
| Water and Sewer | 22.8% |

---

---

| | |
|:---|:---|
| 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](g74130id97d25a7daad54f9353b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.9% |
| BB | 0.1% |
| BBB | 6.1% |
| A | 3.8% |
| AA | 64.2% |
| AAA | 20.9% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# ETNCX-TSR-AR

# Eaton Vance North Carolina Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class C ECNCX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance North Carolina Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $145 | 1.46% |

---

## 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):

↓ An overweight allocation to bonds with 4% coupon rates detracted from Index-relative returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance

↓ An overweight position and security selections in the hospital sector, which underperformed the Index, also weighed on Index-relative returns

↑ Security selections in A-rated bonds contributed to returns during the period

↑ Security selections in bonds with 8-12 years remaining to maturity also contributed to performance during the period

↑ Out-of-Index exposures to variable-rate demand notes and floating-rate notes — typically considered defensive investments — contributed to returns

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

![Growth of 10K Chart](g74130iccbafe24298cf010267d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg North Carolina Municipal Bond Index** |
| **8/15** | $10000 | $10000 | $10000 |
| **9/15** | $10051 | $10072 | $10064 |
| **10/15** | $10073 | $10112 | $10094 |
| **11/15** | $10117 | $10153 | $10110 |
| **12/15** | $10180 | $10224 | $10156 |
| **1/16** | $10285 | $10346 | $10261 |
| **2/16** | $10297 | $10362 | $10284 |
| **3/16** | $10340 | $10395 | $10297 |
| **4/16** | $10404 | $10472 | $10355 |
| **5/16** | $10414 | $10500 | $10369 |
| **6/16** | $10560 | $10667 | $10506 |
| **7/16** | $10549 | $10673 | $10515 |
| **8/16** | $10580 | $10688 | $10533 |
| **9/16** | $10527 | $10634 | $10484 |
| **10/16** | $10432 | $10523 | $10408 |
| **11/16** | $10096 | $10130 | $10085 |
| **12/16** | $10169 | $10249 | $10189 |
| **1/17** | $10190 | $10317 | $10252 |
| **2/17** | $10234 | $10389 | $10325 |
| **3/17** | $10255 | $10411 | $10343 |
| **4/17** | $10308 | $10487 | $10410 |
| **5/17** | $10424 | $10653 | $10539 |
| **6/17** | $10392 | $10615 | $10507 |
| **7/17** | $10424 | $10701 | $10576 |
| **8/17** | $10497 | $10782 | $10639 |
| **9/17** | $10464 | $10727 | $10566 |
| **10/17** | $10430 | $10754 | $10584 |
| **11/17** | $10365 | $10696 | $10517 |
| **12/17** | $10439 | $10808 | $10603 |
| **1/18** | $10340 | $10681 | $10513 |
| **2/18** | $10297 | $10649 | $10493 |
| **3/18** | $10306 | $10688 | $10510 |
| **4/18** | $10272 | $10650 | $10478 |
| **5/18** | $10357 | $10772 | $10578 |
| **6/18** | $10356 | $10781 | $10583 |
| **7/18** | $10386 | $10807 | $10609 |
| **8/18** | $10395 | $10835 | $10627 |
| **9/18** | $10328 | $10765 | $10567 |
| **10/18** | $10260 | $10698 | $10518 |
| **11/18** | $10346 | $10817 | $10629 |
| **12/18** | $10432 | $10946 | $10742 |
| **1/19** | $10493 | $11029 | $10830 |
| **2/19** | $10533 | $11088 | $10875 |
| **3/19** | $10638 | $11263 | $11001 |
| **4/19** | $10655 | $11306 | $11034 |
| **5/19** | $10781 | $11462 | $11156 |
| **6/19** | $10818 | $11504 | $11197 |
| **7/19** | $10889 | $11597 | $11291 |
| **8/19** | $11050 | $11780 | $11448 |
| **9/19** | $10964 | $11685 | $11348 |
| **10/19** | $10967 | $11706 | $11376 |
| **11/19** | $10961 | $11735 | $11404 |
| **12/19** | $10988 | $11771 | $11433 |
| **1/20** | $11173 | $11983 | $11618 |
| **2/20** | $11302 | $12137 | $11752 |
| **3/20** | $10934 | $11697 | $11402 |
| **4/20** | $10770 | $11550 | $11326 |
| **5/20** | $11069 | $11918 | $11705 |
| **6/20** | $11140 | $12016 | $11757 |
| **7/20** | $11302 | $12218 | $11925 |
| **8/20** | $11236 | $12161 | $11880 |
| **9/20** | $11226 | $12163 | $11898 |
| **10/20** | $11191 | $12127 | $11856 |
| **11/20** | $11350 | $12310 | $11995 |
| **12/20** | $11394 | $12385 | $12026 |
| **1/21** | $11461 | $12464 | $12084 |
| **2/21** | $11268 | $12266 | $11916 |
| **3/21** | $11301 | $12341 | $11983 |
| **4/21** | $11392 | $12445 | $12065 |
| **5/21** | $11412 | $12482 | $12084 |
| **6/21** | $11433 | $12516 | $12108 |
| **7/21** | $11520 | $12620 | $12208 |
| **8/21** | $11471 | $12574 | $12152 |
| **9/21** | $11375 | $12483 | $12062 |
| **10/21** | $11337 | $12446 | $12029 |
| **11/21** | $11414 | $12552 | $12124 |
| **12/21** | $11409 | $12573 | $12137 |
| **1/22** | $11128 | $12229 | $11819 |
| **2/22** | $11068 | $12185 | $11778 |
| **3/22** | $10764 | $11790 | $11375 |
| **4/22** | $10495 | $11464 | $11079 |
| **5/22** | $10618 | $11634 | $11223 |
| **6/22** | $10454 | $11443 | $11080 |
| **7/22** | $10683 | $11746 | $11369 |
| **8/22** | $10472 | $11488 | $11107 |
| **9/22** | $10123 | $11047 | $10660 |
| **10/22** | $10065 | $10956 | $10580 |
| **11/22** | $10425 | $11468 | $11069 |
| **12/22** | $10448 | $11501 | $11110 |
| **1/23** | $10682 | $11831 | $11428 |
| **2/23** | $10463 | $11564 | $11177 |
| **3/23** | $10640 | $11820 | $11435 |
| **4/23** | $10620 | $11793 | $11394 |
| **5/23** | $10495 | $11691 | $11274 |
| **6/23** | $10570 | $11808 | $11381 |
| **7/23** | $10575 | $11855 | $11420 |
| **8/23** | $10474 | $11684 | $11220 |
| **9/23** | $10199 | $11342 | $10879 |
| **10/23** | $10054 | $11245 | $10779 |
| **11/23** | $10630 | $11959 | $11470 |
| **12/23** | $10875 | $12237 | $11733 |
| **1/24** | $10860 | $12174 | $11654 |
| **2/24** | $10857 | $12190 | $11669 |
| **3/24** | $10853 | $12190 | $11682 |
| **4/24** | $10743 | $12039 | $11531 |
| **5/24** | $10716 | $12003 | $11482 |
| **6/24** | $10881 | $12187 | $11653 |
| **7/24** | $10962 | $12299 | $11772 |
| **8/24** | $11008 | $12396 | $11869 |
| **9/24** | $11103 | $12518 | $11982 |
| **10/24** | $10932 | $12335 | $11795 |
| **11/24** | $11112 | $12549 | $11992 |
| **12/24** | $10940 | $12366 | $11811 |
| **1/25** | $10963 | $12428 | $11890 |
| **2/25** | $11083 | $12551 | $12020 |
| **3/25** | $10862 | $12338 | $11818 |
| **4/25** | $10800 | $12239 | $11715 |
| **5/25** | $10749 | $12247 | $11740 |
| **6/25** | $10797 | $12323 | $11824 |
| **7/25** | $10734 | $12298 | $11816 |
| **8/25** | $10982 | $12405 | $11916 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (1.84)% | (0.78)% | 0.94% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (2.79)% | (0.78)% | 0.94% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg North Carolina Municipal Bond Index | 0.40% | 0.06% | 1.77% |

---

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 | $230637441 |
| # of Portfolio Holdings | 171 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $864614 |

---

## 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](g74130i19bf24e6ddb5a53f11d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.0% |
| Electric Utilities | 4.7% |
| Senior Living/Life Care | 6.6% |
| Housing | 7.2% |
| Lease Rev./Cert. of Participation | 8.3% |
| Education | 9.0% |
| General Obligations | 11.0% |
| Transportation | 12.7% |
| Hospital | 12.7% |
| Water and Sewer | 22.8% |

---

---

| | |
|:---|:---|
| 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](g74130ie9a25cedf552f80d7dff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.9% |
| BB | 0.1% |
| BBB | 6.1% |
| A | 3.8% |
| AA | 64.2% |
| AAA | 20.9% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# ECNCX-TSR-AR

# Eaton Vance North Carolina Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class I EINCX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance North Carolina Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $51 | 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 Bond Index (the Index):

↓ An overweight allocation to bonds with 4% coupon rates detracted from Index-relative returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance

↓ An overweight position and security selections in the hospital sector, which underperformed the Index, also weighed on Index-relative returns

↑ Security selections in A-rated bonds contributed to returns during the period

↑ Security selections in bonds with 8-12 years remaining to maturity also contributed to performance during the period

↑ Out-of-Index exposures to variable-rate demand notes and floating-rate notes — typically considered defensive investments — contributed to returns

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

![Growth of 10K Chart](g74130id0af5e96f1963c0f2d4f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg North Carolina Municipal Bond Index** |
| **8/15** | $1000000 | $1000000 | $1000000 |
| **9/15** | $1006132 | $1007244 | $1006353 |
| **10/15** | $1010220 | $1011249 | $1009370 |
| **11/15** | $1014419 | $1015269 | $1011041 |
| **12/15** | $1021934 | $1022402 | $1015567 |
| **1/16** | $1032745 | $1034601 | $1026105 |
| **2/16** | $1034693 | $1036228 | $1028361 |
| **3/16** | $1040009 | $1039511 | $1029686 |
| **4/16** | $1047500 | $1047154 | $1035549 |
| **5/16** | $1049341 | $1049987 | $1036855 |
| **6/16** | $1064674 | $1066690 | $1050574 |
| **7/16** | $1064183 | $1067342 | $1051508 |
| **8/16** | $1068165 | $1068782 | $1053254 |
| **9/16** | $1063132 | $1063448 | $1048382 |
| **10/16** | $1054642 | $1052291 | $1040817 |
| **11/16** | $1022224 | $1013045 | $1008537 |
| **12/16** | $1029691 | $1024938 | $1018883 |
| **1/17** | $1033839 | $1031695 | $1025233 |
| **2/17** | $1038007 | $1038859 | $1032451 |
| **3/17** | $1040987 | $1041115 | $1034279 |
| **4/17** | $1047452 | $1048669 | $1040983 |
| **5/17** | $1060832 | $1065312 | $1053924 |
| **6/17** | $1057993 | $1061492 | $1050722 |
| **7/17** | $1062124 | $1070080 | $1057641 |
| **8/17** | $1069719 | $1078223 | $1063887 |
| **9/17** | $1066807 | $1072741 | $1056568 |
| **10/17** | $1064973 | $1075359 | $1058361 |
| **11/17** | $1059669 | $1069601 | $1051671 |
| **12/17** | $1068482 | $1080781 | $1060311 |
| **1/18** | $1058375 | $1068057 | $1051347 |
| **2/18** | $1054212 | $1064866 | $1049281 |
| **3/18** | $1057130 | $1068796 | $1051025 |
| **4/18** | $1054014 | $1064982 | $1047818 |
| **5/18** | $1062890 | $1077177 | $1057817 |
| **6/18** | $1064634 | $1078096 | $1058258 |
| **7/18** | $1067531 | $1080712 | $1060856 |
| **8/18** | $1070428 | $1083488 | $1062721 |
| **9/18** | $1063647 | $1076473 | $1056727 |
| **10/18** | $1058036 | $1069844 | $1051836 |
| **11/18** | $1067080 | $1081686 | $1062915 |
| **12/18** | $1077296 | $1094637 | $1074233 |
| **1/19** | $1084832 | $1102912 | $1083004 |
| **2/19** | $1089900 | $1108817 | $1087488 |
| **3/19** | $1101082 | $1126345 | $1100142 |
| **4/19** | $1103627 | $1130578 | $1103419 |
| **5/19** | $1117242 | $1146164 | $1115648 |
| **6/19** | $1122116 | $1150397 | $1119707 |
| **7/19** | $1130825 | $1159668 | $1129113 |
| **8/19** | $1148248 | $1177960 | $1144765 |
| **9/19** | $1140750 | $1168517 | $1134757 |
| **10/19** | $1141916 | $1170611 | $1137637 |
| **11/19** | $1141962 | $1173539 | $1140420 |
| **12/19** | $1145776 | $1177122 | $1143308 |
| **1/20** | $1164710 | $1198271 | $1161837 |
| **2/20** | $1179900 | $1213723 | $1175196 |
| **3/20** | $1142039 | $1169698 | $1140200 |
| **4/20** | $1125670 | $1155018 | $1132580 |
| **5/20** | $1158685 | $1191761 | $1170478 |
| **6/20** | $1166222 | $1201569 | $1175722 |
| **7/20** | $1183898 | $1221807 | $1192480 |
| **8/20** | $1178565 | $1216074 | $1188001 |
| **9/20** | $1179527 | $1216332 | $1189784 |
| **10/20** | $1176540 | $1212678 | $1185607 |
| **11/20** | $1193987 | $1230978 | $1199500 |
| **12/20** | $1199823 | $1238477 | $1202565 |
| **1/21** | $1207001 | $1246369 | $1208380 |
| **2/21** | $1187227 | $1226566 | $1191625 |
| **3/21** | $1191879 | $1234131 | $1198317 |
| **4/21** | $1203036 | $1244482 | $1206522 |
| **5/21** | $1206175 | $1248195 | $1208419 |
| **6/21** | $1208077 | $1251622 | $1210780 |
| **7/21** | $1218963 | $1262003 | $1220809 |
| **8/21** | $1215545 | $1257371 | $1215168 |
| **9/21** | $1205587 | $1248297 | $1206208 |
| **10/21** | $1202120 | $1244647 | $1202926 |
| **11/21** | $1211776 | $1255243 | $1212379 |
| **12/21** | $1212197 | $1257268 | $1213747 |
| **1/22** | $1182389 | $1222853 | $1181903 |
| **2/22** | $1177639 | $1218472 | $1177771 |
| **3/22** | $1146402 | $1178973 | $1137545 |
| **4/22** | $1117844 | $1146363 | $1107903 |
| **5/22** | $1132777 | $1163392 | $1122348 |
| **6/22** | $1116099 | $1144338 | $1108027 |
| **7/22** | $1141838 | $1174573 | $1136899 |
| **8/22** | $1119818 | $1148831 | $1110654 |
| **9/22** | $1083293 | $1104738 | $1066047 |
| **10/22** | $1077342 | $1095550 | $1058030 |
| **11/22** | $1118199 | $1146793 | $1106914 |
| **12/22** | $1120342 | $1150076 | $1110974 |
| **1/23** | $1146662 | $1183112 | $1142819 |
| **2/23** | $1123564 | $1156360 | $1117749 |
| **3/23** | $1144793 | $1182017 | $1143507 |
| **4/23** | $1141913 | $1179316 | $1139439 |
| **5/23** | $1129616 | $1169097 | $1127358 |
| **6/23** | $1139051 | $1180808 | $1138092 |
| **7/23** | $1140321 | $1185479 | $1142024 |
| **8/23** | $1130840 | $1168413 | $1122049 |
| **9/23** | $1101084 | $1134168 | $1087902 |
| **10/23** | $1086311 | $1124516 | $1077869 |
| **11/23** | $1151075 | $1195902 | $1146975 |
| **12/23** | $1177592 | $1223697 | $1173263 |
| **1/24** | $1176586 | $1217448 | $1165372 |
| **2/24** | $1176964 | $1219011 | $1166899 |
| **3/24** | $1177328 | $1218973 | $1168197 |
| **4/24** | $1166628 | $1203876 | $1153090 |
| **5/24** | $1165649 | $1200344 | $1148244 |
| **6/24** | $1184293 | $1218743 | $1165303 |
| **7/24** | $1193157 | $1229852 | $1177245 |
| **8/24** | $1199317 | $1239551 | $1186887 |
| **9/24** | $1211145 | $1251802 | $1198248 |
| **10/24** | $1193334 | $1233550 | $1179548 |
| **11/24** | $1213761 | $1254858 | $1199181 |
| **12/24** | $1195873 | $1236589 | $1181123 |
| **1/25** | $1199326 | $1242787 | $1188995 |
| **2/25** | $1212664 | $1255109 | $1202011 |
| **3/25** | $1190304 | $1233838 | $1181811 |
| **4/25** | $1185188 | $1223898 | $1171513 |
| **5/25** | $1178537 | $1224684 | $1173996 |
| **6/25** | $1186414 | $1232308 | $1182390 |
| **7/25** | $1179715 | $1229819 | $1181589 |
| **8/25** | $1189023 | $1240508 | $1191646 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (0.86)% | 0.18% | 1.74% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg North Carolina Municipal Bond Index | 0.40% | 0.06% | 1.77% |

---

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 | $230637441 |
| # of Portfolio Holdings | 171 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $864614 |

---

## 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](g74130i61bc8ffd07f8deb2ba27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.0% |
| Electric Utilities | 4.7% |
| Senior Living/Life Care | 6.6% |
| Housing | 7.2% |
| Lease Rev./Cert. of Participation | 8.3% |
| Education | 9.0% |
| General Obligations | 11.0% |
| Transportation | 12.7% |
| Hospital | 12.7% |
| Water and Sewer | 22.8% |

---

---

| | |
|:---|:---|
| 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](g74130i26b3bfae868ad75c6e2a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.9% |
| BB | 0.1% |
| BBB | 6.1% |
| A | 3.8% |
| AA | 64.2% |
| AAA | 20.9% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# EINCX-TSR-AR

# Eaton Vance Oregon Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class A ETORX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Oregon Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $72 | 0.72% |

---

## 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):

↓ An overweight position and security selections in the water & sewer sector detracted from Index-relative returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance

↓ Security selections in AAA-rated bonds also weighed on Index-relative returns during the period

↑ An underweight position and security selections in bonds with 4% coupon rates contributed to returns during the period

↑ An out-of-Index allocation to taxable municipal bonds helped returns as taxable municipal bonds outperformed tax-exempt municipal bonds

↑ Security selections in the hospital sector also contributed to returns during the period

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

![Growth of 10K Chart](g74130ib085ed7f24f97bb7966f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Oregon Municipal Bond Index** |
| **8/15** | $9675 | $10000 | $10000 |
| **9/15** | $9785 | $10072 | $10077 |
| **10/15** | $9804 | $10112 | $10109 |
| **11/15** | $9847 | $10153 | $10137 |
| **12/15** | $9889 | $10224 | $10206 |
| **1/16** | $10012 | $10346 | $10334 |
| **2/16** | $10041 | $10362 | $10345 |
| **3/16** | $10105 | $10395 | $10385 |
| **4/16** | $10191 | $10472 | $10455 |
| **5/16** | $10209 | $10500 | $10471 |
| **6/16** | $10388 | $10667 | $10643 |
| **7/16** | $10371 | $10673 | $10638 |
| **8/16** | $10447 | $10688 | $10643 |
| **9/16** | $10430 | $10634 | $10601 |
| **10/16** | $10343 | $10523 | $10507 |
| **11/16** | $10022 | $10130 | $10120 |
| **12/16** | $10099 | $10249 | $10257 |
| **1/17** | $10130 | $10317 | $10322 |
| **2/17** | $10184 | $10389 | $10384 |
| **3/17** | $10203 | $10411 | $10405 |
| **4/17** | $10281 | $10487 | $10478 |
| **5/17** | $10418 | $10653 | $10640 |
| **6/17** | $10377 | $10615 | $10603 |
| **7/17** | $10421 | $10701 | $10692 |
| **8/17** | $10487 | $10782 | $10760 |
| **9/17** | $10458 | $10727 | $10689 |
| **10/17** | $10356 | $10754 | $10712 |
| **11/17** | $10326 | $10696 | $10631 |
| **12/17** | $10382 | $10808 | $10758 |
| **1/18** | $10327 | $10681 | $10634 |
| **2/18** | $10322 | $10649 | $10591 |
| **3/18** | $10366 | $10688 | $10632 |
| **4/18** | $10360 | $10650 | $10591 |
| **5/18** | $10465 | $10772 | $10702 |
| **6/18** | $10472 | $10781 | $10717 |
| **7/18** | $10526 | $10807 | $10736 |
| **8/18** | $10531 | $10835 | $10764 |
| **9/18** | $10486 | $10765 | $10692 |
| **10/18** | $10428 | $10698 | $10625 |
| **11/18** | $10520 | $10817 | $10759 |
| **12/18** | $10624 | $10946 | $10898 |
| **1/19** | $10716 | $11029 | $10987 |
| **2/19** | $10769 | $11088 | $11042 |
| **3/19** | $10885 | $11263 | $11203 |
| **4/19** | $10910 | $11306 | $11239 |
| **5/19** | $11037 | $11462 | $11388 |
| **6/19** | $11074 | $11504 | $11435 |
| **7/19** | $11162 | $11597 | $11523 |
| **8/19** | $11352 | $11780 | $11714 |
| **9/19** | $11274 | $11685 | $11605 |
| **10/19** | $11272 | $11706 | $11633 |
| **11/19** | $11284 | $11735 | $11669 |
| **12/19** | $11309 | $11771 | $11697 |
| **1/20** | $11491 | $11983 | $11910 |
| **2/20** | $11633 | $12137 | $12056 |
| **3/20** | $11360 | $11697 | $11741 |
| **4/20** | $11255 | $11550 | $11666 |
| **5/20** | $11594 | $11918 | $12062 |
| **6/20** | $11658 | $12016 | $12081 |
| **7/20** | $11813 | $12218 | $12276 |
| **8/20** | $11757 | $12161 | $12206 |
| **9/20** | $11752 | $12163 | $12209 |
| **10/20** | $11719 | $12127 | $12177 |
| **11/20** | $11885 | $12310 | $12350 |
| **12/20** | $11942 | $12385 | $12401 |
| **1/21** | $11973 | $12464 | $12451 |
| **2/21** | $11765 | $12266 | $12234 |
| **3/21** | $11823 | $12341 | $12304 |
| **4/21** | $11909 | $12445 | $12401 |
| **5/21** | $11953 | $12482 | $12435 |
| **6/21** | $11971 | $12516 | $12438 |
| **7/21** | $12055 | $12620 | $12556 |
| **8/21** | $12019 | $12574 | $12519 |
| **9/21** | $11930 | $12483 | $12404 |
| **10/21** | $11921 | $12446 | $12373 |
| **11/21** | $12006 | $12552 | $12476 |
| **12/21** | $12010 | $12573 | $12507 |
| **1/22** | $11716 | $12229 | $12143 |
| **2/22** | $11667 | $12185 | $12108 |
| **3/22** | $11319 | $11790 | $11701 |
| **4/22** | $11013 | $11464 | $11341 |
| **5/22** | $11129 | $11634 | $11523 |
| **6/22** | $10958 | $11443 | $11323 |
| **7/22** | $11197 | $11746 | $11633 |
| **8/22** | $10956 | $11488 | $11367 |
| **9/22** | $10594 | $11047 | $10920 |
| **10/22** | $10521 | $10956 | $10838 |
| **11/22** | $10990 | $11468 | $11331 |
| **12/22** | $10990 | $11501 | $11389 |
| **1/23** | $11282 | $11831 | $11696 |
| **2/23** | $11020 | $11564 | $11432 |
| **3/23** | $11258 | $11820 | $11692 |
| **4/23** | $11232 | $11793 | $11674 |
| **5/23** | $11107 | $11691 | $11554 |
| **6/23** | $11206 | $11808 | $11664 |
| **7/23** | $11236 | $11855 | $11697 |
| **8/23** | $11069 | $11684 | $11482 |
| **9/23** | $10789 | $11342 | $11087 |
| **10/23** | $10650 | $11245 | $10990 |
| **11/23** | $11265 | $11959 | $11757 |
| **12/23** | $11540 | $12237 | $12047 |
| **1/24** | $11514 | $12174 | $11973 |
| **2/24** | $11531 | $12190 | $11983 |
| **3/24** | $11520 | $12190 | $11987 |
| **4/24** | $11422 | $12039 | $11801 |
| **5/24** | $11425 | $12003 | $11776 |
| **6/24** | $11575 | $12187 | $11953 |
| **7/24** | $11680 | $12299 | $12066 |
| **8/24** | $11742 | $12396 | $12169 |
| **9/24** | $11863 | $12518 | $12287 |
| **10/24** | $11691 | $12335 | $12089 |
| **11/24** | $11871 | $12549 | $12299 |
| **12/24** | $11728 | $12366 | $12107 |
| **1/25** | $11745 | $12428 | $12189 |
| **2/25** | $11864 | $12551 | $12303 |
| **3/25** | $11704 | $12338 | $12110 |
| **4/25** | $11648 | $12239 | $11989 |
| **5/25** | $11608 | $12247 | $12020 |
| **6/25** | $11672 | $12323 | $12100 |
| **7/25** | $11600 | $12298 | $12061 |
| **8/25** | $11710 | $12405 | $12165 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (0.27)% | (0.08)% | 1.93% |
| Class A with 3.25% Maximum Sales Charge | (3.52)% | (0.74)% | 1.59% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Oregon Municipal Bond Index | (0.03)% | (0.07)% | 1.98% |

---

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 | $218208663 |
| # of Portfolio Holdings | 151 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $809561 |

---

## 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](g74130i7a237bec8ec5121a3431.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 3.8% |
| Special Tax Revenue | 3.6% |
| Housing | 3.7% |
| Transportation | 3.7% |
| Electric Utilities | 4.3% |
| Education | 7.3% |
| Water and Sewer | 9.9% |
| Hospital | 11.3% |
| General Obligations | 52.4% |

---

---

| | |
|:---|:---|
| 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](g74130i41898544a880924ebd75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 3.0% |
| BB | 1.7% |
| BBB | 3.0% |
| A | 6.5% |
| AA | 78.6% |
| AAA | 7.2% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# ETORX-TSR-AR

# Eaton Vance Oregon Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class C ECORX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Oregon Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $146 | 1.47% |

---

## 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):

↓ An overweight position and security selections in the water & sewer sector detracted from Index-relative returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance

↓ Security selections in AAA-rated bonds also weighed on Index-relative returns during the period

↑ An underweight position and security selections in bonds with 4% coupon rates contributed to returns during the period

↑ An out-of-Index allocation to taxable municipal bonds helped returns as taxable municipal bonds outperformed tax-exempt municipal bonds

↑ Security selections in the hospital sector also contributed to returns during the period

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

![Growth of 10K Chart](g74130i85e07db24a6321a22878.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Oregon Municipal Bond Index** |
| **8/15** | $10000 | $10000 | $10000 |
| **9/15** | $10100 | $10072 | $10077 |
| **10/15** | $10126 | $10112 | $10109 |
| **11/15** | $10162 | $10153 | $10137 |
| **12/15** | $10199 | $10224 | $10206 |
| **1/16** | $10321 | $10346 | $10334 |
| **2/16** | $10345 | $10362 | $10345 |
| **3/16** | $10401 | $10395 | $10385 |
| **4/16** | $10478 | $10472 | $10455 |
| **5/16** | $10502 | $10500 | $10471 |
| **6/16** | $10677 | $10667 | $10643 |
| **7/16** | $10646 | $10673 | $10638 |
| **8/16** | $10713 | $10688 | $10643 |
| **9/16** | $10693 | $10634 | $10601 |
| **10/16** | $10608 | $10523 | $10507 |
| **11/16** | $10260 | $10130 | $10120 |
| **12/16** | $10339 | $10249 | $10257 |
| **1/17** | $10353 | $10317 | $10322 |
| **2/17** | $10411 | $10389 | $10384 |
| **3/17** | $10414 | $10411 | $10405 |
| **4/17** | $10494 | $10487 | $10478 |
| **5/17** | $10618 | $10653 | $10640 |
| **6/17** | $10576 | $10615 | $10603 |
| **7/17** | $10625 | $10701 | $10692 |
| **8/17** | $10681 | $10782 | $10760 |
| **9/17** | $10639 | $10727 | $10689 |
| **10/17** | $10529 | $10754 | $10712 |
| **11/17** | $10486 | $10696 | $10631 |
| **12/17** | $10545 | $10808 | $10758 |
| **1/18** | $10480 | $10681 | $10634 |
| **2/18** | $10471 | $10649 | $10591 |
| **3/18** | $10508 | $10688 | $10632 |
| **4/18** | $10499 | $10650 | $10591 |
| **5/18** | $10592 | $10772 | $10702 |
| **6/18** | $10595 | $10781 | $10717 |
| **7/18** | $10640 | $10807 | $10736 |
| **8/18** | $10653 | $10835 | $10764 |
| **9/18** | $10596 | $10765 | $10692 |
| **10/18** | $10526 | $10698 | $10625 |
| **11/18** | $10607 | $10817 | $10759 |
| **12/18** | $10711 | $10946 | $10898 |
| **1/19** | $10791 | $11029 | $10987 |
| **2/19** | $10836 | $11088 | $11042 |
| **3/19** | $10949 | $11263 | $11203 |
| **4/19** | $10980 | $11306 | $11239 |
| **5/19** | $11091 | $11462 | $11388 |
| **6/19** | $11132 | $11504 | $11435 |
| **7/19** | $11208 | $11597 | $11523 |
| **8/19** | $11377 | $11780 | $11714 |
| **9/19** | $11288 | $11685 | $11605 |
| **10/19** | $11281 | $11706 | $11633 |
| **11/19** | $11288 | $11735 | $11669 |
| **12/19** | $11318 | $11771 | $11697 |
| **1/20** | $11490 | $11983 | $11910 |
| **2/20** | $11628 | $12137 | $12056 |
| **3/20** | $11349 | $11697 | $11741 |
| **4/20** | $11225 | $11550 | $11666 |
| **5/20** | $11565 | $11918 | $12062 |
| **6/20** | $11618 | $12016 | $12081 |
| **7/20** | $11778 | $12218 | $12276 |
| **8/20** | $11698 | $12161 | $12206 |
| **9/20** | $11687 | $12163 | $12209 |
| **10/20** | $11652 | $12127 | $12177 |
| **11/20** | $11809 | $12310 | $12350 |
| **12/20** | $11855 | $12385 | $12401 |
| **1/21** | $11877 | $12464 | $12451 |
| **2/21** | $11671 | $12266 | $12234 |
| **3/21** | $11718 | $12341 | $12304 |
| **4/21** | $11802 | $12445 | $12401 |
| **5/21** | $11836 | $12482 | $12435 |
| **6/21** | $11846 | $12516 | $12438 |
| **7/21** | $11916 | $12620 | $12556 |
| **8/21** | $11878 | $12574 | $12519 |
| **9/21** | $11780 | $12483 | $12404 |
| **10/21** | $11753 | $12446 | $12373 |
| **11/21** | $11848 | $12552 | $12476 |
| **12/21** | $11845 | $12573 | $12507 |
| **1/22** | $11538 | $12229 | $12143 |
| **2/22** | $11477 | $12185 | $12108 |
| **3/22** | $11134 | $11790 | $11701 |
| **4/22** | $10818 | $11464 | $11341 |
| **5/22** | $10941 | $11634 | $11523 |
| **6/22** | $10759 | $11443 | $11323 |
| **7/22** | $10980 | $11746 | $11633 |
| **8/22** | $10747 | $11488 | $11367 |
| **9/22** | $10380 | $11047 | $10920 |
| **10/22** | $10311 | $10956 | $10838 |
| **11/22** | $10750 | $11468 | $11331 |
| **12/22** | $10759 | $11501 | $11389 |
| **1/23** | $11027 | $11831 | $11696 |
| **2/23** | $10765 | $11564 | $11432 |
| **3/23** | $10985 | $11820 | $11692 |
| **4/23** | $10957 | $11793 | $11674 |
| **5/23** | $10829 | $11691 | $11554 |
| **6/23** | $10913 | $11808 | $11664 |
| **7/23** | $10935 | $11855 | $11697 |
| **8/23** | $10782 | $11684 | $11482 |
| **9/23** | $10492 | $11342 | $11087 |
| **10/23** | $10365 | $11245 | $10990 |
| **11/23** | $10945 | $11959 | $11757 |
| **12/23** | $11196 | $12237 | $12047 |
| **1/24** | $11182 | $12174 | $11973 |
| **2/24** | $11180 | $12190 | $11983 |
| **3/24** | $11166 | $12190 | $11987 |
| **4/24** | $11063 | $12039 | $11801 |
| **5/24** | $11049 | $12003 | $11776 |
| **6/24** | $11202 | $12187 | $11953 |
| **7/24** | $11291 | $12299 | $12066 |
| **8/24** | $11341 | $12396 | $12169 |
| **9/24** | $11457 | $12518 | $12287 |
| **10/24** | $11287 | $12335 | $12089 |
| **11/24** | $11455 | $12549 | $12299 |
| **12/24** | $11298 | $12366 | $12107 |
| **1/25** | $11309 | $12428 | $12189 |
| **2/25** | $11423 | $12551 | $12303 |
| **3/25** | $11251 | $12338 | $12110 |
| **4/25** | $11198 | $12239 | $11989 |
| **5/25** | $11145 | $12247 | $12020 |
| **6/25** | $11197 | $12323 | $12100 |
| **7/25** | $11130 | $12298 | $12061 |
| **8/25** | $11407 | $12405 | $12165 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (1.05)% | (0.83)% | 1.32% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (2.01)% | (0.83)% | 1.32% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Oregon Municipal Bond Index | (0.03)% | (0.07)% | 1.98% |

---

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 | $218208663 |
| # of Portfolio Holdings | 151 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $809561 |

---

## 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](g74130i6354ca528d19627eab62.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 3.8% |
| Special Tax Revenue | 3.6% |
| Housing | 3.7% |
| Transportation | 3.7% |
| Electric Utilities | 4.3% |
| Education | 7.3% |
| Water and Sewer | 9.9% |
| Hospital | 11.3% |
| General Obligations | 52.4% |

---

---

| | |
|:---|:---|
| 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](g74130ib8ec884caff8169539be.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 3.0% |
| BB | 1.7% |
| BBB | 3.0% |
| A | 6.5% |
| AA | 78.6% |
| AAA | 7.2% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# ECORX-TSR-AR

# Eaton Vance Oregon Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class I EIORX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Oregon Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $52 | 0.52% |

---

## 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):

↓ An overweight position and security selections in the water & sewer sector detracted from Index-relative returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance

↓ Security selections in AAA-rated bonds also weighed on Index-relative returns during the period

↑ An underweight position and security selections in bonds with 4% coupon rates contributed to returns during the period

↑ An out-of-Index allocation to taxable municipal bonds helped returns as taxable municipal bonds outperformed tax-exempt municipal bonds

↑ Security selections in the hospital sector also contributed to returns 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](g74130iab30460f710ccf95665c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Oregon Municipal Bond Index** |
| **8/15** | $1000000 | $1000000 | $1000000 |
| **9/15** | $1011507 | $1007244 | $1007672 |
| **10/15** | $1013717 | $1011249 | $1010909 |
| **11/15** | $1018263 | $1015269 | $1013699 |
| **12/15** | $1022851 | $1022402 | $1020565 |
| **1/16** | $1035688 | $1034601 | $1033434 |
| **2/16** | $1040081 | $1036228 | $1034533 |
| **3/16** | $1045654 | $1039511 | $1038476 |
| **4/16** | $1054750 | $1047154 | $1045518 |
| **5/16** | $1057965 | $1049987 | $1047072 |
| **6/16** | $1075511 | $1066690 | $1064270 |
| **7/16** | $1073956 | $1067342 | $1063803 |
| **8/16** | $1081988 | $1068782 | $1064270 |
| **9/16** | $1080416 | $1063448 | $1060059 |
| **10/16** | $1072767 | $1052291 | $1050739 |
| **11/16** | $1038457 | $1013045 | $1012021 |
| **12/16** | $1046612 | $1024938 | $1025680 |
| **1/17** | $1049946 | $1031695 | $1032175 |
| **2/17** | $1055748 | $1038859 | $1038390 |
| **3/17** | $1057878 | $1041115 | $1040471 |
| **4/17** | $1066133 | $1048669 | $1047812 |
| **5/17** | $1080592 | $1065312 | $1063950 |
| **6/17** | $1076507 | $1061492 | $1060334 |
| **7/17** | $1082456 | $1070080 | $1069244 |
| **8/17** | $1088277 | $1078223 | $1076048 |
| **9/17** | $1085385 | $1072741 | $1068942 |
| **10/17** | $1074956 | $1075359 | $1071225 |
| **11/17** | $1072071 | $1069601 | $1063149 |
| **12/17** | $1079305 | $1080781 | $1075844 |
| **1/18** | $1072570 | $1068057 | $1063412 |
| **2/18** | $1072182 | $1064866 | $1059135 |
| **3/18** | $1076878 | $1068796 | $1063249 |
| **4/18** | $1076456 | $1064982 | $1059132 |
| **5/18** | $1087603 | $1077177 | $1070191 |
| **6/18** | $1088497 | $1078096 | $1071727 |
| **7/18** | $1094274 | $1080712 | $1073576 |
| **8/18** | $1096300 | $1083488 | $1076351 |
| **9/18** | $1090493 | $1076473 | $1069177 |
| **10/18** | $1084625 | $1069844 | $1062537 |
| **11/18** | $1094356 | $1081686 | $1075896 |
| **12/18** | $1106744 | $1094637 | $1089841 |
| **1/19** | $1115157 | $1102912 | $1098735 |
| **2/19** | $1120878 | $1108817 | $1104227 |
| **3/19** | $1133091 | $1126345 | $1120278 |
| **4/19** | $1137242 | $1130578 | $1123851 |
| **5/19** | $1150672 | $1146164 | $1138775 |
| **6/19** | $1154716 | $1150397 | $1143490 |
| **7/19** | $1162719 | $1159668 | $1152348 |
| **8/19** | $1182786 | $1177960 | $1171357 |
| **9/19** | $1174773 | $1168517 | $1160494 |
| **10/19** | $1174762 | $1170611 | $1163328 |
| **11/19** | $1176229 | $1173539 | $1166868 |
| **12/19** | $1179084 | $1177122 | $1169662 |
| **1/20** | $1198175 | $1198271 | $1190962 |
| **2/20** | $1213230 | $1213723 | $1205630 |
| **3/20** | $1184852 | $1169698 | $1174076 |
| **4/20** | $1174100 | $1155018 | $1166556 |
| **5/20** | $1209671 | $1191761 | $1206223 |
| **6/20** | $1216538 | $1201569 | $1208095 |
| **7/20** | $1234302 | $1221807 | $1227606 |
| **8/20** | $1227227 | $1216074 | $1220604 |
| **9/20** | $1226838 | $1216332 | $1220945 |
| **10/20** | $1223685 | $1212678 | $1217662 |
| **11/20** | $1241188 | $1230978 | $1235038 |
| **12/20** | $1247386 | $1238477 | $1240113 |
| **1/21** | $1250828 | $1246369 | $1245071 |
| **2/21** | $1230642 | $1226566 | $1223396 |
| **3/21** | $1235566 | $1234131 | $1230359 |
| **4/21** | $1246171 | $1244482 | $1240064 |
| **5/21** | $1249590 | $1248195 | $1243460 |
| **6/21** | $1253049 | $1251622 | $1243838 |
| **7/21** | $1260680 | $1262003 | $1255583 |
| **8/21** | $1258508 | $1257371 | $1251913 |
| **9/21** | $1248021 | $1248297 | $1240381 |
| **10/21** | $1247220 | $1244647 | $1237251 |
| **11/21** | $1256312 | $1255243 | $1247636 |
| **12/21** | $1258342 | $1257268 | $1250706 |
| **1/22** | $1226365 | $1222853 | $1214328 |
| **2/22** | $1221413 | $1218472 | $1210784 |
| **3/22** | $1186568 | $1178973 | $1170082 |
| **4/22** | $1153295 | $1146363 | $1134092 |
| **5/22** | $1167019 | $1163392 | $1152270 |
| **6/22** | $1147901 | $1144338 | $1132259 |
| **7/22** | $1173116 | $1174573 | $1163300 |
| **8/22** | $1148086 | $1148831 | $1136669 |
| **9/22** | $1110218 | $1104738 | $1092012 |
| **10/22** | $1104259 | $1095550 | $1083775 |
| **11/22** | $1152132 | $1146793 | $1133097 |
| **12/22** | $1153857 | $1150076 | $1138899 |
| **1/23** | $1183244 | $1183112 | $1169593 |
| **2/23** | $1155938 | $1156360 | $1143182 |
| **3/23** | $1181104 | $1182017 | $1169238 |
| **4/23** | $1178509 | $1179316 | $1167435 |
| **5/23** | $1165575 | $1169097 | $1155441 |
| **6/23** | $1176237 | $1180808 | $1166426 |
| **7/23** | $1179562 | $1185479 | $1169676 |
| **8/23** | $1163655 | $1168413 | $1148188 |
| **9/23** | $1132923 | $1134168 | $1108740 |
| **10/23** | $1120009 | $1124516 | $1099019 |
| **11/23** | $1183377 | $1195902 | $1175710 |
| **12/23** | $1212449 | $1223697 | $1204730 |
| **1/24** | $1211448 | $1217448 | $1197319 |
| **2/24** | $1211919 | $1219011 | $1198332 |
| **3/24** | $1212470 | $1218973 | $1198663 |
| **4/24** | $1200872 | $1203876 | $1180071 |
| **5/24** | $1201422 | $1200344 | $1177647 |
| **6/24** | $1218850 | $1218743 | $1195291 |
| **7/24** | $1228619 | $1229852 | $1206602 |
| **8/24** | $1235371 | $1239551 | $1216889 |
| **9/24** | $1248332 | $1251802 | $1228666 |
| **10/24** | $1231939 | $1233550 | $1208875 |
| **11/24** | $1251137 | $1254858 | $1229925 |
| **12/24** | $1234682 | $1236589 | $1210699 |
| **1/25** | $1236669 | $1242787 | $1218867 |
| **2/25** | $1251002 | $1255109 | $1230292 |
| **3/25** | $1232761 | $1233838 | $1210969 |
| **4/25** | $1227091 | $1223898 | $1198940 |
| **5/25** | $1222978 | $1224684 | $1201986 |
| **6/25** | $1229942 | $1232308 | $1209950 |
| **7/25** | $1224186 | $1229819 | $1206117 |
| **8/25** | $1234423 | $1240508 | $1216549 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (0.08)% | 0.12% | 2.13% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Oregon Municipal Bond Index | (0.03)% | (0.07)% | 1.98% |

---

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 | $218208663 |
| # of Portfolio Holdings | 151 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $809561 |

---

## 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](g74130i91af03c819f401a2d5e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 3.8% |
| Special Tax Revenue | 3.6% |
| Housing | 3.7% |
| Transportation | 3.7% |
| Electric Utilities | 4.3% |
| Education | 7.3% |
| Water and Sewer | 9.9% |
| Hospital | 11.3% |
| General Obligations | 52.4% |

---

---

| | |
|:---|:---|
| 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](g74130i1386a9e4526bcf5aa805.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 3.0% |
| BB | 1.7% |
| BBB | 3.0% |
| A | 6.5% |
| AA | 78.6% |
| AAA | 7.2% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# EIORX-TSR-AR

# Eaton Vance South Carolina Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class A EASCX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance South Carolina Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $73 | 0.74% |

---

## 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):

↓ An overweight allocation to bonds with 4% coupon rates detracted from Index-relative returns during the period

↓ An overweight position and security selections in the water & sewer sector also hurt performance

↓ Security selections in AA-rated bonds also hurt Index-relative returns during the period

↑ Security selections in bonds with 8 to 12 years remaining to maturity helped returns during the period

↑ An out-of-Index exposure to variable-rate demand notes— typically considered a defensive investment — contributed to returns

↑ An overweight position and security selections in the housing sector also contributed to returns during the period

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

![Growth of 10K Chart](g74130i489f16c516c0a5626b72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg South Carolina Municipal Bond Index** |
| **8/15** | $9675 | $10000 | $10000 |
| **9/15** | $9779 | $10072 | $10064 |
| **10/15** | $9810 | $10112 | $10096 |
| **11/15** | $9873 | $10153 | $10142 |
| **12/15** | $9955 | $10224 | $10215 |
| **1/16** | $10057 | $10346 | $10350 |
| **2/16** | $10096 | $10362 | $10373 |
| **3/16** | $10145 | $10395 | $10427 |
| **4/16** | $10226 | $10472 | $10521 |
| **5/16** | $10253 | $10500 | $10563 |
| **6/16** | $10410 | $10667 | $10762 |
| **7/16** | $10393 | $10673 | $10771 |
| **8/16** | $10462 | $10688 | $10776 |
| **9/16** | $10423 | $10634 | $10724 |
| **10/16** | $10340 | $10523 | $10603 |
| **11/16** | $9995 | $10130 | $10158 |
| **12/16** | $10087 | $10249 | $10286 |
| **1/17** | $10113 | $10317 | $10354 |
| **2/17** | $10161 | $10389 | $10401 |
| **3/17** | $10176 | $10411 | $10249 |
| **4/17** | $10258 | $10487 | $10372 |
| **5/17** | $10406 | $10653 | $10573 |
| **6/17** | $10365 | $10615 | $10586 |
| **7/17** | $10403 | $10701 | $10660 |
| **8/17** | $10473 | $10782 | $10785 |
| **9/17** | $10455 | $10727 | $10704 |
| **10/17** | $10392 | $10754 | $10754 |
| **11/17** | $10328 | $10696 | $10737 |
| **12/17** | $10377 | $10808 | $10868 |
| **1/18** | $10323 | $10681 | $10723 |
| **2/18** | $10293 | $10649 | $10661 |
| **3/18** | $10319 | $10688 | $10692 |
| **4/18** | $10300 | $10650 | $10664 |
| **5/18** | $10407 | $10772 | $10748 |
| **6/18** | $10435 | $10781 | $10782 |
| **7/18** | $10497 | $10807 | $10789 |
| **8/18** | $10513 | $10835 | $10811 |
| **9/18** | $10462 | $10765 | $10731 |
| **10/18** | $10410 | $10698 | $10693 |
| **11/18** | $10482 | $10817 | $10786 |
| **12/18** | $10586 | $10946 | $10919 |
| **1/19** | $10668 | $11029 | $10999 |
| **2/19** | $10740 | $11088 | $11122 |
| **3/19** | $10837 | $11263 | $11317 |
| **4/19** | $10852 | $11306 | $11376 |
| **5/19** | $10971 | $11462 | $11582 |
| **6/19** | $11007 | $11504 | $11622 |
| **7/19** | $11068 | $11597 | $11701 |
| **8/19** | $11187 | $11780 | $11878 |
| **9/19** | $11127 | $11685 | $11804 |
| **10/19** | $11137 | $11706 | $11825 |
| **11/19** | $11148 | $11735 | $11851 |
| **12/19** | $11184 | $11771 | $11892 |
| **1/20** | $11328 | $11983 | $12058 |
| **2/20** | $11435 | $12137 | $12233 |
| **3/20** | $11145 | $11697 | $11795 |
| **4/20** | $11023 | $11550 | $11626 |
| **5/20** | $11323 | $11918 | $11929 |
| **6/20** | $11418 | $12016 | $12147 |
| **7/20** | $11548 | $12218 | $12332 |
| **8/20** | $11519 | $12161 | $12333 |
| **9/20** | $11528 | $12163 | $12339 |
| **10/20** | $11536 | $12127 | $12306 |
| **11/20** | $11655 | $12310 | $12487 |
| **12/20** | $11699 | $12385 | $12562 |
| **1/21** | $11766 | $12464 | $12672 |
| **2/21** | $11636 | $12266 | $12481 |
| **3/21** | $11665 | $12341 | $12543 |
| **4/21** | $11731 | $12445 | $12634 |
| **5/21** | $11758 | $12482 | $12665 |
| **6/21** | $11774 | $12516 | $12692 |
| **7/21** | $11839 | $12620 | $12781 |
| **8/21** | $11818 | $12574 | $12746 |
| **9/21** | $11735 | $12483 | $12704 |
| **10/21** | $11713 | $12446 | $12651 |
| **11/21** | $11792 | $12552 | $12737 |
| **12/21** | $11795 | $12573 | $12762 |
| **1/22** | $11524 | $12229 | $12464 |
| **2/22** | $11468 | $12185 | $12403 |
| **3/22** | $11160 | $11790 | $12001 |
| **4/22** | $10927 | $11464 | $11671 |
| **5/22** | $11020 | $11634 | $11800 |
| **6/22** | $10887 | $11443 | $11556 |
| **7/22** | $11082 | $11746 | $11843 |
| **8/22** | $10909 | $11488 | $11627 |
| **9/22** | $10599 | $11047 | $11157 |
| **10/22** | $10555 | $10956 | $11030 |
| **11/22** | $10919 | $11468 | $11544 |
| **12/22** | $10951 | $11501 | $11600 |
| **1/23** | $11174 | $11831 | $11948 |
| **2/23** | $10980 | $11564 | $11696 |
| **3/23** | $11153 | $11820 | $11922 |
| **4/23** | $11151 | $11793 | $11876 |
| **5/23** | $11071 | $11691 | $11834 |
| **6/23** | $11133 | $11808 | $11966 |
| **7/23** | $11156 | $11855 | $12023 |
| **8/23** | $11066 | $11684 | $11804 |
| **9/23** | $10759 | $11342 | $11414 |
| **10/23** | $10621 | $11245 | $11333 |
| **11/23** | $11212 | $11959 | $12071 |
| **12/23** | $11439 | $12237 | $12378 |
| **1/24** | $11444 | $12174 | $12292 |
| **2/24** | $11450 | $12190 | $12308 |
| **3/24** | $11455 | $12190 | $12369 |
| **4/24** | $11355 | $12039 | $12214 |
| **5/24** | $11361 | $12003 | $12199 |
| **6/24** | $11528 | $12187 | $12403 |
| **7/24** | $11614 | $12299 | $12518 |
| **8/24** | $11675 | $12396 | $12615 |
| **9/24** | $11790 | $12518 | $12747 |
| **10/24** | $11622 | $12335 | $12567 |
| **11/24** | $11846 | $12549 | $12797 |
| **12/24** | $11664 | $12366 | $12596 |
| **1/25** | $11684 | $12428 | $12678 |
| **2/25** | $11799 | $12551 | $12807 |
| **3/25** | $11574 | $12338 | $12580 |
| **4/25** | $11500 | $12239 | $12429 |
| **5/25** | $11425 | $12247 | $12423 |
| **6/25** | $11501 | $12323 | $12505 |
| **7/25** | $11394 | $12298 | $12470 |
| **8/25** | $11481 | $12405 | $12597 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (1.65)% | (0.06)% | 1.73% |
| Class A with 3.25% Maximum Sales Charge | (4.82)% | (0.73)% | 1.39% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg South Carolina Municipal Bond Index | (0.15)% | 0.42% | 2.33% |

---

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 | $191733709 |
| # of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $709231 |

---

## 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](g74130i02979f403cce281ad4a6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.6% |
| Senior Living/Life Care | 4.9% |
| Transportation | 6.5% |
| Housing | 7.1% |
| Lease Rev./Cert. of Participation | 7.7% |
| Water and Sewer | 10.7% |
| Education | 10.8% |
| Electric Utilities | 13.2% |
| General Obligations | 16.4% |
| Hospital | 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>
![Group By Asset Type Chart](g74130i92031f71df1119760ac5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.7% |
| BB | 2.7% |
| BBB | 5.4% |
| A | 28.0% |
| AA | 49.1% |
| AAA | 9.1% |

---

---

| | |
|:---|:---|
| 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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# EASCX-TSR-AR

# Eaton Vance South Carolina Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class C ECSCX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance South Carolina Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $147 | 1.49% |

---

## 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):

↓ An overweight allocation to bonds with 4% coupon rates detracted from Index-relative returns during the period

↓ An overweight position and security selections in the water & sewer sector also hurt performance

↓ Security selections in AA-rated bonds also hurt Index-relative returns during the period

↑ Security selections in bonds with 8 to 12 years remaining to maturity helped returns during the period

↑ An out-of-Index exposure to variable-rate demand notes— typically considered a defensive investment — contributed to returns

↑ An overweight position and security selections in the housing sector also contributed to returns during the period

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

![Growth of 10K Chart](g74130icddbeb5c0d8c62ccca58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg South Carolina Municipal Bond Index** |
| **8/15** | $10000 | $10000 | $10000 |
| **9/15** | $10097 | $10072 | $10064 |
| **10/15** | $10122 | $10112 | $10096 |
| **11/15** | $10180 | $10153 | $10142 |
| **12/15** | $10265 | $10224 | $10215 |
| **1/16** | $10370 | $10346 | $10350 |
| **2/16** | $10392 | $10362 | $10373 |
| **3/16** | $10445 | $10395 | $10427 |
| **4/16** | $10519 | $10472 | $10521 |
| **5/16** | $10540 | $10500 | $10563 |
| **6/16** | $10687 | $10667 | $10762 |
| **7/16** | $10666 | $10673 | $10771 |
| **8/16** | $10727 | $10688 | $10776 |
| **9/16** | $10685 | $10634 | $10724 |
| **10/16** | $10599 | $10523 | $10603 |
| **11/16** | $10240 | $10130 | $10158 |
| **12/16** | $10323 | $10249 | $10286 |
| **1/17** | $10343 | $10317 | $10354 |
| **2/17** | $10385 | $10389 | $10401 |
| **3/17** | $10395 | $10411 | $10249 |
| **4/17** | $10468 | $10487 | $10372 |
| **5/17** | $10616 | $10653 | $10573 |
| **6/17** | $10573 | $10615 | $10586 |
| **7/17** | $10603 | $10701 | $10660 |
| **8/17** | $10666 | $10782 | $10785 |
| **9/17** | $10633 | $10727 | $10704 |
| **10/17** | $10566 | $10754 | $10754 |
| **11/17** | $10501 | $10696 | $10737 |
| **12/17** | $10531 | $10808 | $10868 |
| **1/18** | $10475 | $10681 | $10723 |
| **2/18** | $10441 | $10649 | $10661 |
| **3/18** | $10461 | $10688 | $10692 |
| **4/18** | $10438 | $10650 | $10664 |
| **5/18** | $10536 | $10772 | $10748 |
| **6/18** | $10568 | $10781 | $10782 |
| **7/18** | $10611 | $10807 | $10789 |
| **8/18** | $10632 | $10835 | $10811 |
| **9/18** | $10568 | $10765 | $10731 |
| **10/18** | $10513 | $10698 | $10693 |
| **11/18** | $10577 | $10817 | $10786 |
| **12/18** | $10671 | $10946 | $10919 |
| **1/19** | $10743 | $11029 | $10999 |
| **2/19** | $10806 | $11088 | $11122 |
| **3/19** | $10904 | $11263 | $11317 |
| **4/19** | $10914 | $11306 | $11376 |
| **5/19** | $11020 | $11462 | $11582 |
| **6/19** | $11060 | $11504 | $11622 |
| **7/19** | $11112 | $11597 | $11701 |
| **8/19** | $11220 | $11780 | $11878 |
| **9/19** | $11157 | $11685 | $11804 |
| **10/19** | $11149 | $11706 | $11825 |
| **11/19** | $11166 | $11735 | $11851 |
| **12/19** | $11183 | $11771 | $11892 |
| **1/20** | $11335 | $11983 | $12058 |
| **2/20** | $11419 | $12137 | $12233 |
| **3/20** | $11140 | $11697 | $11795 |
| **4/20** | $11008 | $11550 | $11626 |
| **5/20** | $11285 | $11918 | $11929 |
| **6/20** | $11380 | $12016 | $12147 |
| **7/20** | $11496 | $12218 | $12332 |
| **8/20** | $11463 | $12161 | $12333 |
| **9/20** | $11476 | $12163 | $12339 |
| **10/20** | $11466 | $12127 | $12306 |
| **11/20** | $11583 | $12310 | $12487 |
| **12/20** | $11630 | $12385 | $12562 |
| **1/21** | $11675 | $12464 | $12672 |
| **2/21** | $11536 | $12266 | $12481 |
| **3/21** | $11569 | $12341 | $12543 |
| **4/21** | $11623 | $12445 | $12634 |
| **5/21** | $11631 | $12482 | $12665 |
| **6/21** | $11651 | $12516 | $12692 |
| **7/21** | $11705 | $12620 | $12781 |
| **8/21** | $11679 | $12574 | $12746 |
| **9/21** | $11595 | $12483 | $12704 |
| **10/21** | $11568 | $12446 | $12651 |
| **11/21** | $11635 | $12552 | $12737 |
| **12/21** | $11620 | $12573 | $12762 |
| **1/22** | $11351 | $12229 | $12464 |
| **2/22** | $11293 | $12185 | $12403 |
| **3/22** | $10978 | $11790 | $12001 |
| **4/22** | $10745 | $11464 | $11671 |
| **5/22** | $10825 | $11634 | $11800 |
| **6/22** | $10696 | $11443 | $11556 |
| **7/22** | $10882 | $11746 | $11843 |
| **8/22** | $10693 | $11488 | $11627 |
| **9/22** | $10389 | $11047 | $11157 |
| **10/22** | $10332 | $10956 | $11030 |
| **11/22** | $10685 | $11468 | $11544 |
| **12/22** | $10709 | $11501 | $11600 |
| **1/23** | $10933 | $11831 | $11948 |
| **2/23** | $10725 | $11564 | $11696 |
| **3/23** | $10891 | $11820 | $11922 |
| **4/23** | $10871 | $11793 | $11876 |
| **5/23** | $10792 | $11691 | $11834 |
| **6/23** | $10856 | $11808 | $11966 |
| **7/23** | $10872 | $11855 | $12023 |
| **8/23** | $10772 | $11684 | $11804 |
| **9/23** | $10473 | $11342 | $11414 |
| **10/23** | $10329 | $11245 | $11333 |
| **11/23** | $10891 | $11959 | $12071 |
| **12/23** | $11117 | $12237 | $12378 |
| **1/24** | $11117 | $12174 | $12292 |
| **2/24** | $11105 | $12190 | $12308 |
| **3/24** | $11104 | $12190 | $12369 |
| **4/24** | $10996 | $12039 | $12214 |
| **5/24** | $10997 | $12003 | $12199 |
| **6/24** | $11155 | $12187 | $12403 |
| **7/24** | $11229 | $12299 | $12518 |
| **8/24** | $11279 | $12396 | $12615 |
| **9/24** | $11379 | $12518 | $12747 |
| **10/24** | $11209 | $12335 | $12567 |
| **11/24** | $11419 | $12549 | $12797 |
| **12/24** | $11248 | $12366 | $12596 |
| **1/25** | $11261 | $12428 | $12678 |
| **2/25** | $11361 | $12551 | $12807 |
| **3/25** | $11127 | $12338 | $12580 |
| **4/25** | $11055 | $12239 | $12429 |
| **5/25** | $10982 | $12247 | $12423 |
| **6/25** | $11034 | $12323 | $12505 |
| **7/25** | $10931 | $12298 | $12470 |
| **8/25** | $11177 | $12405 | $12597 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (2.31)% | (0.79)% | 1.12% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (3.26)% | (0.79)% | 1.12% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg South Carolina Municipal Bond Index | (0.15)% | 0.42% | 2.33% |

---

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 | $191733709 |
| # of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $709231 |

---

## 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](g74130i6d9289e3d20f5e3e7d73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.6% |
| Senior Living/Life Care | 4.9% |
| Transportation | 6.5% |
| Housing | 7.1% |
| Lease Rev./Cert. of Participation | 7.7% |
| Water and Sewer | 10.7% |
| Education | 10.8% |
| Electric Utilities | 13.2% |
| General Obligations | 16.4% |
| Hospital | 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>
![Group By Asset Type Chart](g74130i4876afd3494cf2848294.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.7% |
| BB | 2.7% |
| BBB | 5.4% |
| A | 28.0% |
| AA | 49.1% |
| AAA | 9.1% |

---

---

| | |
|:---|:---|
| 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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# ECSCX-TSR-AR

# Eaton Vance South Carolina Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class I EISCX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance South Carolina Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $54 | 0.54% |

---

## 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):

↓ An overweight allocation to bonds with 4% coupon rates detracted from Index-relative returns during the period

↓ An overweight position and security selections in the water & sewer sector also hurt performance

↓ Security selections in AA-rated bonds also hurt Index-relative returns during the period

↑ Security selections in bonds with 8 to 12 years remaining to maturity helped returns during the period

↑ An out-of-Index exposure to variable-rate demand notes— typically considered a defensive investment — contributed to returns

↑ An overweight position and security selections in the housing sector also contributed to returns 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](g74130i35065dadf7b8672b5cfd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg South Carolina Municipal Bond Index** |
| **8/15** | $1000000 | $1000000 | $1000000 |
| **9/15** | $1010941 | $1007244 | $1006433 |
| **10/15** | $1014271 | $1011249 | $1009626 |
| **11/15** | $1020964 | $1015269 | $1014177 |
| **12/15** | $1029583 | $1022402 | $1021498 |
| **1/16** | $1040350 | $1034601 | $1034959 |
| **2/16** | $1044510 | $1036228 | $1037263 |
| **3/16** | $1049775 | $1039511 | $1042731 |
| **4/16** | $1058342 | $1047154 | $1052059 |
| **5/16** | $1061276 | $1049987 | $1056265 |
| **6/16** | $1077674 | $1066690 | $1076160 |
| **7/16** | $1076138 | $1067342 | $1077064 |
| **8/16** | $1083478 | $1068782 | $1077588 |
| **9/16** | $1079625 | $1063448 | $1072371 |
| **10/16** | $1071215 | $1052291 | $1060336 |
| **11/16** | $1035672 | $1013045 | $1015779 |
| **12/16** | $1045328 | $1024938 | $1028577 |
| **1/17** | $1048214 | $1031695 | $1035408 |
| **2/17** | $1053386 | $1038859 | $1040059 |
| **3/17** | $1055128 | $1041115 | $1024891 |
| **4/17** | $1063734 | $1048669 | $1037198 |
| **5/17** | $1079252 | $1065312 | $1057288 |
| **6/17** | $1075255 | $1061492 | $1058622 |
| **7/17** | $1079295 | $1070080 | $1065952 |
| **8/17** | $1086835 | $1078223 | $1078508 |
| **9/17** | $1083951 | $1072741 | $1070407 |
| **10/17** | $1078718 | $1075359 | $1075354 |
| **11/17** | $1072314 | $1069601 | $1073697 |
| **12/17** | $1077562 | $1080781 | $1086802 |
| **1/18** | $1070990 | $1068057 | $1072332 |
| **2/18** | $1069195 | $1064866 | $1066094 |
| **3/18** | $1072121 | $1068796 | $1069170 |
| **4/18** | $1070320 | $1064982 | $1066358 |
| **5/18** | $1081639 | $1077177 | $1074842 |
| **6/18** | $1084726 | $1078096 | $1078245 |
| **7/18** | $1091325 | $1080712 | $1078905 |
| **8/18** | $1093139 | $1083488 | $1081096 |
| **9/18** | $1088018 | $1076473 | $1073137 |
| **10/18** | $1082812 | $1069844 | $1069308 |
| **11/18** | $1090501 | $1081686 | $1078646 |
| **12/18** | $1101472 | $1094637 | $1091865 |
| **1/19** | $1110231 | $1102912 | $1099919 |
| **2/19** | $1117874 | $1108817 | $1112220 |
| **3/19** | $1128134 | $1126345 | $1131681 |
| **4/19** | $1129889 | $1130578 | $1137573 |
| **5/19** | $1142420 | $1146164 | $1158221 |
| **6/19** | $1146369 | $1150397 | $1162168 |
| **7/19** | $1152899 | $1159668 | $1170090 |
| **8/19** | $1165504 | $1177960 | $1187833 |
| **9/19** | $1159447 | $1168517 | $1180423 |
| **10/19** | $1159426 | $1170611 | $1182514 |
| **11/19** | $1162033 | $1173539 | $1185068 |
| **12/19** | $1165981 | $1177122 | $1189196 |
| **1/20** | $1181136 | $1198271 | $1205845 |
| **2/20** | $1191190 | $1213723 | $1223304 |
| **3/20** | $1162421 | $1169698 | $1179533 |
| **4/20** | $1149923 | $1155018 | $1162622 |
| **5/20** | $1180153 | $1191761 | $1192907 |
| **6/20** | $1191518 | $1201569 | $1214719 |
| **7/20** | $1204003 | $1221807 | $1233226 |
| **8/20** | $1202468 | $1216074 | $1233316 |
| **9/20** | $1203563 | $1216332 | $1233912 |
| **10/20** | $1203351 | $1212678 | $1230594 |
| **11/20** | $1217221 | $1230978 | $1248704 |
| **12/20** | $1222074 | $1238477 | $1256230 |
| **1/21** | $1227984 | $1246369 | $1267223 |
| **2/21** | $1215920 | $1226566 | $1248055 |
| **3/21** | $1219170 | $1234131 | $1254312 |
| **4/21** | $1226166 | $1244482 | $1263420 |
| **5/21** | $1227967 | $1248195 | $1266524 |
| **6/21** | $1231138 | $1251622 | $1269218 |
| **7/21** | $1238155 | $1262003 | $1278137 |
| **8/21** | $1236122 | $1257371 | $1274638 |
| **9/21** | $1227645 | $1248297 | $1270375 |
| **10/21** | $1225573 | $1244647 | $1265133 |
| **11/21** | $1234010 | $1255243 | $1273737 |
| **12/21** | $1233294 | $1257268 | $1276178 |
| **1/22** | $1205182 | $1222853 | $1246427 |
| **2/22** | $1200798 | $1218472 | $1240331 |
| **3/22** | $1168759 | $1178973 | $1200121 |
| **4/22** | $1144620 | $1146363 | $1167090 |
| **5/22** | $1154537 | $1163392 | $1180032 |
| **6/22** | $1140802 | $1144338 | $1155582 |
| **7/22** | $1161343 | $1174573 | $1184310 |
| **8/22** | $1142140 | $1148831 | $1162691 |
| **9/22** | $1111216 | $1104738 | $1115716 |
| **10/22** | $1105490 | $1095550 | $1102973 |
| **11/22** | $1145051 | $1146793 | $1154389 |
| **12/22** | $1148608 | $1150076 | $1160031 |
| **1/23** | $1172241 | $1183112 | $1194778 |
| **2/23** | $1150677 | $1156360 | $1169560 |
| **3/23** | $1170401 | $1182017 | $1192209 |
| **4/23** | $1168994 | $1179316 | $1187626 |
| **5/23** | $1162188 | $1169097 | $1183384 |
| **6/23** | $1168848 | $1180808 | $1196627 |
| **7/23** | $1171546 | $1185479 | $1202295 |
| **8/23** | $1160921 | $1168413 | $1180358 |
| **9/23** | $1130252 | $1134168 | $1141365 |
| **10/23** | $1115915 | $1124516 | $1133268 |
| **11/23** | $1176837 | $1195902 | $1207110 |
| **12/23** | $1202263 | $1223697 | $1237767 |
| **1/24** | $1202992 | $1217448 | $1229221 |
| **2/24** | $1203742 | $1219011 | $1230777 |
| **3/24** | $1204510 | $1218973 | $1236879 |
| **4/24** | $1194229 | $1203876 | $1221412 |
| **5/24** | $1195080 | $1200344 | $1219912 |
| **6/24** | $1212735 | $1218743 | $1240333 |
| **7/24** | $1222019 | $1229852 | $1251819 |
| **8/24** | $1227268 | $1239551 | $1261536 |
| **9/24** | $1240924 | $1251802 | $1274708 |
| **10/24** | $1222120 | $1233550 | $1256739 |
| **11/24** | $1245787 | $1254858 | $1279677 |
| **12/24** | $1228282 | $1236589 | $1259624 |
| **1/25** | $1230612 | $1242787 | $1267828 |
| **2/25** | $1242895 | $1255109 | $1280748 |
| **3/25** | $1219500 | $1233838 | $1258012 |
| **4/25** | $1211919 | $1223898 | $1242865 |
| **5/25** | $1204212 | $1224684 | $1242289 |
| **6/25** | $1210979 | $1232308 | $1250484 |
| **7/25** | $1201350 | $1229819 | $1246967 |
| **8/25** | $1210907 | $1240508 | $1259688 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (1.33)% | 0.14% | 1.93% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg South Carolina Municipal Bond Index | (0.15)% | 0.42% | 2.33% |

---

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 | $191733709 |
| # of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $709231 |

---

## 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](g74130i2516e6a99e1a5e27ccfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.6% |
| Senior Living/Life Care | 4.9% |
| Transportation | 6.5% |
| Housing | 7.1% |
| Lease Rev./Cert. of Participation | 7.7% |
| Water and Sewer | 10.7% |
| Education | 10.8% |
| Electric Utilities | 13.2% |
| General Obligations | 16.4% |
| Hospital | 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>
![Group By Asset Type Chart](g74130i04072d39af259bf64a32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.7% |
| BB | 2.7% |
| BBB | 5.4% |
| A | 28.0% |
| AA | 49.1% |
| AAA | 9.1% |

---

---

| | |
|:---|:---|
| 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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# EISCX-TSR-AR

# Eaton Vance Virginia Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class A ETVAX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Virginia Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $76 | 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 Bond Index (the Index):

↓ An overweight allocation to bonds with 4% coupon rates detracted from Index-relative returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance

↓ Security selections in AA-rated bonds also weighed on Index-relative returns

↑ Security selections in BBB-rated bonds helped Index-relative returns during the period

↑ An underweight position and security selections in the education sector contributed to returns during the period

↑ An out-of-Index exposure to variable-rate demand notes — typically considered defensive investments — also contributed to returns

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

![Growth of 10K Chart](g74130ibb7ecf1b84d6490f46be.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Virginia Municipal Bond Index** |
| **8/15** | $9675 | $10000 | $10000 |
| **9/15** | $9732 | $10072 | $10069 |
| **10/15** | $9775 | $10112 | $10108 |
| **11/15** | $9830 | $10153 | $10138 |
| **12/15** | $9923 | $10224 | $10194 |
| **1/16** | $10041 | $10346 | $10316 |
| **2/16** | $10060 | $10362 | $10342 |
| **3/16** | $10078 | $10395 | $10367 |
| **4/16** | $10171 | $10472 | $10435 |
| **5/16** | $10203 | $10500 | $10452 |
| **6/16** | $10369 | $10667 | $10602 |
| **7/16** | $10361 | $10673 | $10607 |
| **8/16** | $10377 | $10688 | $10610 |
| **9/16** | $10344 | $10634 | $10575 |
| **10/16** | $10285 | $10523 | $10473 |
| **11/16** | $10024 | $10130 | $10093 |
| **12/16** | $10091 | $10249 | $10219 |
| **1/17** | $10140 | $10317 | $10291 |
| **2/17** | $10196 | $10389 | $10357 |
| **3/17** | $10212 | $10411 | $10376 |
| **4/17** | $10279 | $10487 | $10458 |
| **5/17** | $10373 | $10653 | $10605 |
| **6/17** | $10350 | $10615 | $10572 |
| **7/17** | $10391 | $10701 | $10643 |
| **8/17** | $10446 | $10782 | $10713 |
| **9/17** | $10388 | $10727 | $10643 |
| **10/17** | $10342 | $10754 | $10651 |
| **11/17** | $10270 | $10696 | $10571 |
| **12/17** | $10331 | $10808 | $10699 |
| **1/18** | $10243 | $10681 | $10579 |
| **2/18** | $10223 | $10649 | $10544 |
| **3/18** | $10270 | $10688 | $10585 |
| **4/18** | $10244 | $10650 | $10542 |
| **5/18** | $10339 | $10772 | $10658 |
| **6/18** | $10368 | $10781 | $10667 |
| **7/18** | $10394 | $10807 | $10687 |
| **8/18** | $10424 | $10835 | $10712 |
| **9/18** | $10371 | $10765 | $10645 |
| **10/18** | $10317 | $10698 | $10590 |
| **11/18** | $10412 | $10817 | $10704 |
| **12/18** | $10506 | $10946 | $10828 |
| **1/19** | $10587 | $11029 | $10915 |
| **2/19** | $10641 | $11088 | $10971 |
| **3/19** | $10763 | $11263 | $11122 |
| **4/19** | $10777 | $11306 | $11148 |
| **5/19** | $10899 | $11462 | $11285 |
| **6/19** | $10939 | $11504 | $11327 |
| **7/19** | $11018 | $11597 | $11421 |
| **8/19** | $11181 | $11780 | $11567 |
| **9/19** | $11107 | $11685 | $11482 |
| **10/19** | $11102 | $11706 | $11508 |
| **11/19** | $11113 | $11735 | $11540 |
| **12/19** | $11139 | $11771 | $11567 |
| **1/20** | $11332 | $11983 | $11745 |
| **2/20** | $11456 | $12137 | $11862 |
| **3/20** | $11072 | $11697 | $11544 |
| **4/20** | $10971 | $11550 | $11473 |
| **5/20** | $11323 | $11918 | $11832 |
| **6/20** | $11406 | $12016 | $11882 |
| **7/20** | $11559 | $12218 | $12048 |
| **8/20** | $11526 | $12161 | $12011 |
| **9/20** | $11535 | $12163 | $12019 |
| **10/20** | $11499 | $12127 | $11976 |
| **11/20** | $11666 | $12310 | $12126 |
| **12/20** | $11731 | $12385 | $12167 |
| **1/21** | $11781 | $12464 | $12230 |
| **2/21** | $11617 | $12266 | $12060 |
| **3/21** | $11635 | $12341 | $12115 |
| **4/21** | $11728 | $12445 | $12198 |
| **5/21** | $11777 | $12482 | $12218 |
| **6/21** | $11796 | $12516 | $12249 |
| **7/21** | $11873 | $12620 | $12338 |
| **8/21** | $11834 | $12574 | $12293 |
| **9/21** | $11737 | $12483 | $12221 |
| **10/21** | $11712 | $12446 | $12196 |
| **11/21** | $11790 | $12552 | $12276 |
| **12/21** | $11795 | $12573 | $12294 |
| **1/22** | $11491 | $12229 | $11997 |
| **2/22** | $11409 | $12185 | $11960 |
| **3/22** | $11090 | $11790 | $11583 |
| **4/22** | $10785 | $11464 | $11262 |
| **5/22** | $10895 | $11634 | $11429 |
| **6/22** | $10737 | $11443 | $11239 |
| **7/22** | $10997 | $11746 | $11538 |
| **8/22** | $10734 | $11488 | $11277 |
| **9/22** | $10368 | $11047 | $10802 |
| **10/22** | $10285 | $10956 | $10730 |
| **11/22** | $10712 | $11468 | $11237 |
| **12/22** | $10719 | $11501 | $11263 |
| **1/23** | $10997 | $11831 | $11590 |
| **2/23** | $10750 | $11564 | $11304 |
| **3/23** | $10924 | $11820 | $11565 |
| **4/23** | $10919 | $11793 | $11533 |
| **5/23** | $10821 | $11691 | $11427 |
| **6/23** | $10901 | $11808 | $11548 |
| **7/23** | $10942 | $11855 | $11585 |
| **8/23** | $10801 | $11684 | $11399 |
| **9/23** | $10462 | $11342 | $11024 |
| **10/23** | $10292 | $11245 | $10922 |
| **11/23** | $10955 | $11959 | $11680 |
| **12/23** | $11201 | $12237 | $11962 |
| **1/24** | $11216 | $12174 | $11884 |
| **2/24** | $11215 | $12190 | $11902 |
| **3/24** | $11246 | $12190 | $11903 |
| **4/24** | $11168 | $12039 | $11753 |
| **5/24** | $11136 | $12003 | $11714 |
| **6/24** | $11311 | $12187 | $11904 |
| **7/24** | $11377 | $12299 | $12004 |
| **8/24** | $11462 | $12396 | $12089 |
| **9/24** | $11573 | $12518 | $12211 |
| **10/24** | $11429 | $12335 | $12028 |
| **11/24** | $11637 | $12549 | $12248 |
| **12/24** | $11477 | $12366 | $12060 |
| **1/25** | $11507 | $12428 | $12126 |
| **2/25** | $11616 | $12551 | $12252 |
| **3/25** | $11406 | $12338 | $12042 |
| **4/25** | $11342 | $12239 | $11929 |
| **5/25** | $11260 | $12247 | $11950 |
| **6/25** | $11358 | $12323 | $12013 |
| **7/25** | $11296 | $12298 | $11987 |
| **8/25** | $11430 | $12405 | $12082 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (0.24)% | (0.16)% | 1.68% |
| Class A with 3.25% Maximum Sales Charge | (3.45)% | (0.82)% | 1.34% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Virginia Municipal Bond Index | (0.06)% | 0.12% | 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 | $60552659 |
| # of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 75% |
| Total Advisory Fees Paid | $175608 |

---

## 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](g74130i272f7a7a252ea7752701.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 4.1% |
| Electric Utilities | 3.8% |
| Bond Bank | 5.4% |
| Lease Rev./Cert. of Participation | 6.1% |
| Education | 6.3% |
| Housing | 8.3% |
| Senior Living/Life Care | 10.2% |
| Hospital | 12.3% |
| Transportation | 12.9% |
| Water and Sewer | 13.7% |
| General Obligations | 16.9% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g74130i3c0ad244969064c21756.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 10.7% |
| B | 0.1% |
| BB | 3.2% |
| BBB | 8.7% |
| A | 7.6% |
| AA | 43.0% |
| AAA | 26.7% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# ETVAX-TSR-AR

# Eaton Vance Virginia Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class C ECVAX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Virginia Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $150 | 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 Bond Index (the Index):

↓ An overweight allocation to bonds with 4% coupon rates detracted from Index-relative returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance

↓ Security selections in AA-rated bonds also weighed on Index-relative returns

↑ Security selections in BBB-rated bonds helped Index-relative returns during the period

↑ An underweight position and security selections in the education sector contributed to returns during the period

↑ An out-of-Index exposure to variable-rate demand notes — typically considered defensive investments — also contributed to returns

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

![Growth of 10K Chart](g74130i2b105c7cc0240b4ad8cf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Virginia Municipal Bond Index** |
| **8/15** | $10000 | $10000 | $10000 |
| **9/15** | $10039 | $10072 | $10069 |
| **10/15** | $10087 | $10112 | $10108 |
| **11/15** | $10147 | $10153 | $10138 |
| **12/15** | $10219 | $10224 | $10194 |
| **1/16** | $10336 | $10346 | $10316 |
| **2/16** | $10351 | $10362 | $10342 |
| **3/16** | $10376 | $10395 | $10367 |
| **4/16** | $10459 | $10472 | $10435 |
| **5/16** | $10485 | $10500 | $10452 |
| **6/16** | $10648 | $10667 | $10602 |
| **7/16** | $10636 | $10673 | $10607 |
| **8/16** | $10647 | $10688 | $10610 |
| **9/16** | $10601 | $10634 | $10575 |
| **10/16** | $10531 | $10523 | $10473 |
| **11/16** | $10262 | $10130 | $10093 |
| **12/16** | $10322 | $10249 | $10219 |
| **1/17** | $10376 | $10317 | $10291 |
| **2/17** | $10412 | $10389 | $10357 |
| **3/17** | $10423 | $10411 | $10376 |
| **4/17** | $10482 | $10487 | $10458 |
| **5/17** | $10588 | $10653 | $10605 |
| **6/17** | $10551 | $10615 | $10572 |
| **7/17** | $10585 | $10701 | $10643 |
| **8/17** | $10633 | $10782 | $10713 |
| **9/17** | $10564 | $10727 | $10643 |
| **10/17** | $10506 | $10754 | $10651 |
| **11/17** | $10436 | $10696 | $10571 |
| **12/17** | $10489 | $10808 | $10699 |
| **1/18** | $10404 | $10681 | $10579 |
| **2/18** | $10371 | $10649 | $10544 |
| **3/18** | $10398 | $10688 | $10585 |
| **4/18** | $10372 | $10650 | $10542 |
| **5/18** | $10467 | $10772 | $10658 |
| **6/18** | $10489 | $10781 | $10667 |
| **7/18** | $10509 | $10807 | $10687 |
| **8/18** | $10533 | $10835 | $10712 |
| **9/18** | $10481 | $10765 | $10645 |
| **10/18** | $10415 | $10698 | $10590 |
| **11/18** | $10498 | $10817 | $10704 |
| **12/18** | $10592 | $10946 | $10828 |
| **1/19** | $10661 | $11029 | $10915 |
| **2/19** | $10706 | $11088 | $10971 |
| **3/19** | $10826 | $11263 | $11122 |
| **4/19** | $10835 | $11306 | $11148 |
| **5/19** | $10954 | $11462 | $11285 |
| **6/19** | $10985 | $11504 | $11327 |
| **7/19** | $11065 | $11597 | $11421 |
| **8/19** | $11220 | $11780 | $11567 |
| **9/19** | $11124 | $11685 | $11482 |
| **10/19** | $11127 | $11706 | $11508 |
| **11/19** | $11119 | $11735 | $11540 |
| **12/19** | $11151 | $11771 | $11567 |
| **1/20** | $11333 | $11983 | $11745 |
| **2/20** | $11454 | $12137 | $11862 |
| **3/20** | $11064 | $11697 | $11544 |
| **4/20** | $10944 | $11550 | $11473 |
| **5/20** | $11294 | $11918 | $11832 |
| **6/20** | $11364 | $12016 | $11882 |
| **7/20** | $11523 | $12218 | $12048 |
| **8/20** | $11463 | $12161 | $12011 |
| **9/20** | $11466 | $12163 | $12019 |
| **10/20** | $11442 | $12127 | $11976 |
| **11/20** | $11599 | $12310 | $12126 |
| **12/20** | $11653 | $12385 | $12167 |
| **1/21** | $11692 | $12464 | $12230 |
| **2/21** | $11514 | $12266 | $12060 |
| **3/21** | $11538 | $12341 | $12115 |
| **4/21** | $11616 | $12445 | $12198 |
| **5/21** | $11654 | $12482 | $12218 |
| **6/21** | $11666 | $12516 | $12249 |
| **7/21** | $11730 | $12620 | $12338 |
| **8/21** | $11702 | $12574 | $12293 |
| **9/21** | $11597 | $12483 | $12221 |
| **10/21** | $11556 | $12446 | $12196 |
| **11/21** | $11620 | $12552 | $12276 |
| **12/21** | $11619 | $12573 | $12294 |
| **1/22** | $11317 | $12229 | $11997 |
| **2/22** | $11240 | $12185 | $11960 |
| **3/22** | $10912 | $11790 | $11583 |
| **4/22** | $10597 | $11464 | $11262 |
| **5/22** | $10703 | $11634 | $11429 |
| **6/22** | $10546 | $11443 | $11239 |
| **7/22** | $10784 | $11746 | $11538 |
| **8/22** | $10533 | $11488 | $11277 |
| **9/22** | $10165 | $11047 | $10802 |
| **10/22** | $10074 | $10956 | $10730 |
| **11/22** | $10487 | $11468 | $11237 |
| **12/22** | $10489 | $11501 | $11263 |
| **1/23** | $10756 | $11831 | $11590 |
| **2/23** | $10494 | $11564 | $11304 |
| **3/23** | $10671 | $11820 | $11565 |
| **4/23** | $10648 | $11793 | $11533 |
| **5/23** | $10558 | $11691 | $11427 |
| **6/23** | $10624 | $11808 | $11548 |
| **7/23** | $10656 | $11855 | $11585 |
| **8/23** | $10515 | $11684 | $11399 |
| **9/23** | $10173 | $11342 | $11024 |
| **10/23** | $10007 | $11245 | $10922 |
| **11/23** | $10639 | $11959 | $11680 |
| **12/23** | $10878 | $12237 | $11962 |
| **1/24** | $10874 | $12174 | $11884 |
| **2/24** | $10883 | $12190 | $11902 |
| **3/24** | $10906 | $12190 | $11903 |
| **4/24** | $10806 | $12039 | $11753 |
| **5/24** | $10788 | $12003 | $11714 |
| **6/24** | $10938 | $12187 | $11904 |
| **7/24** | $11005 | $12299 | $12004 |
| **8/24** | $11075 | $12396 | $12089 |
| **9/24** | $11168 | $12518 | $12211 |
| **10/24** | $11039 | $12335 | $12028 |
| **11/24** | $11215 | $12549 | $12248 |
| **12/24** | $11058 | $12366 | $12060 |
| **1/25** | $11094 | $12428 | $12126 |
| **2/25** | $11186 | $12551 | $12252 |
| **3/25** | $10985 | $12338 | $12042 |
| **4/25** | $10897 | $12239 | $11929 |
| **5/25** | $10808 | $12247 | $11950 |
| **6/25** | $10918 | $12323 | $12013 |
| **7/25** | $10833 | $12298 | $11987 |
| **8/25** | $11131 | $12405 | $12082 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (1.01)% | (0.89)% | 1.08% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (1.97)% | (0.89)% | 1.08% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Virginia Municipal Bond Index | (0.06)% | 0.12% | 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 | $60552659 |
| # of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 75% |
| Total Advisory Fees Paid | $175608 |

---

## 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](g74130i12e64eeeba485d71c1fb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 4.1% |
| Electric Utilities | 3.8% |
| Bond Bank | 5.4% |
| Lease Rev./Cert. of Participation | 6.1% |
| Education | 6.3% |
| Housing | 8.3% |
| Senior Living/Life Care | 10.2% |
| Hospital | 12.3% |
| Transportation | 12.9% |
| Water and Sewer | 13.7% |
| General Obligations | 16.9% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g74130i103f9189c69ff0905162.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 10.7% |
| B | 0.1% |
| BB | 3.2% |
| BBB | 8.7% |
| A | 7.6% |
| AA | 43.0% |
| AAA | 26.7% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# ECVAX-TSR-AR

# Eaton Vance Virginia Municipal Income Fund
![Image](g74130i7b3dbe3367d10005a5df.jpg)

# Class I EVAIX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Virginia Municipal Income Fund for the period of September 1, 2024 to August 31, 2025. 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 | $56 | 0.56% |

---

## 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):

↓ An overweight allocation to bonds with 4% coupon rates detracted from Index-relative returns during the period

↓ An overweight exposure to bonds with 17+ years to maturity also hurt performance

↓ Security selections in AA-rated bonds also weighed on Index-relative returns

↑ Security selections in BBB-rated bonds helped Index-relative returns during the period

↑ An underweight position and security selections in the education sector contributed to returns during the period

↑ An out-of-Index exposure to variable-rate demand notes — typically considered defensive investments — also contributed to returns

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

![Growth of 10K Chart](g74130ib09c3fe1159715941908.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Virginia Municipal Bond Index** |
| **8/15** | $1000000 | $1000000 | $1000000 |
| **9/15** | $1006001 | $1007244 | $1006938 |
| **10/15** | $1010647 | $1011249 | $1010837 |
| **11/15** | $1016556 | $1015269 | $1013778 |
| **12/15** | $1026289 | $1022402 | $1019371 |
| **1/16** | $1038610 | $1034601 | $1031556 |
| **2/16** | $1040766 | $1036228 | $1034171 |
| **3/16** | $1042854 | $1039511 | $1036659 |
| **4/16** | $1052588 | $1047154 | $1043491 |
| **5/16** | $1056071 | $1049987 | $1045172 |
| **6/16** | $1073441 | $1066690 | $1060244 |
| **7/16** | $1072764 | $1067342 | $1060725 |
| **8/16** | $1074658 | $1068782 | $1061033 |
| **9/16** | $1071408 | $1063448 | $1057457 |
| **10/16** | $1065495 | $1052291 | $1047301 |
| **11/16** | $1038638 | $1013045 | $1009310 |
| **12/16** | $1045841 | $1024938 | $1021886 |
| **1/17** | $1051082 | $1031695 | $1029145 |
| **2/17** | $1056959 | $1038859 | $1035702 |
| **3/17** | $1058809 | $1041115 | $1037632 |
| **4/17** | $1065998 | $1048669 | $1045792 |
| **5/17** | $1075839 | $1065312 | $1060461 |
| **6/17** | $1073651 | $1061492 | $1057176 |
| **7/17** | $1078146 | $1070080 | $1064258 |
| **8/17** | $1084033 | $1078223 | $1071272 |
| **9/17** | $1078201 | $1072741 | $1064296 |
| **10/17** | $1073712 | $1075359 | $1065128 |
| **11/17** | $1066563 | $1069601 | $1057053 |
| **12/17** | $1071827 | $1080781 | $1069854 |
| **1/18** | $1064256 | $1068057 | $1057894 |
| **2/18** | $1062403 | $1064866 | $1054390 |
| **3/18** | $1066025 | $1068796 | $1058544 |
| **4/18** | $1063582 | $1064982 | $1054224 |
| **5/18** | $1074975 | $1077177 | $1065835 |
| **6/18** | $1078141 | $1078096 | $1066711 |
| **7/18** | $1081027 | $1080712 | $1068732 |
| **8/18** | $1084370 | $1083488 | $1071172 |
| **9/18** | $1079022 | $1076473 | $1064468 |
| **10/18** | $1073571 | $1069844 | $1058996 |
| **11/18** | $1082260 | $1081686 | $1070421 |
| **12/18** | $1092193 | $1094637 | $1082812 |
| **1/19** | $1102163 | $1102912 | $1091499 |
| **2/19** | $1107975 | $1108817 | $1097107 |
| **3/19** | $1119469 | $1126345 | $1112163 |
| **4/19** | $1122497 | $1130578 | $1114829 |
| **5/19** | $1135393 | $1146164 | $1128526 |
| **6/19** | $1139665 | $1150397 | $1132662 |
| **7/19** | $1148158 | $1159668 | $1142084 |
| **8/19** | $1165271 | $1177960 | $1156674 |
| **9/19** | $1156357 | $1168517 | $1148192 |
| **10/19** | $1157488 | $1170611 | $1150776 |
| **11/19** | $1157304 | $1173539 | $1153972 |
| **12/19** | $1161700 | $1177122 | $1156681 |
| **1/20** | $1182027 | $1198271 | $1174539 |
| **2/20** | $1195145 | $1213723 | $1186181 |
| **3/20** | $1155349 | $1169698 | $1154401 |
| **4/20** | $1143542 | $1155018 | $1147342 |
| **5/20** | $1180369 | $1191761 | $1183215 |
| **6/20** | $1189198 | $1201569 | $1188210 |
| **7/20** | $1206838 | $1221807 | $1204833 |
| **8/20** | $1202187 | $1216074 | $1201072 |
| **9/20** | $1203229 | $1216332 | $1201914 |
| **10/20** | $1201273 | $1212678 | $1197612 |
| **11/20** | $1218816 | $1230978 | $1212582 |
| **12/20** | $1225835 | $1238477 | $1216663 |
| **1/21** | $1231261 | $1246369 | $1223004 |
| **2/21** | $1214298 | $1226566 | $1206043 |
| **3/21** | $1216458 | $1234131 | $1211546 |
| **4/21** | $1226321 | $1244482 | $1219762 |
| **5/21** | $1230115 | $1248195 | $1221768 |
| **6/21** | $1232368 | $1251622 | $1224886 |
| **7/21** | $1240629 | $1262003 | $1233822 |
| **8/21** | $1238256 | $1257371 | $1229293 |
| **9/21** | $1228290 | $1248297 | $1222114 |
| **10/21** | $1224370 | $1244647 | $1219590 |
| **11/21** | $1232736 | $1255243 | $1227560 |
| **12/21** | $1233496 | $1257268 | $1229359 |
| **1/22** | $1201945 | $1222853 | $1199702 |
| **2/22** | $1195097 | $1218472 | $1195974 |
| **3/22** | $1161942 | $1178973 | $1158308 |
| **4/22** | $1128785 | $1146363 | $1126221 |
| **5/22** | $1140405 | $1163392 | $1142855 |
| **6/22** | $1125720 | $1144338 | $1123867 |
| **7/22** | $1151513 | $1174573 | $1153822 |
| **8/22** | $1125758 | $1148831 | $1127738 |
| **9/22** | $1086101 | $1104738 | $1080168 |
| **10/22** | $1079134 | $1095550 | $1073047 |
| **11/22** | $1124013 | $1146793 | $1123703 |
| **12/22** | $1124920 | $1150076 | $1126293 |
| **1/23** | $1154254 | $1183112 | $1158979 |
| **2/23** | $1126962 | $1156360 | $1130415 |
| **3/23** | $1147041 | $1182017 | $1156489 |
| **4/23** | $1145049 | $1179316 | $1153336 |
| **5/23** | $1135068 | $1169097 | $1142732 |
| **6/23** | $1145179 | $1180808 | $1154819 |
| **7/23** | $1148083 | $1185479 | $1158489 |
| **8/23** | $1133496 | $1168413 | $1139854 |
| **9/23** | $1098197 | $1134168 | $1102353 |
| **10/23** | $1080555 | $1124516 | $1092163 |
| **11/23** | $1150209 | $1195902 | $1168034 |
| **12/23** | $1177889 | $1223697 | $1196159 |
| **1/24** | $1178027 | $1217448 | $1188381 |
| **2/24** | $1179780 | $1219011 | $1190180 |
| **3/24** | $1183215 | $1218973 | $1190349 |
| **4/24** | $1173560 | $1203876 | $1175254 |
| **5/24** | $1172074 | $1200344 | $1171392 |
| **6/24** | $1189003 | $1218743 | $1190355 |
| **7/24** | $1197785 | $1229852 | $1200404 |
| **8/24** | $1206828 | $1239551 | $1208870 |
| **9/24** | $1217042 | $1251802 | $1221137 |
| **10/24** | $1203840 | $1233550 | $1202769 |
| **11/24** | $1224163 | $1254858 | $1224827 |
| **12/24** | $1207548 | $1236589 | $1205985 |
| **1/25** | $1212664 | $1242787 | $1212561 |
| **2/25** | $1224334 | $1255109 | $1225161 |
| **3/25** | $1202462 | $1233838 | $1204208 |
| **4/25** | $1194183 | $1223898 | $1192946 |
| **5/25** | $1185762 | $1224684 | $1194978 |
| **6/25** | $1197970 | $1232308 | $1201318 |
| **7/25** | $1189998 | $1229819 | $1198679 |
| **8/25** | $1204692 | $1240508 | $1208200 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (0.18)% | 0.04% | 1.88% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |
| Bloomberg Virginia Municipal Bond Index | (0.06)% | 0.12% | 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 | $60552659 |
| # of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 75% |
| Total Advisory Fees Paid | $175608 |

---

## 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](g74130ib2aa9254fa2bc7dec0e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 4.1% |
| Electric Utilities | 3.8% |
| Bond Bank | 5.4% |
| Lease Rev./Cert. of Participation | 6.1% |
| Education | 6.3% |
| Housing | 8.3% |
| Senior Living/Life Care | 10.2% |
| Hospital | 12.3% |
| Transportation | 12.9% |
| Water and Sewer | 13.7% |
| General Obligations | 16.9% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g74130i0d245f39ddfebc8ead38.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 10.7% |
| B | 0.1% |
| BB | 3.2% |
| BBB | 8.7% |
| A | 7.6% |
| AA | 43.0% |
| AAA | 26.7% |

---

---

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

---

![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](g74130i5d26cda9687408cf0228.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 August 31, 2025

# EVAIX-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 not amended the code of ethics as described in Form N-CSR during the period covered by this report. 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 Georgia Municipal Income Fund, Eaton Vance Maryland Municipal Income Fund, Eaton Vance Missouri Municipal Income Fund, Eaton Vance North Carolina Municipal Income Fund, Eaton Vance Oregon Municipal Income Fund, Eaton Vance South Carolina Municipal Income Fund and Eaton Vance Virginia Municipal Income Fund (the "Fund(s)") are series of Eaton Vance Municipals Trust (the "Trust"), a Massachusetts business trust, which, including the Funds, contains a total of 18 series (the "Series"). The Trust is registered under the Investment Company Act of 1940 as an open-end 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 the Funds' fiscal years ended August 31, 2024 and August 31, 2025 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 Georgia Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **8/31/24** | **8/31/25** |
|  Audit Fees | $45400 | $45400 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $45400 | $45400 |

---

#### Eaton Vance Maryland Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **8/31/24** | **8/31/25** |
|  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 |

---

------

#### Eaton Vance Missouri Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **8/31/24** | **8/31/25** |
|  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 |

---

#### Eaton Vance North Carolina Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **8/31/24** | **8/31/25** |
|  Audit Fees | $45400 | $45400 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $45400 | $45400 |

---

#### Eaton Vance Oregon Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **8/31/24** | **8/31/25** |
|  Audit Fees | $45400 | $45585 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $45400 | $45585 |

---

#### Eaton Vance South Carolina Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **8/31/24** | **8/31/25** |
|  Audit Fees | $45400 | $45400 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $45400 | $45400 |

---

------

#### Eaton Vance Virginia Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **8/31/24** | **8/31/25** |
|  Audit Fees | $43400 | $43465 |
|  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 | $43465 |

---

<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 Series comprising the Trust have varying fiscal year ends (July 31, August 31, and September 30). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal Years Ended** | **9/30/23** | **7/31/24** | **8/31/24** | **9/30/24** | **7/31/25** | **8/31/25** |
|  Audit Fees | $323400 | $309400 | $311800 | $345800 | $309570 | $312050 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 | $0 | $0 | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 | $0 | $0 | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 | $0 | $0 | $0 | $0 |
|  Total | $323400 | $309400 | $311800 | $345800 | $309570 | $312050 |

---

<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 Series; 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 two fiscal years of each Series.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal Years Ended** | **9/30/23** | **7/31/24** | **8/31/24** | **9/30/24** | **7/31/25** | **8/31/25** |
|  **Registrant<sup>(1)</sup>** | $0 | $0 | $0 | $0 | $0 | $0 |
|  **Eaton Vance<sup>(2)</sup>** | $52836 | $18490 | $18490 | $18490 | $18490 | $18490 |

---

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

<sup>(2)</sup> The investment adviser to the Series, as well as any of its affiliates that provide ongoing services to the Series, are subsidiaries of Morgan Stanley.

(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

## Municipal Income Funds

## Annual Financial Statements and Additional Information
August 31, 2025

------

Georgia&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Maryland&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Missouri&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;North Carolina&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Oregon

South Carolina&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Virginia

![](g74130imgee1329d51.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 August 31, 2025
Eaton Vance

Municipal Income Funds

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_d56b4fff-cc35-4efb-a512-b8a82e62d042_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_dcbf6cea-511b-4bba-9c4b-ad9cc4aaed7d_1) | [Items 6 and 7 of Form N-CSR:](#xx_dcbf6cea-511b-4bba-9c4b-ad9cc4aaed7d_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_dcbf6cea-511b-4bba-9c4b-ad9cc4aaed7d_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_dcbf6cea-511b-4bba-9c4b-ad9cc4aaed7d_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Georgia Municipal Income Fund](#xx_dcbf6cea-511b-4bba-9c4b-ad9cc4aaed7d_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Maryland Municipal Income Fund](#xx_dcbf6cea-511b-4bba-9c4b-ad9cc4aaed7d_5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Missouri Municipal Income Fund](#xx_dcbf6cea-511b-4bba-9c4b-ad9cc4aaed7d_9) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[North Carolina Municipal Income Fund](#xx_dcbf6cea-511b-4bba-9c4b-ad9cc4aaed7d_12) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Oregon Municipal Income Fund](#xx_dcbf6cea-511b-4bba-9c4b-ad9cc4aaed7d_17) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[South Carolina Municipal Income Fund](#xx_dcbf6cea-511b-4bba-9c4b-ad9cc4aaed7d_21) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virginia Municipal Income Fund](#xx_dcbf6cea-511b-4bba-9c4b-ad9cc4aaed7d_25) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_306da750-c828-4063-b35f-8dcf2511586b_1) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_306da750-c828-4063-b35f-8dcf2511586b_4) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_306da750-c828-4063-b35f-8dcf2511586b_6) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_c3ac7ca3-0757-400e-9d75-e2e747a26f4e_1) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_6c209b23-396c-49a1-b4e8-3e2d08a33b1b_1) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_ddc68272-dee9-4ce1-b88a-ed7b535ee201_1) | 73 |
| [Federal Tax Information](#xx_02f886e0-1e48-485e-9551-ef21876e8ed6_1) | 74 |
| [Item 11 of Form N-CSR:](#xx_4fc342af-f53c-4e7b-a1ad-7290f05777ab_1) | [Item 11 of Form N-CSR:](#xx_4fc342af-f53c-4e7b-a1ad-7290f05777ab_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_4fc342af-f53c-4e7b-a1ad-7290f05777ab_1) | 75 |

---

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

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Georgia Municipal Income Fund

August 31, 2025

Portfolio of Investments

------

Tax-Exempt Mortgage-Backed Securities — 0.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 0.8% | Housing — 0.8% | Housing — 0.8% |
| Housing Authority of Savannah, GA, (Pines At Garden City), Series 2025A, (FNMA), 4.75%, 3/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;$1000399 |
| Total Tax-Exempt Mortgage-Backed Securities<br> (identified cost $995,000) |  | &nbsp;&nbsp;**$1000399** |

---

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

Tax-Exempt Municipal Obligations — 93.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 5.6% | Education — 5.6% | Education — 5.6% |
| Cobb County Development Authority, GA, (Georgia Tech Cobb Research), 5.00%, 6/1/49 | $1000 | &nbsp;&nbsp;$973631 |
| Cobb County Development Authority, GA, (Mt. Bethel Christian Academy), 6.00%, 6/1/45<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 996992 |
| Fulton County Development Authority, GA, (Georgia Tech Facilities, Inc.), 5.00%, 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 633607 |
| Georgia Private Colleges and Universities Authority, (Savannah College of Art and Design), 4.00%, 4/1/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1788509 |
| Private Colleges and Universities Authority, GA, (Emory University), 5.25%, 9/1/39 | 2290 | &nbsp;&nbsp;&nbsp;&nbsp; 2507060 |
|  |  | &nbsp;&nbsp;**$6899799** |
| Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% |
| Dalton, GA, Combined Utilities Revenue, 4.00%, 3/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$504698 |
| Georgia Municipal Electric Power Authority, 5.00%, 1/1/28 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1531157 |
|  |  | &nbsp;&nbsp;**$2035855** |
| Escrowed/Prerefunded — 2.3% | Escrowed/Prerefunded — 2.3% | Escrowed/Prerefunded — 2.3% |
| Atlanta, GA, Water and Wastewater Revenue, Prerefunded to 11/1/27, 5.00%, 11/1/39 | $1500 | &nbsp;&nbsp;$1586521 |
| Cedartown Polk County Hospital Authority, GA, (Polk Medical Center), Prerefunded to 7/1/26, 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 867918 |
| Forsyth County Hospital Authority, GA, (Georgia Baptist Health Care System), Escrowed to Maturity, 6.375%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 404163 |
|  |  | &nbsp;&nbsp;**$2858602** |
| General Obligations — 11.7% | General Obligations — 11.7% | General Obligations — 11.7% |
| Atlanta Urban Redevelopment Agency, GA, 5.00%, 7/1/38 | $1000 | &nbsp;&nbsp;$1096848 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Atlanta, GA, Social Bonds, 5.00%, 12/1/36 | $1000 | &nbsp;&nbsp;$1097872 |
| Bryan County School District, GA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 501272 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 435542 |
| Charlton County School District, GA, 6.00%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 513397 |
| Dalton, GA, 5.00%, 2/1/48 | 1735 | &nbsp;&nbsp;&nbsp;&nbsp; 1741763 |
| Greene County School District, GA, 4.00%, 6/1/48 | 1610 | &nbsp;&nbsp;&nbsp;&nbsp; 1423594 |
| Hall County School District, GA, 5.00%, 2/1/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084578 |
| Jackson County School District, GA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1143290 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124747 |
| Perry Public Facilities Authority, GA, 4.00%, 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 468759 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 525212 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1598649 |
| Unified Government of Athens-Clarke County Development Authority, GA, 5.00%, 6/1/32 | 1080 | &nbsp;&nbsp;&nbsp;&nbsp; 1081367 |
| Walton County Public Facilities Authority, GA, 5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 517551 |
|  |  | &nbsp;&nbsp;**$14354441** |
| Hospital — 12.8% | Hospital — 12.8% | Hospital — 12.8% |
| Brookhaven Development Authority, GA, (Children's Healthcare of Atlanta): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/44 | $1500 | &nbsp;&nbsp;$1352051 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/49 | 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1136311 |
| Dalton Whitfield County Joint Development Authority, GA, (Hamilton Health Care System, Inc.), 5.00%, 8/15/35 | 2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2358591 |
| DeKalb Private Hospital Authority, GA, (Children's Healthcare of Atlanta), 4.00%, 7/1/39 | 1615 | &nbsp;&nbsp;&nbsp;&nbsp; 1576714 |
| Fulton County Development Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/32 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1521052 |
| Fulton County Development Authority, GA, (WellStar Health System, Inc.), 5.00%, 4/1/37 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1267861 |
| Gainesville and Hall County Hospital Authority, GA, (Northeast Georgia Health System, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/45 | 1970 | &nbsp;&nbsp;&nbsp;&nbsp; 1711362 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/15/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1116433 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013587 |
| Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 229057 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 448245 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 620609 |
| Paulding County Hospital Authority, GA, (WellStar Health System, Inc.), 5.00%, 4/1/43 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1270135 |
|  |  | &nbsp;&nbsp;**$15622008** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Georgia Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 9.2% | Housing — 9.2% | Housing — 9.2% |
| Atlanta Urban Residential Finance Authority, GA, (Flats At Stone Hogan), (FNMA), 4.37%, 5/1/44 | $1000 | &nbsp;&nbsp;$933889 |
| Cobb County Development Authority, GA, (KSU Summit II Student Housing): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 768762 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/43 | 1315 | &nbsp;&nbsp;&nbsp;&nbsp; 1338726 |
| Douglas County Housing Authority, GA, (Astoria at Crystal Lake), (FNMA), 4.375%, 4/1/43 | 1950 | &nbsp;&nbsp;&nbsp;&nbsp; 1822769 |
| Douglas County Housing Authority, GA, (Durelee Lane Senior Residences), (FNMA), 5.10%, 2/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 996240 |
| Georgia Housing and Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;2.40%, 12/1/41 | 2125 | &nbsp;&nbsp;&nbsp;&nbsp; 1520641 |
| &nbsp;&nbsp;&nbsp;3.65%, 6/1/44 | 1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1288684 |
| &nbsp;&nbsp;&nbsp;4.45%, 12/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 958259 |
| Warner Robins Housing Authority Resident Council Corp., GA, (Arbours at Wellston), 5.00% to 2/1/28 (Put Date), 2/1/29 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1578096 |
|  |  | &nbsp;&nbsp;**$11206066** |
| Industrial Development Revenue — 4.6% | Industrial Development Revenue — 4.6% | Industrial Development Revenue — 4.6% |
| Albany Dougherty Payroll Development Authority, GA, Solid Waste Disposal, (Procter & Gamble), 5.20%, 5/15/28 | $2000 | &nbsp;&nbsp;$2118265 |
| Burke County Development Authority, GA, (Georgia Power Co. Plant Vogtle), 2.20%, 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 645624 |
| Monroe County Development Authority, GA, (Georgia Power Co. Plant Scherer), 1.00% to 8/21/26 (Put Date), 7/1/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 974409 |
| Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38<sup>(1)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1872369 |
|  |  | &nbsp;&nbsp;**$5610667** |
| Insured - Electric Utilities — 3.4% | Insured - Electric Utilities — 3.4% | Insured - Electric Utilities — 3.4% |
| Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project J): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/37 | $1470 | &nbsp;&nbsp;$1567341 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200777 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/55 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 998400 |
| Puerto Rico Electric Power Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp; 989610 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 417215 |
|  |  | &nbsp;&nbsp;**$4173343** |
| Insured - General Obligations — 0.9% | Insured - General Obligations — 0.9% | Insured - General Obligations — 0.9% |
| Coweta County, GA, Water and Sewerage Authority, (AG), Escrowed to Maturity, 5.00%, 6/1/26 | $1135 | &nbsp;&nbsp;$1156028 |
|  |  | &nbsp;&nbsp;**$1156028** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Hospital — 0.8% | Insured - Hospital — 0.8% | Insured - Hospital — 0.8% |
| Columbia County Hospital Authority, GA, (WellStar Health System, Inc.), (AG), 5.00%, 4/1/48 | $1000 | &nbsp;&nbsp;$999430 |
|  |  | &nbsp;&nbsp;**$999430** |
| Insured - Lease Revenue/Certificates of Participation — 2.2% | Insured - Lease Revenue/Certificates of Participation — 2.2% | Insured - Lease Revenue/Certificates of Participation — 2.2% |
| Dacula Urban Redevelopment Agency, GA, (AG), 5.00%, 2/1/42 | $1175 | &nbsp;&nbsp;$1224726 |
| Georgia Local Government 1998A Grantor Trust, Certificates of Participation, (NPFG), 4.75%, 6/1/28 | 1388 | &nbsp;&nbsp;&nbsp;&nbsp; 1434919 |
|  |  | &nbsp;&nbsp;**$2659645** |
| Insured - Water and Sewer — 2.5% | Insured - Water and Sewer — 2.5% | Insured - Water and Sewer — 2.5% |
| Atlanta, GA, Water and Wastewater Revenue, Green Bonds, (BAM), 5.00%, 11/1/39 | $1000 | &nbsp;&nbsp;$1080465 |
| Augusta, GA, Water and Sewer Revenue, (BAM), 5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 399376 |
| DeKalb County, GA, Water and Sewerage Revenue, (AG), 5.25%, 10/1/32 | 1590 | &nbsp;&nbsp;&nbsp;&nbsp; 1621966 |
|  |  | &nbsp;&nbsp;**$3101807** |
| Lease Revenue/Certificates of Participation — 0.6% | Lease Revenue/Certificates of Participation — 0.6% | Lease Revenue/Certificates of Participation — 0.6% |
| Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$512723 |
| Sandy Springs Public Facilities Authority, GA, 2.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 210220 |
|  |  | &nbsp;&nbsp;**$722943** |
| Other Revenue — 4.8% | Other Revenue — 4.8% | Other Revenue — 4.8% |
| 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;455 | &nbsp;&nbsp;$476734 |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/30 (Put Date), 6/1/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2117924 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/30 (Put Date), 5/1/54 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063599 |
| &nbsp;&nbsp;&nbsp;5.00% to 3/1/32 (Put Date), 12/1/54 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2147563 |
|  |  | &nbsp;&nbsp;**$5805820** |
| Senior Living/Life Care — 0.6% | Senior Living/Life Care — 0.6% | Senior Living/Life Care — 0.6% |
| Fulton County Residential Care Facilities for the Elderly Authority, GA, (Canterbury Court), 5.00%, 4/1/54<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;$272752 |
| Gainesville and Hall County Development Authority, GA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 505411 |
|  |  | &nbsp;&nbsp;**$778163** |
| Special Tax Revenue — 7.0% | Special Tax Revenue — 7.0% | Special Tax Revenue — 7.0% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$196282 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Georgia Municipal Income Fund

August 31, 2025

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) |
| Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;$731609 |
| Atlanta Development Authority, GA, (Westside Gulch Area): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/34<sup>(1)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1503026 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 499695 |
| Cobb-Marietta Coliseum and Exhibit Hall Authority, GA, (Cobb Galleria Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 555157 |
| &nbsp;&nbsp;&nbsp;5.50%, 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 235863 |
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 948670 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 7/1/45 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070191 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1834517 |
|  |  | &nbsp;&nbsp;**$8575010** |
| Transportation — 12.6% | Transportation — 12.6% | Transportation — 12.6% |
| Atlanta, GA, Airport Customer Facility Charge: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/45 | $1000 | &nbsp;&nbsp;$1041277 |
| &nbsp;&nbsp;&nbsp;5.50%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 521837 |
| Atlanta, GA, Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 7/1/35 | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2670240 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 7/1/40 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2765805 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/42 | 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1472714 |
| Georgia Ports Authority, 4.00%, 7/1/47 | 2595 | &nbsp;&nbsp;&nbsp;&nbsp; 2297294 |
| Georgia Road and Tollway Authority, 5.00%, 7/15/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043536 |
| Public Finance Authority, WI, (Georgia SR 400 Express Lanes): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.75%, 6/30/60 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 980743 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.50%, 6/30/60 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1586887 |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012723 |
|  |  | &nbsp;&nbsp;**$15393056** |
| Water and Sewer — 10.3% | Water and Sewer — 10.3% | Water and Sewer — 10.3% |
| Cherokee County Water and Sewerage Authority, GA, 4.00%, 8/1/53 | $1250 | &nbsp;&nbsp;$1074945 |
| Coweta County Water and Sewerage Authority, GA, 5.00%, 6/1/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017650 |
| DeKalb County, GA, Water and Sewerage Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091600 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/45 | 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2702191 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017860 |
| Fulton County, GA, Water and Sewerage Revenue, 5.00%, 1/1/33 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1508045 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Kingsland, GA, Water and Sewerage Revenue, 4.00%, 9/1/43 | $1840 | &nbsp;&nbsp;$1699918 |
| Macon Water Authority, GA, 2.76%, 10/1/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| Walton County Water and Sewerage Authority, GA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 960548 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/1/47 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039406 |
|  |  | &nbsp;&nbsp;**$12612163** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $117,085,289) |  | &nbsp;&nbsp;**$114564846** |

---

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

Taxable Municipal Obligations — 3.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 1.2% | Education — 1.2% | Education — 1.2% |
| Georgia Private Colleges and Universities Authority, (Emory University), (LOC: Truist Bank), 4.35%, 9/1/52<sup>(2)</sup> | $1500 | &nbsp;&nbsp;$1500000 |
|  |  | &nbsp;&nbsp;**$1500000** |
| General Obligations — 0.4% | General Obligations — 0.4% | General Obligations — 0.4% |
| Downtown Smyrna Development Authority, GA, 5.45%, 2/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$506674 |
|  |  | &nbsp;&nbsp;**$506674** |
| Insured - General Obligations — 1.5% | Insured - General Obligations — 1.5% | Insured - General Obligations — 1.5% |
| Effingham County Industrial Development Authority, GA, (BAM), 6.00%, 4/1/48 | $1750 | &nbsp;&nbsp;$1753310 |
|  |  | &nbsp;&nbsp;**$1753310** |
| Total Taxable Municipal Obligations<br> (identified cost $3,718,136) |  | &nbsp;&nbsp;**$3759984** |
| Total Investments — 97.5%<br> (identified cost $121,798,425) |  | &nbsp;&nbsp;**$119325229** |
| Other Assets, Less Liabilities — 2.5% |  | &nbsp;&nbsp;**$2999551** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$122324780** |

---

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

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Georgia Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At August 31, 2025, the aggregate value of these securities is $5,341,116 or 4.4% of the Fund's net assets. |
| <sup>(2)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the 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 August 31, 2025. |
| The Fund invests primarily in debt securities issued by Georgia 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 August 31, 2025, 11.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.4% to 6.5% of total investments. | The Fund invests primarily in debt securities issued by Georgia 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 August 31, 2025, 11.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.4% to 6.5% of total investments. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FNMA | – Federal National Mortgage Association |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Maryland Municipal Income Fund

August 31, 2025

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 95.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.9% | Bond Bank — 0.9% | Bond Bank — 0.9% |
| Maryland Community Development Administration, (Local Government Infrastructure), 5.00%, 6/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;$805817 |
|  |  | &nbsp;&nbsp;**$805817** |
| Education — 7.2% | Education — 7.2% | Education — 7.2% |
| Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;$758214 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 787726 |
| Maryland Health and Higher Educational Facilities Authority, (Pooled Loan Program), (LOC: TD Bank, N.A.), 2.65%, 4/1/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 |
| Maryland Health and Higher Educational Facilities Authority, (Stevenson University), 5.00%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 523310 |
| Maryland Industrial Development Financing Authority, (Garrison Forest School, Inc.), 4.00%, 11/1/42 | 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 923130 |
| Maryland Industrial Development Financing Authority, (McDonogh School), 4.00%, 9/1/43 | 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 1899526 |
| University System of Maryland, 4.00%, 4/1/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006901 |
|  |  | &nbsp;&nbsp;**$6298807** |
| Escrowed/Prerefunded — 0.6% | Escrowed/Prerefunded — 0.6% | Escrowed/Prerefunded — 0.6% |
| Washington County, MD, (Diakon Lutheran Social Ministries), Prerefunded to 1/1/29, 5.00%, 1/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$539997 |
|  |  | &nbsp;&nbsp;**$539997** |
| General Obligations — 23.5% | General Obligations — 23.5% | General Obligations — 23.5% |
| Anne Arundel County, MD: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/36 | $1185 | &nbsp;&nbsp;$1337207 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070361 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 961287 |
| Baltimore County, MD, 4.00%, 3/1/40 | 1030 | &nbsp;&nbsp;&nbsp;&nbsp; 1003618 |
| Carroll County, MD, 4.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 471452 |
| Cecil County, MD, 4.50%, 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 827295 |
| Frederick County, MD, 5.00%, 4/1/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1121227 |
| Howard County, MD: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 446496 |
| &nbsp;&nbsp;&nbsp;2.00%, 8/15/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 823392 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 269964 |
| Maryland: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 8/1/31 | 1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1479675 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 919027 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Montgomery County, MD: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 8/1/39 | $2000 | &nbsp;&nbsp;$1428402 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 34084 |
| &nbsp;&nbsp;&nbsp;(SPA: U.S. Bank, N.A.), 3.70%, 11/1/37<sup>(2)</sup> | 1255 | &nbsp;&nbsp;&nbsp;&nbsp; 1255000 |
| Prince George's County, MD: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 276019 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 1007883 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 353757 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 525212 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065766 |
| Talbot County, MD, 5.00%, 1/1/37 | 1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1488203 |
| Washington Suburban Sanitary District, MD: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064056 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 3.00%, 6/1/42 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1336913 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 150444 |
|  |  | &nbsp;&nbsp;**$20716740** |
| Hospital — 12.0% | Hospital — 12.0% | Hospital — 12.0% |
| Maryland Health and Higher Educational Facilities Authority, (Anne Arundel Health System), 5.00%, 7/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;$967798 |
| Maryland Health and Higher Educational Facilities Authority, (Frederick Health System): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 963662 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 734369 |
| Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins Health System), (LOC: TD Bank, N.A.), 3.85%, 6/1/46<sup>(2)</sup> | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 |
| Maryland Health and Higher Educational Facilities Authority, (MedStar Health), 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 959970 |
| Maryland Health and Higher Educational Facilities Authority, (Peninsula Regional Health System), 4.00%, 7/1/48 | 2335 | &nbsp;&nbsp;&nbsp;&nbsp; 1962279 |
| Maryland Health and Higher Educational Facilities Authority, (University of Maryland Medical System), 5.00%, 7/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001100 |
| Maryland Health and Higher Educational Facilities Authority, (UPMC), 5.00%, 4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 295356 |
| Montgomery County, MD, (Trinity Health Corp.), 4.00%, 12/1/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1751408 |
| Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 726573 |
|  |  | &nbsp;&nbsp;**$10562515** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Maryland Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 12.9% | Housing — 12.9% | Housing — 12.9% |
| Howard County Housing Commission, MD, (Woodfield Oxford Square Apartments), 5.00%, 12/1/37 | $1000 | &nbsp;&nbsp;$1012365 |
| Maryland Community Development Administration: |  |  |
| &nbsp;&nbsp;&nbsp;2.30%, 9/1/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 810630 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 1.65%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 598973 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 1.80%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 471037 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.375%, 9/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 964558 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.40%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 750343 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 6.00%, 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 834941 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 4.35%, 7/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 938686 |
| Maryland Community Development Administration, (Villages At Marley Station), Sustainability Bonds, (FNMA), 4.35%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 913407 |
| Maryland Department of Housing and Community Development Administration, Green Bonds, 4.45%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 942008 |
| Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/50 | 1030 | &nbsp;&nbsp;&nbsp;&nbsp; 780994 |
| Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.625%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 520263 |
| Maryland Economic Development Corp., (Towson University), 5.00%, 7/1/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000107 |
| Montgomery County Housing Opportunities Commission, MD: |  |  |
| &nbsp;&nbsp;&nbsp;1.95%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 192753 |
| &nbsp;&nbsp;&nbsp;2.00%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 182075 |
| &nbsp;&nbsp;&nbsp;2.05%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 180480 |
| &nbsp;&nbsp;&nbsp;2.10%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 190699 |
| &nbsp;&nbsp;&nbsp;2.125%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 115564 |
|  |  | &nbsp;&nbsp;**$11399883** |
| Industrial Development Revenue — 2.6% | Industrial Development Revenue — 2.6% | Industrial Development Revenue — 2.6% |
| Maryland Economic Development Corp., (Constellation Energy Group, Inc.), 4.10% to 4/3/28 (Put Date), 10/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$767599 |
| Maryland Economic Development Corp., (Core Natural Resources, Inc.), 5.00% to 3/27/35 (Put Date), 7/1/48<sup>(3)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1511837 |
|  |  | &nbsp;&nbsp;**$2279436** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Escrowed/Prerefunded — 1.1% | Insured - Escrowed/Prerefunded — 1.1% | Insured - Escrowed/Prerefunded — 1.1% |
| Maryland Health and Higher Educational Facilities Authority, (Helix Health Issue), (AMBAC), Escrowed to Maturity, 5.00%, 7/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;$918594 |
|  |  | &nbsp;&nbsp;**$918594** |
| Insured - Hospital — 4.4% | Insured - Hospital — 4.4% | Insured - Hospital — 4.4% |
| Maryland Health and Higher Educational Facilities Authority, (Medlantic/Helix Issue), (AMBAC), 5.25%, 8/15/38 | $3035 | &nbsp;&nbsp;$3291821 |
| Maryland Health and Higher Educational Facilities Authority, (University of Maryland Medical System), (AG), 4.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 619918 |
|  |  | &nbsp;&nbsp;**$3911739** |
| Insured - Transportation — 3.4% | Insured - Transportation — 3.4% | Insured - Transportation — 3.4% |
| Maryland Department of Transportation: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 8/1/40 | $1000 | &nbsp;&nbsp;$1053161 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 8/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025612 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 922891 |
|  |  | &nbsp;&nbsp;**$3001664** |
| Lease Revenue/Certificates of Participation — 5.0% | Lease Revenue/Certificates of Participation — 5.0% | Lease Revenue/Certificates of Participation — 5.0% |
| Maryland Stadium Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/47 | $2250 | &nbsp;&nbsp;$2257749 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 1023086 |
| Maryland Stadium Authority, Built to Learn Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 432797 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 680789 |
|  |  | &nbsp;&nbsp;**$4394421** |
| Senior Living/Life Care — 3.0% | Senior Living/Life Care — 3.0% | Senior Living/Life Care — 3.0% |
| Baltimore County, MD, (Oak Crest Village, Inc.), 4.00%, 1/1/45 | $1000 | &nbsp;&nbsp;$851510 |
| Howard County, MD, (Vantage House), 5.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 295475 |
| Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500051 |
| Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 978368 |
|  |  | &nbsp;&nbsp;**$2625404** |
| Special Tax Revenue — 7.1% | Special Tax Revenue — 7.1% | Special Tax Revenue — 7.1% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$196282 |
| Howard County, MD, (Annapolis Junction Town Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 475395 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 443721 |
| Maryland Department of Transportation, 2.50%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 641331 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Maryland Municipal Income Fund

August 31, 2025

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) |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | $1090 | &nbsp;&nbsp;$999811 |
| Washington Metropolitan Area Transit Authority, D.C.: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.125%, 7/15/47 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 894920 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 7/15/59 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1531903 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.25%, 7/15/53 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025948 |
|  |  | &nbsp;&nbsp;**$6209311** |
| Transportation — 9.1% | Transportation — 9.1% | Transportation — 9.1% |
| Maryland Department of Transportation, (AMT), 4.00%, 8/1/41 | $1525 | &nbsp;&nbsp;$1373874 |
| Maryland Economic Development Corp., (Seagirt Marine Terminal), (AMT), 5.00%, 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 115667 |
| Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 515891 |
| Maryland Economic Development Corp., Parking Facilities Revenue, 5.00%, 6/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 446618 |
| Maryland Transportation Authority, 5.00%, 7/1/51 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1505430 |
| Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1980171 |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050126 |
| Washington Metropolitan Area Transit Authority, D.C., 5.00%, 7/1/31 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038500 |
|  |  | &nbsp;&nbsp;**$8026277** |
| Water and Sewer — 2.4% | Water and Sewer — 2.4% | Water and Sewer — 2.4% |
| Washington Suburban Sanitary District, MD: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/40 | $1500 | &nbsp;&nbsp;$1461024 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 682812 |
|  |  | &nbsp;&nbsp;**$2143836** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $86,993,821) |  | &nbsp;&nbsp;**$83834441** |

---

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

Taxable Municipal Obligations — 3.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations — 0.5% | General Obligations — 0.5% | General Obligations — 0.5% |
| Baltimore Mayor and City Council, MD, 5.60%, 10/15/30<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;$495359 |
|  |  | &nbsp;&nbsp;**$495359** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital — 0.9% | Hospital — 0.9% | Hospital — 0.9% |
| Maryland Health and Higher Educational Facilities Authority, (University of Maryland Medical System), 3.052%, 7/1/40 | $1000 | &nbsp;&nbsp;$768229 |
|  |  | &nbsp;&nbsp;**$768229** |
| Housing — 1.4% | Housing — 1.4% | Housing — 1.4% |
| Maryland Community Development Administration: |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 4.35%, 9/1/33<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$250000 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), (SPA: Royal Bank of Canada), 4.35%, 7/1/45<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp;**$1250000** |
| Transportation — 0.6% | Transportation — 0.6% | Transportation — 0.6% |
| Prince George's County Revenue Authority, MD, (Regional Medical Center Garage): |  |  |
| &nbsp;&nbsp;&nbsp;2.553%, 8/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;$270490 |
| &nbsp;&nbsp;&nbsp;2.593%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 251872 |
|  |  | &nbsp;&nbsp;**$522362** |
| Total Taxable Municipal Obligations<br> (identified cost $3,273,874) |  | &nbsp;&nbsp;**$3035950** |
| Total Investments — 98.6%<br> (identified cost $90,267,695) |  | &nbsp;&nbsp;**$86870391** |
| Other Assets, Less Liabilities — 1.4% |  | &nbsp;&nbsp;**$1218310** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$88088701** |

---

---

| | |
|:---|:---|
| 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 August 31, 2025. |
| <sup>(2)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at August 31, 2025. |
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At August 31, 2025, the aggregate value of these securities is $1,708,119 or 1.9% of the Fund's net assets. |
| <sup>(4)</sup> | Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Maryland Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

The Fund invests primarily in debt securities issued by Maryland 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 August 31, 2025, 9.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 4.2% to 4.8% 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. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| LOC | – Letter of Credit |
| SPA | – Standby Bond Purchase Agreement |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Missouri Municipal Income Fund

August 31, 2025

Portfolio of Investments

------

Corporate Bonds — 1.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital — 1.2% | Hospital — 1.2% | Hospital — 1.2% |
| SSM Health Care Corp., 4.894%, 6/1/28 | $1000 | &nbsp;&nbsp;$1018316 |
| Total Corporate Bonds<br> (identified cost $992,470) |  | &nbsp;&nbsp;**$1018316** |

---

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

Tax-Exempt Municipal Obligations — 96.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 6.9% | Education — 6.9% | Education — 6.9% |
| Missouri Health and Educational Facilities Authority, (Saint Louis University), (LOC: Barclays Bank PLC), 3.80%, 10/1/35<sup>(1)</sup> | $3645 | &nbsp;&nbsp;$3645000 |
| Missouri Health and Educational Facilities Authority, (Washington University), (SPA: JPMorgan Chase Bank, N.A.), 3.80%, 3/1/40<sup>(1)</sup> | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 |
|  |  | &nbsp;&nbsp;**$5945000** |
| Electric Utilities — 3.7% | Electric Utilities — 3.7% | Electric Utilities — 3.7% |
| Missouri Joint Municipal Electric Utility Commission, (Iatan 2 Project), 5.00%, 1/1/26 | $1000 | &nbsp;&nbsp;$1007973 |
| Missouri Joint Municipal Electric Utility Commission, (MoPEP Facilities): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 643617 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 535443 |
| Springfield, MO, Public Utility Revenue, 4.00%, 8/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000593 |
|  |  | &nbsp;&nbsp;**$3187626** |
| General Obligations — 30.3% | General Obligations — 30.3% | General Obligations — 30.3% |
| Blue Springs, MO, 4.00%, 3/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;$611598 |
| Cape Girardeau County Reorganized School District R-II, MO, 5.00%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 452522 |
| Center School District No. 58, MO, 4.00%, 3/1/37 | 1435 | &nbsp;&nbsp;&nbsp;&nbsp; 1437952 |
| Hannibal School District No. 60, MO, 4.00%, 3/1/36 | 1860 | &nbsp;&nbsp;&nbsp;&nbsp; 1881227 |
| Jackson County Consolidated School District No. 4, MO, 5.00%, 3/1/38 | 1850 | &nbsp;&nbsp;&nbsp;&nbsp; 1879456 |
| Jackson County Reorganized School District No. 7, MO, 6.00%, 3/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1127261 |
| Kansas City School District, MO, 4.25%, 3/1/41<sup>(2)</sup> | 1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1433365 |
| Kansas City, MO, 3.125%, 2/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 844860 |
| Lindbergh School District, MO, 5.75%, 3/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1122537 |
| Maplewood-Richmond Heights School District, MO, 3.00%, 3/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 821331 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Nevada R-V School District, MO, 5.00%, 3/1/38 | $1400 | &nbsp;&nbsp;$1407956 |
| North Kansas City School District No. 74, MO, 5.00%, 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 780404 |
| Pattonville R-3 School District, MO, 5.25%, 3/1/42 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1210405 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 266442 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 823064 |
| Raytown C-2 School District, MO, 5.00%, 3/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036801 |
| Republic School District No. R-3, MO, 6.50%, 3/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150568 |
| Springfield School District No. R-12, MO, 2.25%, 3/1/40 | 1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1040492 |
| St. Charles County Francis Howell R-III School District, MO, Prerefunded to 3/1/28, 2.00%, 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 955107 |
| St. Charles School District, MO, 5.00%, 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 917735 |
| St. Louis County School District C-2 Parkway, MO, 4.00%, 3/1/41 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1094332 |
| University City School District, MO: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 388266 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/15/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 764060 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 983465 |
| Warren County School District No. R-III, MO, 5.00%, 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 532420 |
| Warrensburg School District No. R-VI, MO, 5.75%, 3/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089454 |
|  |  | &nbsp;&nbsp;**$26053080** |
| Hospital — 12.3% | Hospital — 12.3% | Hospital — 12.3% |
| Joplin Industrial Development Authority, MO, (Freeman Health System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/43 | $&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;$447727 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 174263 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018554 |
| Missouri Health and Educational Facilities Authority, (BJC Health System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 86156 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 877182 |
| &nbsp;&nbsp;&nbsp;4.00% to 1/1/46 (Put Date), 1/1/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 857440 |
| Missouri Health and Educational Facilities Authority, (Children's Mercy Hospital), 4.00%, 5/15/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 855389 |
| Missouri Health and Educational Facilities Authority, (CoxHealth): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/49 | 2090 | &nbsp;&nbsp;&nbsp;&nbsp; 1758234 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/37 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1163528 |
| Missouri Health and Educational Facilities Authority, (Mercy Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/49 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2081941 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/48 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1242384 |
|  |  | &nbsp;&nbsp;**$10562798** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Missouri Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 5.5% | Housing — 5.5% | Housing — 5.5% |
| Missouri Housing Development Commission, SFMR, (FHLMC), (FNMA), (GNMA): |  |  |
| &nbsp;&nbsp;&nbsp;2.35%, 11/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;$657291 |
| &nbsp;&nbsp;&nbsp;3.00%, 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 854268 |
| &nbsp;&nbsp;&nbsp;3.00%, 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 506653 |
| &nbsp;&nbsp;&nbsp;3.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 458115 |
| &nbsp;&nbsp;&nbsp;3.30%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp; 304249 |
| &nbsp;&nbsp;&nbsp;3.40%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp; 834812 |
| &nbsp;&nbsp;&nbsp;4.15%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 266887 |
| &nbsp;&nbsp;&nbsp;4.45%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 369243 |
| &nbsp;&nbsp;&nbsp;4.60%, 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 470441 |
|  |  | &nbsp;&nbsp;**$4721959** |
| Industrial Development Revenue — 1.9% | Industrial Development Revenue — 1.9% | Industrial Development Revenue — 1.9% |
| Missouri Development Finance Authority, Solid Waste Disposal, (Procter & Gamble Paper Products), 5.20%, 3/15/29 | $1510 | &nbsp;&nbsp;$1612032 |
|  |  | &nbsp;&nbsp;**$1612032** |
| Insured - Electric Utilities — 1.4% | Insured - Electric Utilities — 1.4% | Insured - Electric Utilities — 1.4% |
| Puerto Rico Electric Power Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;$959316 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 213574 |
|  |  | &nbsp;&nbsp;**$1172890** |
| Insured - General Obligations — 2.7% | Insured - General Obligations — 2.7% | Insured - General Obligations — 2.7% |
| Mineral Area Community College District, MO, (AG), 5.00%, 3/1/44 | $1000 | &nbsp;&nbsp;$1011879 |
| St. Louis Board of Education, MO, (AG), 4.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 626689 |
| Valley Park School District, MO, (BAM), 5.50%, 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 702057 |
|  |  | &nbsp;&nbsp;**$2340625** |
| Insured - Lease Revenue/Certificates of Participation — 6.4% | Insured - Lease Revenue/Certificates of Participation — 6.4% | Insured - Lease Revenue/Certificates of Participation — 6.4% |
| Jefferson County School District No. R-VI Festus, MO: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.625%, 4/1/43<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$489914 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.75%, 4/1/45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 491134 |
| Kansas City Municipal Assistance Corp., MO, (H. Roe Bartle Convention Center and Infrastructure): |  |  |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 4/15/26 | 2170 | &nbsp;&nbsp;&nbsp;&nbsp; 2128869 |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 4/15/30 | 2105 | &nbsp;&nbsp;&nbsp;&nbsp; 1802809 |
| Missouri Development Finance Board, (City of Independence - Public Safety), (AG), 5.50%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 624712 |
|  |  | &nbsp;&nbsp;**$5537438** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue — 2.9% | Insured - Special Tax Revenue — 2.9% | Insured - Special Tax Revenue — 2.9% |
| Bi-State Development Agency of the Missouri-Illinois Metropolitan District, (AG), 5.25%, 7/1/28 | $2355 | &nbsp;&nbsp;$2532264 |
|  |  | &nbsp;&nbsp;**$2532264** |
| Insured - Transportation — 4.7% | Insured - Transportation — 4.7% | Insured - Transportation — 4.7% |
| Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AG), (AMT), 4.00%, 3/1/50 | $2000 | &nbsp;&nbsp;$1652078 |
| St. Louis, MO, (Lambert International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/44 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1275733 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.50%, 7/1/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133274 |
|  |  | &nbsp;&nbsp;**$4061085** |
| Lease Revenue/Certificates of Participation — 1.4% | Lease Revenue/Certificates of Participation — 1.4% | Lease Revenue/Certificates of Participation — 1.4% |
| Waynesville R-VI School District, MO, Certificates of Participation, 5.00%, 4/15/44 | $1170 | &nbsp;&nbsp;$1182132 |
|  |  | &nbsp;&nbsp;**$1182132** |
| Senior Living/Life Care — 6.0% | Senior Living/Life Care — 6.0% | Senior Living/Life Care — 6.0% |
| Lees Summit Industrial Development Authority, MO, (John Knox Village), 4.325%, 8/15/47 | $1000 | &nbsp;&nbsp;$954729 |
| Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 480230 |
| Missouri Health and Educational Facilities Authority, (Lutheran Senior Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/42 | 1340 | &nbsp;&nbsp;&nbsp;&nbsp; 1300327 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 359753 |
| St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500370 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 249798 |
| St. Louis County Industrial Development Authority, MO, (St. Andrew's Resources for Seniors Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 484156 |
| &nbsp;&nbsp;&nbsp;5.125%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 820863 |
|  |  | &nbsp;&nbsp;**$5150226** |
| Special Tax Revenue — 1.7% | Special Tax Revenue — 1.7% | Special Tax Revenue — 1.7% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$196282 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 1355 | &nbsp;&nbsp;&nbsp;&nbsp; 1242885 |
| St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24544 |
|  |  | &nbsp;&nbsp;**$1463711** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Missouri Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation — 3.1% | Transportation — 3.1% | Transportation — 3.1% |
| Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 3/1/39 | $1230 | &nbsp;&nbsp;$1237162 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 3/1/46 | 1470 | &nbsp;&nbsp;&nbsp;&nbsp; 1435782 |
|  |  | &nbsp;&nbsp;**$2672944** |
| Water and Sewer — 5.3% | Water and Sewer — 5.3% | Water and Sewer — 5.3% |
| Kansas City, MO, Sanitary Sewer System Revenue, 4.00%, 1/1/48 | $&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;$830151 |
| Kansas City, MO, Water Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/48 | 2160 | &nbsp;&nbsp;&nbsp;&nbsp; 2212412 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 453548 |
| Missouri Environmental Improvement and Energy Resources Authority, (Tri-County Water Authority), 5.00%, 1/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070080 |
|  |  | &nbsp;&nbsp;**$4566191** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $84,116,426) |  | &nbsp;&nbsp;**$82762001** |

---

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

Taxable Municipal Obligations — 3.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 2.3% | Education — 2.3% | Education — 2.3% |
| Curators of the University of Missouri, 5.96%, 11/1/39<sup>(4)</sup> | $1860 | &nbsp;&nbsp;$1951634 |
|  |  | &nbsp;&nbsp;**$1951634** |
| General Obligations — 1.1% | General Obligations — 1.1% | General Obligations — 1.1% |
| Orchard Farm R-V School District, MO, 4.922%, 3/1/40 | $1000 | &nbsp;&nbsp;$973612 |
|  |  | &nbsp;&nbsp;**$973612** |
| Total Taxable Municipal Obligations<br> (identified cost $2,922,738) |  | &nbsp;&nbsp;**$2925246** |
| Total Investments — 100.8%<br> (identified cost $88,031,634) |  | &nbsp;&nbsp;**$86705563** |
| Other Assets, Less Liabilities — (0.8)% |  | &nbsp;&nbsp;**$(700837)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$86004726** |

---

&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>(1)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at August 31, 2025. |
| <sup>(2)</sup> | When-issued security. |
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At August 31, 2025, the aggregate value of these securities is $196,282 or 0.2% of the Fund's net assets. |
| <sup>(4)</sup> | Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. |
| The Fund invests primarily in debt securities issued by Missouri 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 August 31, 2025, 18.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.9% to 8.9% of total investments. | The Fund invests primarily in debt securities issued by Missouri 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 August 31, 2025, 18.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.9% to 8.9% 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 |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SFMR | – Single Family Mortgage Revenue |
| SPA | – Standby Bond Purchase Agreement |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

North Carolina Municipal Income Fund

August 31, 2025

Portfolio of Investments

------

Tax-Exempt Mortgage-Backed Securities — 0.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 0.4% | Housing — 0.4% | Housing — 0.4% |
| Raleigh Housing Authority, NC, (Brad Parkside Apartments LLC), Series 2024A, (FNMA), 4.40%, 12/1/43 | $1000 | &nbsp;&nbsp;$935851 |
| Total Tax-Exempt Mortgage-Backed Securities<br> (identified cost $1,000,000) |  | &nbsp;&nbsp;**$935851** |

---

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

Tax-Exempt Municipal Obligations — 95.7%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 6.7% | Education — 6.7% | Education — 6.7% |
| East Carolina University, NC, 3.25%, 10/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;$149987 |
| North Carolina Agricultural and Technical State University, 5.00%, 10/1/48 | 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2839408 |
| North Carolina Capital Facilities Finance Agency, (Duke University): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/39 | 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1192499 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | 1975 | &nbsp;&nbsp;&nbsp;&nbsp; 1995878 |
| North Carolina Capital Facilities Finance Agency, (Wake Forest University), 5.00%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 801797 |
| North Carolina State University at Raleigh, 4.00%, 10/1/46 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1086168 |
| University of North Carolina at Charlotte, 5.00%, 10/1/47 | 4975 | &nbsp;&nbsp;&nbsp;&nbsp; 5010975 |
| University of North Carolina at Greensboro, 4.00%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 906211 |
| Western Carolina University, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 371923 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026997 |
|  |  | &nbsp;&nbsp;**$15381843** |
| Electric Utilities — 4.0% | Electric Utilities — 4.0% | Electric Utilities — 4.0% |
| Fayetteville, NC, Public Works Commission Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 3/1/49 | $1895 | &nbsp;&nbsp;$1805144 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/46 | 2545 | &nbsp;&nbsp;&nbsp;&nbsp; 2601527 |
| Greenville, NC, (Greenville Utilities Commission): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4674684 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 178765 |
|  |  | &nbsp;&nbsp;**$9260120** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Escrowed/Prerefunded — 0.5% | Escrowed/Prerefunded — 0.5% | Escrowed/Prerefunded — 0.5% |
| New Hanover County, NC, (New Hanover Regional Medical Center), Prerefunded to 10/1/27, 5.00%, 10/1/36 | $1000 | &nbsp;&nbsp;$1055538 |
|  |  | &nbsp;&nbsp;**$1055538** |
| General Obligations — 10.7% | General Obligations — 10.7% | General Obligations — 10.7% |
| Brunswick County, NC, 4.00%, 8/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;$70680 |
| Burlington, NC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 282207 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 533185 |
| Concord, NC, 4.00%, 9/1/41 | 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1028842 |
| Greensboro, NC, 4.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 157839 |
| Guilford County, NC, 4.00%, 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 901675 |
| Huntersville, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 850343 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/42 | 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1233231 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/43 | 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1165356 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/44 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1128910 |
| Johnston County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 849322 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/41 | 1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1210727 |
| Lee County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 935867 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 495121 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 925927 |
| Mecklenburg County, NC, 4.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 850417 |
| North Carolina, 2.00%, 6/1/32 | 2510 | &nbsp;&nbsp;&nbsp;&nbsp; 2276959 |
| Pender County, NC, 4.00%, 3/1/45 | 2575 | &nbsp;&nbsp;&nbsp;&nbsp; 2346674 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065766 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 823064 |
| Wake County, NC, 5.00%, 4/1/39 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2748060 |
| Wake Forest, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 69736 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 709559 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 211407 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 914396 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 864879 |
|  |  | &nbsp;&nbsp;**$24650149** |
| Hospital — 12.4% | Hospital — 12.4% | Hospital — 12.4% |
| Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health): |  |  |
| &nbsp;&nbsp;&nbsp;3.45% to 10/31/25 (Put Date), 1/15/48 | $2000 | &nbsp;&nbsp;$2002000 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

North Carolina Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.95%, 1/15/48<sup>(1)</sup> | $3000 | &nbsp;&nbsp;$3000000 |
| Charlotte-Mecklenburg Hospital Authority, NC, (Carolinas HealthCare System): |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.95%, 1/15/37<sup>(1)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.95%, 1/15/38<sup>(1)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| Nash Health Care Systems, NC, 5.50%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 1037151 |
| North Carolina Medical Care Commission, (Duke University Health System), 5.00%, 6/1/41 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2085463 |
| North Carolina Medical Care Commission, (Novant Health Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/49 | 2665 | &nbsp;&nbsp;&nbsp;&nbsp; 2252411 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 2.77%, 11/1/34<sup>(2)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| South Carolina Jobs-Economic Development Authority, (Novant Health Obligated Group), 5.50%, 11/1/48 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2592591 |
| University of North Carolina Hospitals at Chapel Hill: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/49 | 6800 | &nbsp;&nbsp;&nbsp;&nbsp; 7009106 |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 3.90%, 2/15/31<sup>(1)</sup> | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 |
|  |  | &nbsp;&nbsp;**$28578722** |
| Housing — 6.6% | Housing — 6.6% | Housing — 6.6% |
| North Carolina Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;3.95%, 1/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;$555172 |
| &nbsp;&nbsp;&nbsp;(Liq: TD Bank, N.A.), 3.90%, 1/1/50<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 1.25%, 1/1/29 | 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1128691 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 2.45%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 327813 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 2.80%, 1/1/40 | 1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1313646 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.85%, 7/1/38 | 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1773406 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.00%, 7/1/39 | 2490 | &nbsp;&nbsp;&nbsp;&nbsp; 2411079 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.55%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 560561 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 3.90%, 7/1/49<sup>(1)</sup> | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/43 | 1985 | &nbsp;&nbsp;&nbsp;&nbsp; 1921346 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.875%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 1004335 |
| Raleigh Housing Authority, NC, (919 At Cross Link), (FNMA), 4.50%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 263472 |
|  |  | &nbsp;&nbsp;**$15259521** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue — 0.4% | Industrial Development Revenue — 0.4% | Industrial Development Revenue — 0.4% |
| Cumberland County Industrial Facilities and Pollution Control Financing Authority, NC, (Aero Project), (AMT), 3.75% to 11/1/25 (Put Date), 12/1/27 | $1000 | &nbsp;&nbsp;$1000215 |
|  |  | &nbsp;&nbsp;**$1000215** |
| Insured - Education — 1.1% | Insured - Education — 1.1% | Insured - Education — 1.1% |
| East Carolina University, NC: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.125%, 10/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;$749496 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.25%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 648859 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.375%, 10/1/48 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1076654 |
| University of North Carolina, (AG), 5.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35022 |
|  |  | &nbsp;&nbsp;**$2510031** |
| Insured - Electric Utilities — 0.6% | Insured - Electric Utilities — 0.6% | Insured - Electric Utilities — 0.6% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $1335 | &nbsp;&nbsp;$1326148 |
|  |  | &nbsp;&nbsp;**$1326148** |
| Insured - Transportation — 6.1% | Insured - Transportation — 6.1% | Insured - Transportation — 6.1% |
| Greater Asheville Regional Airport Authority, NC: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.00%, 7/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;$227976 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.00%, 7/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073949 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 7/1/48 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2503769 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.50%, 7/1/47 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2542760 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.50%, 7/1/52 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027340 |
| North Carolina Turnpike Authority, (Triangle Expressway System): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 1/1/35 | 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 4545712 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/39 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1211957 |
|  |  | &nbsp;&nbsp;**$14133463** |
| Lease Revenue/Certificates of Participation — 7.8% | Lease Revenue/Certificates of Participation — 7.8% | Lease Revenue/Certificates of Participation — 7.8% |
| Ashe County, NC, 5.00%, 6/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;$339493 |
| Cabarrus County, NC, 5.00%, 8/1/42 | 2190 | &nbsp;&nbsp;&nbsp;&nbsp; 2289250 |
| Charlotte, NC, Certificates of Participation: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/36 | 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1150695 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/37 | 1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1178687 |
| Dare County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 314051 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 171874 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 170909 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 309377 |
| Mecklenburg County, NC, 4.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 190181 |
| Mooresville, NC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | 1525 | &nbsp;&nbsp;&nbsp;&nbsp; 1596526 |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

North Carolina Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) |
| Mooresville, NC: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/45 | $1420 | &nbsp;&nbsp;$1470051 |
| Onslow County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 510650 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 770451 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 711893 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 157631 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 334002 |
| Orange County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 98095 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/42 | 1080 | &nbsp;&nbsp;&nbsp;&nbsp; 1134070 |
| Pender County, NC, 4.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 685269 |
| Wake County, NC, 4.00%, 3/1/37 | 1910 | &nbsp;&nbsp;&nbsp;&nbsp; 1915873 |
| Watauga Public Facilities Corp., NC, 5.25%, 6/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073933 |
| Winston-Salem, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 98712 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 792904 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 520892 |
|  |  | &nbsp;&nbsp;**$17985469** |
| Other Revenue — 0.6% | Other Revenue — 0.6% | Other Revenue — 0.6% |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | $1400 | &nbsp;&nbsp;$1492275 |
|  |  | &nbsp;&nbsp;**$1492275** |
| Senior Living/Life Care — 6.4% | Senior Living/Life Care — 6.4% | Senior Living/Life Care — 6.4% |
| North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31 | $2000 | &nbsp;&nbsp;$2027306 |
| North Carolina Medical Care Commission, (EveryAge): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/47 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 797120 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/44 | 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1193172 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/49 | 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 1007475 |
| North Carolina Medical Care Commission, (Penick Village): |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 410110 |
| &nbsp;&nbsp;&nbsp;5.50%, 9/1/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1960365 |
| North Carolina Medical Care Commission, (Pennybyrn at Maryfield), 5.00%, 10/1/50 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1729465 |
| North Carolina Medical Care Commission, (Plantation Village, Inc.), 4.00%, 1/1/41 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 967916 |
| North Carolina Medical Care Commission, (The Forest at Duke), 4.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 756377 |
| North Carolina Medical Care Commission, (The Pines at Davidson): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 511084 |

---

---

| | | |
|:---|:---|:---|
| **<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) |
| North Carolina Medical Care Commission, (The Pines at Davidson): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/38 | $1000 | &nbsp;&nbsp;$1009488 |
| North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.125%, 10/1/54 | 2490 | &nbsp;&nbsp;&nbsp;&nbsp; 2372356 |
|  |  | &nbsp;&nbsp;**$14742234** |
| Special Tax Revenue — 1.7% | Special Tax Revenue — 1.7% | Special Tax Revenue — 1.7% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$196282 |
| Mecklenburg County, NC, Special Obligation, 5.00%, 1/1/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001728 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 3030 | &nbsp;&nbsp;&nbsp;&nbsp; 2779292 |
|  |  | &nbsp;&nbsp;**$3977302** |
| Student Loan — 1.7% | Student Loan — 1.7% | Student Loan — 1.7% |
| North Carolina Education Assistance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 6/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;$427099 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 6/1/43 | 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1450039 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 6/1/45 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2028076 |
|  |  | &nbsp;&nbsp;**$3905214** |
| Transportation — 6.2% | Transportation — 6.2% | Transportation — 6.2% |
| Charlotte, NC, (Charlotte Douglas International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;$1012468 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/47 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5005028 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000106 |
| North Carolina Department of Transportation, (I-77 HOT Lanes), (AMT), 5.00%, 6/30/54 | 2550 | &nbsp;&nbsp;&nbsp;&nbsp; 2474275 |
| North Carolina Turnpike Authority, (Triangle Expressway System), 5.00%, 1/1/40 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2540562 |
| Raleigh-Durham Airport Authority, NC, (AMT), 5.00%, 5/1/35 | 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2297281 |
|  |  | &nbsp;&nbsp;**$14329720** |
| Water and Sewer — 22.2% | Water and Sewer — 22.2% | Water and Sewer — 22.2% |
| Buncombe County Metropolitan Sewerage District, NC, 5.00%, 7/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;$540903 |
| Cape Fear Public Utility Authority, NC, Water and Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44 | 2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2153188 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 419224 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp; 962983 |
| Charlotte, NC, Water and Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/37 | 6475 | &nbsp;&nbsp;&nbsp;&nbsp; 6487442 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/52 | 4470 | &nbsp;&nbsp;&nbsp;&nbsp; 3978070 |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

North Carolina Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Charlotte, NC, Water and Sewer System Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/49 | $1100 | &nbsp;&nbsp;$1136405 |
| Durham, NC, Water and Sewer Utility System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 8/1/40 | 2395 | &nbsp;&nbsp;&nbsp;&nbsp; 1977747 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp; 758867 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 615843 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/49 | 3355 | &nbsp;&nbsp;&nbsp;&nbsp; 3015260 |
| Fuquay-Varina, NC, Combined Utilities Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/43 | 3285 | &nbsp;&nbsp;&nbsp;&nbsp; 3051257 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 536826 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/45 | 1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1171549 |
| Gastonia, NC, Combined Utilities System Revenue, 4.00%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 183211 |
| Greensboro, NC, Combined Enterprise System Revenue, 5.00%, 6/1/49 | 3900 | &nbsp;&nbsp;&nbsp;&nbsp; 4011023 |
| Hendersonville, NC, Water and Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 19811 |
| &nbsp;&nbsp;&nbsp;4.50%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 244557 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 287940 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 283957 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 269032 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 263311 |
| High Point, NC, Combined Water and Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 702571 |
| &nbsp;&nbsp;&nbsp;4.25%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 440951 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 181211 |
| Johnston County, NC, Water and Sewer System Revenue, 5.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 804093 |
| Mebane, NC, Combined Utilities Revenue, 4.00%, 8/1/49 | 2275 | &nbsp;&nbsp;&nbsp;&nbsp; 1968157 |
| Onslow Water and Sewer Authority, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 604883 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/48 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1117371 |
| Sanford, NC, Utility Systems Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 272727 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1826359 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 305915 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 207236 |
| &nbsp;&nbsp;&nbsp;4.125%, 6/1/50 | 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1123063 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 541315 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 800954 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 790468 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044593 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/43 | 1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1053677 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Winston-Salem, NC, Water and Sewer System Revenue, 4.00%, 6/1/37 | $5000 | &nbsp;&nbsp;$5002171 |
|  |  | &nbsp;&nbsp;**$51156121** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $225,741,444) |  | &nbsp;&nbsp;**$220744085** |

---

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

Taxable Municipal Obligations — 1.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 1.0% | Education — 1.0% | Education — 1.0% |
| Duke University, NC, 5.85%, 4/1/37 | $1400 | &nbsp;&nbsp;$1516272 |
| University of North Carolina at Chapel Hill, 3.327%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 913990 |
|  |  | &nbsp;&nbsp;**$2430262** |
| Lease Revenue/Certificates of Participation — 0.3% | Lease Revenue/Certificates of Participation — 0.3% | Lease Revenue/Certificates of Participation — 0.3% |
| Greensboro, NC, (Coliseum Complex), 2.431%, 4/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$430834 |
| Wilmington, NC, Limited Obligation Bonds, 2.03%, 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 182913 |
|  |  | &nbsp;&nbsp;**$613747** |
| Total Taxable Municipal Obligations<br> (identified cost $3,055,978) |  | &nbsp;&nbsp;**$3044009** |
| Total Investments — 97.4%<br> (identified cost $229,797,422) |  | &nbsp;&nbsp;**$224723945** |
| Other Assets, Less Liabilities — 2.6% |  | &nbsp;&nbsp;**$5913496** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$230637441** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at August 31, 2025. |
| <sup>(2)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at August 31, 2025. |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

North Carolina Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At August 31, 2025, the aggregate value of these securities is $196,282 or 0.1% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by North Carolina 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 August 31, 2025, 8.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.6% to 6.3% of total investments. | The Fund invests primarily in debt securities issued by North Carolina 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 August 31, 2025, 8.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.6% to 6.3% of total investments. |

---

---

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

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Oregon Municipal Income Fund

August 31, 2025

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 95.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 7.2% | Education — 7.2% | Education — 7.2% |
| Oregon State University: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/44 | $1980 | &nbsp;&nbsp;$1816583 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/45 | 2670 | &nbsp;&nbsp;&nbsp;&nbsp; 2790846 |
| University of Oregon: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/48 | 4230 | &nbsp;&nbsp;&nbsp;&nbsp; 4244646 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/50 | 2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2044538 |
| Yamhill County, OR, (George Fox University): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 897037 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/41 | 3005 | &nbsp;&nbsp;&nbsp;&nbsp; 2779780 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/51 | 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1086860 |
|  |  | &nbsp;&nbsp;**$15660290** |
| Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% |
| Eugene, OR, Electric Utility System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | $1040 | &nbsp;&nbsp;$1047832 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/49 | 1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1349753 |
|  |  | &nbsp;&nbsp;**$2397585** |
| General Obligations — 48.3% | General Obligations — 48.3% | General Obligations — 48.3% |
| Beaverton School District No. 48J, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/48 | $2500 | &nbsp;&nbsp;$2557112 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/52 | 1705 | &nbsp;&nbsp;&nbsp;&nbsp; 1723688 |
| Bend, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | 1255 | &nbsp;&nbsp;&nbsp;&nbsp; 1323168 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/50 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1384150 |
| Benton County, OR, 5.00%, 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 986220 |
| Canby School District No. 86, OR, 4.00%, 6/15/38 | 1170 | &nbsp;&nbsp;&nbsp;&nbsp; 1157050 |
| Centennial School District No. 28Jt, OR, 4.00%, 6/15/39 | 1855 | &nbsp;&nbsp;&nbsp;&nbsp; 1821480 |
| Central School District No. 13J, OR, Polk, Marion and Benton Counties, 0.00%, 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 422892 |
| Clackamas Community College District, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/39 | 1245 | &nbsp;&nbsp;&nbsp;&nbsp; 1266298 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/40 | 1585 | &nbsp;&nbsp;&nbsp;&nbsp; 1607194 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/43 | 1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1445404 |
| Clackamas County School District No. 7J Lake Oswego, OR, 5.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 209799 |
| Creswell School District No. 40, OR, Lane County: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 551611 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 403057 |
| David Douglas School District No. 40, OR, Multnomah County, 5.50%, 6/15/53 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1187654 |
| Deschutes County Administrative School District No. 1 Bend-La Pine, OR, 5.00%, 6/15/40 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2147405 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Deschutes Public Library District, OR, 3.00%, 6/1/40 | $1500 | &nbsp;&nbsp;$1240809 |
| Forest Grove School District No. 15, OR, Washington County: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 395645 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044809 |
| Hermiston School District No. 8R, OR, 0.00%, 6/15/43 | 2560 | &nbsp;&nbsp;&nbsp;&nbsp; 1054762 |
| Hillsboro School District No. 1J, OR, Washington, Multnomah and Yamhill Counties, 5.00%, 6/15/37 | 1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1641084 |
| Lake Oswego, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/46 | 1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1233249 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/49 | 2315 | &nbsp;&nbsp;&nbsp;&nbsp; 2381926 |
| Lincoln County School District, OR: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031179 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017872 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008170 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 499385 |
| Marion County School District No. 1 Gervais, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/44 | 3080 | &nbsp;&nbsp;&nbsp;&nbsp; 3260454 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/49 | 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 2013756 |
| Metro, OR, 5.00%, 6/1/41 | 2640 | &nbsp;&nbsp;&nbsp;&nbsp; 2817376 |
| Molalla River School District No. 35, OR, Clackamas County: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 309797 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 349299 |
| Mount Hood Community College District, OR, 5.00%, 6/15/35 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2267851 |
| Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow, OR, 5.00%, 6/15/37 | 1340 | &nbsp;&nbsp;&nbsp;&nbsp; 1370126 |
| North Clackamas School District No. 12, OR, Clackamas County, 5.00%, 6/15/39 | 1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1663023 |
| Oregon: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 657483 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | 1615 | &nbsp;&nbsp;&nbsp;&nbsp; 1630699 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/44 | 6995 | &nbsp;&nbsp;&nbsp;&nbsp; 7054919 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/44 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1701953 |
| &nbsp;&nbsp;&nbsp;(Liq: JPMorgan Chase Bank, N.A.), 3.95%, 6/1/45<sup>(1)</sup> | 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1140000 |
| Oregon City School District No. 62: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 671064 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp; 981999 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/46 | 1855 | &nbsp;&nbsp;&nbsp;&nbsp; 1904608 |
| Oregon City School District No. 62, Clackamas County, 5.00%, 6/15/49 | 5205 | &nbsp;&nbsp;&nbsp;&nbsp; 5251056 |
| Oregon Coast Community College District: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, (0.00% until 6/15/25), 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 545151 |
| &nbsp;&nbsp;&nbsp;5.00%, (0.00% until 6/15/25), 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 594898 |
| &nbsp;&nbsp;&nbsp;5.00%, (0.00% until 6/15/25), 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 429446 |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Oregon Municipal Income Fund

August 31, 2025

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) |
| Oregon Coast Community College District: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, (0.00% until 6/15/25), 6/15/42 | $&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;$448641 |
| &nbsp;&nbsp;&nbsp;5.00%, (0.00% until 6/15/25), 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 523858 |
| &nbsp;&nbsp;&nbsp;5.00%, (0.00% until 6/15/25), 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 755481 |
| Oregon Elderly and Disabled Housing, 5.65%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105234 |
| Philomath School District No. 17J, OR, Benton and Polk Counties: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/28 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 920430 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 599515 |
| Portland, OR, 5.00%, 4/1/41 | 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1285017 |
| Portland, OR, (Transportation Project), 2.00%, 10/1/36 | 1265 | &nbsp;&nbsp;&nbsp;&nbsp; 1002353 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 532883 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 823064 |
| Redmond Area Park and Recreation District, OR, 5.00%, 6/15/43 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1202284 |
| Redmond School District No. 2J, OR, Deschutes and Jefferson Counties, 0.00%, 6/15/27 | 3175 | &nbsp;&nbsp;&nbsp;&nbsp; 3017941 |
| Redmond, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 605619 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 1001159 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129631 |
| Riverdale School District No. 51J, OR, Multnomah and Clackamas Counties: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 897369 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/30 | 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1051430 |
| Sandy, OR: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 146935 |
| &nbsp;&nbsp;&nbsp;4.75%, 4/1/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 989700 |
| &nbsp;&nbsp;&nbsp;4.75%, 4/1/50 | 1370 | &nbsp;&nbsp;&nbsp;&nbsp; 1345955 |
| St. Helens School District No. 502, OR, 5.00%, 6/15/45 | 4950 | &nbsp;&nbsp;&nbsp;&nbsp; 5000445 |
| Tillamook County School District No. 9 Tillamook, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/42 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1824178 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/43 | 2065 | &nbsp;&nbsp;&nbsp;&nbsp; 2136280 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 900781 |
| Tillamook County, OR, 5.00%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 217215 |
| Washington and Clackamas Counties School District No. 23J, OR, Tigard-Tualatin, 5.00%, 6/15/43 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3132472 |
| Washington County School District No. 13 Banks, OR: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/44 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141254 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/51 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250811 |
| West Linn, OR: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/41 | 1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1367936 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/43 | 1465 | &nbsp;&nbsp;&nbsp;&nbsp; 1329990 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Winston-Dillard School District No. 116, OR, 0.00%, 6/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;$294774 |
|  |  | &nbsp;&nbsp;**$105338665** |
| Hospital — 11.2% | Hospital — 11.2% | Hospital — 11.2% |
| Astoria Hospital Facilities Authority, OR, (Columbia Memorial Hospital), 5.25%, 8/1/49 | $3395 | &nbsp;&nbsp;$3260860 |
| Medford Hospital Facilities Authority, OR, (Asante Health System), 5.00%, 8/15/45 | 4515 | &nbsp;&nbsp;&nbsp;&nbsp; 4443620 |
| Oregon Facilities Authority, (PeaceHealth): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1506394 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 3.80%, 8/1/34<sup>(1)</sup> | 2545 | &nbsp;&nbsp;&nbsp;&nbsp; 2545000 |
| Oregon Facilities Authority, (Samaritan Health Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 310238 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/40 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1753950 |
| Oregon Health and Science University: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00%, 7/1/40 | 1520 | &nbsp;&nbsp;&nbsp;&nbsp; 1483604 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00%, 7/1/41 | 2605 | &nbsp;&nbsp;&nbsp;&nbsp; 2512772 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00%, 7/1/44 | 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 1922621 |
| Oregon State Facilities Authority, (Legacy Health), 5.00%, 6/1/46 | 1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1602809 |
| Salem Hospital Facility Authority, OR, (Salem Health), 5.00%, 5/15/44 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3001038 |
|  |  | &nbsp;&nbsp;**$24342906** |
| Housing — 3.0% | Housing — 3.0% | Housing — 3.0% |
| Oregon Housing and Community Services Department: |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, 7/1/43 | $1950 | &nbsp;&nbsp;$1890916 |
| &nbsp;&nbsp;&nbsp;4.75%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 952941 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.45%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 872166 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.15%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 880555 |
| Oregon Housing and Community Services Department, (Redmond Landing Apartment), (FNMA), 4.33%, 11/1/43 | 2140 | &nbsp;&nbsp;&nbsp;&nbsp; 2008071 |
|  |  | &nbsp;&nbsp;**$6604649** |
| Insured - Electric Utilities — 1.4% | Insured - Electric Utilities — 1.4% | Insured - Electric Utilities — 1.4% |
| Puerto Rico Electric Power Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/29 | $1045 | &nbsp;&nbsp;$1055248 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/34 | 2120 | &nbsp;&nbsp;&nbsp;&nbsp; 2105943 |
|  |  | &nbsp;&nbsp;**$3161191** |
| Insured - General Obligations — 2.5% | Insured - General Obligations — 2.5% | Insured - General Obligations — 2.5% |
| Hermiston, OR, (AG), 4.00%, 12/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;$442581 |
| Lebanon Community School District No. 9, OR, Linn County, (NPFG), 5.50%, 6/15/30 | 2765 | &nbsp;&nbsp;&nbsp;&nbsp; 3072686 |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Oregon Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Newport, OR: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 6/1/28 | $1000 | &nbsp;&nbsp;$925005 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 6/1/29 | 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1097361 |
|  |  | &nbsp;&nbsp;**$5537633** |
| Lease Revenue/Certificates of Participation — 1.0% | Lease Revenue/Certificates of Participation — 1.0% | Lease Revenue/Certificates of Participation — 1.0% |
| Portland Housing Authority, OR, (Pearl Court LP), 4.625%, 1/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;$564086 |
| Portland Housing Authority, OR, (Yards Union Station Project), 4.85%, 5/1/29 | 1680 | &nbsp;&nbsp;&nbsp;&nbsp; 1681961 |
|  |  | &nbsp;&nbsp;**$2246047** |
| Other Revenue — 0.5% | Other Revenue — 0.5% | Other Revenue — 0.5% |
| Oregon State Lottery, 5.25%, 4/1/44 | $1000 | &nbsp;&nbsp;$1062500 |
|  |  | &nbsp;&nbsp;**$1062500** |
| Senior Living/Life Care — 2.2% | Senior Living/Life Care — 2.2% | Senior Living/Life Care — 2.2% |
| Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.375%, 11/15/55 | $&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$89287 |
| Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/36 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2731239 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 740223 |
| Salem Hospital Facility Authority, OR, (Capital Manor): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 662997 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 552041 |
|  |  | &nbsp;&nbsp;**$4775787** |
| Special Tax Revenue — 3.2% | Special Tax Revenue — 3.2% | Special Tax Revenue — 3.2% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$196282 |
| Oregon Department of Transportation, (Highway User Tax), 5.00%, 11/15/40 | 4630 | &nbsp;&nbsp;&nbsp;&nbsp; 4817174 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 1926242 |
|  |  | &nbsp;&nbsp;**$6939698** |
| Transportation — 3.7% | Transportation — 3.7% | Transportation — 3.7% |
| Port of Portland, OR, (Portland International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/34 | $1475 | &nbsp;&nbsp;$1531302 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/36 | 1165 | &nbsp;&nbsp;&nbsp;&nbsp; 1174784 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 885489 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/41 | 2325 | &nbsp;&nbsp;&nbsp;&nbsp; 2414925 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2061416 |
|  |  | &nbsp;&nbsp;**$8067916** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer — 9.8% | Water and Sewer — 9.8% | Water and Sewer — 9.8% |
| Beaverton, OR, Water Revenue, 5.00%, 4/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;$271858 |
| Eugene, OR, Water Utility System Revenue, 5.00%, 8/1/48 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1631036 |
| Medford Water Commission, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/49 | 3025 | &nbsp;&nbsp;&nbsp;&nbsp; 3119483 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/54 | 2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2378523 |
| Portland, OR, Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 1083206 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/40 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1346746 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1172086 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/44 | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1501138 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/47 | 4805 | &nbsp;&nbsp;&nbsp;&nbsp; 4895832 |
| Portland, OR, Water System Revenue, 5.00%, 5/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009633 |
| Rockwood Water People's Utility District, OR: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 219725 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 253157 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 266922 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 285497 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 227142 |
| Tualatin Valley Water District, OR, 5.00%, 6/1/47 | 1595 | &nbsp;&nbsp;&nbsp;&nbsp; 1635189 |
|  |  | &nbsp;&nbsp;**$21297173** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $210,428,739) |  | &nbsp;&nbsp;**$207432040** |

---

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

Taxable Municipal Obligations — 3.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% |
| Confederated Tribes of Warm Springs Reservation, OR, (Pelton-Round Butte Hydroelectric Project): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 2.165%, 11/1/26<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$291493 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 2.37%, 11/1/27<sup>(2)</sup> | 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1288189 |
| Morrow, OR, (Bonneville Corp.): |  |  |
| &nbsp;&nbsp;&nbsp;2.543%, 9/1/40 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1182326 |
| &nbsp;&nbsp;&nbsp;2.987%, 9/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 870370 |
|  |  | &nbsp;&nbsp;**$3632378** |
| General Obligations — 0.9% | General Obligations — 0.9% | General Obligations — 0.9% |
| Portland, OR, (Veterans Memorial Coliseum), 4.34%, 6/1/29 | $2065 | &nbsp;&nbsp;$2095707 |
|  |  | &nbsp;&nbsp;**$2095707** |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Oregon Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Housing — 0.6% | Insured - Housing — 0.6% | Insured - Housing — 0.6% |
| Oregon Facilities Authority, (CHF-Ashland, LLC - Southern Oregon University): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 1.659%, 7/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;$170506 |
| &nbsp;&nbsp;&nbsp;(AG), 2.255%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 163662 |
| &nbsp;&nbsp;&nbsp;(AG), 2.579%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 225466 |
| &nbsp;&nbsp;&nbsp;(AG), 3.508%, 7/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 780962 |
|  |  | &nbsp;&nbsp;**$1340596** |
| Insured - Special Tax Revenue — 0.4% | Insured - Special Tax Revenue — 0.4% | Insured - Special Tax Revenue — 0.4% |
| Hillsboro Economic Development Council, OR, (AG), 5.941%, 6/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;$911751 |
|  |  | &nbsp;&nbsp;**$911751** |
| Total Taxable Municipal Obligations<br> (identified cost $8,187,840) |  | &nbsp;&nbsp;**$7980432** |
| Total Investments — 98.7%<br> (identified cost $218,616,579) |  | &nbsp;&nbsp;**$215412472** |
| Other Assets, Less Liabilities — 1.3% |  | &nbsp;&nbsp;**$2796191** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$218208663** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at August 31, 2025. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At August 31, 2025, the aggregate value of these securities is $1,775,964 or 0.8% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by Oregon 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 August 31, 2025, 5.1% 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 2.2% to 2.9% of total investments. | The Fund invests primarily in debt securities issued by Oregon 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 August 31, 2025, 5.1% 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 2.2% to 2.9% of total investments. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| FNMA | – Federal National Mortgage Association |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

South Carolina Municipal Income Fund

August 31, 2025

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 98.5%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 8.6% | Education — 8.6% | Education — 8.6% |
| Clemson University, SC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$52782 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125117 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102225 |
| Florence County, SC, (Savannah Grove Infrastructure): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 878407 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 214639 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 407307 |
| &nbsp;&nbsp;&nbsp;4.125%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 121293 |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 784818 |
| South Carolina Jobs-Economic Development Authority, (Carolina Voyager), 5.00%, 6/15/44<sup>(1)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1896769 |
| South Carolina Jobs-Economic Development Authority, (Furman University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/37 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1622578 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/38 | 2265 | &nbsp;&nbsp;&nbsp;&nbsp; 2412765 |
| South Carolina Jobs-Economic Development Authority, (R.D. Anderson Applied Technology Center): |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 877209 |
| &nbsp;&nbsp;&nbsp;4.625%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 718044 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 991154 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/45 | 1735 | &nbsp;&nbsp;&nbsp;&nbsp; 1778317 |
| South Carolina Jobs-Economic Development Authority, (Wofford College), 5.00%, 4/1/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 986599 |
| University of South Carolina, 5.00%, 5/1/46 | 2485 | &nbsp;&nbsp;&nbsp;&nbsp; 2516939 |
|  |  | &nbsp;&nbsp;**$16486962** |
| Electric Utilities — 8.4% | Electric Utilities — 8.4% | Electric Utilities — 8.4% |
| Rock Hill, SC, Combined Utility System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/49 | $2280 | &nbsp;&nbsp;$1948307 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/47 | 4900 | &nbsp;&nbsp;&nbsp;&nbsp; 4894606 |
| South Carolina Public Service Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/42 | 2960 | &nbsp;&nbsp;&nbsp;&nbsp; 2661675 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 762014 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 929360 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/40 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1610157 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | 2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2117971 |
| South Carolina Public Service Authority, (Santee Cooper), 5.00%, 12/1/45 | 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1153119 |
|  |  | &nbsp;&nbsp;**$16077209** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations — 16.2% | General Obligations — 16.2% | General Obligations — 16.2% |
| Anderson County School District No. 4, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 3/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;$438874 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/34 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2288243 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/39 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3235847 |
| Dorchester County School District No. 4, SC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/46 | 1510 | &nbsp;&nbsp;&nbsp;&nbsp; 1545391 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/47 | 1880 | &nbsp;&nbsp;&nbsp;&nbsp; 1912479 |
| Florence County, SC, 4.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 22493 |
| Fort Mill School District No. 4, SC, 4.00%, 3/1/39 | 2575 | &nbsp;&nbsp;&nbsp;&nbsp; 2507575 |
| Oconee County, SC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/42 | 2165 | &nbsp;&nbsp;&nbsp;&nbsp; 2250732 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/43 | 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1964329 |
| Orangeburg County School District, SC, 5.00%, 8/13/26 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2045894 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 532883 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1371773 |
| South Carolina, (Clemson University), 5.00%, 4/1/38 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5378078 |
| Spartanburg County School District No. 4, SC, 5.25%, 3/1/52 | 4740 | &nbsp;&nbsp;&nbsp;&nbsp; 4887776 |
| Spartanburg County School District No. 5, SC, 4.00%, 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 787423 |
|  |  | &nbsp;&nbsp;**$31169790** |
| Hospital — 16.9% | Hospital — 16.9% | Hospital — 16.9% |
| Greenville Health System, SC, 5.00%, 5/1/39 | $1215 | &nbsp;&nbsp;$1215117 |
| Greenwood, SC, (Self Regional Healthcare), 4.00%, 10/1/39 | 1195 | &nbsp;&nbsp;&nbsp;&nbsp; 1146010 |
| Lexington County Health Services District, Inc., SC, (Lexington Medical Center), 5.00%, 11/1/41 | 5565 | &nbsp;&nbsp;&nbsp;&nbsp; 5570715 |
| South Carolina Jobs-Economic Development Authority, (Anmed Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1848487 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/38 | 2405 | &nbsp;&nbsp;&nbsp;&nbsp; 2408780 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 2/1/26, 5.00%, 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 600887 |
| South Carolina Jobs-Economic Development Authority, (Beaufort Memorial Hospital and South of Broad Healthcare): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 363569 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/15/44 | 2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2082519 |
| South Carolina Jobs-Economic Development Authority, (Bon Secours Mercy Health, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/44 | 1495 | &nbsp;&nbsp;&nbsp;&nbsp; 1312975 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058176 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | 2670 | &nbsp;&nbsp;&nbsp;&nbsp; 2597776 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 565053 |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

South Carolina Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| South Carolina Jobs-Economic Development Authority, (McLeod Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 11/1/54 | $1930 | &nbsp;&nbsp;$1658447 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/54<sup>(2)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055580 |
| South Carolina Jobs-Economic Development Authority, (Novant Health Obligated Group), 5.50%, 11/1/48 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2851850 |
| South Carolina Jobs-Economic Development Authority, (Prisma Health Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/36 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1548176 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 3.90%, 5/1/48<sup>(3)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 3.90%, 5/1/48<sup>(3)</sup> | 2480 | &nbsp;&nbsp;&nbsp;&nbsp; 2480000 |
|  |  | &nbsp;&nbsp;**$32364117** |
| Housing — 7.0% | Housing — 7.0% | Housing — 7.0% |
| Charleston Housing Authority, SC, 4.50%, 9/1/35 | $1670 | &nbsp;&nbsp;$1645835 |
| Greenville Housing Authority, SC, (Cherokee Landing Apartments), (FNMA), 4.91%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 402906 |
| South Carolina Housing Finance and Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 461483 |
| &nbsp;&nbsp;&nbsp;4.375%, 7/1/44 | 2915 | &nbsp;&nbsp;&nbsp;&nbsp; 2797456 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.65%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 563257 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 6.00%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 228902 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 6.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57530 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 6.00%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 173166 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 6.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115956 |
| &nbsp;&nbsp;&nbsp;(FNMA), 4.80%, 5/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 998997 |
| South Carolina Jobs-Economic Development Authority, (Foothill Affordable Housing Foundation - Paddock Club and Fairways), (FHLMC), 4.00% to 3/1/35 (Put Date), 3/1/62 | 3485 | &nbsp;&nbsp;&nbsp;&nbsp; 3453589 |
| Tender Option Bond Trust Receipts/Certificates, (FHLMC), (FNMA), (GNMA), (Liq: JPMorgan Chase Bank, N.A.), 4.00%, 1/1/31<sup>(1)(3)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
|  |  | &nbsp;&nbsp;**$13399077** |
| Industrial Development Revenue — 2.1% | Industrial Development Revenue — 2.1% | Industrial Development Revenue — 2.1% |
| South Carolina Jobs-Economic Development Authority, (International Paper Co.), (AMT), 4.00% to 4/1/26 (Put Date), 4/1/33 | $4000 | &nbsp;&nbsp;$4017999 |
|  |  | &nbsp;&nbsp;**$4017999** |
| Insured - Education — 2.1% | Insured - Education — 2.1% | Insured - Education — 2.1% |
| College of Charleston, SC: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.125%, 4/1/42 | $1985 | &nbsp;&nbsp;$1899039 |
| &nbsp;&nbsp;&nbsp;(AG), 4.25%, 4/1/43 | 2230 | &nbsp;&nbsp;&nbsp;&nbsp; 2133939 |
|  |  | &nbsp;&nbsp;**$4032978** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Electric Utilities — 4.7% | Insured - Electric Utilities — 4.7% | Insured - Electric Utilities — 4.7% |
| Greer, SC, Combined Utility System: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 9/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$22406 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/42 | 1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1639848 |
| Puerto Rico Electric Power Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/29 | 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1085542 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/32 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1349175 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/34 | 1820 | &nbsp;&nbsp;&nbsp;&nbsp; 1807932 |
| South Carolina Public Service Authority, (BAM), 4.00%, 12/1/52 | 3610 | &nbsp;&nbsp;&nbsp;&nbsp; 3100830 |
|  |  | &nbsp;&nbsp;**$9005733** |
| Insured - Utilities — 0.5% | Insured - Utilities — 0.5% | Insured - Utilities — 0.5% |
| Greer, SC, Combined Utility System: |  |  |
| &nbsp;&nbsp;&nbsp;(AMBAC), 5.50%, 9/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;$857576 |
| &nbsp;&nbsp;&nbsp;(AMBAC), 5.50%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43915 |
|  |  | &nbsp;&nbsp;**$901491** |
| Lease Revenue/Certificates of Participation — 7.4% | Lease Revenue/Certificates of Participation — 7.4% | Lease Revenue/Certificates of Participation — 7.4% |
| Florence County School District No. 3, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/39 | $1425 | &nbsp;&nbsp;$1341420 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/41 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1102159 |
| Fort Mill School District No. 4, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 286489 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119249 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27523 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 140447 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 348928 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26547 |
| Georgetown County Scago Public Facilities Corp., SC, 4.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 885953 |
| Greer, SC, (Corporation ForGreer): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/45 | 1270 | &nbsp;&nbsp;&nbsp;&nbsp; 1122445 |
| &nbsp;&nbsp;&nbsp;4.125%, 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 701780 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/50 | 3025 | &nbsp;&nbsp;&nbsp;&nbsp; 3043212 |
| &nbsp;&nbsp;&nbsp;5.25%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 626501 |
| &nbsp;&nbsp;&nbsp;5.25%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 519735 |
| Lancaster County Public Facilities Corp., SC, 5.00%, 6/1/43 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1527273 |
| Laurens County Public Facilities Authority, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 272373 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/49 | 2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2070120 |
|  |  | &nbsp;&nbsp;**$14162154** |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

South Carolina Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue — 0.8% | Other Revenue — 0.8% | Other Revenue — 0.8% |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | $1400 | &nbsp;&nbsp;$1492275 |
|  |  | &nbsp;&nbsp;**$1492275** |
| Senior Living/Life Care — 4.8% | Senior Living/Life Care — 4.8% | Senior Living/Life Care — 4.8% |
| South Carolina Jobs-Economic Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/47 | $1000 | &nbsp;&nbsp;$944372 |
| South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/49 | 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 979284 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 604979 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/54 | 2980 | &nbsp;&nbsp;&nbsp;&nbsp; 2724468 |
| South Carolina Jobs-Economic Development Authority, (Seafields Kiawah Island), 7.50%, 11/15/53 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033739 |
| South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 649856 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 983431 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 844680 |
| South Carolina Jobs-Economic Development Authority, (The Woodlands at Furman), 5.25%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504303 |
|  |  | &nbsp;&nbsp;**$9269112** |
| Special Tax Revenue — 1.9% | Special Tax Revenue — 1.9% | Special Tax Revenue — 1.9% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$196282 |
| Anderson, SC, (Hospitality Fee), 4.00%, 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 88769 |
| Greenville County, SC, Road Fee Revenue, 4.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 735460 |
| Myrtle Beach, SC, (Hospitality Fee), 4.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 193768 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 2765 | &nbsp;&nbsp;&nbsp;&nbsp; 2536219 |
|  |  | &nbsp;&nbsp;**$3750498** |
| Transportation — 6.5% | Transportation — 6.5% | Transportation — 6.5% |
| Charleston County Airport District, SC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;$502865 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/54 | 1525 | &nbsp;&nbsp;&nbsp;&nbsp; 1557361 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008360 |
| Greenville-Spartanburg Airport District, SC, 5.25%, 7/1/54 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2553051 |
| South Carolina Ports Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/43 | 1170 | &nbsp;&nbsp;&nbsp;&nbsp; 1162013 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/44 | 5680 | &nbsp;&nbsp;&nbsp;&nbsp; 5630764 |
|  |  | &nbsp;&nbsp;**$12414414** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer — 10.6% | Water and Sewer — 10.6% | Water and Sewer — 10.6% |
| Aiken, SC, 5.00%, 8/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$804713 |
| Anderson County, SC, Sewer System Revenue, 4.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 395045 |
| Beaufort-Jasper Water and Sewer Authority, SC, 4.00%, 3/1/50 | 2440 | &nbsp;&nbsp;&nbsp;&nbsp; 2118372 |
| Charleston, SC, Waterworks and Sewer System Revenue, 5.00%, 1/1/47 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2564090 |
| Clemson, SC, Water and Sewer System Revenue, 4.00%, 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 804652 |
| Columbia, SC, Waterworks and Sewer System Revenue, 5.00%, 2/1/47 | 5360 | &nbsp;&nbsp;&nbsp;&nbsp; 5446740 |
| Florence, SC, Combined Waterworks and Sewerage System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 474120 |
| &nbsp;&nbsp;&nbsp;4.25%, 9/1/48 | 3425 | &nbsp;&nbsp;&nbsp;&nbsp; 3069737 |
| Greenville County Metropolitan Sewer Subdistrict, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 550778 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 355162 |
| Renewable Water Resources, SC, Sewer System Revenue, 4.00%, 4/1/44 | 1895 | &nbsp;&nbsp;&nbsp;&nbsp; 1767105 |
| South Island Public Service District, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/49 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1011996 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/47 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009001 |
|  |  | &nbsp;&nbsp;**$20371511** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $194,235,615) |  | &nbsp;&nbsp;**$188915320** |

---

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

Taxable Municipal Obligations — 0.5%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation — 0.2% | Lease Revenue/Certificates of Participation — 0.2% | Lease Revenue/Certificates of Participation — 0.2% |
| Florence Public Facilities Corp., SC, 3.086%, 11/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$395603 |
|  |  | &nbsp;&nbsp;**$395603** |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

South Carolina Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Student Loan — 0.3% | Student Loan — 0.3% | Student Loan — 0.3% |
| South Carolina Student Loan Corp., 3.593%, 12/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;$440432 |
|  |  | &nbsp;&nbsp;**$440432** |
| Total Taxable Municipal Obligations<br> (identified cost $950,000) |  | &nbsp;&nbsp;**$836035** |
| Total Investments — 99.0%<br> (identified cost $195,185,615) |  | &nbsp;&nbsp;**$189751355** |
| Other Assets, Less Liabilities — 1.0% |  | &nbsp;&nbsp;**$1982354** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$191733709** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At August 31, 2025, the aggregate value of these securities is $4,593,051 or 2.4% 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> | 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 August 31, 2025. |
| The Fund invests primarily in debt securities issued by South Carolina 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 August 31, 2025, 7.3% 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 2.5% of total investments. | The Fund invests primarily in debt securities issued by South Carolina 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 August 31, 2025, 7.3% 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 2.5% of total investments. |

---

---

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

---

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Virginia Municipal Income Fund

August 31, 2025

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 98.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 4.7% | Bond Bank — 4.7% | Bond Bank — 4.7% |
| Virginia Resources Authority, (Pooled Financing Program): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/41 | $1500 | &nbsp;&nbsp;$1466039 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 521561 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 430698 |
| Virginia Resources Authority, (State Revolving Fund), 3.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 418734 |
|  |  | &nbsp;&nbsp;**$2837032** |
| Education — 3.5% | Education — 3.5% | Education — 3.5% |
| Alexandria Industrial Development Authority, VA, (Episcopal High School), 4.00%, 1/1/36 | $1000 | &nbsp;&nbsp;$1001970 |
| Salem Economic Development Authority, VA, (Roanoke College), 5.50%, 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 392487 |
| Virginia College Building Authority, 3.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 183311 |
| Virginia College Building Authority, (Regent University), 6.00%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 418180 |
| Virginia Public School Authority, 3.25%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 142830 |
|  |  | &nbsp;&nbsp;**$2138778** |
| Electric Utilities — 2.1% | Electric Utilities — 2.1% | Electric Utilities — 2.1% |
| Richmond, VA, Public Utility Revenue, 4.25%, 1/15/53 | $1370 | &nbsp;&nbsp;$1247673 |
|  |  | &nbsp;&nbsp;**$1247673** |
| Escrowed/Prerefunded — 0.5% | Escrowed/Prerefunded — 0.5% | Escrowed/Prerefunded — 0.5% |
| Virginia Port Authority, (AMT), Prerefunded to 7/1/26, 5.00%, 7/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;$300117 |
|  |  | &nbsp;&nbsp;**$300117** |
| General Obligations — 16.5% | General Obligations — 16.5% | General Obligations — 16.5% |
| Alexandria, VA, 4.00%, 12/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;$456669 |
| Bristol, VA, 5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 716260 |
| Fairfax County, VA: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 111764 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 955370 |
| Falls Church, VA, 3.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 808409 |
| Herndon, VA, 3.125%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 302829 |
| Loudoun County, VA: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 523751 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 949225 |
| Lynchburg, VA: |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, 8/1/40 | 1245 | &nbsp;&nbsp;&nbsp;&nbsp; 917334 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Lynchburg, VA: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;$431101 |
| Newport News, VA, 4.00%, 2/1/42 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1295380 |
| Norfolk, VA, 4.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 49390 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 525212 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065766 |
| Virginia: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 856150 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 42807 |
|  |  | &nbsp;&nbsp;**$10007417** |
| Hospital — 8.4% | Hospital — 8.4% | Hospital — 8.4% |
| Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48 | $&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;$840750 |
| Henrico County Economic Development Authority, VA, (Bon Secours Mercy Health, Inc.), 5.00%, 11/1/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 994582 |
| Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 726572 |
| Virginia Small Business Financing Authority, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/49 | 2015 | &nbsp;&nbsp;&nbsp;&nbsp; 1692144 |
| Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 859688 |
|  |  | &nbsp;&nbsp;**$5113736** |
| Housing — 8.2% | Housing — 8.2% | Housing — 8.2% |
| Harrisonburg Redevelopment and Housing Authority, VA, (Wesley Apartments), 4.00% to 12/1/26 (Put Date), 12/1/28 | $1640 | &nbsp;&nbsp;$1664772 |
| Virginia Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 10/1/27 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001286 |
| &nbsp;&nbsp;&nbsp;4.10%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 212869 |
| &nbsp;&nbsp;&nbsp;4.40%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 929224 |
| &nbsp;&nbsp;&nbsp;4.45%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 146316 |
|  |  | &nbsp;&nbsp;**$4954467** |
| Industrial Development Revenue — 1.8% | Industrial Development Revenue — 1.8% | Industrial Development Revenue — 1.8% |
| Amelia County Industrial Development Authority, VA, (Waste Management, Inc.), (AMT), 1.45%, 4/1/27 | $1050 | &nbsp;&nbsp;$1015447 |
| 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;60 | &nbsp;&nbsp;&nbsp;&nbsp; 56172 |
|  |  | &nbsp;&nbsp;**$1071619** |

---

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Virginia Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Education — 2.7% | Insured - Education — 2.7% | Insured - Education — 2.7% |
| Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31 | $1520 | &nbsp;&nbsp;$1652975 |
|  |  | &nbsp;&nbsp;**$1652975** |
| Insured - Electric Utilities — 1.7% | Insured - Electric Utilities — 1.7% | Insured - Electric Utilities — 1.7% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | $1000 | &nbsp;&nbsp;$1009806 |
|  |  | &nbsp;&nbsp;**$1009806** |
| Insured - Hospital — 3.7% | Insured - Hospital — 3.7% | Insured - Hospital — 3.7% |
| Isle of Wight County Economic Development Authority, VA, (Riverside Health System), (AG), 5.25%, 7/1/43 | $1000 | &nbsp;&nbsp;$1030084 |
| Virginia Commonwealth University Health System Authority, (BAM), 4.00%, 7/1/54 | 1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1230923 |
|  |  | &nbsp;&nbsp;**$2261007** |
| Lease Revenue/Certificates of Participation — 6.0% | Lease Revenue/Certificates of Participation — 6.0% | Lease Revenue/Certificates of Participation — 6.0% |
| Chesterfield County Economic Development Authority, VA, (County Mobility), 4.00%, 4/1/50 | $1000 | &nbsp;&nbsp;$868811 |
| Loudoun County Economic Development Authority, VA, 4.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 423170 |
| Virginia Port Authority, 5.25%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 840962 |
| Virginia Public Building Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 472195 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 8/1/39 | 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1056122 |
|  |  | &nbsp;&nbsp;**$3661260** |
| Senior Living/Life Care — 10.2% | Senior Living/Life Care — 10.2% | Senior Living/Life Care — 10.2% |
| James City County Economic Development Authority, VA, (Williamsburg Landing), 5.75%, 12/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;$640427 |
| James City County Economic Development Authority, VA, (WindsorMeade), 4.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 505786 |
| Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge), 5.00%, 1/1/34 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1508021 |
| Virginia Beach Development Authority, VA, (Westminster-Canterbury on Chesapeake Bay): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/34 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1164720 |
| &nbsp;&nbsp;&nbsp;7.00%, 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 542017 |
| Virginia Small Business Financing Authority, (Lifespire of Virginia), 5.00%, 12/1/39 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1784651 |
|  |  | &nbsp;&nbsp;**$6145622** |
| Special Tax Revenue — 1.8% | Special Tax Revenue — 1.8% | Special Tax Revenue — 1.8% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$196282 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Puerto Rico Sales Tax Financing Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;$11302 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp; 14927 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 17698 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 36619 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp; 90708 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp; 123244 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 109995 |
| &nbsp;&nbsp;&nbsp;4.536%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp; 2588 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp; 469636 |
|  |  | &nbsp;&nbsp;**$1072999** |
| Transportation — 12.8% | Transportation — 12.8% | Transportation — 12.8% |
| Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/44 | $2750 | &nbsp;&nbsp;$2722735 |
| Northern Virginia Transportation Commission, Green Bonds, 5.00%, 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 608005 |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 772375 |
| Virginia Port Authority, 5.00%, 7/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033382 |
| Virginia Small Business Financing Authority, (95 Express Lanes, LLC), (AMT), 5.00%, 7/1/38 | 1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1661270 |
| Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/52 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 933959 |
|  |  | &nbsp;&nbsp;**$7731726** |
| Water and Sewer — 13.5% | Water and Sewer — 13.5% | Water and Sewer — 13.5% |
| Alexandria Sanitation Authority, VA, Green Bonds, 5.00%, 7/15/40 | $&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;$712189 |
| Fairfax County, VA, Sewer Revenue, 4.00%, 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 415847 |
| Hampton Roads Sanitation District, VA, 4.00%, 10/1/38 | 1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1692386 |
| Prince William County Service Authority, VA, Water and Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 266971 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 597445 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050185 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 184745 |
| Stafford County, VA, Water and Wastewater System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 466980 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 385718 |

---

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Virginia Municipal Income Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Virginia Beach, VA, Storm Water Utility Revenue, 4.00%, 11/15/45 | $2125 | &nbsp;&nbsp;$1956398 |
| Virginia Resources Authority, (State Revolving Fund), 3.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 466521 |
|  |  | &nbsp;&nbsp;**$8195385** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $60,730,806) |  | &nbsp;&nbsp;**$59401619** |

---

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

Taxable Municipal Obligations — 0.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.6% | Bond Bank — 0.6% | Bond Bank — 0.6% |
| Virginia Resources Authority, (Pooled Financing Program), 1.816%, 11/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;$384430 |
|  |  | &nbsp;&nbsp;**$384430** |
| General Obligations — 0.2% | General Obligations — 0.2% | General Obligations — 0.2% |
| Portsmouth, VA, 2.20%, 7/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;$125840 |
|  |  | &nbsp;&nbsp;**$125840** |
| Total Taxable Municipal Obligations<br> (identified cost $580,000) |  | &nbsp;&nbsp;**$510270** |
| Total Investments — 98.9%<br> (identified cost $61,310,806) |  | &nbsp;&nbsp;**$59911889** |
| Other Assets, Less Liabilities — 1.1% |  | &nbsp;&nbsp;**$640770** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$60552659** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At August 31, 2025, the aggregate value of these securities is $252,454 or 0.4% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by Virginia municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At August 31, 2025, 8.2% 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 1.7% to 4.4% of total investments. | The Fund invests primarily in debt securities issued by Virginia municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At August 31, 2025, 8.2% 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 1.7% to 4.4% of total investments. |

---

---

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

---

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Statements of Assets and Liabilities

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;&nbsp;**August 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Georgia Fund** | &nbsp;&nbsp;&nbsp;**Maryland Fund** | &nbsp;&nbsp;&nbsp;**Missouri Fund** | &nbsp;&nbsp;&nbsp;**North Carolina Fund** |
| Assets |  |  |  |  |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Identified cost | &nbsp;&nbsp;$121798425 | &nbsp;&nbsp;$90267695 | &nbsp;&nbsp;$88031634 | &nbsp;&nbsp;$229797422 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2473196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3397304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1326071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5073477) |
| **Investments, at value** | &nbsp;&nbsp;**$119325229** | &nbsp;&nbsp;**$86870391** | &nbsp;&nbsp;**$86705563** | &nbsp;&nbsp;**$224723945** |
| Cash | &nbsp;&nbsp;$738381 | &nbsp;&nbsp;$267773 | &nbsp;&nbsp;$871510 | &nbsp;&nbsp;$2084964 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338305 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982618 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32689 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47207 |
| **Total assets** | &nbsp;&nbsp;**$122737825** | &nbsp;&nbsp;**$88353537** | &nbsp;&nbsp;**$88687962** | &nbsp;&nbsp;**$232209728** |
| Liabilities |  |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$746214 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382136 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208417 |
| 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;36846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74370 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12375 |
| &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;474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47207 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60248 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39746 |
| **Total liabilities** | &nbsp;&nbsp;**$413045** | &nbsp;&nbsp;**$264836** | &nbsp;&nbsp;**$2683236** | &nbsp;&nbsp;**$1572287** |
| **Net Assets** | &nbsp;&nbsp;**$122324780** | &nbsp;&nbsp;**$88088701** | &nbsp;&nbsp;**$86004726** | &nbsp;&nbsp;**$230637441** |
| Sources of Net Assets |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;$133859955 | &nbsp;&nbsp;$98280323 | &nbsp;&nbsp;$92220002 | &nbsp;&nbsp;$250434750 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11535175) | &nbsp;&nbsp;&nbsp;&nbsp;(10191622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6215276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19797309) |
| **Net Assets** | &nbsp;&nbsp;**$122324780** | &nbsp;&nbsp;**$88088701** | &nbsp;&nbsp;**$86004726** | &nbsp;&nbsp;**$230637441** |
| Class A Shares |  |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$32507954 | &nbsp;&nbsp;$25938194 | &nbsp;&nbsp;$44005215 | &nbsp;&nbsp;$55318586 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5220357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6805270 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.85 | &nbsp;&nbsp;$8.08 | &nbsp;&nbsp;$8.43 | &nbsp;&nbsp;$8.13 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$8.11 | &nbsp;&nbsp;$8.35 | &nbsp;&nbsp;$8.71 | &nbsp;&nbsp;$8.40 |
| Class C Shares |  |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$2208649 | &nbsp;&nbsp;$1745869 | &nbsp;&nbsp;$1345855 | &nbsp;&nbsp;$3501690 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400511 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.40 | &nbsp;&nbsp;$8.81 | &nbsp;&nbsp;$9.31 | &nbsp;&nbsp;$8.74 |
| Class I Shares |  |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$87608177 | &nbsp;&nbsp;$60404638 | &nbsp;&nbsp;$40653656 | &nbsp;&nbsp;$171817165 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11125598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7462770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4816364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21078581 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.87 | &nbsp;&nbsp;$8.09 | &nbsp;&nbsp;$8.44 | &nbsp;&nbsp;$8.15 |

---

---

| | |
|:---|:---|
| 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_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Statements of Assets and Liabilities — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;&nbsp;**August 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Oregon Fund** | &nbsp;&nbsp;&nbsp;**South Carolina Fund** | &nbsp;&nbsp;&nbsp;**Virginia Fund** |
| Assets |  |  |  |
| Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Identified cost | &nbsp;&nbsp;$218616579 | &nbsp;&nbsp;$195185615 | &nbsp;&nbsp;$61310806 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3204107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5434260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1398917) |
| **Investments, at value** | &nbsp;&nbsp;**$215412472** | &nbsp;&nbsp;**$189751355** | &nbsp;&nbsp;**$59911889** |
| Cash | &nbsp;&nbsp;$256807 | &nbsp;&nbsp;$604343 | &nbsp;&nbsp;$969933 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675652 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42535 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76023 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49240 |
| **Total assets** | &nbsp;&nbsp;**$219009222** | &nbsp;&nbsp;**$194030794** | &nbsp;&nbsp;**$61725272** |
| Liabilities |  |  |  |
| Payable for floating rate notes issued | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1599991 | &nbsp;&nbsp;$— |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474057 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517502 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35695 |
| 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;71574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14613 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6033 |
| &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;633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49240 |
| Interest expense and fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54789 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19934 |
| **Total liabilities** | &nbsp;&nbsp;**$800559** | &nbsp;&nbsp;**$2297085** | &nbsp;&nbsp;**$1172613** |
| **Net Assets** | &nbsp;&nbsp;**$218208663** | &nbsp;&nbsp;**$191733709** | &nbsp;&nbsp;**$60552659** |
| Sources of Net Assets |  |  |  |
| Paid-in capital | &nbsp;&nbsp;$244583485 | &nbsp;&nbsp;$211479449 | &nbsp;&nbsp;$70138364 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26374822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19745740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9585705) |
| **Net Assets** | &nbsp;&nbsp;**$218208663** | &nbsp;&nbsp;**$191733709** | &nbsp;&nbsp;**$60552659** |
| Class A Shares |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$75919675 | &nbsp;&nbsp;$74202123 | &nbsp;&nbsp;$29706726 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9811132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8966882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270525 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.74 | &nbsp;&nbsp;$8.28 | &nbsp;&nbsp;$6.96 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;$8.56 | &nbsp;&nbsp;$7.19 |
| Class C Shares |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$3341700 | &nbsp;&nbsp;$3336889 | &nbsp;&nbsp;$1117858 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145048 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.47 | &nbsp;&nbsp;$8.78 | &nbsp;&nbsp;$7.71 |

---

*29*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Statements of Assets and Liabilities — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;&nbsp;**August 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Oregon Fund** | &nbsp;&nbsp;&nbsp;**South Carolina Fund** | &nbsp;&nbsp;&nbsp;**Virginia Fund** |
| Class I Shares |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$138947288 | &nbsp;&nbsp;$114194697 | &nbsp;&nbsp;$29728075 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17971730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13788611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4265244 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.73 | &nbsp;&nbsp;$8.28 | &nbsp;&nbsp;$6.97 |

---

---

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

---

*30*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Statements of Operations

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Georgia Fund** | &nbsp;&nbsp;&nbsp;**Maryland Fund** | &nbsp;&nbsp;&nbsp;**Missouri Fund** | &nbsp;&nbsp;&nbsp;**North Carolina Fund** |
| Investment Income |  |  |  |  |
| Interest income | &nbsp;&nbsp;$4884791 | &nbsp;&nbsp;$3579536 | &nbsp;&nbsp;$3588200 | &nbsp;&nbsp;$9087981 |
| **Total investment income** | &nbsp;&nbsp;**$4884791** | &nbsp;&nbsp;**$3579536** | &nbsp;&nbsp;**$3588200** | &nbsp;&nbsp;**$9087981** |
| Expenses |  |  |  |  |
| Investment adviser fee | &nbsp;&nbsp;$428518 | &nbsp;&nbsp;$289642 | &nbsp;&nbsp;$270645 | &nbsp;&nbsp;$864614 |
| Distribution and service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110957 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41576 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14918 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61661 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58435 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79973 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62171 |
| **Total expenses** | &nbsp;&nbsp;**$717560** | &nbsp;&nbsp;**$572723** | &nbsp;&nbsp;**$560193** | &nbsp;&nbsp;**$1299098** |
| **Net investment income** | &nbsp;&nbsp;**$4167231** | &nbsp;&nbsp;**$3006813** | &nbsp;&nbsp;**$3028007** | &nbsp;&nbsp;**$7788883** |
| Realized and Unrealized Gain (Loss) |  |  |  |  |
| Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(482810) | &nbsp;&nbsp;$(550234) | &nbsp;&nbsp;$83074 | &nbsp;&nbsp;$(216074) |
| **Net realized gain (loss)** | &nbsp;&nbsp;**$(482810)** | &nbsp;&nbsp;**$(550234)** | &nbsp;&nbsp;**$83074** | &nbsp;&nbsp;**$(216074)** |
| Change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(3932950) | &nbsp;&nbsp;$(2943887) | &nbsp;&nbsp;$(2982768) | &nbsp;&nbsp;$(9729305) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(3932950)** | &nbsp;&nbsp;**$(2943887)** | &nbsp;&nbsp;**$(2982768)** | &nbsp;&nbsp;**$(9729305)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(4415760)** | &nbsp;&nbsp;**$(3494121)** | &nbsp;&nbsp;**$(2899694)** | &nbsp;&nbsp;**$(9945379)** |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(248529)** | &nbsp;&nbsp;**$(487308)** | &nbsp;&nbsp;**$128313** | &nbsp;&nbsp;**$(2156496)** |

---

*31*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Statements of Operations — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Oregon Fund** | &nbsp;&nbsp;&nbsp;**South Carolina Fund** | &nbsp;&nbsp;&nbsp;**Virginia Fund** |
| Investment Income |  |  |  |
| Interest income | &nbsp;&nbsp;$8816569 | &nbsp;&nbsp;$7968106 | &nbsp;&nbsp;$2574100 |
| **Total investment income** | &nbsp;&nbsp;**$8816569** | &nbsp;&nbsp;**$7968106** | &nbsp;&nbsp;**$2574100** |
| Expenses |  |  |  |
| Investment adviser fee | &nbsp;&nbsp;$809561 | &nbsp;&nbsp;$709231 | &nbsp;&nbsp;$175608 |
| Distribution and service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61817 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14733 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4457 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30887 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23971 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66063 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3452 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36147 |
| **Total expenses** | &nbsp;&nbsp;**$1294097** | &nbsp;&nbsp;**$1197962** | &nbsp;&nbsp;**$420685** |
| **Net investment income** | &nbsp;&nbsp;**$7522472** | &nbsp;&nbsp;**$6770144** | &nbsp;&nbsp;**$2153415** |
| Realized and Unrealized Gain (Loss) |  |  |  |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(907280) | &nbsp;&nbsp;$(85532) | &nbsp;&nbsp;$204045 |
| **Net realized gain (loss)** | &nbsp;&nbsp;**$(907280)** | &nbsp;&nbsp;**$(85532)** | &nbsp;&nbsp;**$204045** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(7136551) | &nbsp;&nbsp;$(9344922) | &nbsp;&nbsp;$(2545350) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(7136551)** | &nbsp;&nbsp;**$(9344922)** | &nbsp;&nbsp;**$(2545350)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(8043831)** | &nbsp;&nbsp;**$(9430454)** | &nbsp;&nbsp;**$(2341305)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(521359)** | &nbsp;&nbsp;**$(2660310)** | &nbsp;&nbsp;**$(187890)** |

---

*32*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Georgia Fund** | &nbsp;&nbsp;&nbsp;**Maryland Fund** | &nbsp;&nbsp;&nbsp;**Missouri Fund** | &nbsp;&nbsp;&nbsp;**North Carolina Fund** |
| Increase (Decrease) in Net Assets |  |  |  |  |
| From operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$4167231 | &nbsp;&nbsp;$3006813 | &nbsp;&nbsp;$3028007 | &nbsp;&nbsp;$7788883 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216074) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3932950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2943887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2982768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9729305) |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(248529)** | &nbsp;&nbsp;**$(487308)** | &nbsp;&nbsp;**$128313** | &nbsp;&nbsp;**$(2156496)** |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1012203) | &nbsp;&nbsp;$(903846) | &nbsp;&nbsp;$(1566198) | &nbsp;&nbsp;$(1812533) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109673) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3036272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1996096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1339924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5769496) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(4110271)** | &nbsp;&nbsp;**$(2942825)** | &nbsp;&nbsp;**$(2962877)** | &nbsp;&nbsp;**$(7691702)** |
| Transactions in shares of beneficial interest: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$2269430 | &nbsp;&nbsp;$(3738615) | &nbsp;&nbsp;$(936007) | &nbsp;&nbsp;$5276486 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1412814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1624389) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464150 | &nbsp;&nbsp;&nbsp;&nbsp;10549456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7377295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20424729 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$4222874** | &nbsp;&nbsp;**$6981289** | &nbsp;&nbsp;**$5028474** | &nbsp;&nbsp;**$24076826** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(135926)** | &nbsp;&nbsp;**$3551156** | &nbsp;&nbsp;**$2193910** | &nbsp;&nbsp;**$14228628** |
| Net Assets |  |  |  |  |
| At beginning of year | &nbsp;&nbsp;$122460706 | &nbsp;&nbsp;$84537545 | &nbsp;&nbsp;$83810816 | &nbsp;&nbsp;$216408813 |
| **At end of year** | &nbsp;&nbsp;**$122324780** | &nbsp;&nbsp;**$88088701** | &nbsp;&nbsp;**$86004726** | &nbsp;&nbsp;**$230637441** |

---

*33*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Statements of Changes in Net Assets — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Oregon Fund** | &nbsp;&nbsp;&nbsp;**South Carolina Fund** | &nbsp;&nbsp;&nbsp;**Virginia Fund** |
| Increase (Decrease) in Net Assets |  |  |  |
| From operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$7522472 | &nbsp;&nbsp;$6770144 | &nbsp;&nbsp;$2153415 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(907280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204045 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7136551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9344922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2545350) |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(521359)** | &nbsp;&nbsp;**$(2660310)** | &nbsp;&nbsp;**$(187890)** |
| Distributions to shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(2729225) | &nbsp;&nbsp;$(2615731) | &nbsp;&nbsp;$(1057447) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41179) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4601758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4005845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1047550) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(7426075)** | &nbsp;&nbsp;**$(6740502)** | &nbsp;&nbsp;**$(2146176)** |
| Transactions in shares of beneficial interest: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(2919847) | &nbsp;&nbsp;$6821359 | &nbsp;&nbsp;$(1773491) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1422601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583489) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34848993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13769843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281980 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$31615628** | &nbsp;&nbsp;**$19168601** | &nbsp;&nbsp;**$1925000** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$23668194** | &nbsp;&nbsp;**$9767789** | &nbsp;&nbsp;**$(409066)** |
| Net Assets |  |  |  |
| At beginning of year | &nbsp;&nbsp;$194540469 | &nbsp;&nbsp;$181965920 | &nbsp;&nbsp;$60961725 |
| **At end of year** | &nbsp;&nbsp;**$218208663** | &nbsp;&nbsp;**$191733709** | &nbsp;&nbsp;**$60552659** |

---

*34*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Statements of Changes in Net Assets — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;**Georgia Fund** | &nbsp;&nbsp;&nbsp;**Maryland Fund** | &nbsp;&nbsp;&nbsp;**Missouri Fund** | &nbsp;&nbsp;&nbsp;**North Carolina Fund** |
| Increase (Decrease) in Net Assets |  |  |  |  |
| From operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$3624506 | &nbsp;&nbsp;$2509514 | &nbsp;&nbsp;$3071243 | &nbsp;&nbsp;$6269453 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1556161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(569487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(803390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1558313) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6621769 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$6398373** | &nbsp;&nbsp;**$4802307** | &nbsp;&nbsp;**$4873067** | &nbsp;&nbsp;**$11332909** |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(978632) | &nbsp;&nbsp;$(900204) | &nbsp;&nbsp;$(1725847) | &nbsp;&nbsp;$(1579619) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137075) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2526016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1556858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1196857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4492445) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(3576942)** | &nbsp;&nbsp;**$(2523322)** | &nbsp;&nbsp;**$(3031102)** | &nbsp;&nbsp;**$(6209139)** |
| Transactions in shares of beneficial interest: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(5749456) | &nbsp;&nbsp;$1446782 | &nbsp;&nbsp;$(7003325) | &nbsp;&nbsp;$(2129611) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(594504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1846431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2155329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1262964) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10111310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6199764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27916423 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$3767350** | &nbsp;&nbsp;**$5800115** | &nbsp;&nbsp;**$(5483890)** | &nbsp;&nbsp;**$24523848** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$6588781** | &nbsp;&nbsp;**$8079100** | &nbsp;&nbsp;**$(3641925)** | &nbsp;&nbsp;**$29647618** |
| Net Assets |  |  |  |  |
| At beginning of year | &nbsp;&nbsp;$115871925 | &nbsp;&nbsp;$76458445 | &nbsp;&nbsp;$87452741 | &nbsp;&nbsp;$186761195 |
| **At end of year** | &nbsp;&nbsp;**$122460706** | &nbsp;&nbsp;**$84537545** | &nbsp;&nbsp;**$83810816** | &nbsp;&nbsp;**$216408813** |

---

*35*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Statements of Changes in Net Assets — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;**Oregon Fund** | &nbsp;&nbsp;&nbsp;**South Carolina Fund** | &nbsp;&nbsp;&nbsp;**Virginia Fund** |
| Increase (Decrease) in Net Assets |  |  |  |
| From operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$5757205 | &nbsp;&nbsp;$6053608 | &nbsp;&nbsp;$2034206 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1467229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2700956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(681113) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5224540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6041124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158752 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$9514516** | &nbsp;&nbsp;**$9393776** | &nbsp;&nbsp;**$3511845** |
| Distributions to shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(2451797) | &nbsp;&nbsp;$(2373250) | &nbsp;&nbsp;$(1139193) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40832) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3142678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3527865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(844824) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(5708040)** | &nbsp;&nbsp;**$(6029984)** | &nbsp;&nbsp;**$(2024849)** |
| Transactions in shares of beneficial interest: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$11897438 | &nbsp;&nbsp;$(1117463) | &nbsp;&nbsp;$(2119105) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1116638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137984 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27636467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7146305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3401623 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$38417267** | &nbsp;&nbsp;**$5955936** | &nbsp;&nbsp;**$1420502** |
| **Net increase in net assets** | &nbsp;&nbsp;**$42223743** | &nbsp;&nbsp;**$9319728** | &nbsp;&nbsp;**$2907498** |
| Net Assets |  |  |  |
| At beginning of year | &nbsp;&nbsp;$152316726 | &nbsp;&nbsp;$172646192 | &nbsp;&nbsp;$58054227 |
| **At end of year** | &nbsp;&nbsp;**$194540469** | &nbsp;&nbsp;**$181965920** | &nbsp;&nbsp;**$60961725** |

---

*36*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class A** | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class A** | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class A** | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class A** | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.14 | &nbsp;&nbsp;$7.93 | &nbsp;&nbsp;$8.02 | &nbsp;&nbsp;$8.87 | &nbsp;&nbsp;$8.80 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.03)** | &nbsp;&nbsp;**$0.45** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$(0.71)** | &nbsp;&nbsp;**$0.22** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.15) |
| **Total distributions** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.15)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$7.85** | &nbsp;&nbsp;**$8.14** | &nbsp;&nbsp;**$7.93** | &nbsp;&nbsp;**$8.02** | &nbsp;&nbsp;**$8.87** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.41)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.41%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.03)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.52%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$32508 | &nbsp;&nbsp;$31318 | &nbsp;&nbsp;$36206 | &nbsp;&nbsp;$39103 | &nbsp;&nbsp;$48535 |
| 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;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

<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.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class C** | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class C** | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class C** | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class C** | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.70 | &nbsp;&nbsp;$8.48 | &nbsp;&nbsp;$8.58 | &nbsp;&nbsp;$9.49 | &nbsp;&nbsp;$9.41 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;$0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;**$0.05** | &nbsp;&nbsp;**$(0.82)** | &nbsp;&nbsp;**$0.17** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.09) |
| **Total distributions** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$(0.09)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.40** | &nbsp;&nbsp;**$8.70** | &nbsp;&nbsp;**$8.48** | &nbsp;&nbsp;**$8.58** | &nbsp;&nbsp;**$9.49** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.03)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.92%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.60%** | &nbsp;&nbsp;&nbsp;&nbsp;**(8.73)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.81%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$2209 | &nbsp;&nbsp;$2808 | &nbsp;&nbsp;$3312 | &nbsp;&nbsp;$3783 | &nbsp;&nbsp;$4939 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

<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.

*38*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class I** | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class I** | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class I** | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class I** | &nbsp;&nbsp;&nbsp;**Georgia Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.16 | &nbsp;&nbsp;$7.95 | &nbsp;&nbsp;$8.04 | &nbsp;&nbsp;$8.90 | &nbsp;&nbsp;$8.82 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$0.47** | &nbsp;&nbsp;**$0.13** | &nbsp;&nbsp;**$(0.70)** | &nbsp;&nbsp;**$0.25** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$7.87** | &nbsp;&nbsp;**$8.16** | &nbsp;&nbsp;**$7.95** | &nbsp;&nbsp;**$8.04** | &nbsp;&nbsp;**$8.90** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.97%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.61%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.93)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.84%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$87608 | &nbsp;&nbsp;$88335 | &nbsp;&nbsp;$76354 | &nbsp;&nbsp;$74934 | &nbsp;&nbsp;$79579 |
| 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;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

<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.

*39*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class A** | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class A** | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class A** | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class A** | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.39 | &nbsp;&nbsp;$8.14 | &nbsp;&nbsp;$8.23 | &nbsp;&nbsp;$9.19 | &nbsp;&nbsp;$9.01 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.05)** | &nbsp;&nbsp;**$0.51** | &nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;**$(0.81)** | &nbsp;&nbsp;**$0.34** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.16) |
| **Total distributions** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.16)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.08** | &nbsp;&nbsp;**$8.39** | &nbsp;&nbsp;**$8.14** | &nbsp;&nbsp;**$8.23** | &nbsp;&nbsp;**$9.19** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.59)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.34%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.43%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.86)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.84%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$25938 | &nbsp;&nbsp;$30766 | &nbsp;&nbsp;$28435 | &nbsp;&nbsp;$35914 | &nbsp;&nbsp;$46218 |
| 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;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &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;53% | &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;23% |

---

<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.

*40*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class C** | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class C** | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class C** | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class C** | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$8.88 | &nbsp;&nbsp;$8.98 | &nbsp;&nbsp;$10.02 | &nbsp;&nbsp;$9.83 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;$0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$0.48** | &nbsp;&nbsp;**$0.06** | &nbsp;&nbsp;**$(0.95)** | &nbsp;&nbsp;**$0.29** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.10) |
| **Total distributions** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$(0.10)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.81** | &nbsp;&nbsp;**$9.15** | &nbsp;&nbsp;**$8.88** | &nbsp;&nbsp;**$8.98** | &nbsp;&nbsp;**$10.02** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.35)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.51%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.65%** | &nbsp;&nbsp;&nbsp;&nbsp;**(9.48)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.00%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1746 | &nbsp;&nbsp;$1642 | &nbsp;&nbsp;$3402 | &nbsp;&nbsp;$4221 | &nbsp;&nbsp;$5804 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

<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.

*41*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class I** | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class I** | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class I** | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class I** | &nbsp;&nbsp;&nbsp;**Maryland Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.41 | &nbsp;&nbsp;$8.15 | &nbsp;&nbsp;$8.25 | &nbsp;&nbsp;$9.21 | &nbsp;&nbsp;$9.03 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$0.53** | &nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;**$(0.79)** | &nbsp;&nbsp;**$0.36** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.18) |
| **Total distributions** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.18)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.09** | &nbsp;&nbsp;**$8.41** | &nbsp;&nbsp;**$8.15** | &nbsp;&nbsp;**$8.25** | &nbsp;&nbsp;**$9.21** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.50)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.51%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.66)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.04%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$60405 | &nbsp;&nbsp;$52129 | &nbsp;&nbsp;$44622 | &nbsp;&nbsp;$41874 | &nbsp;&nbsp;$47433 |
| 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;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &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;53% | &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;23% |

---

<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.

*42*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class A** | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class A** | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class A** | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class A** | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.72 | &nbsp;&nbsp;$8.55 | &nbsp;&nbsp;$8.71 | &nbsp;&nbsp;$9.76 | &nbsp;&nbsp;$9.69 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.01** | &nbsp;&nbsp;**$0.46** | &nbsp;&nbsp;**$0.09** | &nbsp;&nbsp;**$(0.85)** | &nbsp;&nbsp;**$0.26** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.19) |
| **Total distributions** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.19)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.43** | &nbsp;&nbsp;**$8.72** | &nbsp;&nbsp;**$8.55** | &nbsp;&nbsp;**$8.71** | &nbsp;&nbsp;**$9.76** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.09%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.52%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.08%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.82)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.72%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$44005 | &nbsp;&nbsp;$46482 | &nbsp;&nbsp;$52300 | &nbsp;&nbsp;$44538 | &nbsp;&nbsp;$52362 |
| 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;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

<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.

*43*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class C** | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class C** | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class C** | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class C** | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.63 | &nbsp;&nbsp;$9.44 | &nbsp;&nbsp;$9.62 | &nbsp;&nbsp;$10.77 | &nbsp;&nbsp;$10.70 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$0.44** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$(1.01)** | &nbsp;&nbsp;**$0.20** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.13) |
| **Total distributions** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.13)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.31** | &nbsp;&nbsp;**$9.63** | &nbsp;&nbsp;**$9.44** | &nbsp;&nbsp;**$9.62** | &nbsp;&nbsp;**$10.77** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.65)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.76%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.29%** | &nbsp;&nbsp;&nbsp;&nbsp;**(9.42)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.89%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1346 | &nbsp;&nbsp;$2835 | &nbsp;&nbsp;$4934 | &nbsp;&nbsp;$5364 | &nbsp;&nbsp;$7215 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

<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.

*44*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class I** | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class I** | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class I** | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class I** | &nbsp;&nbsp;&nbsp;**Missouri Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.73 | &nbsp;&nbsp;$8.56 | &nbsp;&nbsp;$8.72 | &nbsp;&nbsp;$9.77 | &nbsp;&nbsp;$9.71 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$0.48** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$(0.83)** | &nbsp;&nbsp;**$0.27** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.21) |
| **Total distributions** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.21)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.44** | &nbsp;&nbsp;**$8.73** | &nbsp;&nbsp;**$8.56** | &nbsp;&nbsp;**$8.72** | &nbsp;&nbsp;**$9.77** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.30%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.82%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$40654 | &nbsp;&nbsp;$34494 | &nbsp;&nbsp;$30219 | &nbsp;&nbsp;$23509 | &nbsp;&nbsp;$28155 |
| 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;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &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;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

<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.

*45*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class A** | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class A** | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class A** | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class A** | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.49 | &nbsp;&nbsp;$8.26 | &nbsp;&nbsp;$8.39 | &nbsp;&nbsp;$9.28 | &nbsp;&nbsp;$9.19 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$0.49** | &nbsp;&nbsp;**$0.07** | &nbsp;&nbsp;**$(0.74)** | &nbsp;&nbsp;**$0.26** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.13** | &nbsp;&nbsp;**$8.49** | &nbsp;&nbsp;**$8.26** | &nbsp;&nbsp;**$8.39** | &nbsp;&nbsp;**$9.28** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.07)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.98%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.78%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.09)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.82%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$55319 | &nbsp;&nbsp;$52460 | &nbsp;&nbsp;$53236 | &nbsp;&nbsp;$56810 | &nbsp;&nbsp;$66171 |
| 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;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |

---

<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.

*46*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class C** | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class C** | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class C** | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class C** | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$8.89 | &nbsp;&nbsp;$9.03 | &nbsp;&nbsp;$9.98 | &nbsp;&nbsp;$9.88 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;$0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$0.45** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.00<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.87)** | &nbsp;&nbsp;**$0.21** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$(0.11) |
| **Total distributions** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.08)** | &nbsp;&nbsp;**$(0.11)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.74** | &nbsp;&nbsp;**$9.13** | &nbsp;&nbsp;**$8.89** | &nbsp;&nbsp;**$9.03** | &nbsp;&nbsp;**$9.98** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.84)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.02%** | &nbsp;&nbsp;&nbsp;&nbsp;**(8.71)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.09%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$3502 | &nbsp;&nbsp;$5317 | &nbsp;&nbsp;$6418 | &nbsp;&nbsp;$7812 | &nbsp;&nbsp;$9200 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |

---

<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.

*47*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class I** | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class I** | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class I** | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class I** | &nbsp;&nbsp;&nbsp;**North Carolina Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.51 | &nbsp;&nbsp;$8.29 | &nbsp;&nbsp;$8.42 | &nbsp;&nbsp;$9.31 | &nbsp;&nbsp;$9.21 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.07)** | &nbsp;&nbsp;**$0.49** | &nbsp;&nbsp;**$0.08** | &nbsp;&nbsp;**$(0.73)** | &nbsp;&nbsp;**$0.29** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.19) |
| **Total distributions** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.19)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.15** | &nbsp;&nbsp;**$8.51** | &nbsp;&nbsp;**$8.29** | &nbsp;&nbsp;**$8.42** | &nbsp;&nbsp;**$9.31** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.86)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.06%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.98%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.88)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.14%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$171817 | &nbsp;&nbsp;$158632 | &nbsp;&nbsp;$127108 | &nbsp;&nbsp;$110681 | &nbsp;&nbsp;$89655 |
| 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;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |

---

<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.

*48*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class A** | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class A** | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class A** | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class A** | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.03 | &nbsp;&nbsp;$7.83 | &nbsp;&nbsp;$7.99 | &nbsp;&nbsp;$8.94 | &nbsp;&nbsp;$8.91 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$0.47** | &nbsp;&nbsp;**$0.08** | &nbsp;&nbsp;**$(0.78)** | &nbsp;&nbsp;**$0.20** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$7.74** | &nbsp;&nbsp;**$8.03** | &nbsp;&nbsp;**$7.83** | &nbsp;&nbsp;**$7.99** | &nbsp;&nbsp;**$8.94** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.27)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.08%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.03%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.84)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.23%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$75920 | &nbsp;&nbsp;$81908 | &nbsp;&nbsp;$68300 | &nbsp;&nbsp;$79721 | &nbsp;&nbsp;$92849 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| Portfolio Turnover | &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;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% |

---

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

<sup>(5)</sup> Amount is less than 0.005%.

*49*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class C** | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class C** | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class C** | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class C** | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.79 | &nbsp;&nbsp;$8.58 | &nbsp;&nbsp;$8.75 | &nbsp;&nbsp;$9.79 | &nbsp;&nbsp;$9.75 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$0.44** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$(0.93)** | &nbsp;&nbsp;**$0.15** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.11) |
| **Total distributions** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.11)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.47** | &nbsp;&nbsp;**$8.79** | &nbsp;&nbsp;**$8.58** | &nbsp;&nbsp;**$8.75** | &nbsp;&nbsp;**$9.79** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.05)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.33%** | &nbsp;&nbsp;&nbsp;&nbsp;**(9.52)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.54%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$3342 | &nbsp;&nbsp;$3790 | &nbsp;&nbsp;$4814 | &nbsp;&nbsp;$7009 | &nbsp;&nbsp;$9935 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% |

---

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

<sup>(5)</sup> Amount is less than 0.005%.

*50*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class I** | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class I** | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class I** | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class I** | &nbsp;&nbsp;&nbsp;**Oregon Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.02 | &nbsp;&nbsp;$7.83 | &nbsp;&nbsp;$7.98 | &nbsp;&nbsp;$8.94 | &nbsp;&nbsp;$8.90 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.01)** | &nbsp;&nbsp;**$0.47** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$(0.78)** | &nbsp;&nbsp;**$0.23** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.19) |
| **Total distributions** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.19)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$7.73** | &nbsp;&nbsp;**$8.02** | &nbsp;&nbsp;**$7.83** | &nbsp;&nbsp;**$7.98** | &nbsp;&nbsp;**$8.94** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.08)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.36%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.77)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.55%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$138947 | &nbsp;&nbsp;$108842 | &nbsp;&nbsp;$79202 | &nbsp;&nbsp;$74789 | &nbsp;&nbsp;$77593 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(4)</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;0.00%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% |
| Portfolio Turnover | &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;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% |

---

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

<sup>(5)</sup> Amount is less than 0.005%.

*51*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class A** | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class A** | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class A** | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class A** | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.71 | &nbsp;&nbsp;$8.54 | &nbsp;&nbsp;$8.62 | &nbsp;&nbsp;$9.51 | &nbsp;&nbsp;$9.44 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$0.46** | &nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;**$(0.73)** | &nbsp;&nbsp;**$0.24** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.28** | &nbsp;&nbsp;**$8.71** | &nbsp;&nbsp;**$8.54** | &nbsp;&nbsp;**$8.62** | &nbsp;&nbsp;**$9.51** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.65)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.44%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.69)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.59%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$74202 | &nbsp;&nbsp;$71177 | &nbsp;&nbsp;$70953 | &nbsp;&nbsp;$77965 | &nbsp;&nbsp;$90752 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

*52*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class C** | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class C** | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class C** | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class C** | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$9.24 | &nbsp;&nbsp;$9.06 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$10.09 | &nbsp;&nbsp;$10.01 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;$0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$0.42** | &nbsp;&nbsp;**$0.07** | &nbsp;&nbsp;**$(0.85)** | &nbsp;&nbsp;**$0.19** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;$(0.11) |
| **Total distributions** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;**$(0.11)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.78** | &nbsp;&nbsp;**$9.24** | &nbsp;&nbsp;**$9.06** | &nbsp;&nbsp;**$9.14** | &nbsp;&nbsp;**$10.09** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.31)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.71%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.74%** | &nbsp;&nbsp;&nbsp;&nbsp;**(8.44)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.89%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$3337 | &nbsp;&nbsp;$4976 | &nbsp;&nbsp;$4954 | &nbsp;&nbsp;$7333 | &nbsp;&nbsp;$11030 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

*53*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class I** | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class I** | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class I** | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class I** | &nbsp;&nbsp;&nbsp;**South Carolina Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.71 | &nbsp;&nbsp;$8.54 | &nbsp;&nbsp;$8.62 | &nbsp;&nbsp;$9.52 | &nbsp;&nbsp;$9.45 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$0.48** | &nbsp;&nbsp;**$0.14** | &nbsp;&nbsp;**$(0.72)** | &nbsp;&nbsp;**$0.26** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.19) |
| **Total distributions** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.19)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.28** | &nbsp;&nbsp;**$8.71** | &nbsp;&nbsp;**$8.54** | &nbsp;&nbsp;**$8.62** | &nbsp;&nbsp;**$9.52** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.33)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.72%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.64%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.60)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.80%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$114195 | &nbsp;&nbsp;$105813 | &nbsp;&nbsp;$96738 | &nbsp;&nbsp;$68602 | &nbsp;&nbsp;$70780 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</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;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

*54*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class A** | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class A** | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class A** | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class A** | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$7.22 | &nbsp;&nbsp;$7.04 | &nbsp;&nbsp;$7.19 | &nbsp;&nbsp;$8.10 | &nbsp;&nbsp;$8.06 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$0.42** | &nbsp;&nbsp;**$0.04** | &nbsp;&nbsp;**$(0.75)** | &nbsp;&nbsp;**$0.21** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$6.96** | &nbsp;&nbsp;**$7.22** | &nbsp;&nbsp;**$7.04** | &nbsp;&nbsp;**$7.19** | &nbsp;&nbsp;**$8.10** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.24)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.62%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.30)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.67%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$29707 | &nbsp;&nbsp;$32662 | &nbsp;&nbsp;$33859 | &nbsp;&nbsp;$38319 | &nbsp;&nbsp;$46788 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(4)</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;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &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;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &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;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

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

*55*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class C** | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class C** | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class C** | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class C** | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;$7.80 | &nbsp;&nbsp;$7.97 | &nbsp;&nbsp;$8.98 | &nbsp;&nbsp;$8.92 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.08)** | &nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;**$(0.01)** | &nbsp;&nbsp;**$(0.89)** | &nbsp;&nbsp;**$0.18** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.12) |
| **Total distributions** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.12)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$7.71** | &nbsp;&nbsp;**$8.00** | &nbsp;&nbsp;**$7.80** | &nbsp;&nbsp;**$7.97** | &nbsp;&nbsp;**$8.98** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.01)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.33%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.18)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(9.99)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.08%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1118 | &nbsp;&nbsp;$1762 | &nbsp;&nbsp;$1584 | &nbsp;&nbsp;$2895 | &nbsp;&nbsp;$4551 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(4)</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;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

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

*56*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class I** | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class I** | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class I** | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class I** | &nbsp;&nbsp;&nbsp;**Virginia Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$7.24 | &nbsp;&nbsp;$7.05 | &nbsp;&nbsp;$7.21 | &nbsp;&nbsp;$8.12 | &nbsp;&nbsp;$8.07 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.01)** | &nbsp;&nbsp;**$0.45** | &nbsp;&nbsp;**$0.05** | &nbsp;&nbsp;**$(0.73)** | &nbsp;&nbsp;**$0.24** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.19) |
| **Total distributions** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.19)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$6.97** | &nbsp;&nbsp;**$7.24** | &nbsp;&nbsp;**$7.05** | &nbsp;&nbsp;**$7.21** | &nbsp;&nbsp;**$8.12** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.18)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.47%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.69%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.09)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.00%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$29728 | &nbsp;&nbsp;$26538 | &nbsp;&nbsp;$22612 | &nbsp;&nbsp;$19671 | &nbsp;&nbsp;$23589 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(4)</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;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

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

*57*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Municipals Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Trust presently consists of eighteen funds, seven of which, each non-diversified, are included in these financial statements. They include Eaton Vance Georgia Municipal Income Fund (Georgia Fund), Eaton Vance Maryland Municipal Income Fund (Maryland Fund), Eaton Vance Missouri Municipal Income Fund (Missouri Fund), Eaton Vance North Carolina Municipal Income Fund (North Carolina Fund), Eaton Vance Oregon Municipal Income Fund (Oregon Fund), Eaton Vance South Carolina Municipal Income Fund (South Carolina Fund) and Eaton Vance Virginia Municipal Income Fund (Virginia Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds' investment objective is to provide current income exempt from regular federal income tax and from particular state or local income or other taxes. 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.**

**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 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 August 31, 2025, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements — continued

------

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

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

H Floating Rate Notes Issued in Conjunction with Securities Held—The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption "Payable for floating rate notes issued" in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 9) at August 31, 2025. Interest expense related to a Fund's liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At August 31, 2025, the amounts of the Funds' Floating Rate Notes and related interest rates and collateral were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**South Carolina<br> Fund** |
| Floating Rate Notes Outstanding | &nbsp;&nbsp;$1599991 |
| Interest Rate or Range of Interest Rates (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 |
| Collateral for Floating Rate Notes Outstanding | &nbsp;&nbsp;$2055580 |

---

For the year ended August 31, 2025, the Funds' average settled Floating Rate Notes outstanding and the average interest rate including fees were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**South Carolina<br> Fund** |
| Average Floating Rate Notes Outstanding | &nbsp;&nbsp;$1600000 |
| Average Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40% |

---

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of August 31, 2025.

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements — continued

------

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

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

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

J Segment Reporting—During this reporting period, the Funds adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. Each Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, 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 August 31, 2025 and August 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Georgia<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Maryland<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Missouri<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**North Carolina<br> Fund** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$3983463 | &nbsp;&nbsp;&nbsp;&nbsp;$2817865 | &nbsp;&nbsp;&nbsp;&nbsp;$2775047 | &nbsp;&nbsp;&nbsp;&nbsp;$7571670 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$126808 | &nbsp;&nbsp;&nbsp;&nbsp;$124960 | &nbsp;&nbsp;&nbsp;&nbsp;$187830 | &nbsp;&nbsp;&nbsp;&nbsp;$120032 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oregon<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**South Carolina<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Virginia<br> Fund** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$7076718 | &nbsp;&nbsp;&nbsp;&nbsp;$6708504 | &nbsp;&nbsp;&nbsp;&nbsp;$2069120 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$349357 | &nbsp;&nbsp;&nbsp;&nbsp;$31998 | &nbsp;&nbsp;&nbsp;&nbsp;$77056 |

---

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[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Georgia<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Maryland<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Missouri<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**North Carolina<br> Fund** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$3490749 | &nbsp;&nbsp;&nbsp;&nbsp;$2364082 | &nbsp;&nbsp;&nbsp;&nbsp;$2898217 | &nbsp;&nbsp;&nbsp;&nbsp;$6109247 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$86193 | &nbsp;&nbsp;&nbsp;&nbsp;$159240 | &nbsp;&nbsp;&nbsp;&nbsp;$132885 | &nbsp;&nbsp;&nbsp;&nbsp;$99892 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oregon<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**South Carolina<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Virginia<br> Fund** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$5413104 | &nbsp;&nbsp;&nbsp;&nbsp;$5974951 | &nbsp;&nbsp;&nbsp;&nbsp;$1969650 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$294936 | &nbsp;&nbsp;&nbsp;&nbsp;$55033 | &nbsp;&nbsp;&nbsp;&nbsp;$55199 |

---

As of August 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Georgia<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Maryland<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Missouri<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**North Carolina<br> Fund** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$13225 | &nbsp;&nbsp;&nbsp;&nbsp;$23800 | &nbsp;&nbsp;&nbsp;&nbsp;$29722 | &nbsp;&nbsp;&nbsp;&nbsp;$207241 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8866112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6783810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4883717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13801521) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2624110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3382505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1329485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5994612) |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (208417) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11535175)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(10191622)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6215276)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(19797309)** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oregon<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**South Carolina<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Virginia<br> Fund** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$20284 | &nbsp;&nbsp;&nbsp;&nbsp;$140525 | &nbsp;&nbsp;&nbsp;&nbsp;$35196 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22588272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13183094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8159076) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3784906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6561941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1426130) |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (141230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35695) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(26374822)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(19745740)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(9585705)** |

---

At August 31, 2025, the following Funds, for federal income tax purposes, had deferred capital losses which would reduce the respective Fund's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of a Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Georgia<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Maryland<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Missouri<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**North Carolina<br> Fund** |
| **Deferred capital losses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;&nbsp;$3433262 | &nbsp;&nbsp;&nbsp;&nbsp;$2213536 | &nbsp;&nbsp;&nbsp;&nbsp;$1331002 | &nbsp;&nbsp;&nbsp;&nbsp;$5245886 |
| &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;&nbsp;$5432850 | &nbsp;&nbsp;&nbsp;&nbsp;$4570274 | &nbsp;&nbsp;&nbsp;&nbsp;$3552715 | &nbsp;&nbsp;&nbsp;&nbsp;$8555635 |

---

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[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oregon<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**South Carolina<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Virginia<br> Fund** |
| **Deferred capital losses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;&nbsp;$9150448 | &nbsp;&nbsp;&nbsp;&nbsp;$6679783 | &nbsp;&nbsp;&nbsp;&nbsp;$3371346 |
| &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;&nbsp;$13437824 | &nbsp;&nbsp;&nbsp;&nbsp;$6503311 | &nbsp;&nbsp;&nbsp;&nbsp;$4787730 |

---

The cost and unrealized appreciation (depreciation) of investments of each Fund at August 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Georgia<br> Fund** | &nbsp;&nbsp;**Maryland<br> Fund** | &nbsp;&nbsp;**Missouri<br> Fund** | &nbsp;&nbsp;**North Carolina<br> Fund** |
| **Aggregate cost** | &nbsp;&nbsp;**$121949339** | &nbsp;&nbsp;**$90252896** | &nbsp;&nbsp;**$88035048** | &nbsp;&nbsp;**$230718557** |
| Gross unrealized appreciation | &nbsp;&nbsp;$951622 | &nbsp;&nbsp;$630905 | &nbsp;&nbsp;$1260903 | &nbsp;&nbsp;$1997232 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3575732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4013410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2590388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7991844) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(2624110)** | &nbsp;&nbsp;**$(3382505)** | &nbsp;&nbsp;**$(1329485)** | &nbsp;&nbsp;**$(5994612)** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Oregon<br> Fund** | &nbsp;&nbsp;**South Carolina<br> Fund** | &nbsp;&nbsp;**Virginia<br> Fund** |
| **Aggregate cost** | &nbsp;&nbsp;**$219197378** | &nbsp;&nbsp;**$194713305** | &nbsp;&nbsp;**$61338019** |
| Gross unrealized appreciation | &nbsp;&nbsp;$1993325 | &nbsp;&nbsp;$896658 | &nbsp;&nbsp;$671123 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5778231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7458599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2097253) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(3784906)** | &nbsp;&nbsp;**$(6561941)** | &nbsp;&nbsp;**$(1426130)** |

---

3 Investment Adviser Fee and Other Transactions with Affiliates

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

---

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

---

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements — continued

------

For the year ended August 31, 2025, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Georgia<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Maryland<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Missouri<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**North Carolina<br> Fund** |
| Investment Adviser Fee | &nbsp;&nbsp;&nbsp;&nbsp;$428518 | &nbsp;&nbsp;&nbsp;&nbsp;$289642 | &nbsp;&nbsp;&nbsp;&nbsp;$270645 | &nbsp;&nbsp;&nbsp;&nbsp;$864614 |
| Effective Annual Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oregon<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**South Carolina<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Virginia<br> Fund** |
| Investment Adviser Fee | &nbsp;&nbsp;&nbsp;&nbsp;$809561 | &nbsp;&nbsp;&nbsp;&nbsp;$709231 | &nbsp;&nbsp;&nbsp;&nbsp;$175608 |
| Effective Annual Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% |

---

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

EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds' principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of BMR, EVM and EVD, also received a portion of the sales charge on sales of Class A shares. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales 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 August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Georgia<br> Fund** | &nbsp;&nbsp;**Maryland<br> Fund** | &nbsp;&nbsp;**Missouri<br> Fund** | &nbsp;&nbsp;**North Carolina<br> Fund** |
| EVM's Sub-Transfer Agent Fees | &nbsp;&nbsp;$2887 | &nbsp;&nbsp;$4716 | &nbsp;&nbsp;$4320 | &nbsp;&nbsp;$10532 |
| EVD's Class A Sales Charges | &nbsp;&nbsp;$3534 | &nbsp;&nbsp;$1058 | &nbsp;&nbsp;$4192 | &nbsp;&nbsp;$14428 |
| Morgan Stanley affiliated broker-dealers' Class A Sales Charges | &nbsp;&nbsp;$3045 | &nbsp;&nbsp;$1869 | &nbsp;&nbsp;$2149 | &nbsp;&nbsp;$— |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Oregon<br> Fund** | &nbsp;&nbsp;**South Carolina<br> Fund** | &nbsp;&nbsp;**Virginia<br> Fund** |
| EVM's Sub-Transfer Agent Fees | &nbsp;&nbsp;$3955 | &nbsp;&nbsp;$2860 | &nbsp;&nbsp;$4323 |
| EVD's Class A Sales Charges | &nbsp;&nbsp;$20415 | &nbsp;&nbsp;$10531 | &nbsp;&nbsp;$5604 |
| Morgan Stanley affiliated broker-dealers' Class A Sales Charges | &nbsp;&nbsp;$2775 | &nbsp;&nbsp;$914 | &nbsp;&nbsp;$— |

---

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

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements — continued

------

4 Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that each Fund will pay EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.20% per annum of each Fund's average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the year ended August 31, 2025 for Class A shares amounted to the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Georgia<br> Fund** | &nbsp;&nbsp;**Maryland<br> Fund** | &nbsp;&nbsp;**Missouri<br> Fund** | &nbsp;&nbsp;**North Carolina<br> Fund** |
| Class A Distribution and Service Fees | &nbsp;&nbsp;$62704 | &nbsp;&nbsp;$57007 | &nbsp;&nbsp;$90026 | &nbsp;&nbsp;$110957 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Oregon<br> Fund** | &nbsp;&nbsp;**South Carolina<br> Fund** | &nbsp;&nbsp;**Virginia<br> Fund** |
| Class A Distribution and Service Fees | &nbsp;&nbsp;$160228 | &nbsp;&nbsp;$148408 | &nbsp;&nbsp;$61817 |

---

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the respective Funds. For the year ended August 31, 2025, the Funds paid or accrued to EVD the following distribution fees:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Georgia<br> Fund** | &nbsp;&nbsp;**Maryland<br> Fund** | &nbsp;&nbsp;**Missouri<br> Fund** | &nbsp;&nbsp;**North Carolina<br> Fund** |
| Class C Distribution Fees | &nbsp;&nbsp;$18795 | &nbsp;&nbsp;$13242 | &nbsp;&nbsp;$15664 | &nbsp;&nbsp;$32823 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Oregon<br> Fund** | &nbsp;&nbsp;**South Carolina<br> Fund** | &nbsp;&nbsp;**Virginia<br> Fund** |
| Class C Distribution Fees | &nbsp;&nbsp;$26849 | &nbsp;&nbsp;$32157 | &nbsp;&nbsp;$11631 |

---

The Class C Plan also authorizes each Fund to make payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to Class C shares. The Trustees approved service fee payments equal to 0.20% per annum of each Fund's average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended August 31, 2025 amounted to the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Georgia<br> Fund** | &nbsp;&nbsp;**Maryland<br> Fund** | &nbsp;&nbsp;**Missouri<br> Fund** | &nbsp;&nbsp;**North Carolina<br> Fund** |
| Class C Service Fees | &nbsp;&nbsp;$5012 | &nbsp;&nbsp;$3531 | &nbsp;&nbsp;$4177 | &nbsp;&nbsp;$8753 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Oregon<br> Fund** | &nbsp;&nbsp;**South Carolina<br> Fund** | &nbsp;&nbsp;**Virginia<br> Fund** |
| Class C Service Fees | &nbsp;&nbsp;$7160 | &nbsp;&nbsp;$8575 | &nbsp;&nbsp;$3102 |

---

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_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

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 August 31, 2025, the Funds were informed that EVD received the following amounts of CDSCs paid by Class A and Class C shareholders:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Georgia<br> Fund** | &nbsp;&nbsp;**Maryland<br> Fund** | &nbsp;&nbsp;**Missouri<br> Fund** | &nbsp;&nbsp;**North Carolina<br> Fund** |
| Class A | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5583 |
| Class C | &nbsp;&nbsp;$187 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Oregon<br> Fund** | &nbsp;&nbsp;**South Carolina<br> Fund** | &nbsp;&nbsp;**Virginia<br> Fund** |
| Class A | &nbsp;&nbsp;$2845 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;$— | &nbsp;&nbsp;$243 | &nbsp;&nbsp;$133 |

---

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, for the year ended August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Georgia<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Maryland<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Missouri<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**North Carolina<br> Fund** |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;$54107265 | &nbsp;&nbsp;&nbsp;&nbsp;$68849063 | &nbsp;&nbsp;&nbsp;&nbsp;$43859245 | &nbsp;&nbsp;&nbsp;&nbsp;$187638640 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;$54207414 | &nbsp;&nbsp;&nbsp;&nbsp;$62687098 | &nbsp;&nbsp;&nbsp;&nbsp;$37084740 | &nbsp;&nbsp;&nbsp;&nbsp;$162572696 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Oregon<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**South Carolina<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Virginia<br> Fund** |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;$133252296 | &nbsp;&nbsp;&nbsp;&nbsp;$142365421 | &nbsp;&nbsp;&nbsp;&nbsp;$47285034 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;$111432060 | &nbsp;&nbsp;&nbsp;&nbsp;$124308851 | &nbsp;&nbsp;&nbsp;&nbsp;$46063131 |

---

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements — continued

------

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Georgia Fund** | **Georgia Fund** | **Georgia Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &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; 704166 | &nbsp;&nbsp;&nbsp;&nbsp;$5566492 | &nbsp;&nbsp;&nbsp;&nbsp; 225386 | &nbsp;&nbsp;&nbsp;&nbsp;$1815793 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 118493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 945341 | &nbsp;&nbsp;&nbsp;&nbsp; 115049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920958 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (532339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4242403) | &nbsp;&nbsp;&nbsp;&nbsp;(1056338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8486207) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **290320** | &nbsp;&nbsp;&nbsp;&nbsp;**$2269430** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(715903)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5749456)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 42222 | &nbsp;&nbsp;&nbsp;&nbsp;$363973 | &nbsp;&nbsp;&nbsp;&nbsp; 72782 | &nbsp;&nbsp;&nbsp;&nbsp;$615808 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 6589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56291 | &nbsp;&nbsp;&nbsp;&nbsp; 7708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66016 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (930970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (148193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1276328) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(59709)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(510706)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(67703)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(594504)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;2989606 | &nbsp;&nbsp;&nbsp;&nbsp;$23917431 | &nbsp;&nbsp;&nbsp;&nbsp;3465505 | &nbsp;&nbsp;&nbsp;&nbsp;$27899784 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 301646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2412989 | &nbsp;&nbsp;&nbsp;&nbsp; 229593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1845812 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2992336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23866270) | &nbsp;&nbsp;&nbsp;&nbsp;(2469244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19634286) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **298916** | &nbsp;&nbsp;&nbsp;&nbsp;**$2464150** | &nbsp;&nbsp;&nbsp;&nbsp;**1225854** | &nbsp;&nbsp;&nbsp;&nbsp;**$10111310** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Maryland Fund** | **Maryland Fund** | **Maryland Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &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; 262932 | &nbsp;&nbsp;&nbsp;&nbsp;$2172223 | &nbsp;&nbsp;&nbsp;&nbsp; 763575 | &nbsp;&nbsp;&nbsp;&nbsp;$6336189 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 90260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742853 | &nbsp;&nbsp;&nbsp;&nbsp; 88098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725286 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (809783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6653691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (678036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5614693) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(456591)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3738615)** | &nbsp;&nbsp;&nbsp;&nbsp; **173637** | &nbsp;&nbsp;&nbsp;&nbsp;**$1446782** |

---

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Maryland Fund (continued)** | **Maryland Fund (continued)** | **Maryland Fund (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &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; 45362 | &nbsp;&nbsp;&nbsp;&nbsp;$410035 | &nbsp;&nbsp;&nbsp;&nbsp; 40435 | &nbsp;&nbsp;&nbsp;&nbsp;$366527 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 3993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35789 | &nbsp;&nbsp;&nbsp;&nbsp; 6624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59267 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (275376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (250789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2272225) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **18685** | &nbsp;&nbsp;&nbsp;&nbsp;**$170448** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(203730)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1846431)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;2581229 | &nbsp;&nbsp;&nbsp;&nbsp;$21381585 | &nbsp;&nbsp;&nbsp;&nbsp;2507998 | &nbsp;&nbsp;&nbsp;&nbsp;$20747382 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 198535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1635522 | &nbsp;&nbsp;&nbsp;&nbsp; 155973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1287099 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1518692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12467651) | &nbsp;&nbsp;&nbsp;&nbsp;(1934163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15834717) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**1261072** | &nbsp;&nbsp;&nbsp;&nbsp;**$10549456** | &nbsp;&nbsp;&nbsp;&nbsp; **729808** | &nbsp;&nbsp;&nbsp;&nbsp;**$6199764** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Missouri Fund** | **Missouri Fund** | **Missouri Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &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; 768289 | &nbsp;&nbsp;&nbsp;&nbsp;$6564575 | &nbsp;&nbsp;&nbsp;&nbsp;1278177 | &nbsp;&nbsp;&nbsp;&nbsp;$10877726 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 165085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1411929 | &nbsp;&nbsp;&nbsp;&nbsp; 183008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573412 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1041571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8912511) | &nbsp;&nbsp;&nbsp;&nbsp;(2249638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19454463) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(108197)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(936007)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(788453)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7003325)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 1118 | &nbsp;&nbsp;&nbsp;&nbsp;$10591 | &nbsp;&nbsp;&nbsp;&nbsp; 33901 | &nbsp;&nbsp;&nbsp;&nbsp;$328005 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 4834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45750 | &nbsp;&nbsp;&nbsp;&nbsp; 9498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90034 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (155726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1469155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (271672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2573368) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(149774)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1412814)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(228273)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2155329)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1914829 | &nbsp;&nbsp;&nbsp;&nbsp;$16357490 | &nbsp;&nbsp;&nbsp;&nbsp;1418292 | &nbsp;&nbsp;&nbsp;&nbsp;$12224515 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 130540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1116714 | &nbsp;&nbsp;&nbsp;&nbsp; 104910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904234 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1177977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10096909) | &nbsp;&nbsp;&nbsp;&nbsp;(1103607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9453985) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **867392** | &nbsp;&nbsp;&nbsp;&nbsp;**$7377295** | &nbsp;&nbsp;&nbsp;&nbsp; **419595** | &nbsp;&nbsp;&nbsp;&nbsp;**$3674764** |

---

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **North Carolina Fund** | **North Carolina Fund** | **North Carolina Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &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; 1748056 | &nbsp;&nbsp;&nbsp;&nbsp;$14570256 | &nbsp;&nbsp;&nbsp;&nbsp; 857742 | &nbsp;&nbsp;&nbsp;&nbsp;$7219263 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 190402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1578773 | &nbsp;&nbsp;&nbsp;&nbsp; 166733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1392527 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1311388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10872543) | &nbsp;&nbsp;&nbsp;&nbsp;(1288414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10741401) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **627070** | &nbsp;&nbsp;&nbsp;&nbsp;**$5276486** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(263939)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2129611)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 33545 | &nbsp;&nbsp;&nbsp;&nbsp;$303661 | &nbsp;&nbsp;&nbsp;&nbsp; 28512 | &nbsp;&nbsp;&nbsp;&nbsp;$257161 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 12071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107836 | &nbsp;&nbsp;&nbsp;&nbsp; 14843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133245 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (227298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2035886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1653370) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp; **(181682)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1624389)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(139876)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1262964)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;11299185 | &nbsp;&nbsp;&nbsp;&nbsp;$93464066 | &nbsp;&nbsp;&nbsp;&nbsp;8392089 | &nbsp;&nbsp;&nbsp;&nbsp;$70328569 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 402510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3344258 | &nbsp;&nbsp;&nbsp;&nbsp; 301879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2530864 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(9255041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76383595) | &nbsp;&nbsp;&nbsp;&nbsp;(5402516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44943010) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **2446654** | &nbsp;&nbsp;&nbsp;&nbsp;**$20424729** | &nbsp;&nbsp;&nbsp;&nbsp;**3291452** | &nbsp;&nbsp;&nbsp;&nbsp;**$27916423** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Oregon Fund** | **Oregon Fund** | **Oregon Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &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;1881139 | &nbsp;&nbsp;&nbsp;&nbsp;$14930180 | &nbsp;&nbsp;&nbsp;&nbsp;3076739 | &nbsp;&nbsp;&nbsp;&nbsp;$24441345 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 337883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2660482 | &nbsp;&nbsp;&nbsp;&nbsp; 300251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2374793 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2606988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20510509) | &nbsp;&nbsp;&nbsp;&nbsp;(1896938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14918700) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(387966)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2919847)** | &nbsp;&nbsp;&nbsp;&nbsp;**1480052** | &nbsp;&nbsp;&nbsp;&nbsp;**$11897438** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 40169 | &nbsp;&nbsp;&nbsp;&nbsp;$349411 | &nbsp;&nbsp;&nbsp;&nbsp; 25804 | &nbsp;&nbsp;&nbsp;&nbsp;$225646 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 10928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94189 | &nbsp;&nbsp;&nbsp;&nbsp; 12043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104141 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (757118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1446425) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(36652)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(313518)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(130245)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1116638)** |

---

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Oregon Fund (continued)** | **Oregon Fund (continued)** | **Oregon Fund (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;8893803 | &nbsp;&nbsp;&nbsp;&nbsp;$69886373 | &nbsp;&nbsp;&nbsp;&nbsp;6381836 | &nbsp;&nbsp;&nbsp;&nbsp;$50661629 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 563507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4425569 | &nbsp;&nbsp;&nbsp;&nbsp; 378219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2989219 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(5049937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39462949) | &nbsp;&nbsp;&nbsp;&nbsp;(3315200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26014381) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**4407373** | &nbsp;&nbsp;&nbsp;&nbsp;**$34848993** | &nbsp;&nbsp;&nbsp;&nbsp;**3444855** | &nbsp;&nbsp;&nbsp;&nbsp;**$27636467** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **South Carolina Fund** | **South Carolina Fund** | **South Carolina Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &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;1897248 | &nbsp;&nbsp;&nbsp;&nbsp;$16180520 | &nbsp;&nbsp;&nbsp;&nbsp;1048858 | &nbsp;&nbsp;&nbsp;&nbsp;$9036456 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 266122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2260244 | &nbsp;&nbsp;&nbsp;&nbsp; 241980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075959 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1372791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11619405) | &nbsp;&nbsp;&nbsp;&nbsp;(1427355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12229878) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **790579** | &nbsp;&nbsp;&nbsp;&nbsp;**$6821359** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(136517)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1117463)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 73638 | &nbsp;&nbsp;&nbsp;&nbsp;$662782 | &nbsp;&nbsp;&nbsp;&nbsp; 146535 | &nbsp;&nbsp;&nbsp;&nbsp;$1333347 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 8978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81126 | &nbsp;&nbsp;&nbsp;&nbsp; 10950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99595 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (241315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2166509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (165828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1505848) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(158699)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1422601)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(8343)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(72906)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;6231939 | &nbsp;&nbsp;&nbsp;&nbsp;$52722328 | &nbsp;&nbsp;&nbsp;&nbsp;3732621 | &nbsp;&nbsp;&nbsp;&nbsp;$31988000 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 323340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2749280 | &nbsp;&nbsp;&nbsp;&nbsp; 275606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2368150 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(4911422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41701765) | &nbsp;&nbsp;&nbsp;&nbsp;(3187770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27209845) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**1643857** | &nbsp;&nbsp;&nbsp;&nbsp;**$13769843** | &nbsp;&nbsp;&nbsp;&nbsp; **820457** | &nbsp;&nbsp;&nbsp;&nbsp;**$7146305** |

---

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Virginia Fund** | **Virginia Fund** | **Virginia Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &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; 420405 | &nbsp;&nbsp;&nbsp;&nbsp;$3000487 | &nbsp;&nbsp;&nbsp;&nbsp; 440889 | &nbsp;&nbsp;&nbsp;&nbsp;$3108751 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 133828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946877 | &nbsp;&nbsp;&nbsp;&nbsp; 137236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 973415 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (805027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5720855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (866379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6201271) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(250794)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1773491)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(288254)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2119105)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 13210 | &nbsp;&nbsp;&nbsp;&nbsp;$103264 | &nbsp;&nbsp;&nbsp;&nbsp; 54696 | &nbsp;&nbsp;&nbsp;&nbsp;$436385 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38460 | &nbsp;&nbsp;&nbsp;&nbsp; 4585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36020 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (725213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (334421) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(75100)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(583489)** | &nbsp;&nbsp;&nbsp;&nbsp; **17024** | &nbsp;&nbsp;&nbsp;&nbsp;**$137984** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1907018 | &nbsp;&nbsp;&nbsp;&nbsp;$13491028 | &nbsp;&nbsp;&nbsp;&nbsp;1674548 | &nbsp;&nbsp;&nbsp;&nbsp;$11865586 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 114025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 807531 | &nbsp;&nbsp;&nbsp;&nbsp; 93600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665395 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1421904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10016579) | &nbsp;&nbsp;&nbsp;&nbsp;(1307521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9129358) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **599139** | &nbsp;&nbsp;&nbsp;&nbsp;**$4281980** | &nbsp;&nbsp;&nbsp;&nbsp; **460627** | &nbsp;&nbsp;&nbsp;&nbsp;**$3401623** |

---

8 Line of Credit

The Funds participate 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 21, 2025. 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 2024, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the year ended August 31, 2025.

9 Fair Value Measurements

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

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

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

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

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

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements — continued

------

At August 31, 2025, the hierarchy of inputs used in valuing the Funds' investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Georgia Fund** |  |  |  |  |
| **Asset Description** | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Mortgage-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1000399 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1000399 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114564846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114564846 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3759984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3759984 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$119325229** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$119325229** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Maryland Fund** |  |  |  |  |
| **Asset Description** | **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;$83834441 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$83834441 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3035950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3035950 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$86870391** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$86870391** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Missouri Fund** |  |  |  |  |
| **Asset Description** | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1018316 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1018316 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82762001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82762001 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2925246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2925246 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$86705563** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$86705563** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **North Carolina Fund** |  |  |  |  |
| **Asset Description** | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Mortgage-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$935851 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$935851 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220744085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220744085 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3044009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3044009 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$224723945** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$224723945** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Oregon Fund** |  |  |  |  |
| **Asset Description** | **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;$207432040 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$207432040 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7980432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7980432 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$215412472** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$215412472** |

---

------

[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **South Carolina Fund** |  |  |  |  |
| **Asset Description** | **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;$188915320 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$188915320 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836035 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$189751355** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$189751355** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Virginia Fund** |  |  |  |  |
| **Asset Description** | **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;$59401619 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$59401619 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510270 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$59911889** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$59911889** |

---

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[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Trustees of Eaton Vance Municipals Trust and Shareholders of Eaton Vance Georgia Municipal Income Fund, Eaton Vance Maryland Municipal Income Fund, Eaton Vance Missouri Municipal Income Fund, Eaton Vance North Carolina Municipal Income Fund, Eaton Vance Oregon Municipal Income Fund, Eaton Vance South Carolina Municipal Income Fund and Eaton Vance Virginia Municipal Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Eaton Vance Georgia Municipal Income Fund, Eaton Vance Maryland Municipal Income Fund, Eaton Vance Missouri Municipal Income Fund, Eaton Vance North Carolina Municipal Income Fund, Eaton Vance Oregon Municipal Income Fund, Eaton Vance South Carolina Municipal Income Fund and Eaton Vance Virginia Municipal Income Fund (collectively, the "Funds") (certain of the funds constituting Eaton Vance Municipals Trust), including the portfolios of investments, as of August 31, 2025, 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 each of the Funds as of August 31, 2025, 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 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 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 August 31, 2025, 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

October 17, 2025

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

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[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. 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 August 31, 2025, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

---

| | |
|:---|:---|
| Georgia Municipal Income Fund | &nbsp;&nbsp;96.91% |
| Maryland Municipal Income Fund | &nbsp;&nbsp;95.75% |
| Missouri Municipal Income Fund | &nbsp;&nbsp;93.66% |
| North Carolina Municipal Income Fund | &nbsp;&nbsp;98.44% |
| Oregon Municipal Income Fund | &nbsp;&nbsp;95.30% |
| South Carolina Municipal Income Fund | &nbsp;&nbsp;99.53% |
| Virginia Municipal Income Fund | &nbsp;&nbsp;96.41% |

---

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[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Board of Trustees' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider ("comparable funds");

• A report from an independent data provider comparing each fund's total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Board of Trustees' Contract Approval — continued

------

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreements between each of the following funds:

• Eaton Vance Georgia Municipal Income Fund

• Eaton Vance Maryland Municipal Income Fund

• Eaton Vance Missouri Municipal Income Fund

• Eaton Vance North Carolina Municipal Income Fund

• Eaton Vance Oregon Municipal Income Fund

• Eaton Vance South Carolina Municipal Income Fund

• Eaton Vance Virginia Municipal Income Fund

(the "Funds") and Boston Management and Research (the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for each Fund.

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory agreements for the Funds, the Board evaluated the nature, extent and quality of services provided to the Funds by the Adviser.

The Board considered the Adviser's management capabilities and investment processes in light of the types of investments held by each Fund, including the education and experience of the investment professionals who provide services to the Funds. In particular, the Board considered, where relevant, the abilities and experience of the Adviser's investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. The Board considered the Adviser's municipal bond team, which includes investment professionals and credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including each Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Funds.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreements.

Fund *Performance*

The Board compared each Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and a customized peer group of similarly managed funds, and assessed each Fund's performance on the basis of total return and current income return. The Board's review included comparative performance data with respect to each Fund for the one-, three-, five- and ten-year periods ended December 31, 2024.

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[**Table of Contents**](#JOB_EV_AR_6adf7d7d-f1dd-4de6-b04d-439cc919eb01_TOC)

Eaton Vance

Municipal Income Funds

August 31, 2025

Board of Trustees' Contract Approval — continued

------

In this regard, the Board noted each Fund's performance relative to its peer group, custom peer group and primary and secondary benchmark indexes for the three-year period, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Performance Relative to:** | &nbsp;&nbsp;&nbsp;&nbsp;**Performance Relative to:** | &nbsp;&nbsp;&nbsp;&nbsp;**Performance Relative to:** | &nbsp;&nbsp;&nbsp;&nbsp;**Performance Relative to:** |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Median of<br> Peers** | &nbsp;&nbsp;&nbsp;&nbsp;**Median of<br> Custom Peers** | &nbsp;&nbsp;&nbsp;&nbsp;**Primary<br> Index** | &nbsp;&nbsp;&nbsp;&nbsp;**Secondary<br> Index** |
| Eaton Vance Georgia Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher |
| Eaton Vance Maryland Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher |
| Eaton Vance Missouri Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Lower | &nbsp;&nbsp;&nbsp;&nbsp;Lower | &nbsp;&nbsp;&nbsp;&nbsp;Lower | &nbsp;&nbsp;&nbsp;&nbsp;Lower |
| Eaton Vance North Carolina Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher |
| Eaton Vance Oregon Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Consistent with | &nbsp;&nbsp;&nbsp;&nbsp;Consistent with | &nbsp;&nbsp;&nbsp;&nbsp;Lower | &nbsp;&nbsp;&nbsp;&nbsp;Higher |
| Eaton Vance South Carolina Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher |
| Eaton Vance Virginia Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Lower | &nbsp;&nbsp;&nbsp;&nbsp;Lower | &nbsp;&nbsp;&nbsp;&nbsp;Lower | &nbsp;&nbsp;&nbsp;&nbsp;Lower |

---

The Board considered, among other things, the Adviser's efforts to generate competitive levels of tax exempt current income over time through investments that, relative to its comparable funds, focus on higher quality municipal bonds with longer maturities. With respect to Eaton Vance Missouri Municipal Income Fund and Eaton Vance Virginia Municipal Income Fund, on the basis of the foregoing, the performance of each Fund over other periods, and other relevant information provided by the Adviser in response to requests from the Contract Review Committee, the Board concluded that the performance of each Fund was satisfactory. With respect to all other Funds, the Board concluded that the performance of each Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered each Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on each Fund's total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Funds and other investment advisory clients.

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of each Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that each Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of each advisory fee, which includes breakpoints at several asset levels, will allow each Fund to continue to benefit from any economies of scale in the future.

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MUNI7-NCSR&nbsp;&nbsp;&nbsp;&nbsp;8.31.25

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#### 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
The information is included in Item 7 of this Form N-CSR.

#### 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. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases
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 controls 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

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| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d74130dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d74130dex99cert.htm#ii) |
| (b) | [Combined Section 906 certification.](d74130dex99906cert.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.

---

| | |
|:---|:---|
| <u>Eaton Vance Municipals Trust</u> | <u>Eaton Vance Municipals Trust</u> |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | October 23, 2025 |

---

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: | October 23, 2025 |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | October 23, 2025 |

---

## Ex-99.Cert

**EATON VANCE MUNICIPALS TRUST** 

**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;

&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: October 23, 2025 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**EATON VANCE MUNICIPALS TRUST** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Kenneth A. Topping, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Municipals
Trust;

&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: October 23, 2025 | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**<u>Form N-CSR Item 19(b) Exhibit</u>**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Eaton Vance Municipals Trust (the "**Trust**") that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Report of the **Trust** on Form N-CSR for the period ended
August 31, 2025 (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 |
|  Date: October 23, 2025 |
|  /s/ James F. Kirchner |
|  James F. Kirchner |
|  Principal Financial Officer |
|  Date: October 23, 2025 |
|  /s/ Kenneth A. Topping |
|  Kenneth A. Topping |
|  Principal Executive Officer |

---