# EDGAR Filing Document

**Accession Number:** 0000778365
**File Stem:** 0001193125-25-219629
**Filing Date:** 2025-9
**Character Count:** 697628
**Document Hash:** 29861407b90b6e0be4acc68c2442121b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-219629.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001193125-25-219629

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**EFFECTIVENESS DATE**: 20250926

**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:** 251346862

**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 Minnesota Municipal Income Fund (Series ID: S000004843)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000013114 | Eaton Vance Minnesota Municipal Income Fund Class A | ETMNX           |
| C000013116 | Eaton Vance Minnesota Municipal Income Fund Class C | ECMNX           |
| C000092718 | Eaton Vance Minnesota Municipal Income Fund Class I | EIMNX           |

### Eaton Vance New Jersey Municipal Income Fund (Series ID: S000004847)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000013127 | Eaton Vance New Jersey Municipal Income Fund Class A | ETNJX           |
| C000013129 | Eaton Vance New Jersey Municipal Income Fund Class C | ECNJX           |
| C000063948 | Eaton Vance New Jersey Municipal Income Fund Class I | EINJX           |

### Eaton Vance Arizona Municipal Income Fund (Series ID: S000004849)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000013133 | Eaton Vance Arizona Municipal Income Fund Class A | ETAZX           |
| C000013135 | Eaton Vance Arizona Municipal Income Fund Class C | ECAZX           |
| C000092720 | Eaton Vance Arizona Municipal Income Fund Class I | EIAZX           |

### Eaton Vance Pennsylvania Municipal Income Fund (Series ID: S000004853)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000013145 | Eaton Vance Pennsylvania Municipal Income Fund Class A | ETPAX           |
| C000013147 | Eaton Vance Pennsylvania Municipal Income Fund Class C | ECPAX           |
| C000063951 | Eaton Vance Pennsylvania Municipal Income Fund Class I | EIPAX           |

### Eaton Vance Connecticut Municipal Income Fund (Series ID: S000004862)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000013172 | Eaton Vance Connecticut Municipal Income Fund Class C | ECCTX           |
| C000013173 | Eaton Vance Connecticut Municipal Income Fund Class A | ETCTX           |
| C000063955 | Eaton Vance Connecticut Municipal Income Fund Class I | EICTX           |

### Eaton Vance Municipal Opportunities Fund (Series ID: S000032714)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000100969 | Eaton Vance Municipal Opportunities Fund Class A | EMOAX           |
| C000100970 | Eaton Vance Municipal Opportunities Fund Class C | EMOCX           |
| C000100971 | Eaton Vance Municipal Opportunities Fund Class I | EMOIX           |

?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)

#### July 31

#### Date of Fiscal Year End

#### July 31, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) # Eaton Vance Arizona Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class A ETAZX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance Arizona Municipal Income Fund for the period of August 1, 2024 to July 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 | 0.73% |

---

## 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, and security selections in bonds with 17+ years to maturity also hurt performance

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

↑ In contrast, an underweight position in bonds with 22+ years remaining to maturity helped as longer-maturity bonds underperformed shorter-maturity bonds

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

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

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

![Growth of 10K Chart](g154991i74fdf204d5a487d67e37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Arizona Municipal Bond Index** |
| **7/15** | $9675 | $10000 | $10000 |
| **8/15** | $9683 | $10020 | $10020 |
| **9/15** | $9732 | $10092 | $10094 |
| **10/15** | $9771 | $10132 | $10140 |
| **11/15** | $9840 | $10173 | $10169 |
| **12/15** | $9941 | $10244 | $10228 |
| **1/16** | $10041 | $10366 | $10362 |
| **2/16** | $10016 | $10383 | $10381 |
| **3/16** | $10084 | $10416 | $10406 |
| **4/16** | $10172 | $10492 | $10481 |
| **5/16** | $10209 | $10520 | $10496 |
| **6/16** | $10350 | $10688 | $10642 |
| **7/16** | $10313 | $10694 | $10652 |
| **8/16** | $10381 | $10709 | $10649 |
| **9/16** | $10343 | $10655 | $10601 |
| **10/16** | $10253 | $10544 | $10509 |
| **11/16** | $9898 | $10150 | $10157 |
| **12/16** | $10009 | $10270 | $10267 |
| **1/17** | $10034 | $10337 | $10332 |
| **2/17** | $10082 | $10409 | $10412 |
| **3/17** | $10108 | $10432 | $10429 |
| **4/17** | $10178 | $10507 | $10516 |
| **5/17** | $10331 | $10674 | $10672 |
| **6/17** | $10292 | $10636 | $10627 |
| **7/17** | $10349 | $10722 | $10700 |
| **8/17** | $10417 | $10803 | $10773 |
| **9/17** | $10399 | $10748 | $10707 |
| **10/17** | $10391 | $10775 | $10736 |
| **11/17** | $10362 | $10717 | $10665 |
| **12/17** | $10496 | $10829 | $10782 |
| **1/18** | $10369 | $10702 | $10652 |
| **2/18** | $10318 | $10670 | $10617 |
| **3/18** | $10366 | $10709 | $10661 |
| **4/18** | $10336 | $10671 | $10623 |
| **5/18** | $10465 | $10793 | $10735 |
| **6/18** | $10483 | $10802 | $10750 |
| **7/18** | $10508 | $10828 | $10767 |
| **8/18** | $10510 | $10856 | $10790 |
| **9/18** | $10457 | $10786 | $10722 |
| **10/18** | $10392 | $10719 | $10665 |
| **11/18** | $10484 | $10838 | $10779 |
| **12/18** | $10587 | $10968 | $10899 |
| **1/19** | $10667 | $11051 | $10982 |
| **2/19** | $10726 | $11110 | $11037 |
| **3/19** | $10863 | $11286 | $11204 |
| **4/19** | $10910 | $11328 | $11244 |
| **5/19** | $11024 | $11484 | $11384 |
| **6/19** | $11059 | $11527 | $11423 |
| **7/19** | $11151 | $11619 | $11519 |
| **8/19** | $11300 | $11803 | $11691 |
| **9/19** | $11220 | $11708 | $11579 |
| **10/19** | $11220 | $11729 | $11611 |
| **11/19** | $11233 | $11758 | $11637 |
| **12/19** | $11259 | $11794 | $11670 |
| **1/20** | $11446 | $12006 | $11878 |
| **2/20** | $11600 | $12161 | $12036 |
| **3/20** | $11219 | $11720 | $11557 |
| **4/20** | $11071 | $11573 | $11505 |
| **5/20** | $11423 | $11941 | $11861 |
| **6/20** | $11473 | $12039 | $11936 |
| **7/20** | $11639 | $12242 | $12104 |
| **8/20** | $11583 | $12185 | $12052 |
| **9/20** | $11586 | $12187 | $12056 |
| **10/20** | $11551 | $12151 | $12020 |
| **11/20** | $11717 | $12334 | $12198 |
| **12/20** | $11788 | $12409 | $12261 |
| **1/21** | $11830 | $12488 | $12315 |
| **2/21** | $11625 | $12290 | $12139 |
| **3/21** | $11681 | $12366 | $12212 |
| **4/21** | $11772 | $12469 | $12300 |
| **5/21** | $11827 | $12506 | $12330 |
| **6/21** | $11846 | $12541 | $12349 |
| **7/21** | $11924 | $12645 | $12453 |
| **8/21** | $11894 | $12598 | $12420 |
| **9/21** | $11793 | $12507 | $12330 |
| **10/21** | $11776 | $12471 | $12301 |
| **11/21** | $11857 | $12577 | $12397 |
| **12/21** | $11865 | $12597 | $12412 |
| **1/22** | $11582 | $12253 | $12084 |
| **2/22** | $11530 | $12209 | $12051 |
| **3/22** | $11222 | $11813 | $11668 |
| **4/22** | $10964 | $11486 | $11331 |
| **5/22** | $11046 | $11657 | $11490 |
| **6/22** | $10922 | $11466 | $11314 |
| **7/22** | $11138 | $11769 | $11597 |
| **8/22** | $10926 | $11511 | $11362 |
| **9/22** | $10579 | $11069 | $10919 |
| **10/22** | $10516 | $10977 | $10827 |
| **11/22** | $10909 | $11490 | $11299 |
| **12/22** | $10921 | $11523 | $11351 |
| **1/23** | $11192 | $11854 | $11647 |
| **2/23** | $10945 | $11586 | $11392 |
| **3/23** | $11158 | $11843 | $11636 |
| **4/23** | $11146 | $11816 | $11598 |
| **5/23** | $11060 | $11714 | $11502 |
| **6/23** | $11150 | $11831 | $11583 |
| **7/23** | $11164 | $11878 | $11645 |
| **8/23** | $11053 | $11707 | $11488 |
| **9/23** | $10778 | $11364 | $11176 |
| **10/23** | $10617 | $11267 | $11096 |
| **11/23** | $11293 | $11983 | $11754 |
| **12/23** | $11564 | $12261 | $12037 |
| **1/24** | $11541 | $12198 | $11964 |
| **2/24** | $11558 | $12214 | $11989 |
| **3/24** | $11549 | $12214 | $11977 |
| **4/24** | $11438 | $12062 | $11848 |
| **5/24** | $11455 | $12027 | $11831 |
| **6/24** | $11641 | $12211 | $12010 |
| **7/24** | $11738 | $12323 | $12106 |
| **8/24** | $11796 | $12420 | $12201 |
| **9/24** | $11906 | $12543 | $12305 |
| **10/24** | $11767 | $12360 | $12139 |
| **11/24** | $11944 | $12573 | $12339 |
| **12/24** | $11778 | $12390 | $12168 |
| **1/25** | $11796 | $12452 | $12236 |
| **2/25** | $11906 | $12576 | $12356 |
| **3/25** | $11699 | $12363 | $12171 |
| **4/25** | $11612 | $12263 | $12081 |
| **5/25** | $11551 | $12271 | $12084 |
| **6/25** | $11624 | $12347 | $12157 |
| **7/25** | $11575 | $12322 | $12148 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (1.40)% | (0.11)% | 1.81% |
| Class A with 3.25% Maximum Sales Charge | (4.57)% | (0.76)% | 1.47% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg Arizona Municipal Bond Index | 0.35% | 0.07% | 1.96% |

---

---

| | |
|:---|:---|
| 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 | $94173358 |
| # of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 68% |
| Total Advisory Fees Paid | $297753 |

---

## 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](g154991ia9e6224dfe2e6e26598f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 4.7% |
| Transportation | 3.6% |
| Electric Utilities | 5.1% |
| Industrial Development Revenue | 6.0% |
| Housing | 8.7% |
| Water and Sewer | 9.8% |
| Hospital | 10.0% |
| Special Tax Revenue | 15.1% |
| Education | 15.7% |
| General Obligations | 21.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g154991ia134d332749681a57d1f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.0% |
| BB | 2.6% |
| BBB | 8.2% |
| A | 12.5% |
| AA | 55.3% |
| AAA | 15.4% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# ETAZX-TSR-AR

# Eaton Vance Arizona Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class C ECAZX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance Arizona Municipal Income Fund for the period of August 1, 2024 to July 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 | 1.48% |

---

## 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, and security selections in bonds with 17+ years to maturity also hurt performance

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

↑ In contrast, an underweight position in bonds with 22+ years remaining to maturity helped as longer-maturity bonds underperformed shorter-maturity bonds

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

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

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

![Growth of 10K Chart](g154991i45bf79ff3c2e0f401b24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Arizona Municipal Bond Index** |
| **7/15** | $10000 | $10000 | $10000 |
| **8/15** | $9995 | $10020 | $10020 |
| **9/15** | $10047 | $10092 | $10094 |
| **10/15** | $10079 | $10132 | $10140 |
| **11/15** | $10150 | $10173 | $10169 |
| **12/15** | $10249 | $10244 | $10228 |
| **1/16** | $10339 | $10366 | $10362 |
| **2/16** | $10312 | $10383 | $10381 |
| **3/16** | $10370 | $10416 | $10406 |
| **4/16** | $10449 | $10492 | $10481 |
| **5/16** | $10479 | $10520 | $10496 |
| **6/16** | $10624 | $10688 | $10642 |
| **7/16** | $10577 | $10694 | $10652 |
| **8/16** | $10644 | $10709 | $10649 |
| **9/16** | $10596 | $10655 | $10601 |
| **10/16** | $10499 | $10544 | $10509 |
| **11/16** | $10130 | $10150 | $10157 |
| **12/16** | $10238 | $10270 | $10267 |
| **1/17** | $10257 | $10337 | $10332 |
| **2/17** | $10298 | $10409 | $10412 |
| **3/17** | $10318 | $10432 | $10429 |
| **4/17** | $10388 | $10507 | $10516 |
| **5/17** | $10524 | $10674 | $10672 |
| **6/17** | $10485 | $10636 | $10627 |
| **7/17** | $10533 | $10722 | $10700 |
| **8/17** | $10601 | $10803 | $10773 |
| **9/17** | $10580 | $10748 | $10707 |
| **10/17** | $10559 | $10775 | $10736 |
| **11/17** | $10519 | $10717 | $10665 |
| **12/17** | $10647 | $10829 | $10782 |
| **1/18** | $10517 | $10702 | $10652 |
| **2/18** | $10458 | $10670 | $10617 |
| **3/18** | $10496 | $10709 | $10661 |
| **4/18** | $10466 | $10671 | $10623 |
| **5/18** | $10589 | $10793 | $10735 |
| **6/18** | $10592 | $10802 | $10750 |
| **7/18** | $10621 | $10828 | $10767 |
| **8/18** | $10619 | $10856 | $10790 |
| **9/18** | $10556 | $10786 | $10722 |
| **10/18** | $10483 | $10719 | $10665 |
| **11/18** | $10572 | $10838 | $10779 |
| **12/18** | $10672 | $10968 | $10899 |
| **1/19** | $10729 | $11051 | $10982 |
| **2/19** | $10789 | $11110 | $11037 |
| **3/19** | $10929 | $11286 | $11204 |
| **4/19** | $10957 | $11328 | $11244 |
| **5/19** | $11066 | $11484 | $11384 |
| **6/19** | $11104 | $11527 | $11423 |
| **7/19** | $11182 | $11619 | $11519 |
| **8/19** | $11332 | $11803 | $11691 |
| **9/19** | $11245 | $11708 | $11579 |
| **10/19** | $11240 | $11729 | $11611 |
| **11/19** | $11237 | $11758 | $11637 |
| **12/19** | $11256 | $11794 | $11670 |
| **1/20** | $11441 | $12006 | $11878 |
| **2/20** | $11586 | $12161 | $12036 |
| **3/20** | $11198 | $11720 | $11557 |
| **4/20** | $11041 | $11573 | $11505 |
| **5/20** | $11384 | $11941 | $11861 |
| **6/20** | $11425 | $12039 | $11936 |
| **7/20** | $11590 | $12242 | $12104 |
| **8/20** | $11525 | $12185 | $12052 |
| **9/20** | $11512 | $12187 | $12056 |
| **10/20** | $11477 | $12151 | $12020 |
| **11/20** | $11642 | $12334 | $12198 |
| **12/20** | $11701 | $12409 | $12261 |
| **1/21** | $11733 | $12488 | $12315 |
| **2/21** | $11524 | $12290 | $12139 |
| **3/21** | $11569 | $12366 | $12212 |
| **4/21** | $11645 | $12469 | $12300 |
| **5/21** | $11698 | $12506 | $12330 |
| **6/21** | $11710 | $12541 | $12349 |
| **7/21** | $11784 | $12645 | $12453 |
| **8/21** | $11741 | $12598 | $12420 |
| **9/21** | $11635 | $12507 | $12330 |
| **10/21** | $11615 | $12471 | $12301 |
| **11/21** | $11693 | $12577 | $12397 |
| **12/21** | $11683 | $12597 | $12412 |
| **1/22** | $11405 | $12253 | $12084 |
| **2/22** | $11345 | $12209 | $12051 |
| **3/22** | $11035 | $11813 | $11668 |
| **4/22** | $10769 | $11486 | $11331 |
| **5/22** | $10848 | $11657 | $11490 |
| **6/22** | $10712 | $11466 | $11314 |
| **7/22** | $10930 | $11769 | $11597 |
| **8/22** | $10706 | $11511 | $11362 |
| **9/22** | $10364 | $11069 | $10919 |
| **10/22** | $10293 | $10977 | $10827 |
| **11/22** | $10678 | $11490 | $11299 |
| **12/22** | $10673 | $11523 | $11351 |
| **1/23** | $10929 | $11854 | $11647 |
| **2/23** | $10687 | $11586 | $11392 |
| **3/23** | $10879 | $11843 | $11636 |
| **4/23** | $10865 | $11816 | $11598 |
| **5/23** | $10775 | $11714 | $11502 |
| **6/23** | $10861 | $11831 | $11583 |
| **7/23** | $10868 | $11878 | $11645 |
| **8/23** | $10756 | $11707 | $11488 |
| **9/23** | $10479 | $11364 | $11176 |
| **10/23** | $10311 | $11267 | $11096 |
| **11/23** | $10966 | $11983 | $11754 |
| **12/23** | $11220 | $12261 | $12037 |
| **1/24** | $11196 | $12198 | $11964 |
| **2/24** | $11196 | $12214 | $11989 |
| **3/24** | $11183 | $12214 | $11977 |
| **4/24** | $11072 | $12062 | $11848 |
| **5/24** | $11071 | $12027 | $11831 |
| **6/24** | $11252 | $12211 | $12010 |
| **7/24** | $11343 | $12323 | $12106 |
| **8/24** | $11389 | $12420 | $12201 |
| **9/24** | $11492 | $12543 | $12305 |
| **10/24** | $11345 | $12360 | $12139 |
| **11/24** | $11505 | $12573 | $12339 |
| **12/24** | $11335 | $12390 | $12168 |
| **1/25** | $11357 | $12452 | $12236 |
| **2/25** | $11450 | $12576 | $12356 |
| **3/25** | $11255 | $12363 | $12171 |
| **4/25** | $11164 | $12263 | $12081 |
| **5/25** | $11084 | $12271 | $12084 |
| **6/25** | $11155 | $12347 | $12157 |
| **7/25** | $11268 | $12322 | $12148 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (2.17)% | (0.87)% | 1.20% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (3.13)% | (0.87)% | 1.20% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg Arizona Municipal Bond Index | 0.35% | 0.07% | 1.96% |

---

---

| | |
|:---|:---|
| 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 | $94173358 |
| # of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 68% |
| Total Advisory Fees Paid | $297753 |

---

## 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](g154991i948047955e0392455394.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 4.7% |
| Transportation | 3.6% |
| Electric Utilities | 5.1% |
| Industrial Development Revenue | 6.0% |
| Housing | 8.7% |
| Water and Sewer | 9.8% |
| Hospital | 10.0% |
| Special Tax Revenue | 15.1% |
| Education | 15.7% |
| General Obligations | 21.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g154991ibb841c40102201c022dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.0% |
| BB | 2.6% |
| BBB | 8.2% |
| A | 12.5% |
| AA | 55.3% |
| AAA | 15.4% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# ECAZX-TSR-AR

# Eaton Vance Arizona Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class I EIAZX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance Arizona Municipal Income Fund for the period of August 1, 2024 to July 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 | $53 | 0.53% |

---

## 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, and security selections in bonds with 17+ years to maturity also hurt performance

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

↑ In contrast, an underweight position in bonds with 22+ years remaining to maturity helped as longer-maturity bonds underperformed shorter-maturity bonds

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

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

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

![Growth of 10K Chart](g154991id037e2508daff86276f3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Arizona Municipal Bond Index** |
| **7/15** | $1000000 | $1000000 | $1000000 |
| **8/15** | $1000992 | $1001964 | $1002041 |
| **9/15** | $1006256 | $1009222 | $1009368 |
| **10/15** | $1010395 | $1013234 | $1013976 |
| **11/15** | $1017761 | $1017263 | $1016915 |
| **12/15** | $1028302 | $1024410 | $1022790 |
| **1/16** | $1037838 | $1036633 | $1036181 |
| **2/16** | $1036461 | $1038263 | $1038123 |
| **3/16** | $1043610 | $1041552 | $1040647 |
| **4/16** | $1052987 | $1049211 | $1048084 |
| **5/16** | $1055905 | $1052048 | $1049610 |
| **6/16** | $1071719 | $1068785 | $1064150 |
| **7/16** | $1066987 | $1069438 | $1065219 |
| **8/16** | $1075243 | $1070881 | $1064850 |
| **9/16** | $1071539 | $1065536 | $1060116 |
| **10/16** | $1062375 | $1054357 | $1050912 |
| **11/16** | $1025806 | $1015035 | $1015722 |
| **12/16** | $1037407 | $1026951 | $1026693 |
| **1/17** | $1040173 | $1033721 | $1033203 |
| **2/17** | $1045345 | $1040899 | $1041232 |
| **3/17** | $1048233 | $1043159 | $1042936 |
| **4/17** | $1055594 | $1050728 | $1051613 |
| **5/17** | $1071671 | $1067404 | $1067215 |
| **6/17** | $1067821 | $1063576 | $1062671 |
| **7/17** | $1073951 | $1072181 | $1070037 |
| **8/17** | $1081157 | $1080340 | $1077303 |
| **9/17** | $1079433 | $1074847 | $1070721 |
| **10/17** | $1078825 | $1077471 | $1073618 |
| **11/17** | $1076011 | $1071702 | $1066496 |
| **12/17** | $1090134 | $1082903 | $1078150 |
| **1/18** | $1077065 | $1070154 | $1065203 |
| **2/18** | $1071990 | $1066957 | $1061738 |
| **3/18** | $1077070 | $1070895 | $1066059 |
| **4/18** | $1074172 | $1067073 | $1062261 |
| **5/18** | $1087751 | $1079292 | $1073450 |
| **6/18** | $1089778 | $1080214 | $1075042 |
| **7/18** | $1092625 | $1082835 | $1076732 |
| **8/18** | $1093037 | $1085616 | $1079020 |
| **9/18** | $1087621 | $1078587 | $1072201 |
| **10/18** | $1081050 | $1071945 | $1066505 |
| **11/18** | $1090794 | $1083810 | $1077929 |
| **12/18** | $1101737 | $1096787 | $1089881 |
| **1/19** | $1110239 | $1105077 | $1098234 |
| **2/19** | $1116532 | $1110994 | $1103683 |
| **3/19** | $1131005 | $1128557 | $1120375 |
| **4/19** | $1136080 | $1132798 | $1124426 |
| **5/19** | $1148173 | $1148415 | $1138417 |
| **6/19** | $1152011 | $1152656 | $1142294 |
| **7/19** | $1161800 | $1161945 | $1151883 |
| **8/19** | $1177491 | $1180273 | $1169053 |
| **9/19** | $1169356 | $1170812 | $1157932 |
| **10/19** | $1169561 | $1172910 | $1161055 |
| **11/19** | $1171072 | $1175844 | $1163685 |
| **12/19** | $1173962 | $1179433 | $1167027 |
| **1/20** | $1193741 | $1200624 | $1187773 |
| **2/20** | $1209957 | $1216107 | $1203635 |
| **3/20** | $1170464 | $1171995 | $1155675 |
| **4/20** | $1155224 | $1157286 | $1150533 |
| **5/20** | $1192194 | $1194101 | $1186097 |
| **6/20** | $1197618 | $1203929 | $1193582 |
| **7/20** | $1215204 | $1224206 | $1210420 |
| **8/20** | $1209525 | $1218462 | $1205222 |
| **9/20** | $1208790 | $1218720 | $1205578 |
| **10/20** | $1206572 | $1215059 | $1202002 |
| **11/20** | $1224120 | $1233396 | $1219844 |
| **12/20** | $1231651 | $1240909 | $1226098 |
| **1/21** | $1236301 | $1248817 | $1231538 |
| **2/21** | $1215075 | $1228975 | $1213927 |
| **3/21** | $1221092 | $1236554 | $1221201 |
| **4/21** | $1230833 | $1246926 | $1229986 |
| **5/21** | $1236760 | $1250646 | $1233030 |
| **6/21** | $1238956 | $1254080 | $1234921 |
| **7/21** | $1247279 | $1264481 | $1245250 |
| **8/21** | $1244365 | $1259841 | $1242043 |
| **9/21** | $1234005 | $1250749 | $1232998 |
| **10/21** | $1232480 | $1247091 | $1230065 |
| **11/21** | $1241147 | $1257708 | $1239702 |
| **12/21** | $1242183 | $1259737 | $1241167 |
| **1/22** | $1212741 | $1225254 | $1208428 |
| **2/22** | $1207527 | $1220865 | $1205086 |
| **3/22** | $1175480 | $1181288 | $1166781 |
| **4/22** | $1148623 | $1148614 | $1133091 |
| **5/22** | $1157400 | $1165677 | $1149010 |
| **6/22** | $1144548 | $1146585 | $1131424 |
| **7/22** | $1167410 | $1176880 | $1159748 |
| **8/22** | $1145359 | $1151087 | $1136152 |
| **9/22** | $1109232 | $1106907 | $1091936 |
| **10/22** | $1102802 | $1097702 | $1082669 |
| **11/22** | $1144233 | $1149045 | $1129892 |
| **12/22** | $1145673 | $1152335 | $1135088 |
| **1/23** | $1174324 | $1185436 | $1164659 |
| **2/23** | $1148587 | $1158630 | $1139186 |
| **3/23** | $1171039 | $1184338 | $1163560 |
| **4/23** | $1170045 | $1181632 | $1159777 |
| **5/23** | $1161238 | $1171393 | $1150170 |
| **6/23** | $1170876 | $1183127 | $1158253 |
| **7/23** | $1172479 | $1187807 | $1164532 |
| **8/23** | $1161025 | $1170707 | $1148754 |
| **9/23** | $1132362 | $1136395 | $1117615 |
| **10/23** | $1115593 | $1126725 | $1109618 |
| **11/23** | $1186881 | $1198251 | $1175399 |
| **12/23** | $1215477 | $1226100 | $1203656 |
| **1/24** | $1213323 | $1219838 | $1196362 |
| **2/24** | $1215299 | $1221405 | $1198857 |
| **3/24** | $1214563 | $1221366 | $1197690 |
| **4/24** | $1203075 | $1206240 | $1184769 |
| **5/24** | $1205087 | $1202702 | $1183094 |
| **6/24** | $1224854 | $1221137 | $1201041 |
| **7/24** | $1235297 | $1232267 | $1210574 |
| **8/24** | $1241552 | $1241985 | $1220128 |
| **9/24** | $1253331 | $1254260 | $1230501 |
| **10/24** | $1238965 | $1235972 | $1213874 |
| **11/24** | $1257736 | $1257322 | $1233933 |
| **12/24** | $1240527 | $1239017 | $1216777 |
| **1/25** | $1242570 | $1245227 | $1223597 |
| **2/25** | $1254435 | $1257574 | $1235614 |
| **3/25** | $1232822 | $1236261 | $1217104 |
| **4/25** | $1223796 | $1226301 | $1208092 |
| **5/25** | $1217569 | $1227089 | $1208418 |
| **6/25** | $1225463 | $1234728 | $1215664 |
| **7/25** | $1220493 | $1232234 | $1214774 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (1.20)% | 0.09% | 2.01% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg Arizona Municipal Bond Index | 0.35% | 0.07% | 1.96% |

---

---

| | |
|:---|:---|
| 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 | $94173358 |
| # of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 68% |
| Total Advisory Fees Paid | $297753 |

---

## 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](g154991iaef7aff5ff970f774bb9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 4.7% |
| Transportation | 3.6% |
| Electric Utilities | 5.1% |
| Industrial Development Revenue | 6.0% |
| Housing | 8.7% |
| Water and Sewer | 9.8% |
| Hospital | 10.0% |
| Special Tax Revenue | 15.1% |
| Education | 15.7% |
| General Obligations | 21.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g154991i04550d6a4e41d5ada400.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.0% |
| BB | 2.6% |
| BBB | 8.2% |
| A | 12.5% |
| AA | 55.3% |
| AAA | 15.4% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# EIAZX-TSR-AR

# Eaton Vance Connecticut Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class A ETCTX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance Connecticut Municipal Income Fund for the period of August 1, 2024 to July 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 | $75 | 0.75% |

---

## 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 detracted from performance relative to the Index during the period

↓ An underweight position and security selection in A-rated bonds hurt Index-relative returns as A-rated bonds generally outperformed higher-rated bonds

↑ In contrast, an underweight exposure to, and security selections in the special tax sector, contributed to the Fund's performance during the period

↑ An overweight exposure to, and security selections in bonds with 8-12 years remaining to maturity also contributed to performance

↑ Out-of-Index exposures to variable-rate demand 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](g154991i9856d7b8ca9605ab3fee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Connecticut Municipal Bond Index** |
| **7/15** | $9675 | $10000 | $10000 |
| **8/15** | $9674 | $10020 | $10024 |
| **9/15** | $9740 | $10092 | $10094 |
| **10/15** | $9777 | $10132 | $10129 |
| **11/15** | $9824 | $10173 | $10158 |
| **12/15** | $9890 | $10244 | $10226 |
| **1/16** | $10013 | $10366 | $10351 |
| **2/16** | $10032 | $10383 | $10360 |
| **3/16** | $10069 | $10416 | $10364 |
| **4/16** | $10136 | $10492 | $10431 |
| **5/16** | $10135 | $10520 | $10440 |
| **6/16** | $10279 | $10688 | $10589 |
| **7/16** | $10277 | $10694 | $10597 |
| **8/16** | $10353 | $10709 | $10595 |
| **9/16** | $10331 | $10655 | $10537 |
| **10/16** | $10250 | $10544 | $10418 |
| **11/16** | $9951 | $10150 | $10070 |
| **12/16** | $10006 | $10270 | $10165 |
| **1/17** | $10033 | $10337 | $10226 |
| **2/17** | $10080 | $10409 | $10291 |
| **3/17** | $10097 | $10432 | $10286 |
| **4/17** | $10183 | $10507 | $10378 |
| **5/17** | $10271 | $10674 | $10495 |
| **6/17** | $10228 | $10636 | $10414 |
| **7/17** | $10285 | $10722 | $10486 |
| **8/17** | $10332 | $10803 | $10574 |
| **9/17** | $10329 | $10748 | $10518 |
| **10/17** | $10306 | $10775 | $10554 |
| **11/17** | $10252 | $10717 | $10494 |
| **12/17** | $10331 | $10829 | $10560 |
| **1/18** | $10265 | $10702 | $10466 |
| **2/18** | $10222 | $10670 | $10442 |
| **3/18** | $10239 | $10709 | $10452 |
| **4/18** | $10216 | $10671 | $10433 |
| **5/18** | $10295 | $10793 | $10544 |
| **6/18** | $10313 | $10802 | $10558 |
| **7/18** | $10370 | $10828 | $10604 |
| **8/18** | $10395 | $10856 | $10624 |
| **9/18** | $10337 | $10786 | $10570 |
| **10/18** | $10280 | $10719 | $10528 |
| **11/18** | $10369 | $10838 | $10635 |
| **12/18** | $10470 | $10968 | $10754 |
| **1/19** | $10537 | $11051 | $10846 |
| **2/19** | $10586 | $11110 | $10915 |
| **3/19** | $10696 | $11286 | $11092 |
| **4/19** | $10712 | $11328 | $11141 |
| **5/19** | $10833 | $11484 | $11291 |
| **6/19** | $10880 | $11527 | $11347 |
| **7/19** | $10970 | $11619 | $11457 |
| **8/19** | $11113 | $11803 | $11600 |
| **9/19** | $11044 | $11708 | $11501 |
| **10/19** | $11049 | $11729 | $11537 |
| **11/19** | $11053 | $11758 | $11566 |
| **12/19** | $11079 | $11794 | $11597 |
| **1/20** | $11242 | $12006 | $11791 |
| **2/20** | $11366 | $12161 | $11909 |
| **3/20** | $11043 | $11720 | $11544 |
| **4/20** | $10873 | $11573 | $11389 |
| **5/20** | $11149 | $11941 | $11747 |
| **6/20** | $11240 | $12039 | $11863 |
| **7/20** | $11407 | $12242 | $12065 |
| **8/20** | $11364 | $12185 | $12034 |
| **9/20** | $11375 | $12187 | $12050 |
| **10/20** | $11354 | $12151 | $12028 |
| **11/20** | $11500 | $12334 | $12174 |
| **12/20** | $11578 | $12409 | $12215 |
| **1/21** | $11644 | $12488 | $12266 |
| **2/21** | $11467 | $12290 | $12104 |
| **3/21** | $11511 | $12366 | $12173 |
| **4/21** | $11590 | $12469 | $12240 |
| **5/21** | $11634 | $12506 | $12278 |
| **6/21** | $11656 | $12541 | $12295 |
| **7/21** | $11744 | $12645 | $12403 |
| **8/21** | $11707 | $12598 | $12362 |
| **9/21** | $11615 | $12507 | $12293 |
| **10/21** | $11590 | $12471 | $12250 |
| **11/21** | $11678 | $12577 | $12326 |
| **12/21** | $11675 | $12597 | $12336 |
| **1/22** | $11411 | $12253 | $12034 |
| **2/22** | $11352 | $12209 | $11997 |
| **3/22** | $11063 | $11813 | $11644 |
| **4/22** | $10798 | $11486 | $11389 |
| **5/22** | $10897 | $11657 | $11549 |
| **6/22** | $10723 | $11466 | $11441 |
| **7/22** | $10998 | $11769 | $11718 |
| **8/22** | $10720 | $11511 | $11493 |
| **9/22** | $10362 | $11069 | $11137 |
| **10/22** | $10304 | $10977 | $11084 |
| **11/22** | $10803 | $11490 | $11507 |
| **12/22** | $10803 | $11523 | $11554 |
| **1/23** | $11082 | $11854 | $11824 |
| **2/23** | $10826 | $11586 | $11596 |
| **3/23** | $11049 | $11843 | $11848 |
| **4/23** | $11038 | $11816 | $11790 |
| **5/23** | $10933 | $11714 | $11687 |
| **6/23** | $11017 | $11831 | $11786 |
| **7/23** | $11043 | $11878 | $11813 |
| **8/23** | $10903 | $11707 | $11699 |
| **9/23** | $10598 | $11364 | $11405 |
| **10/23** | $10446 | $11267 | $11363 |
| **11/23** | $11153 | $11983 | $11945 |
| **12/23** | $11431 | $12261 | $12181 |
| **1/24** | $11411 | $12198 | $12123 |
| **2/24** | $11427 | $12214 | $12140 |
| **3/24** | $11419 | $12214 | $12135 |
| **4/24** | $11314 | $12062 | $12000 |
| **5/24** | $11306 | $12027 | $11918 |
| **6/24** | $11469 | $12211 | $12090 |
| **7/24** | $11558 | $12323 | $12210 |
| **8/24** | $11624 | $12420 | $12319 |
| **9/24** | $11740 | $12543 | $12426 |
| **10/24** | $11586 | $12360 | $12246 |
| **11/24** | $11764 | $12573 | $12400 |
| **12/24** | $11608 | $12390 | $12269 |
| **1/25** | $11661 | $12452 | $12364 |
| **2/25** | $11777 | $12576 | $12481 |
| **3/25** | $11546 | $12363 | $12321 |
| **4/25** | $11516 | $12263 | $12241 |
| **5/25** | $11458 | $12271 | $12302 |
| **6/25** | $11563 | $12347 | $12421 |
| **7/25** | $11522 | $12322 | $12433 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (0.36)% | 0.19% | 1.76% |
| Class A with 3.25% Maximum Sales Charge | (3.61)% | (0.47)% | 1.43% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg Connecticut Municipal Bond Index | 1.83% | 0.60% | 2.20% |

---

---

| | |
|:---|:---|
| 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 | $123463306 |
| # of Portfolio Holdings | 156 |
| Portfolio Turnover Rate | 86% |
| Total Advisory Fees Paid | $421248 |

---

## 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](g154991if50cf6a6a50d0bc30686.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.1% |
| Special Tax Revenue | 3.2% |
| Student Loan | 3.2% |
| Senior Living/Life Care | 3.4% |
| Hospital | 8.3% |
| Housing | 12.9% |
| Education | 27.0% |
| General Obligations | 36.9% |

---

---

| | |
|:---|:---|
| 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](g154991i82b21cefeffdb0fd2dbf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 7.4% |
| BB | 1.2% |
| BBB | 5.1% |
| A | 15.7% |
| AA | 42.8% |
| AAA | 27.8% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# ETCTX-TSR-AR

# Eaton Vance Connecticut Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class C ECCTX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance Connecticut Municipal Income Fund for the period of August 1, 2024 to July 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 | 1.50% |

---

## 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 detracted from performance relative to the Index during the period

↓ An underweight position and security selection in A-rated bonds hurt Index-relative returns as A-rated bonds generally outperformed higher-rated bonds

↑ In contrast, an underweight exposure to, and security selections in the special tax sector, contributed to the Fund's performance during the period

↑ An overweight exposure to, and security selections in bonds with 8-12 years remaining to maturity also contributed to performance

↑ Out-of-Index exposures to variable-rate demand 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](g154991i624a4d20171762417d48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Connecticut Municipal Bond Index** |
| **7/15** | $10000 | $10000 | $10000 |
| **8/15** | $9992 | $10020 | $10024 |
| **9/15** | $10054 | $10092 | $10094 |
| **10/15** | $10086 | $10132 | $10129 |
| **11/15** | $10139 | $10173 | $10158 |
| **12/15** | $10191 | $10244 | $10226 |
| **1/16** | $10311 | $10366 | $10351 |
| **2/16** | $10324 | $10383 | $10360 |
| **3/16** | $10356 | $10416 | $10364 |
| **4/16** | $10419 | $10492 | $10431 |
| **5/16** | $10421 | $10520 | $10440 |
| **6/16** | $10553 | $10688 | $10589 |
| **7/16** | $10554 | $10694 | $10597 |
| **8/16** | $10615 | $10709 | $10595 |
| **9/16** | $10586 | $10655 | $10537 |
| **10/16** | $10496 | $10544 | $10418 |
| **11/16** | $10182 | $10150 | $10070 |
| **12/16** | $10243 | $10270 | $10165 |
| **1/17** | $10253 | $10337 | $10226 |
| **2/17** | $10295 | $10409 | $10291 |
| **3/17** | $10316 | $10432 | $10286 |
| **4/17** | $10388 | $10507 | $10378 |
| **5/17** | $10471 | $10674 | $10495 |
| **6/17** | $10431 | $10636 | $10414 |
| **7/17** | $10473 | $10722 | $10486 |
| **8/17** | $10514 | $10803 | $10574 |
| **9/17** | $10504 | $10748 | $10518 |
| **10/17** | $10473 | $10775 | $10554 |
| **11/17** | $10412 | $10717 | $10494 |
| **12/17** | $10486 | $10829 | $10560 |
| **1/18** | $10411 | $10702 | $10466 |
| **2/18** | $10372 | $10670 | $10442 |
| **3/18** | $10373 | $10709 | $10452 |
| **4/18** | $10353 | $10671 | $10433 |
| **5/18** | $10417 | $10793 | $10544 |
| **6/18** | $10439 | $10802 | $10558 |
| **7/18** | $10479 | $10828 | $10604 |
| **8/18** | $10508 | $10856 | $10624 |
| **9/18** | $10433 | $10786 | $10570 |
| **10/18** | $10368 | $10719 | $10528 |
| **11/18** | $10452 | $10838 | $10635 |
| **12/18** | $10547 | $10968 | $10754 |
| **1/19** | $10608 | $11051 | $10846 |
| **2/19** | $10651 | $11110 | $10915 |
| **3/19** | $10756 | $11286 | $11092 |
| **4/19** | $10776 | $11328 | $11141 |
| **5/19** | $10891 | $11484 | $11291 |
| **6/19** | $10931 | $11527 | $11347 |
| **7/19** | $11004 | $11619 | $11457 |
| **8/19** | $11152 | $11803 | $11600 |
| **9/19** | $11075 | $11708 | $11501 |
| **10/19** | $11062 | $11729 | $11537 |
| **11/19** | $11070 | $11758 | $11566 |
| **12/19** | $11088 | $11794 | $11597 |
| **1/20** | $11245 | $12006 | $11791 |
| **2/20** | $11352 | $12161 | $11909 |
| **3/20** | $11021 | $11720 | $11544 |
| **4/20** | $10843 | $11573 | $11389 |
| **5/20** | $11124 | $11941 | $11747 |
| **6/20** | $11208 | $12039 | $11863 |
| **7/20** | $11357 | $12242 | $12065 |
| **8/20** | $11318 | $12185 | $12034 |
| **9/20** | $11312 | $12187 | $12050 |
| **10/20** | $11283 | $12151 | $12028 |
| **11/20** | $11421 | $12334 | $12174 |
| **12/20** | $11492 | $12409 | $12215 |
| **1/21** | $11550 | $12488 | $12266 |
| **2/21** | $11367 | $12290 | $12104 |
| **3/21** | $11404 | $12366 | $12173 |
| **4/21** | $11475 | $12469 | $12240 |
| **5/21** | $11511 | $12506 | $12278 |
| **6/21** | $11526 | $12541 | $12295 |
| **7/21** | $11606 | $12645 | $12403 |
| **8/21** | $11562 | $12598 | $12362 |
| **9/21** | $11463 | $12507 | $12293 |
| **10/21** | $11431 | $12471 | $12250 |
| **11/21** | $11511 | $12577 | $12326 |
| **12/21** | $11512 | $12597 | $12336 |
| **1/22** | $11232 | $12253 | $12034 |
| **2/22** | $11168 | $12209 | $11997 |
| **3/22** | $10887 | $11813 | $11644 |
| **4/22** | $10606 | $11486 | $11389 |
| **5/22** | $10709 | $11657 | $11549 |
| **6/22** | $10531 | $11466 | $11441 |
| **7/22** | $10794 | $11769 | $11718 |
| **8/22** | $10514 | $11511 | $11493 |
| **9/22** | $10144 | $11069 | $11137 |
| **10/22** | $10092 | $10977 | $11084 |
| **11/22** | $10564 | $11490 | $11507 |
| **12/22** | $10569 | $11523 | $11554 |
| **1/23** | $10824 | $11854 | $11824 |
| **2/23** | $10567 | $11586 | $11596 |
| **3/23** | $10779 | $11843 | $11848 |
| **4/23** | $10773 | $11816 | $11790 |
| **5/23** | $10651 | $11714 | $11687 |
| **6/23** | $10727 | $11831 | $11786 |
| **7/23** | $10757 | $11878 | $11813 |
| **8/23** | $10614 | $11707 | $11699 |
| **9/23** | $10297 | $11364 | $11405 |
| **10/23** | $10154 | $11267 | $11363 |
| **11/23** | $10826 | $11983 | $11945 |
| **12/23** | $11089 | $12261 | $12181 |
| **1/24** | $11074 | $12198 | $12123 |
| **2/24** | $11071 | $12214 | $12140 |
| **3/24** | $11057 | $12214 | $12135 |
| **4/24** | $10960 | $12062 | $12000 |
| **5/24** | $10944 | $12027 | $11918 |
| **6/24** | $11084 | $12211 | $12090 |
| **7/24** | $11176 | $12323 | $12210 |
| **8/24** | $11232 | $12420 | $12319 |
| **9/24** | $11326 | $12543 | $12426 |
| **10/24** | $11169 | $12360 | $12246 |
| **11/24** | $11334 | $12573 | $12400 |
| **12/24** | $11189 | $12390 | $12269 |
| **1/25** | $11232 | $12452 | $12364 |
| **2/25** | $11326 | $12576 | $12481 |
| **3/25** | $11107 | $12363 | $12321 |
| **4/25** | $11071 | $12263 | $12241 |
| **5/25** | $11008 | $12271 | $12302 |
| **6/25** | $11103 | $12347 | $12421 |
| **7/25** | $11219 | $12322 | $12433 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (1.22)% | (0.57)% | 1.16% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (2.18)% | (0.57)% | 1.16% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg Connecticut Municipal Bond Index | 1.83% | 0.60% | 2.20% |

---

---

| | |
|:---|:---|
| 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 | $123463306 |
| # of Portfolio Holdings | 156 |
| Portfolio Turnover Rate | 86% |
| Total Advisory Fees Paid | $421248 |

---

## 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](g154991i5e5a1b4794b914437b52.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.1% |
| Special Tax Revenue | 3.2% |
| Student Loan | 3.2% |
| Senior Living/Life Care | 3.4% |
| Hospital | 8.3% |
| Housing | 12.9% |
| Education | 27.0% |
| General Obligations | 36.9% |

---

---

| | |
|:---|:---|
| 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](g154991i39cf9634be1542d37f38.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 7.4% |
| BB | 1.2% |
| BBB | 5.1% |
| A | 15.7% |
| AA | 42.8% |
| AAA | 27.8% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# ECCTX-TSR-AR

# Eaton Vance Connecticut Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class I EICTX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance Connecticut Municipal Income Fund for the period of August 1, 2024 to July 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 detracted from performance relative to the Index during the period

↓ An underweight position and security selection in A-rated bonds hurt Index-relative returns as A-rated bonds generally outperformed higher-rated bonds

↑ In contrast, an underweight exposure to, and security selections in the special tax sector, contributed to the Fund's performance during the period

↑ An overweight exposure to, and security selections in bonds with 8-12 years remaining to maturity also contributed to performance

↑ Out-of-Index exposures to variable-rate demand 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](g154991i98399be90f8d1582b397.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Connecticut Municipal Bond Index** |
| **7/15** | $1000000 | $1000000 | $1000000 |
| **8/15** | $1000065 | $1001964 | $1002435 |
| **9/15** | $1007032 | $1009222 | $1009402 |
| **10/15** | $1011028 | $1013234 | $1012902 |
| **11/15** | $1017040 | $1017263 | $1015840 |
| **12/15** | $1023058 | $1024410 | $1022634 |
| **1/16** | $1035933 | $1036633 | $1035123 |
| **2/16** | $1038056 | $1038263 | $1035960 |
| **3/16** | $1042136 | $1041552 | $1036361 |
| **4/16** | $1049227 | $1049211 | $1043103 |
| **5/16** | $1049266 | $1052048 | $1043969 |
| **6/16** | $1064410 | $1068785 | $1058863 |
| **7/16** | $1064319 | $1069438 | $1059694 |
| **8/16** | $1072360 | $1070881 | $1059529 |
| **9/16** | $1070295 | $1065536 | $1053687 |
| **10/16** | $1062072 | $1054357 | $1041789 |
| **11/16** | $1031264 | $1015035 | $1007030 |
| **12/16** | $1037177 | $1026951 | $1016450 |
| **1/17** | $1040117 | $1033721 | $1022637 |
| **2/17** | $1045160 | $1040899 | $1029097 |
| **3/17** | $1048111 | $1043159 | $1028589 |
| **4/17** | $1056247 | $1050728 | $1037808 |
| **5/17** | $1065461 | $1067404 | $1049471 |
| **6/17** | $1062230 | $1063576 | $1041357 |
| **7/17** | $1067330 | $1072181 | $1048570 |
| **8/17** | $1072399 | $1080340 | $1057393 |
| **9/17** | $1072250 | $1074847 | $1051787 |
| **10/17** | $1069991 | $1077471 | $1055363 |
| **11/17** | $1064592 | $1071702 | $1049379 |
| **12/17** | $1072952 | $1082903 | $1055974 |
| **1/18** | $1066273 | $1070154 | $1046591 |
| **2/18** | $1063040 | $1066957 | $1044178 |
| **3/18** | $1063991 | $1070895 | $1045180 |
| **4/18** | $1061710 | $1067073 | $1043324 |
| **5/18** | $1070160 | $1079292 | $1054368 |
| **6/18** | $1072207 | $1080214 | $1055770 |
| **7/18** | $1078282 | $1082835 | $1060403 |
| **8/18** | $1081076 | $1085616 | $1062377 |
| **9/18** | $1075255 | $1078587 | $1057026 |
| **10/18** | $1069427 | $1071945 | $1052803 |
| **11/18** | $1078919 | $1083810 | $1063513 |
| **12/18** | $1089571 | $1096787 | $1075371 |
| **1/19** | $1096797 | $1105077 | $1084570 |
| **2/19** | $1101973 | $1110994 | $1091535 |
| **3/19** | $1113668 | $1128557 | $1109169 |
| **4/19** | $1115501 | $1132798 | $1114110 |
| **5/19** | $1129433 | $1148415 | $1129075 |
| **6/19** | $1134492 | $1152656 | $1134684 |
| **7/19** | $1142925 | $1161945 | $1145723 |
| **8/19** | $1159170 | $1180273 | $1160014 |
| **9/19** | $1151006 | $1170812 | $1150087 |
| **10/19** | $1151706 | $1172910 | $1153717 |
| **11/19** | $1153474 | $1175844 | $1156583 |
| **12/19** | $1155189 | $1179433 | $1159694 |
| **1/20** | $1173597 | $1200624 | $1179060 |
| **2/20** | $1185570 | $1216107 | $1190878 |
| **3/20** | $1152073 | $1171995 | $1154420 |
| **4/20** | $1134493 | $1157286 | $1138909 |
| **5/20** | $1164664 | $1194101 | $1174740 |
| **6/20** | $1174371 | $1203929 | $1186328 |
| **7/20** | $1190902 | $1224206 | $1206515 |
| **8/20** | $1187736 | $1218462 | $1203384 |
| **9/20** | $1188015 | $1218720 | $1205017 |
| **10/20** | $1185948 | $1215059 | $1202779 |
| **11/20** | $1201438 | $1233396 | $1217434 |
| **12/20** | $1209796 | $1240909 | $1221523 |
| **1/21** | $1216888 | $1248817 | $1226596 |
| **2/21** | $1198570 | $1228975 | $1210352 |
| **3/21** | $1203412 | $1236554 | $1217260 |
| **4/21** | $1211784 | $1246926 | $1224004 |
| **5/21** | $1216619 | $1250646 | $1227765 |
| **6/21** | $1219171 | $1254080 | $1229494 |
| **7/21** | $1228559 | $1264481 | $1240336 |
| **8/21** | $1224937 | $1259841 | $1236170 |
| **9/21** | $1215440 | $1250749 | $1229329 |
| **10/21** | $1213002 | $1247091 | $1225045 |
| **11/21** | $1222440 | $1257708 | $1232550 |
| **12/21** | $1223561 | $1259737 | $1233647 |
| **1/22** | $1194884 | $1225254 | $1203366 |
| **2/22** | $1188939 | $1220865 | $1199689 |
| **3/22** | $1160092 | $1181288 | $1164441 |
| **4/22** | $1131252 | $1148614 | $1138869 |
| **5/22** | $1141898 | $1165677 | $1154912 |
| **6/22** | $1125036 | $1146585 | $1144057 |
| **7/22** | $1152778 | $1176880 | $1171835 |
| **8/22** | $1123879 | $1151087 | $1149285 |
| **9/22** | $1086504 | $1106907 | $1113670 |
| **10/22** | $1080633 | $1097702 | $1108397 |
| **11/22** | $1133111 | $1149045 | $1150657 |
| **12/22** | $1134560 | $1152335 | $1155434 |
| **1/23** | $1162774 | $1185436 | $1182400 |
| **2/23** | $1136129 | $1158630 | $1159603 |
| **3/23** | $1159707 | $1184338 | $1184760 |
| **4/23** | $1158757 | $1181632 | $1179001 |
| **5/23** | $1147914 | $1171393 | $1168722 |
| **6/23** | $1156929 | $1183127 | $1178626 |
| **7/23** | $1159874 | $1187807 | $1181282 |
| **8/23** | $1146625 | $1170707 | $1169859 |
| **9/23** | $1113453 | $1136395 | $1140542 |
| **10/23** | $1097710 | $1126725 | $1136333 |
| **11/23** | $1172221 | $1198251 | $1194493 |
| **12/23** | $1201617 | $1226100 | $1218139 |
| **1/24** | $1199656 | $1219838 | $1212253 |
| **2/24** | $1201556 | $1221405 | $1214020 |
| **3/24** | $1200977 | $1221366 | $1213528 |
| **4/24** | $1191378 | $1206240 | $1200034 |
| **5/24** | $1190711 | $1202702 | $1191766 |
| **6/24** | $1206757 | $1221137 | $1208980 |
| **7/24** | $1217703 | $1232267 | $1221022 |
| **8/24** | $1224802 | $1241985 | $1231923 |
| **9/24** | $1235980 | $1254260 | $1242619 |
| **10/24** | $1219947 | $1235972 | $1224560 |
| **11/24** | $1238827 | $1257322 | $1239985 |
| **12/24** | $1224003 | $1239017 | $1226926 |
| **1/25** | $1228479 | $1245227 | $1236421 |
| **2/25** | $1240895 | $1257574 | $1248084 |
| **3/25** | $1216706 | $1236261 | $1232143 |
| **4/25** | $1215020 | $1226301 | $1224120 |
| **5/25** | $1207839 | $1227089 | $1230206 |
| **6/25** | $1219120 | $1234728 | $1242065 |
| **7/25** | $1214506 | $1232234 | $1243348 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (0.26)% | 0.39% | 1.96% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg Connecticut Municipal Bond Index | 1.83% | 0.60% | 2.20% |

---

---

| | |
|:---|:---|
| 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 | $123463306 |
| # of Portfolio Holdings | 156 |
| Portfolio Turnover Rate | 86% |
| Total Advisory Fees Paid | $421248 |

---

## 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](g154991ied68c16b5e186ff13d5f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.1% |
| Special Tax Revenue | 3.2% |
| Student Loan | 3.2% |
| Senior Living/Life Care | 3.4% |
| Hospital | 8.3% |
| Housing | 12.9% |
| Education | 27.0% |
| General Obligations | 36.9% |

---

---

| | |
|:---|:---|
| 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](g154991i1f2550b951295e939f07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 7.4% |
| BB | 1.2% |
| BBB | 5.1% |
| A | 15.7% |
| AA | 42.8% |
| AAA | 27.8% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# EICTX-TSR-AR

# Eaton Vance Minnesota Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class A ETMNX

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

---

## 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 local general obligation bonds, which underperformed the Index during the period, hurt performance

↓ An overweight allocation to, and security selections in bonds with 4% coupon rates also detracted from Index-relative returns

↓ An overweight exposure to, and security selections in bonds with 17+ years to maturity also hurt performance during the period

↑ In contrast, security selections in the electric sector, which outperformed the Index during the period, contributed to the Fund's performance

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

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

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

![Growth of 10K Chart](g154991idd992f78c6703510f749.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Minnesota Municipal Bond Index** |
| **7/15** | $9675 | $10000 | $10000 |
| **8/15** | $9690 | $10020 | $10031 |
| **9/15** | $9747 | $10092 | $10099 |
| **10/15** | $9783 | $10132 | $10130 |
| **11/15** | $9822 | $10173 | $10146 |
| **12/15** | $9878 | $10244 | $10196 |
| **1/16** | $9964 | $10366 | $10314 |
| **2/16** | $9956 | $10383 | $10334 |
| **3/16** | $9991 | $10416 | $10348 |
| **4/16** | $10067 | $10492 | $10410 |
| **5/16** | $10080 | $10520 | $10419 |
| **6/16** | $10218 | $10688 | $10563 |
| **7/16** | $10199 | $10694 | $10568 |
| **8/16** | $10223 | $10709 | $10573 |
| **9/16** | $10173 | $10655 | $10515 |
| **10/16** | $10081 | $10544 | $10427 |
| **11/16** | $9751 | $10150 | $10049 |
| **12/16** | $9859 | $10270 | $10165 |
| **1/17** | $9882 | $10337 | $10237 |
| **2/17** | $9926 | $10409 | $10327 |
| **3/17** | $9948 | $10432 | $10347 |
| **4/17** | $10013 | $10507 | $10419 |
| **5/17** | $10174 | $10674 | $10546 |
| **6/17** | $10133 | $10636 | $10504 |
| **7/17** | $10177 | $10722 | $10586 |
| **8/17** | $10241 | $10803 | $10641 |
| **9/17** | $10199 | $10748 | $10585 |
| **10/17** | $10200 | $10775 | $10605 |
| **11/17** | $10168 | $10717 | $10522 |
| **12/17** | $10266 | $10829 | $10626 |
| **1/18** | $10115 | $10702 | $10516 |
| **2/18** | $10063 | $10670 | $10490 |
| **3/18** | $10116 | $10709 | $10516 |
| **4/18** | $10072 | $10671 | $10487 |
| **5/18** | $10182 | $10793 | $10580 |
| **6/18** | $10182 | $10802 | $10590 |
| **7/18** | $10192 | $10828 | $10619 |
| **8/18** | $10214 | $10856 | $10631 |
| **9/18** | $10147 | $10786 | $10565 |
| **10/18** | $10080 | $10719 | $10513 |
| **11/18** | $10180 | $10838 | $10631 |
| **12/18** | $10302 | $10968 | $10771 |
| **1/19** | $10379 | $11051 | $10854 |
| **2/19** | $10435 | $11110 | $10911 |
| **3/19** | $10567 | $11286 | $11062 |
| **4/19** | $10598 | $11328 | $11084 |
| **5/19** | $10718 | $11484 | $11219 |
| **6/19** | $10760 | $11527 | $11267 |
| **7/19** | $10847 | $11619 | $11360 |
| **8/19** | $11013 | $11803 | $11517 |
| **9/19** | $10930 | $11708 | $11416 |
| **10/19** | $10926 | $11729 | $11439 |
| **11/19** | $10934 | $11758 | $11464 |
| **12/19** | $10965 | $11794 | $11490 |
| **1/20** | $11129 | $12006 | $11681 |
| **2/20** | $11239 | $12161 | $11804 |
| **3/20** | $10948 | $11720 | $11508 |
| **4/20** | $10817 | $11573 | $11386 |
| **5/20** | $11144 | $11941 | $11749 |
| **6/20** | $11184 | $12039 | $11790 |
| **7/20** | $11326 | $12242 | $11953 |
| **8/20** | $11285 | $12185 | $11894 |
| **9/20** | $11290 | $12187 | $11904 |
| **10/20** | $11249 | $12151 | $11876 |
| **11/20** | $11383 | $12334 | $12028 |
| **12/20** | $11422 | $12409 | $12078 |
| **1/21** | $11461 | $12488 | $12122 |
| **2/21** | $11305 | $12290 | $11956 |
| **3/21** | $11344 | $12366 | $12014 |
| **4/21** | $11419 | $12469 | $12107 |
| **5/21** | $11446 | $12506 | $12122 |
| **6/21** | $11463 | $12541 | $12143 |
| **7/21** | $11549 | $12645 | $12244 |
| **8/21** | $11517 | $12598 | $12195 |
| **9/21** | $11439 | $12507 | $12113 |
| **10/21** | $11419 | $12471 | $12068 |
| **11/21** | $11481 | $12577 | $12162 |
| **12/21** | $11484 | $12597 | $12181 |
| **1/22** | $11239 | $12253 | $11869 |
| **2/22** | $11195 | $12209 | $11837 |
| **3/22** | $10938 | $11813 | $11488 |
| **4/22** | $10717 | $11486 | $11205 |
| **5/22** | $10851 | $11657 | $11346 |
| **6/22** | $10728 | $11466 | $11190 |
| **7/22** | $10935 | $11769 | $11459 |
| **8/22** | $10738 | $11511 | $11244 |
| **9/22** | $10411 | $11069 | $10856 |
| **10/22** | $10359 | $10977 | $10764 |
| **11/22** | $10740 | $11490 | $11241 |
| **12/22** | $10749 | $11523 | $11284 |
| **1/23** | $10998 | $11854 | $11568 |
| **2/23** | $10791 | $11586 | $11336 |
| **3/23** | $10970 | $11843 | $11575 |
| **4/23** | $10944 | $11816 | $11530 |
| **5/23** | $10846 | $11714 | $11407 |
| **6/23** | $10931 | $11831 | $11467 |
| **7/23** | $10940 | $11878 | $11531 |
| **8/23** | $10819 | $11707 | $11387 |
| **9/23** | $10479 | $11364 | $11033 |
| **10/23** | $10323 | $11267 | $10968 |
| **11/23** | $11052 | $11983 | $11633 |
| **12/23** | $11290 | $12261 | $11857 |
| **1/24** | $11268 | $12198 | $11788 |
| **2/24** | $11273 | $12214 | $11815 |
| **3/24** | $11252 | $12214 | $11795 |
| **4/24** | $11145 | $12062 | $11655 |
| **5/24** | $11150 | $12027 | $11586 |
| **6/24** | $11292 | $12211 | $11775 |
| **7/24** | $11372 | $12323 | $11898 |
| **8/24** | $11427 | $12420 | $11990 |
| **9/24** | $11546 | $12543 | $12102 |
| **10/24** | $11387 | $12360 | $11922 |
| **11/24** | $11596 | $12573 | $12108 |
| **12/24** | $11410 | $12390 | $11942 |
| **1/25** | $11402 | $12452 | $12010 |
| **2/25** | $11535 | $12576 | $12136 |
| **3/25** | $11283 | $12363 | $11942 |
| **4/25** | $11198 | $12263 | $11854 |
| **5/25** | $11114 | $12271 | $11890 |
| **6/25** | $11184 | $12347 | $11953 |
| **7/25** | $11087 | $12322 | $11954 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (2.52)% | (0.43)% | 1.37% |
| Class A with 3.25% Maximum Sales Charge | (5.65)% | (1.08)% | 1.04% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg Minnesota Municipal Bond Index | 0.47% | 0.00%<sup>Footnote Reference\*</sup> | 1.80% |

---

---

| | |
|:---|:---|
| 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 | $219120177 |
| # of Portfolio Holdings | 139 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $932891 |

---

## 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](g154991i99abbb53602601a4a8dd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 11.0% |
| Special Tax Revenue | 3.8% |
| Transportation | 4.5% |
| Education | 8.7% |
| Electric Utilities | 9.8% |
| Hospital | 20.6% |
| General Obligations | 41.6% |

---

---

| | |
|:---|:---|
| 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](g154991i2876c9ce5581c3222f37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.2% |
| BB | 0.6% |
| BBB | 1.3% |
| A | 17.2% |
| AA | 50.0% |
| AAA | 25.7% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# ETMNX-TSR-AR

# Eaton Vance Minnesota Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class C ECMNX

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

---

## 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 local general obligation bonds, which underperformed the Index during the period, hurt performance

↓ An overweight allocation to, and security selections in bonds with 4% coupon rates also detracted from Index-relative returns

↓ An overweight exposure to, and security selections in bonds with 17+ years to maturity also hurt performance during the period

↑ In contrast, security selections in the electric sector, which outperformed the Index during the period, contributed to the Fund's performance

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

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

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

![Growth of 10K Chart](g154991i803e3c5d23e83b166607.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Minnesota Municipal Bond Index** |
| **7/15** | $10000 | $10000 | $10000 |
| **8/15** | $10010 | $10020 | $10031 |
| **9/15** | $10071 | $10092 | $10099 |
| **10/15** | $10100 | $10132 | $10130 |
| **11/15** | $10123 | $10173 | $10146 |
| **12/15** | $10183 | $10244 | $10196 |
| **1/16** | $10260 | $10366 | $10314 |
| **2/16** | $10248 | $10383 | $10334 |
| **3/16** | $10277 | $10416 | $10348 |
| **4/16** | $10345 | $10492 | $10410 |
| **5/16** | $10353 | $10520 | $10419 |
| **6/16** | $10489 | $10688 | $10563 |
| **7/16** | $10457 | $10694 | $10568 |
| **8/16** | $10474 | $10709 | $10573 |
| **9/16** | $10422 | $10655 | $10515 |
| **10/16** | $10330 | $10544 | $10427 |
| **11/16** | $9981 | $10150 | $10049 |
| **12/16** | $10089 | $10270 | $10165 |
| **1/17** | $10106 | $10337 | $10237 |
| **2/17** | $10144 | $10409 | $10327 |
| **3/17** | $10160 | $10432 | $10347 |
| **4/17** | $10217 | $10507 | $10419 |
| **5/17** | $10365 | $10674 | $10546 |
| **6/17** | $10321 | $10636 | $10504 |
| **7/17** | $10367 | $10722 | $10586 |
| **8/17** | $10424 | $10803 | $10641 |
| **9/17** | $10379 | $10748 | $10585 |
| **10/17** | $10375 | $10775 | $10605 |
| **11/17** | $10319 | $10717 | $10522 |
| **12/17** | $10427 | $10829 | $10626 |
| **1/18** | $10260 | $10702 | $10516 |
| **2/18** | $10206 | $10670 | $10490 |
| **3/18** | $10251 | $10709 | $10516 |
| **4/18** | $10195 | $10671 | $10487 |
| **5/18** | $10303 | $10793 | $10580 |
| **6/18** | $10288 | $10802 | $10590 |
| **7/18** | $10303 | $10828 | $10619 |
| **8/18** | $10308 | $10856 | $10631 |
| **9/18** | $10241 | $10786 | $10565 |
| **10/18** | $10163 | $10719 | $10513 |
| **11/18** | $10262 | $10838 | $10631 |
| **12/18** | $10382 | $10968 | $10771 |
| **1/19** | $10459 | $11051 | $10854 |
| **2/19** | $10496 | $11110 | $10911 |
| **3/19** | $10625 | $11286 | $11062 |
| **4/19** | $10649 | $11328 | $11084 |
| **5/19** | $10766 | $11484 | $11219 |
| **6/19** | $10800 | $11527 | $11267 |
| **7/19** | $10876 | $11619 | $11360 |
| **8/19** | $11035 | $11803 | $11517 |
| **9/19** | $10942 | $11708 | $11416 |
| **10/19** | $10943 | $11729 | $11439 |
| **11/19** | $10946 | $11758 | $11464 |
| **12/19** | $10969 | $11794 | $11490 |
| **1/20** | $11116 | $12006 | $11681 |
| **2/20** | $11223 | $12161 | $11804 |
| **3/20** | $10926 | $11720 | $11508 |
| **4/20** | $10800 | $11573 | $11386 |
| **5/20** | $11118 | $11941 | $11749 |
| **6/20** | $11149 | $12039 | $11790 |
| **7/20** | $11275 | $12242 | $11953 |
| **8/20** | $11231 | $12185 | $11894 |
| **9/20** | $11230 | $12187 | $11904 |
| **10/20** | $11186 | $12151 | $11876 |
| **11/20** | $11304 | $12334 | $12028 |
| **12/20** | $11334 | $12409 | $12078 |
| **1/21** | $11375 | $12488 | $12122 |
| **2/21** | $11204 | $12290 | $11956 |
| **3/21** | $11244 | $12366 | $12014 |
| **4/21** | $11307 | $12469 | $12107 |
| **5/21** | $11327 | $12506 | $12122 |
| **6/21** | $11336 | $12541 | $12143 |
| **7/21** | $11409 | $12645 | $12244 |
| **8/21** | $11374 | $12598 | $12195 |
| **9/21** | $11296 | $12507 | $12113 |
| **10/21** | $11261 | $12471 | $12068 |
| **11/21** | $11312 | $12577 | $12162 |
| **12/21** | $11308 | $12597 | $12181 |
| **1/22** | $11067 | $12253 | $11869 |
| **2/22** | $11011 | $12209 | $11837 |
| **3/22** | $10759 | $11813 | $11488 |
| **4/22** | $10540 | $11486 | $11205 |
| **5/22** | $10657 | $11657 | $11346 |
| **6/22** | $10529 | $11466 | $11190 |
| **7/22** | $10723 | $11769 | $11459 |
| **8/22** | $10527 | $11511 | $11244 |
| **9/22** | $10203 | $11069 | $10856 |
| **10/22** | $10139 | $10977 | $10764 |
| **11/22** | $10513 | $11490 | $11241 |
| **12/22** | $10516 | $11523 | $11284 |
| **1/23** | $10748 | $11854 | $11568 |
| **2/23** | $10534 | $11586 | $11336 |
| **3/23** | $10702 | $11843 | $11575 |
| **4/23** | $10674 | $11816 | $11530 |
| **5/23** | $10580 | $11714 | $11407 |
| **6/23** | $10652 | $11831 | $11467 |
| **7/23** | $10655 | $11878 | $11531 |
| **8/23** | $10529 | $11707 | $11387 |
| **9/23** | $10183 | $11364 | $11033 |
| **10/23** | $10027 | $11267 | $10968 |
| **11/23** | $10737 | $11983 | $11633 |
| **12/23** | $10957 | $12261 | $11857 |
| **1/24** | $10922 | $12198 | $11788 |
| **2/24** | $10922 | $12214 | $11815 |
| **3/24** | $10898 | $12214 | $11795 |
| **4/24** | $10797 | $12062 | $11655 |
| **5/24** | $10785 | $12027 | $11586 |
| **6/24** | $10920 | $12211 | $11775 |
| **7/24** | $10986 | $12323 | $11898 |
| **8/24** | $11031 | $12420 | $11990 |
| **9/24** | $11145 | $12543 | $12102 |
| **10/24** | $10986 | $12360 | $11922 |
| **11/24** | $11168 | $12573 | $12108 |
| **12/24** | $10985 | $12390 | $11942 |
| **1/25** | $10973 | $12452 | $12010 |
| **2/25** | $11099 | $12576 | $12136 |
| **3/25** | $10846 | $12363 | $11942 |
| **4/25** | $10766 | $12263 | $11854 |
| **5/25** | $10674 | $12271 | $11890 |
| **6/25** | $10732 | $12347 | $11953 |
| **7/25** | $10796 | $12322 | $11954 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (3.16)% | (1.15)% | 0.77% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (4.10)% | (1.15)% | 0.77% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg Minnesota Municipal Bond Index | 0.47% | 0.00%<sup>Footnote Reference\*</sup> | 1.80% |

---

---

| | |
|:---|:---|
| 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 | $219120177 |
| # of Portfolio Holdings | 139 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $932891 |

---

## 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](g154991i6292221d6b8f61a9f875.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 11.0% |
| Special Tax Revenue | 3.8% |
| Transportation | 4.5% |
| Education | 8.7% |
| Electric Utilities | 9.8% |
| Hospital | 20.6% |
| General Obligations | 41.6% |

---

---

| | |
|:---|:---|
| 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](g154991i980be938d682fab66394.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.2% |
| BB | 0.6% |
| BBB | 1.3% |
| A | 17.2% |
| AA | 50.0% |
| AAA | 25.7% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# ECMNX-TSR-AR

# Eaton Vance Minnesota Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class I EIMNX

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

---

## 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 local general obligation bonds, which underperformed the Index during the period, hurt performance

↓ An overweight allocation to, and security selections in bonds with 4% coupon rates also detracted from Index-relative returns

↓ An overweight exposure to, and security selections in bonds with 17+ years to maturity also hurt performance during the period

↑ In contrast, security selections in the electric sector, which outperformed the Index during the period, contributed to the Fund's performance

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

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

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

![Growth of 10K Chart](g154991ibc4ea480fefac3ecc4ef.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Minnesota Municipal Bond Index** |
| **7/15** | $1000000 | $1000000 | $1000000 |
| **8/15** | $1001752 | $1001964 | $1003092 |
| **9/15** | $1007821 | $1009222 | $1009905 |
| **10/15** | $1011698 | $1013234 | $1013043 |
| **11/15** | $1015828 | $1017263 | $1014601 |
| **12/15** | $1022887 | $1024410 | $1019573 |
| **1/16** | $1030886 | $1036633 | $1031414 |
| **2/16** | $1030232 | $1038263 | $1033413 |
| **3/16** | $1034003 | $1041552 | $1034845 |
| **4/16** | $1042080 | $1049211 | $1040955 |
| **5/16** | $1043594 | $1052048 | $1041876 |
| **6/16** | $1058017 | $1068785 | $1056273 |
| **7/16** | $1056272 | $1069438 | $1056789 |
| **8/16** | $1058875 | $1070881 | $1057293 |
| **9/16** | $1053907 | $1065536 | $1051508 |
| **10/16** | $1044566 | $1054357 | $1042716 |
| **11/16** | $1010496 | $1015035 | $1004929 |
| **12/16** | $1021869 | $1026951 | $1016482 |
| **1/17** | $1024452 | $1033721 | $1023749 |
| **2/17** | $1029179 | $1040899 | $1032667 |
| **3/17** | $1032737 | $1043159 | $1034704 |
| **4/17** | $1038554 | $1050728 | $1041859 |
| **5/17** | $1055433 | $1067404 | $1054592 |
| **6/17** | $1051354 | $1063576 | $1050350 |
| **7/17** | $1056039 | $1072181 | $1058573 |
| **8/17** | $1062951 | $1080340 | $1064065 |
| **9/17** | $1058756 | $1074847 | $1058529 |
| **10/17** | $1059016 | $1077471 | $1060517 |
| **11/17** | $1055871 | $1071702 | $1052167 |
| **12/17** | $1066207 | $1082903 | $1062563 |
| **1/18** | $1050748 | $1070154 | $1051562 |
| **2/18** | $1045433 | $1066957 | $1049032 |
| **3/18** | $1051202 | $1070895 | $1051608 |
| **4/18** | $1046810 | $1067073 | $1048664 |
| **5/18** | $1058335 | $1079292 | $1057970 |
| **6/18** | $1058521 | $1080214 | $1059027 |
| **7/18** | $1059813 | $1082835 | $1061878 |
| **8/18** | $1062191 | $1085616 | $1063106 |
| **9/18** | $1055437 | $1078587 | $1056472 |
| **10/18** | $1048671 | $1071945 | $1051270 |
| **11/18** | $1059269 | $1083810 | $1063101 |
| **12/18** | $1072114 | $1096787 | $1077149 |
| **1/19** | $1081461 | $1105077 | $1085425 |
| **2/19** | $1086263 | $1110994 | $1091081 |
| **3/19** | $1100173 | $1128557 | $1106169 |
| **4/19** | $1103622 | $1132798 | $1108410 |
| **5/19** | $1116312 | $1148415 | $1121906 |
| **6/19** | $1120884 | $1152656 | $1126668 |
| **7/19** | $1130115 | $1161945 | $1136034 |
| **8/19** | $1147559 | $1180273 | $1151732 |
| **9/19** | $1139143 | $1170812 | $1141631 |
| **10/19** | $1138893 | $1172910 | $1143884 |
| **11/19** | $1139941 | $1175844 | $1146424 |
| **12/19** | $1143320 | $1179433 | $1148975 |
| **1/20** | $1160686 | $1200624 | $1168124 |
| **2/20** | $1172262 | $1216107 | $1180353 |
| **3/20** | $1142183 | $1171995 | $1150754 |
| **4/20** | $1128719 | $1157286 | $1138641 |
| **5/20** | $1162969 | $1194101 | $1174912 |
| **6/20** | $1167332 | $1203929 | $1179029 |
| **7/20** | $1182407 | $1224206 | $1195335 |
| **8/20** | $1178287 | $1218462 | $1189369 |
| **9/20** | $1179002 | $1218720 | $1190418 |
| **10/20** | $1174915 | $1215059 | $1187599 |
| **11/20** | $1189067 | $1233396 | $1202782 |
| **12/20** | $1193401 | $1240909 | $1207809 |
| **1/21** | $1197716 | $1248817 | $1212173 |
| **2/21** | $1181520 | $1228975 | $1195644 |
| **3/21** | $1185823 | $1236554 | $1201398 |
| **4/21** | $1193830 | $1246926 | $1210652 |
| **5/21** | $1196928 | $1250646 | $1212166 |
| **6/21** | $1198840 | $1254080 | $1214281 |
| **7/21** | $1208034 | $1264481 | $1224374 |
| **8/21** | $1204939 | $1259841 | $1219454 |
| **9/21** | $1196974 | $1250749 | $1211318 |
| **10/21** | $1195031 | $1247091 | $1206807 |
| **11/21** | $1201738 | $1257708 | $1216172 |
| **12/21** | $1202254 | $1259737 | $1218063 |
| **1/22** | $1176792 | $1225254 | $1186938 |
| **2/22** | $1172423 | $1220865 | $1183748 |
| **3/22** | $1145672 | $1181288 | $1148799 |
| **4/22** | $1122667 | $1148614 | $1120482 |
| **5/22** | $1136962 | $1165677 | $1134639 |
| **6/22** | $1124235 | $1146585 | $1118959 |
| **7/22** | $1146128 | $1176880 | $1145855 |
| **8/22** | $1125674 | $1151087 | $1124392 |
| **9/22** | $1091609 | $1106907 | $1085558 |
| **10/22** | $1086355 | $1097702 | $1076380 |
| **11/22** | $1126428 | $1149045 | $1124051 |
| **12/22** | $1127533 | $1152335 | $1128356 |
| **1/23** | $1153839 | $1185436 | $1156813 |
| **2/23** | $1132358 | $1158630 | $1133627 |
| **3/23** | $1151309 | $1184338 | $1157473 |
| **4/23** | $1148800 | $1181632 | $1152978 |
| **5/23** | $1138712 | $1171393 | $1140655 |
| **6/23** | $1147818 | $1183127 | $1146708 |
| **7/23** | $1148969 | $1187807 | $1153058 |
| **8/23** | $1136421 | $1170707 | $1138673 |
| **9/23** | $1100883 | $1136395 | $1103287 |
| **10/23** | $1084665 | $1126725 | $1096777 |
| **11/23** | $1161497 | $1198251 | $1163319 |
| **12/23** | $1186641 | $1226100 | $1185681 |
| **1/24** | $1184613 | $1219838 | $1178820 |
| **2/24** | $1185296 | $1221405 | $1181542 |
| **3/24** | $1183299 | $1221366 | $1179491 |
| **4/24** | $1172235 | $1206240 | $1165545 |
| **5/24** | $1172905 | $1202702 | $1158603 |
| **6/24** | $1188125 | $1221137 | $1177453 |
| **7/24** | $1196694 | $1232267 | $1189815 |
| **8/24** | $1202698 | $1241985 | $1199009 |
| **9/24** | $1215448 | $1254260 | $1210236 |
| **10/24** | $1198913 | $1235972 | $1192231 |
| **11/24** | $1221064 | $1257322 | $1210769 |
| **12/24** | $1201742 | $1239017 | $1194169 |
| **1/25** | $1201101 | $1245227 | $1200956 |
| **2/25** | $1215258 | $1257574 | $1213563 |
| **3/25** | $1188913 | $1236261 | $1194195 |
| **4/25** | $1180188 | $1226301 | $1185419 |
| **5/25** | $1171470 | $1227089 | $1189014 |
| **6/25** | $1179086 | $1234728 | $1195255 |
| **7/25** | $1168911 | $1232234 | $1195430 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (2.32)% | (0.23)% | 1.57% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg Minnesota Municipal Bond Index | 0.47% | 0.00%<sup>Footnote Reference\*</sup> | 1.80% |

---

---

| | |
|:---|:---|
| 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 | $219120177 |
| # of Portfolio Holdings | 139 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $932891 |

---

## 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](g154991i3cae77147f4654e02c35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 11.0% |
| Special Tax Revenue | 3.8% |
| Transportation | 4.5% |
| Education | 8.7% |
| Electric Utilities | 9.8% |
| Hospital | 20.6% |
| General Obligations | 41.6% |

---

---

| | |
|:---|:---|
| 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](g154991ia579e7f6e735b314e73b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.2% |
| BB | 0.6% |
| BBB | 1.3% |
| A | 17.2% |
| AA | 50.0% |
| AAA | 25.7% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# EIMNX-TSR-AR

# Eaton Vance Municipal Opportunities Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class A EMOAX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance Municipal Opportunities Fund for the period of August 1, 2024 to July 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 | $92 | 0.92% |

---

## 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 performance relative to the Index during the period

↓ An overweight exposure to bonds with coupon rates of 4.00% to 4.99% also detracted from performance relative to the Index

↓ Security selections in the water and sewer sector hurt returns during the period

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

↑ An out-of-Index allocation to taxable municipal bonds, which generally outperformed tax-exempt municipal bonds during the period, also contributed

↑ Security selections in the hospital sector helped 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](g154991i62552916441fda64cbb7.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** |
| **7/15** | $9675 | $10000 |
| **8/15** | $9690 | $10020 |
| **9/15** | $9801 | $10092 |
| **10/15** | $9844 | $10132 |
| **11/15** | $9921 | $10173 |
| **12/15** | $9996 | $10244 |
| **1/16** | $10138 | $10366 |
| **2/16** | $10145 | $10383 |
| **3/16** | $10201 | $10416 |
| **4/16** | $10292 | $10492 |
| **5/16** | $10314 | $10520 |
| **6/16** | $10509 | $10688 |
| **7/16** | $10506 | $10694 |
| **8/16** | $10538 | $10709 |
| **9/16** | $10510 | $10655 |
| **10/16** | $10396 | $10544 |
| **11/16** | $9955 | $10150 |
| **12/16** | $10034 | $10270 |
| **1/17** | $10078 | $10337 |
| **2/17** | $10150 | $10409 |
| **3/17** | $10195 | $10432 |
| **4/17** | $10301 | $10507 |
| **5/17** | $10449 | $10674 |
| **6/17** | $10423 | $10636 |
| **7/17** | $10510 | $10722 |
| **8/17** | $10606 | $10803 |
| **9/17** | $10586 | $10748 |
| **10/17** | $10575 | $10775 |
| **11/17** | $10530 | $10717 |
| **12/17** | $10618 | $10829 |
| **1/18** | $10503 | $10702 |
| **2/18** | $10479 | $10670 |
| **3/18** | $10507 | $10709 |
| **4/18** | $10474 | $10671 |
| **5/18** | $10600 | $10793 |
| **6/18** | $10612 | $10802 |
| **7/18** | $10659 | $10828 |
| **8/18** | $10671 | $10856 |
| **9/18** | $10619 | $10786 |
| **10/18** | $10550 | $10719 |
| **11/18** | $10635 | $10838 |
| **12/18** | $10729 | $10968 |
| **1/19** | $10831 | $11051 |
| **2/19** | $10890 | $11110 |
| **3/19** | $11019 | $11286 |
| **4/19** | $11049 | $11328 |
| **5/19** | $11178 | $11484 |
| **6/19** | $11226 | $11527 |
| **7/19** | $11300 | $11619 |
| **8/19** | $11439 | $11803 |
| **9/19** | $11368 | $11708 |
| **10/19** | $11378 | $11729 |
| **11/19** | $11397 | $11758 |
| **12/19** | $11434 | $11794 |
| **1/20** | $11628 | $12006 |
| **2/20** | $11806 | $12161 |
| **3/20** | $11046 | $11720 |
| **4/20** | $10723 | $11573 |
| **5/20** | $11061 | $11941 |
| **6/20** | $11354 | $12039 |
| **7/20** | $11562 | $12242 |
| **8/20** | $11563 | $12185 |
| **9/20** | $11557 | $12187 |
| **10/20** | $11541 | $12151 |
| **11/20** | $11732 | $12334 |
| **12/20** | $11894 | $12409 |
| **1/21** | $12067 | $12488 |
| **2/21** | $11925 | $12290 |
| **3/21** | $11961 | $12366 |
| **4/21** | $12062 | $12469 |
| **5/21** | $12133 | $12506 |
| **6/21** | $12195 | $12541 |
| **7/21** | $12295 | $12645 |
| **8/21** | $12252 | $12598 |
| **9/21** | $12144 | $12507 |
| **10/21** | $12101 | $12471 |
| **11/21** | $12204 | $12577 |
| **12/21** | $12205 | $12597 |
| **1/22** | $11898 | $12253 |
| **2/22** | $11829 | $12209 |
| **3/22** | $11494 | $11813 |
| **4/22** | $11171 | $11486 |
| **5/22** | $11240 | $11657 |
| **6/22** | $11026 | $11466 |
| **7/22** | $11254 | $11769 |
| **8/22** | $11051 | $11511 |
| **9/22** | $10697 | $11069 |
| **10/22** | $10602 | $10977 |
| **11/22** | $11007 | $11490 |
| **12/22** | $11005 | $11523 |
| **1/23** | $11316 | $11854 |
| **2/23** | $11094 | $11586 |
| **3/23** | $11293 | $11843 |
| **4/23** | $11271 | $11816 |
| **5/23** | $11208 | $11714 |
| **6/23** | $11299 | $11831 |
| **7/23** | $11327 | $11878 |
| **8/23** | $11183 | $11707 |
| **9/23** | $10887 | $11364 |
| **10/23** | $10733 | $11267 |
| **11/23** | $11401 | $11983 |
| **12/23** | $11668 | $12261 |
| **1/24** | $11690 | $12198 |
| **2/24** | $11701 | $12214 |
| **3/24** | $11722 | $12214 |
| **4/24** | $11619 | $12062 |
| **5/24** | $11630 | $12027 |
| **6/24** | $11819 | $12211 |
| **7/24** | $11934 | $12323 |
| **8/24** | $12050 | $12420 |
| **9/24** | $12199 | $12543 |
| **10/24** | $12030 | $12360 |
| **11/24** | $12232 | $12573 |
| **12/24** | $12062 | $12390 |
| **1/25** | $12105 | $12452 |
| **2/25** | $12233 | $12576 |
| **3/25** | $12019 | $12363 |
| **4/25** | $11970 | $12263 |
| **5/25** | $11906 | $12271 |
| **6/25** | $11994 | $12347 |
| **7/25** | $11916 | $12322 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (0.12)% | 0.61% | 2.11% |
| Class A with 3.25% Maximum Sales Charge | (3.35)% | (0.04)% | 1.77% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |

---

---

| | |
|:---|:---|
| 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 | $709154535 |
| # of Portfolio Holdings | 482 |
| Portfolio Turnover Rate | 152% |
| Total Advisory Fees Paid | $3800636 |

---

## 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](g154991ic6b29ae1f8fafcd7c12e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.7% |
| Other Revenue | 4.0% |
| Industrial Development Revenue | 4.3% |
| Water and Sewer | 4.8% |
| Special Tax Revenue | 4.9% |
| Education | 7.2% |
| Senior Living/Life Care | 7.7% |
| Hospital | 9.6% |
| Housing | 9.7% |
| Transportation | 10.0% |
| General Obligations | 32.1% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g154991if1ad10797820fdf39123.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 7.7% |
| B | 0.8% |
| BB | 7.2% |
| BBB | 6.1% |
| A | 16.1% |
| AA | 48.9% |
| AAA | 13.2% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# EMOAX-TSR-AR

# Eaton Vance Municipal Opportunities Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class C EMOCX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance Municipal Opportunities Fund for the period of August 1, 2024 to July 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 | $166 | 1.67% |

---

## 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 performance relative to the Index during the period

↓ An overweight exposure to bonds with coupon rates of 4.00% to 4.99% also detracted from performance relative to the Index

↓ Security selections in the water and sewer sector hurt returns during the period

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

↑ An out-of-Index allocation to taxable municipal bonds, which generally outperformed tax-exempt municipal bonds during the period, also contributed

↑ Security selections in the hospital sector helped 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](g154991i3a05f5502784e7325c42.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** |
| **7/15** | $10000 | $10000 |
| **8/15** | $10010 | $10020 |
| **9/15** | $10118 | $10092 |
| **10/15** | $10164 | $10132 |
| **11/15** | $10229 | $10173 |
| **12/15** | $10300 | $10244 |
| **1/16** | $10440 | $10366 |
| **2/16** | $10440 | $10383 |
| **3/16** | $10492 | $10416 |
| **4/16** | $10579 | $10492 |
| **5/16** | $10604 | $10520 |
| **6/16** | $10788 | $10688 |
| **7/16** | $10787 | $10694 |
| **8/16** | $10813 | $10709 |
| **9/16** | $10769 | $10655 |
| **10/16** | $10645 | $10544 |
| **11/16** | $10187 | $10150 |
| **12/16** | $10261 | $10270 |
| **1/17** | $10299 | $10337 |
| **2/17** | $10367 | $10409 |
| **3/17** | $10406 | $10432 |
| **4/17** | $10517 | $10507 |
| **5/17** | $10662 | $10674 |
| **6/17** | $10620 | $10636 |
| **7/17** | $10711 | $10722 |
| **8/17** | $10792 | $10803 |
| **9/17** | $10766 | $10748 |
| **10/17** | $10748 | $10775 |
| **11/17** | $10704 | $10717 |
| **12/17** | $10777 | $10829 |
| **1/18** | $10663 | $10702 |
| **2/18** | $10623 | $10670 |
| **3/18** | $10645 | $10709 |
| **4/18** | $10614 | $10671 |
| **5/18** | $10726 | $10793 |
| **6/18** | $10740 | $10802 |
| **7/18** | $10772 | $10828 |
| **8/18** | $10786 | $10856 |
| **9/18** | $10728 | $10786 |
| **10/18** | $10651 | $10719 |
| **11/18** | $10730 | $10838 |
| **12/18** | $10818 | $10968 |
| **1/19** | $10905 | $11051 |
| **2/19** | $10957 | $11110 |
| **3/19** | $11080 | $11286 |
| **4/19** | $11104 | $11328 |
| **5/19** | $11236 | $11484 |
| **6/19** | $11277 | $11527 |
| **7/19** | $11335 | $11619 |
| **8/19** | $11468 | $11803 |
| **9/19** | $11389 | $11708 |
| **10/19** | $11392 | $11729 |
| **11/19** | $11413 | $11758 |
| **12/19** | $11434 | $11794 |
| **1/20** | $11630 | $12006 |
| **2/20** | $11801 | $12161 |
| **3/20** | $11025 | $11720 |
| **4/20** | $10696 | $11573 |
| **5/20** | $11035 | $11941 |
| **6/20** | $11311 | $12039 |
| **7/20** | $11521 | $12242 |
| **8/20** | $11515 | $12185 |
| **9/20** | $11502 | $12187 |
| **10/20** | $11469 | $12151 |
| **11/20** | $11661 | $12334 |
| **12/20** | $11805 | $12409 |
| **1/21** | $11970 | $12488 |
| **2/21** | $11821 | $12290 |
| **3/21** | $11859 | $12366 |
| **4/21** | $11951 | $12469 |
| **5/21** | $12005 | $12506 |
| **6/21** | $12060 | $12541 |
| **7/21** | $12160 | $12645 |
| **8/21** | $12110 | $12598 |
| **9/21** | $11995 | $12507 |
| **10/21** | $11936 | $12471 |
| **11/21** | $12030 | $12577 |
| **12/21** | $12023 | $12597 |
| **1/22** | $11723 | $12253 |
| **2/22** | $11638 | $12209 |
| **3/22** | $11301 | $11813 |
| **4/22** | $10986 | $11486 |
| **5/22** | $11038 | $11657 |
| **6/22** | $10820 | $11466 |
| **7/22** | $11047 | $11769 |
| **8/22** | $10840 | $11511 |
| **9/22** | $10477 | $11069 |
| **10/22** | $10377 | $10977 |
| **11/22** | $10777 | $11490 |
| **12/22** | $10769 | $11523 |
| **1/23** | $11056 | $11854 |
| **2/23** | $10843 | $11586 |
| **3/23** | $11030 | $11843 |
| **4/23** | $11002 | $11816 |
| **5/23** | $10933 | $11714 |
| **6/23** | $11015 | $11831 |
| **7/23** | $11035 | $11878 |
| **8/23** | $10878 | $11707 |
| **9/23** | $10593 | $11364 |
| **10/23** | $10437 | $11267 |
| **11/23** | $11079 | $11983 |
| **12/23** | $11332 | $12261 |
| **1/24** | $11346 | $12198 |
| **2/24** | $11350 | $12214 |
| **3/24** | $11363 | $12214 |
| **4/24** | $11256 | $12062 |
| **5/24** | $11260 | $12027 |
| **6/24** | $11435 | $12211 |
| **7/24** | $11540 | $12323 |
| **8/24** | $11635 | $12420 |
| **9/24** | $11771 | $12543 |
| **10/24** | $11610 | $12360 |
| **11/24** | $11788 | $12573 |
| **12/24** | $11617 | $12390 |
| **1/25** | $11650 | $12452 |
| **2/25** | $11777 | $12576 |
| **3/25** | $11564 | $12363 |
| **4/25** | $11510 | $12263 |
| **5/25** | $11431 | $12271 |
| **6/25** | $11519 | $12347 |
| **7/25** | $11614 | $12322 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (0.95)% | (0.16)% | 1.51% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (1.92)% | (0.16)% | 1.51% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |

---

---

| | |
|:---|:---|
| 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 | $709154535 |
| # of Portfolio Holdings | 482 |
| Portfolio Turnover Rate | 152% |
| Total Advisory Fees Paid | $3800636 |

---

## 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](g154991ieb77157679e8d8d07a55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.7% |
| Other Revenue | 4.0% |
| Industrial Development Revenue | 4.3% |
| Water and Sewer | 4.8% |
| Special Tax Revenue | 4.9% |
| Education | 7.2% |
| Senior Living/Life Care | 7.7% |
| Hospital | 9.6% |
| Housing | 9.7% |
| Transportation | 10.0% |
| General Obligations | 32.1% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g154991i2fc08bcbc05b7acddb94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 7.7% |
| B | 0.8% |
| BB | 7.2% |
| BBB | 6.1% |
| A | 16.1% |
| AA | 48.9% |
| AAA | 13.2% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# EMOCX-TSR-AR

# Eaton Vance Municipal Opportunities Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class I EMOIX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance Municipal Opportunities Fund for the period of August 1, 2024 to July 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 | $67 | 0.67% |

---

## 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):

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

↑ An out-of-Index allocation to taxable municipal bonds, which generally outperformed tax-exempt municipal bonds during the period, also contributed

↑ Security selections in the hospital sector helped returns during the period

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

↓ An overweight exposure to bonds with coupon rates of 4.00% to 4.99% also detracted from performance relative to the Index

↓ Security selections in the water and sewer sector hurt 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](g154991i505281f5d1702d453da6.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** |
| **7/15** | $1000000 | $1000000 |
| **8/15** | $1001809 | $1001964 |
| **9/15** | $1013428 | $1009222 |
| **10/15** | $1018953 | $1013234 |
| **11/15** | $1027111 | $1017263 |
| **12/15** | $1034273 | $1024410 |
| **1/16** | $1049160 | $1036633 |
| **2/16** | $1050052 | $1038263 |
| **3/16** | $1056995 | $1041552 |
| **4/16** | $1065767 | $1049211 |
| **5/16** | $1069141 | $1052048 |
| **6/16** | $1089462 | $1068785 |
| **7/16** | $1089458 | $1069438 |
| **8/16** | $1093009 | $1070881 |
| **9/16** | $1090328 | $1065536 |
| **10/16** | $1077832 | $1054357 |
| **11/16** | $1033304 | $1015035 |
| **12/16** | $1040787 | $1026951 |
| **1/17** | $1046449 | $1033721 |
| **2/17** | $1054089 | $1040899 |
| **3/17** | $1058977 | $1043159 |
| **4/17** | $1070165 | $1050728 |
| **5/17** | $1085813 | $1067404 |
| **6/17** | $1083322 | $1063576 |
| **7/17** | $1092604 | $1072181 |
| **8/17** | $1102745 | $1080340 |
| **9/17** | $1100963 | $1074847 |
| **10/17** | $1100060 | $1077471 |
| **11/17** | $1095550 | $1071702 |
| **12/17** | $1104920 | $1082903 |
| **1/18** | $1093261 | $1070154 |
| **2/18** | $1090025 | $1066957 |
| **3/18** | $1093161 | $1070895 |
| **4/18** | $1090870 | $1067073 |
| **5/18** | $1103321 | $1079292 |
| **6/18** | $1105683 | $1080214 |
| **7/18** | $1110859 | $1082835 |
| **8/18** | $1112275 | $1085616 |
| **9/18** | $1107189 | $1078587 |
| **10/18** | $1100236 | $1071945 |
| **11/18** | $1109284 | $1083810 |
| **12/18** | $1119301 | $1096787 |
| **1/19** | $1130220 | $1105077 |
| **2/19** | $1136485 | $1110994 |
| **3/19** | $1149250 | $1128557 |
| **4/19** | $1152604 | $1132798 |
| **5/19** | $1167313 | $1148415 |
| **6/19** | $1172541 | $1152656 |
| **7/19** | $1179590 | $1161945 |
| **8/19** | $1195298 | $1180273 |
| **9/19** | $1188062 | $1170812 |
| **10/19** | $1188402 | $1172910 |
| **11/19** | $1191603 | $1175844 |
| **12/19** | $1194807 | $1179433 |
| **1/20** | $1216296 | $1200624 |
| **2/20** | $1235108 | $1216107 |
| **3/20** | $1155043 | $1171995 |
| **4/20** | $1121526 | $1157286 |
| **5/20** | $1158020 | $1194101 |
| **6/20** | $1187892 | $1203929 |
| **7/20** | $1210897 | $1224206 |
| **8/20** | $1211300 | $1218462 |
| **9/20** | $1210906 | $1218720 |
| **10/20** | $1209486 | $1215059 |
| **11/20** | $1229751 | $1233396 |
| **12/20** | $1245936 | $1240909 |
| **1/21** | $1265315 | $1248817 |
| **2/21** | $1249655 | $1228975 |
| **3/21** | $1254710 | $1236554 |
| **4/21** | $1265511 | $1246926 |
| **5/21** | $1272283 | $1250646 |
| **6/21** | $1279076 | $1254080 |
| **7/21** | $1290801 | $1264481 |
| **8/21** | $1286599 | $1259841 |
| **9/21** | $1275456 | $1250749 |
| **10/21** | $1271293 | $1247091 |
| **11/21** | $1281331 | $1257708 |
| **12/21** | $1282686 | $1259737 |
| **1/22** | $1250806 | $1225254 |
| **2/22** | $1242691 | $1220865 |
| **3/22** | $1207840 | $1181288 |
| **4/22** | $1175194 | $1148614 |
| **5/22** | $1181713 | $1165677 |
| **6/22** | $1159417 | $1146585 |
| **7/22** | $1184695 | $1176880 |
| **8/22** | $1163573 | $1151087 |
| **9/22** | $1125616 | $1106907 |
| **10/22** | $1115823 | $1097702 |
| **11/22** | $1159679 | $1149045 |
| **12/22** | $1159801 | $1152335 |
| **1/23** | $1191724 | $1185436 |
| **2/23** | $1169634 | $1158630 |
| **3/23** | $1189759 | $1184338 |
| **4/23** | $1188748 | $1181632 |
| **5/23** | $1182393 | $1171393 |
| **6/23** | $1192145 | $1183127 |
| **7/23** | $1195386 | $1187807 |
| **8/23** | $1179427 | $1170707 |
| **9/23** | $1149523 | $1136395 |
| **10/23** | $1133582 | $1126725 |
| **11/23** | $1203085 | $1198251 |
| **12/23** | $1232603 | $1226100 |
| **1/24** | $1235169 | $1219838 |
| **2/24** | $1235513 | $1221405 |
| **3/24** | $1239110 | $1221366 |
| **4/24** | $1228471 | $1206240 |
| **5/24** | $1229879 | $1202702 |
| **6/24** | $1250087 | $1221137 |
| **7/24** | $1261462 | $1232267 |
| **8/24** | $1273997 | $1241985 |
| **9/24** | $1289957 | $1254260 |
| **10/24** | $1273488 | $1235972 |
| **11/24** | $1293982 | $1257322 |
| **12/24** | $1276340 | $1239017 |
| **1/25** | $1281096 | $1245227 |
| **2/25** | $1296038 | $1257574 |
| **3/25** | $1272603 | $1236261 |
| **4/25** | $1267637 | $1226301 |
| **5/25** | $1261158 | $1227089 |
| **6/25** | $1271890 | $1234728 |
| **7/25** | $1263196 | $1232234 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | *5 Years* | *10 Years* |
| Class I | 0.85% | 2.36% |
| Bloomberg Municipal Bond Index (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |

---

---

| | |
|:---|:---|
| 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 | $709154535 |
| # of Portfolio Holdings | 482 |
| Portfolio Turnover Rate | 152% |
| Total Advisory Fees Paid | $3800636 |

---

## 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](g154991i87837d7736ce81807f0a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 5.7% |
| Other Revenue | 4.0% |
| Industrial Development Revenue | 4.3% |
| Water and Sewer | 4.8% |
| Special Tax Revenue | 4.9% |
| Education | 7.2% |
| Senior Living/Life Care | 7.7% |
| Hospital | 9.6% |
| Housing | 9.7% |
| Transportation | 10.0% |
| General Obligations | 32.1% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g154991ib780f84bde30211598e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 7.7% |
| B | 0.8% |
| BB | 7.2% |
| BBB | 6.1% |
| A | 16.1% |
| AA | 48.9% |
| AAA | 13.2% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# EMOIX-TSR-AR

# Eaton Vance New Jersey Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class A ETNJX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance New Jersey Municipal Income Fund for the period of August 1, 2024 to July 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 position and security selections in bonds with 22+ years remaining to maturity detracted from Index-relative returns during the period

↓ An overweight position and security selections in bonds with 4.00% to 4.99% coupon rates also hurt performance

↓ An overweight exposure to bonds rated BBB and below hurt returns during a period when lower-rated bonds generally underperformed higher-rated bonds

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

↑ An out-of-Index allocation to taxable municipal bonds, which generally outperformed tax-exempt municipal bonds during the period, also contributed

↑ Security selections in the special tax sector 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](g154991i0e8c47d6fd2f57e41e60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg New Jersey Municipal Bond Index** |
| **7/15** | $9675 | $10000 | $10000 |
| **8/15** | $9683 | $10020 | $9898 |
| **9/15** | $9766 | $10092 | $10013 |
| **10/15** | $9806 | $10132 | $10084 |
| **11/15** | $9857 | $10173 | $10163 |
| **12/15** | $9951 | $10244 | $10302 |
| **1/16** | $10056 | $10366 | $10456 |
| **2/16** | $10043 | $10383 | $10445 |
| **3/16** | $10105 | $10416 | $10509 |
| **4/16** | $10167 | $10492 | $10620 |
| **5/16** | $10196 | $10520 | $10657 |
| **6/16** | $10334 | $10688 | $10891 |
| **7/16** | $10331 | $10694 | $10919 |
| **8/16** | $10383 | $10709 | $10987 |
| **9/16** | $10358 | $10655 | $10942 |
| **10/16** | $10289 | $10544 | $10800 |
| **11/16** | $9924 | $10150 | $10304 |
| **12/16** | $10008 | $10270 | $10375 |
| **1/17** | $10004 | $10337 | $10445 |
| **2/17** | $10056 | $10409 | $10544 |
| **3/17** | $10097 | $10432 | $10562 |
| **4/17** | $10182 | $10507 | $10617 |
| **5/17** | $10335 | $10674 | $10822 |
| **6/17** | $10321 | $10636 | $10786 |
| **7/17** | $10373 | $10722 | $10896 |
| **8/17** | $10461 | $10803 | $11064 |
| **9/17** | $10448 | $10748 | $11101 |
| **10/17** | $10445 | $10775 | $11139 |
| **11/17** | $10420 | $10717 | $11105 |
| **12/17** | $10485 | $10829 | $11222 |
| **1/18** | $10389 | $10702 | $11091 |
| **2/18** | $10362 | $10670 | $11061 |
| **3/18** | $10403 | $10709 | $11107 |
| **4/18** | $10376 | $10671 | $11082 |
| **5/18** | $10487 | $10793 | $11211 |
| **6/18** | $10516 | $10802 | $11241 |
| **7/18** | $10570 | $10828 | $11317 |
| **8/18** | $10599 | $10856 | $11353 |
| **9/18** | $10535 | $10786 | $11279 |
| **10/18** | $10482 | $10719 | $11192 |
| **11/18** | $10582 | $10838 | $11309 |
| **12/18** | $10693 | $10968 | $11462 |
| **1/19** | $10779 | $11051 | $11560 |
| **2/19** | $10843 | $11110 | $11632 |
| **3/19** | $11013 | $11286 | $11853 |
| **4/19** | $11064 | $11328 | $11900 |
| **5/19** | $11223 | $11484 | $12114 |
| **6/19** | $11285 | $11527 | $12175 |
| **7/19** | $11383 | $11619 | $12301 |
| **8/19** | $11613 | $11803 | $12525 |
| **9/19** | $11518 | $11708 | $12400 |
| **10/19** | $11519 | $11729 | $12415 |
| **11/19** | $11534 | $11758 | $12460 |
| **12/19** | $11561 | $11794 | $12514 |
| **1/20** | $11808 | $12006 | $12769 |
| **2/20** | $11994 | $12161 | $12952 |
| **3/20** | $11461 | $11720 | $12072 |
| **4/20** | $11195 | $11573 | $11800 |
| **5/20** | $11603 | $11941 | $12097 |
| **6/20** | $11704 | $12039 | $12426 |
| **7/20** | $11916 | $12242 | $12819 |
| **8/20** | $11893 | $12185 | $12831 |
| **9/20** | $11907 | $12187 | $12808 |
| **10/20** | $11882 | $12151 | $12761 |
| **11/20** | $12070 | $12334 | $13039 |
| **12/20** | $12183 | $12409 | $13215 |
| **1/21** | $12307 | $12488 | $13403 |
| **2/21** | $12082 | $12290 | $13197 |
| **3/21** | $12144 | $12366 | $13281 |
| **4/21** | $12244 | $12469 | $13425 |
| **5/21** | $12293 | $12506 | $13476 |
| **6/21** | $12330 | $12541 | $13544 |
| **7/21** | $12428 | $12645 | $13686 |
| **8/21** | $12375 | $12598 | $13648 |
| **9/21** | $12272 | $12507 | $13549 |
| **10/21** | $12245 | $12471 | $13469 |
| **11/21** | $12341 | $12577 | $13592 |
| **12/21** | $12345 | $12597 | $13626 |
| **1/22** | $12020 | $12253 | $13217 |
| **2/22** | $11938 | $12209 | $13137 |
| **3/22** | $11586 | $11813 | $12695 |
| **4/22** | $11222 | $11486 | $12317 |
| **5/22** | $11309 | $11657 | $12501 |
| **6/22** | $11139 | $11466 | $12317 |
| **7/22** | $11421 | $11769 | $12684 |
| **8/22** | $11134 | $11511 | $12410 |
| **9/22** | $10743 | $11069 | $11901 |
| **10/22** | $10652 | $10977 | $11800 |
| **11/22** | $11121 | $11490 | $12386 |
| **12/22** | $11135 | $11523 | $12408 |
| **1/23** | $11423 | $11854 | $12820 |
| **2/23** | $11175 | $11586 | $12542 |
| **3/23** | $11399 | $11843 | $12847 |
| **4/23** | $11401 | $11816 | $12814 |
| **5/23** | $11310 | $11714 | $12727 |
| **6/23** | $11405 | $11831 | $12854 |
| **7/23** | $11433 | $11878 | $12930 |
| **8/23** | $11326 | $11707 | $12759 |
| **9/23** | $11060 | $11364 | $12413 |
| **10/23** | $10941 | $11267 | $12302 |
| **11/23** | $11519 | $11983 | $13055 |
| **12/23** | $11763 | $12261 | $13366 |
| **1/24** | $11737 | $12198 | $13309 |
| **2/24** | $11739 | $12214 | $13333 |
| **3/24** | $11728 | $12214 | $13326 |
| **4/24** | $11609 | $12062 | $13168 |
| **5/24** | $11599 | $12027 | $13125 |
| **6/24** | $11768 | $12211 | $13325 |
| **7/24** | $11868 | $12323 | $13453 |
| **8/24** | $11955 | $12420 | $13569 |
| **9/24** | $12084 | $12543 | $13697 |
| **10/24** | $11923 | $12360 | $13513 |
| **11/24** | $12122 | $12573 | $13742 |
| **12/24** | $11974 | $12390 | $13548 |
| **1/25** | $11964 | $12452 | $13651 |
| **2/25** | $12081 | $12576 | $13774 |
| **3/25** | $11847 | $12363 | $13531 |
| **4/25** | $11782 | $12263 | $13420 |
| **5/25** | $11646 | $12271 | $13429 |
| **6/25** | $11735 | $12347 | $13516 |
| **7/25** | $11670 | $12322 | $13528 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (1.67)% | (0.42)% | 1.89% |
| Class A with 3.25% Maximum Sales Charge | (4.87)% | (1.06)% | 1.55% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg New Jersey Municipal Bond Index | 0.56% | 1.08% | 3.07% |

---

---

| | |
|:---|:---|
| 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 | $144418537 |
| # of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $556312 |

---

## 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](g154991ife0c1c33f90d5b8feb19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.6% |
| Water and Sewer | 3.6% |
| Housing | 4.0% |
| Industrial Development Revenue | 5.6% |
| Lease Rev./Cert. of Participation | 6.2% |
| Hospital | 8.5% |
| Special Tax Revenue | 10.8% |
| Education | 12.2% |
| Transportation | 15.2% |
| General Obligations | 26.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g154991ie0cf9b21d50f4e65ae4c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.0% |
| BB | 0.1% |
| BBB | 12.7% |
| A | 14.8% |
| AA | 58.4% |
| AAA | 10.0% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# ETNJX-TSR-AR

# Eaton Vance New Jersey Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class C ECNJX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance New Jersey Municipal Income Fund for the period of August 1, 2024 to July 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 position and security selections in bonds with 22+ years remaining to maturity detracted from Index-relative returns during the period

↓ An overweight position and security selections in bonds with 4.00% to 4.99% coupon rates also hurt performance

↓ An overweight exposure to bonds rated BBB and below hurt returns during a period when lower-rated bonds generally underperformed higher-rated bonds

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

↑ An out-of-Index allocation to taxable municipal bonds, which generally outperformed tax-exempt municipal bonds during the period, also contributed

↑ Security selections in the special tax sector 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](g154991ia4888994ff4f555cb305.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg New Jersey Municipal Bond Index** |
| **7/15** | $10000 | $10000 | $10000 |
| **8/15** | $10003 | $10020 | $9898 |
| **9/15** | $10090 | $10092 | $10013 |
| **10/15** | $10125 | $10132 | $10084 |
| **11/15** | $10160 | $10173 | $10163 |
| **12/15** | $10258 | $10244 | $10302 |
| **1/16** | $10356 | $10366 | $10456 |
| **2/16** | $10339 | $10383 | $10445 |
| **3/16** | $10395 | $10416 | $10509 |
| **4/16** | $10461 | $10492 | $10620 |
| **5/16** | $10474 | $10520 | $10657 |
| **6/16** | $10615 | $10688 | $10891 |
| **7/16** | $10597 | $10694 | $10919 |
| **8/16** | $10652 | $10709 | $10987 |
| **9/16** | $10612 | $10655 | $10942 |
| **10/16** | $10539 | $10544 | $10800 |
| **11/16** | $10154 | $10150 | $10304 |
| **12/16** | $10231 | $10270 | $10375 |
| **1/17** | $10222 | $10337 | $10445 |
| **2/17** | $10268 | $10409 | $10544 |
| **3/17** | $10303 | $10432 | $10562 |
| **4/17** | $10392 | $10507 | $10617 |
| **5/17** | $10536 | $10674 | $10822 |
| **6/17** | $10517 | $10636 | $10786 |
| **7/17** | $10563 | $10722 | $10896 |
| **8/17** | $10643 | $10803 | $11064 |
| **9/17** | $10625 | $10748 | $11101 |
| **10/17** | $10617 | $10775 | $11139 |
| **11/17** | $10576 | $10717 | $11105 |
| **12/17** | $10645 | $10829 | $11222 |
| **1/18** | $10547 | $10702 | $11091 |
| **2/18** | $10504 | $10670 | $11061 |
| **3/18** | $10550 | $10709 | $11107 |
| **4/18** | $10507 | $10671 | $11082 |
| **5/18** | $10620 | $10793 | $11211 |
| **6/18** | $10633 | $10802 | $11241 |
| **7/18** | $10679 | $10828 | $11317 |
| **8/18** | $10713 | $10856 | $11353 |
| **9/18** | $10645 | $10786 | $11279 |
| **10/18** | $10577 | $10719 | $11192 |
| **11/18** | $10669 | $10838 | $11309 |
| **12/18** | $10771 | $10968 | $11462 |
| **1/19** | $10860 | $11051 | $11560 |
| **2/19** | $10916 | $11110 | $11632 |
| **3/19** | $11074 | $11286 | $11853 |
| **4/19** | $11118 | $11328 | $11900 |
| **5/19** | $11276 | $11484 | $12114 |
| **6/19** | $11330 | $11527 | $12175 |
| **7/19** | $11418 | $11619 | $12301 |
| **8/19** | $11644 | $11803 | $12525 |
| **9/19** | $11547 | $11708 | $12400 |
| **10/19** | $11542 | $11729 | $12415 |
| **11/19** | $11538 | $11758 | $12460 |
| **12/19** | $11570 | $11794 | $12514 |
| **1/20** | $11812 | $12006 | $12769 |
| **2/20** | $11985 | $12161 | $12952 |
| **3/20** | $11445 | $11720 | $12072 |
| **4/20** | $11173 | $11573 | $11800 |
| **5/20** | $11569 | $11941 | $12097 |
| **6/20** | $11659 | $12039 | $12426 |
| **7/20** | $11867 | $12242 | $12819 |
| **8/20** | $11840 | $12185 | $12831 |
| **9/20** | $11847 | $12187 | $12808 |
| **10/20** | $11806 | $12151 | $12761 |
| **11/20** | $11979 | $12334 | $13039 |
| **12/20** | $12105 | $12409 | $13215 |
| **1/21** | $12205 | $12488 | $13403 |
| **2/21** | $11986 | $12290 | $13197 |
| **3/21** | $12039 | $12366 | $13281 |
| **4/21** | $12129 | $12469 | $13425 |
| **5/21** | $12169 | $12506 | $13476 |
| **6/21** | $12186 | $12541 | $13544 |
| **7/21** | $12274 | $12645 | $13686 |
| **8/21** | $12230 | $12598 | $13648 |
| **9/21** | $12115 | $12507 | $13549 |
| **10/21** | $12084 | $12471 | $13469 |
| **11/21** | $12169 | $12577 | $13592 |
| **12/21** | $12166 | $12597 | $13626 |
| **1/22** | $11839 | $12253 | $13217 |
| **2/22** | $11756 | $12209 | $13137 |
| **3/22** | $11393 | $11813 | $12695 |
| **4/22** | $11031 | $11486 | $12317 |
| **5/22** | $11107 | $11657 | $12501 |
| **6/22** | $10929 | $11466 | $12317 |
| **7/22** | $11200 | $11769 | $12684 |
| **8/22** | $10912 | $11511 | $12410 |
| **9/22** | $10527 | $11069 | $11901 |
| **10/22** | $10435 | $10977 | $11800 |
| **11/22** | $10883 | $11490 | $12386 |
| **12/22** | $10877 | $11523 | $12408 |
| **1/23** | $11154 | $11854 | $12820 |
| **2/23** | $10916 | $11586 | $12542 |
| **3/23** | $11133 | $11843 | $12847 |
| **4/23** | $11129 | $11816 | $12814 |
| **5/23** | $11025 | $11714 | $12727 |
| **6/23** | $11121 | $11831 | $12854 |
| **7/23** | $11128 | $11878 | $12930 |
| **8/23** | $11023 | $11707 | $12759 |
| **9/23** | $10756 | $11364 | $12413 |
| **10/23** | $10627 | $11267 | $12302 |
| **11/23** | $11186 | $11983 | $13055 |
| **12/23** | $11419 | $12261 | $13366 |
| **1/24** | $11389 | $12198 | $13309 |
| **2/24** | $11373 | $12214 | $13333 |
| **3/24** | $11369 | $12214 | $13326 |
| **4/24** | $11240 | $12062 | $13168 |
| **5/24** | $11225 | $12027 | $13125 |
| **6/24** | $11376 | $12211 | $13325 |
| **7/24** | $11475 | $12323 | $13453 |
| **8/24** | $11537 | $12420 | $13569 |
| **9/24** | $11663 | $12543 | $13697 |
| **10/24** | $11508 | $12360 | $13513 |
| **11/24** | $11687 | $12573 | $13742 |
| **12/24** | $11531 | $12390 | $13548 |
| **1/25** | $11528 | $12452 | $13651 |
| **2/25** | $11631 | $12576 | $13774 |
| **3/25** | $11396 | $12363 | $13531 |
| **4/25** | $11317 | $12263 | $13420 |
| **5/25** | $11173 | $12271 | $13429 |
| **6/25** | $11276 | $12347 | $13516 |
| **7/25** | $11358 | $12322 | $13528 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (2.43)% | (1.16)% | 1.28% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (3.38)% | (1.16)% | 1.28% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg New Jersey Municipal Bond Index | 0.56% | 1.08% | 3.07% |

---

---

| | |
|:---|:---|
| 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 | $144418537 |
| # of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $556312 |

---

## 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](g154991idff5eb446772fbc4e23b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.6% |
| Water and Sewer | 3.6% |
| Housing | 4.0% |
| Industrial Development Revenue | 5.6% |
| Lease Rev./Cert. of Participation | 6.2% |
| Hospital | 8.5% |
| Special Tax Revenue | 10.8% |
| Education | 12.2% |
| Transportation | 15.2% |
| General Obligations | 26.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g154991i9273b5bc412b0969388b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.0% |
| BB | 0.1% |
| BBB | 12.7% |
| A | 14.8% |
| AA | 58.4% |
| AAA | 10.0% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# ECNJX-TSR-AR

# Eaton Vance New Jersey Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class I EINJX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance New Jersey Municipal Income Fund for the period of August 1, 2024 to July 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 position and security selections in bonds with 22+ years remaining to maturity detracted from Index-relative returns during the period

↓ An overweight position and security selections in bonds with 4.00% to 4.99% coupon rates also hurt performance

↓ An overweight exposure to bonds rated BBB and below hurt returns during a period when lower-rated bonds generally underperformed higher-rated bonds

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

↑ An out-of-Index allocation to taxable municipal bonds, which generally outperformed tax-exempt municipal bonds during the period, also contributed

↑ Security selections in the special tax sector 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](g154991i7d0492f327936a0850fd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg New Jersey Municipal Bond Index** |
| **7/15** | $1000000 | $1000000 | $1000000 |
| **8/15** | $1002120 | $1001964 | $989819 |
| **9/15** | $1010810 | $1009222 | $1001320 |
| **10/15** | $1015142 | $1013234 | $1008356 |
| **11/15** | $1019516 | $1017263 | $1016273 |
| **12/15** | $1029364 | $1024410 | $1030161 |
| **1/16** | $1040381 | $1036633 | $1045553 |
| **2/16** | $1040364 | $1038263 | $1044535 |
| **3/16** | $1045843 | $1041552 | $1050908 |
| **4/16** | $1053508 | $1049211 | $1061951 |
| **5/16** | $1055561 | $1052048 | $1065683 |
| **6/16** | $1071134 | $1068785 | $1089090 |
| **7/16** | $1069963 | $1069438 | $1091865 |
| **8/16** | $1076576 | $1070881 | $1098667 |
| **9/16** | $1073058 | $1065536 | $1094172 |
| **10/16** | $1066098 | $1054357 | $1079989 |
| **11/16** | $1028451 | $1015035 | $1030388 |
| **12/16** | $1037354 | $1026951 | $1037452 |
| **1/17** | $1037117 | $1033721 | $1044487 |
| **2/17** | $1042642 | $1040899 | $1054410 |
| **3/17** | $1047067 | $1043159 | $1056158 |
| **4/17** | $1057272 | $1050728 | $1061706 |
| **5/17** | $1072142 | $1067404 | $1082223 |
| **6/17** | $1070821 | $1063576 | $1078610 |
| **7/17** | $1076464 | $1072181 | $1089599 |
| **8/17** | $1085735 | $1080340 | $1106357 |
| **9/17** | $1084540 | $1074847 | $1110090 |
| **10/17** | $1084473 | $1077471 | $1113851 |
| **11/17** | $1082006 | $1071702 | $1110497 |
| **12/17** | $1090133 | $1082903 | $1122166 |
| **1/18** | $1080360 | $1070154 | $1109100 |
| **2/18** | $1076505 | $1066957 | $1106114 |
| **3/18** | $1082199 | $1070895 | $1110670 |
| **4/18** | $1079527 | $1067073 | $1108177 |
| **5/18** | $1091215 | $1079292 | $1121068 |
| **6/18** | $1093287 | $1080214 | $1124076 |
| **7/18** | $1098999 | $1082835 | $1131656 |
| **8/18** | $1102238 | $1085616 | $1135257 |
| **9/18** | $1096950 | $1078587 | $1127933 |
| **10/18** | $1090396 | $1071945 | $1119165 |
| **11/18** | $1100989 | $1083810 | $1130860 |
| **12/18** | $1112802 | $1096787 | $1146164 |
| **1/19** | $1123150 | $1105077 | $1155984 |
| **2/19** | $1128720 | $1110994 | $1163207 |
| **3/19** | $1147802 | $1128557 | $1185341 |
| **4/19** | $1152106 | $1132798 | $1189970 |
| **5/19** | $1168818 | $1148415 | $1211374 |
| **6/19** | $1175531 | $1152656 | $1217467 |
| **7/19** | $1185909 | $1161945 | $1230087 |
| **8/19** | $1210052 | $1180273 | $1252462 |
| **9/19** | $1201642 | $1170812 | $1240004 |
| **10/19** | $1201967 | $1172910 | $1241507 |
| **11/19** | $1202415 | $1175844 | $1245974 |
| **12/19** | $1206764 | $1179433 | $1251360 |
| **1/20** | $1232667 | $1200624 | $1276865 |
| **2/20** | $1250986 | $1216107 | $1295204 |
| **3/20** | $1196809 | $1171995 | $1207212 |
| **4/20** | $1167996 | $1157286 | $1180023 |
| **5/20** | $1210658 | $1194101 | $1209747 |
| **6/20** | $1221345 | $1203929 | $1242566 |
| **7/20** | $1244895 | $1224206 | $1281929 |
| **8/20** | $1242650 | $1218462 | $1283139 |
| **9/20** | $1244205 | $1218720 | $1280779 |
| **10/20** | $1240482 | $1215059 | $1276128 |
| **11/20** | $1260235 | $1233396 | $1303867 |
| **12/20** | $1273420 | $1240909 | $1321454 |
| **1/21** | $1286518 | $1248817 | $1340275 |
| **2/21** | $1263102 | $1228975 | $1319690 |
| **3/21** | $1269684 | $1236554 | $1328120 |
| **4/21** | $1281560 | $1246926 | $1342468 |
| **5/21** | $1285411 | $1250646 | $1347623 |
| **6/21** | $1289385 | $1254080 | $1354448 |
| **7/21** | $1299757 | $1264481 | $1368609 |
| **8/21** | $1295665 | $1259841 | $1364800 |
| **9/21** | $1284961 | $1250749 | $1354915 |
| **10/21** | $1282236 | $1247091 | $1346929 |
| **11/21** | $1292535 | $1257708 | $1359170 |
| **12/21** | $1293198 | $1259737 | $1362597 |
| **1/22** | $1259416 | $1225254 | $1321697 |
| **2/22** | $1251077 | $1220865 | $1313690 |
| **3/22** | $1213144 | $1181288 | $1269513 |
| **4/22** | $1176597 | $1148614 | $1231651 |
| **5/22** | $1185894 | $1165677 | $1250112 |
| **6/22** | $1166932 | $1146585 | $1231743 |
| **7/22** | $1196636 | $1176880 | $1268361 |
| **8/22** | $1166803 | $1151087 | $1240988 |
| **9/22** | $1127458 | $1106907 | $1190083 |
| **10/22** | $1118075 | $1097702 | $1179973 |
| **11/22** | $1167426 | $1149045 | $1238611 |
| **12/22** | $1167697 | $1152335 | $1240829 |
| **1/23** | $1198107 | $1185436 | $1282038 |
| **2/23** | $1173676 | $1158630 | $1254159 |
| **3/23** | $1197401 | $1184338 | $1284669 |
| **4/23** | $1197750 | $1181632 | $1281403 |
| **5/23** | $1187070 | $1171393 | $1272679 |
| **6/23** | $1198622 | $1183127 | $1285439 |
| **7/23** | $1201699 | $1187807 | $1293024 |
| **8/23** | $1190779 | $1170707 | $1275900 |
| **9/23** | $1163063 | $1136395 | $1241300 |
| **10/23** | $1150723 | $1126725 | $1230169 |
| **11/23** | $1210207 | $1198251 | $1305489 |
| **12/23** | $1237380 | $1226100 | $1336583 |
| **1/24** | $1234872 | $1219838 | $1330856 |
| **2/24** | $1235308 | $1221405 | $1333270 |
| **3/24** | $1234336 | $1221366 | $1332648 |
| **4/24** | $1220633 | $1206240 | $1316821 |
| **5/24** | $1221279 | $1202702 | $1312459 |
| **6/24** | $1237752 | $1221137 | $1332459 |
| **7/24** | $1249919 | $1232267 | $1345281 |
| **8/24** | $1257811 | $1241985 | $1356869 |
| **9/24** | $1273051 | $1254260 | $1369716 |
| **10/24** | $1256373 | $1235972 | $1351310 |
| **11/24** | $1277500 | $1257322 | $1374203 |
| **12/24** | $1260700 | $1239017 | $1354842 |
| **1/25** | $1261341 | $1245227 | $1365125 |
| **2/25** | $1273790 | $1257574 | $1377361 |
| **3/25** | $1247965 | $1236261 | $1353130 |
| **4/25** | $1241319 | $1226301 | $1342048 |
| **5/25** | $1227209 | $1227089 | $1342909 |
| **6/25** | $1238316 | $1234728 | $1351590 |
| **7/25** | $1231587 | $1232234 | $1352845 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (1.47)% | (0.21)% | 2.10% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg New Jersey Municipal Bond Index | 0.56% | 1.08% | 3.07% |

---

---

| | |
|:---|:---|
| 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 | $144418537 |
| # of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $556312 |

---

## 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](g154991i831233c8d550c261a6b8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.6% |
| Water and Sewer | 3.6% |
| Housing | 4.0% |
| Industrial Development Revenue | 5.6% |
| Lease Rev./Cert. of Participation | 6.2% |
| Hospital | 8.5% |
| Special Tax Revenue | 10.8% |
| Education | 12.2% |
| Transportation | 15.2% |
| General Obligations | 26.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g154991i980e6a66e10a17c2e47e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 4.0% |
| BB | 0.1% |
| BBB | 12.7% |
| A | 14.8% |
| AA | 58.4% |
| AAA | 10.0% |

---

---

| | |
|:---|:---|
| 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](g154991i94170276ce351d53523b.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 July 31, 2025

# EINJX-TSR-AR

# Eaton Vance Pennsylvania Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class A ETPAX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance Pennsylvania Municipal Income Fund for the period of August 1, 2024 to July 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 | 0.75% |

---

## 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 bonds with 22+ years remaining to maturity detracted from Index-relative returns during the period

↓ An overweight position and security selections in bonds with 4.00% to 4.99% coupon rates also hurt performance

↓ An overweight exposure to bonds rated BBB hurt returns as BBB rated securities were the worst performing rating category over the period

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

↑ An out-of-Index allocation to taxable municipal bonds, which generally outperformed tax-exempt municipal bonds during the period, also contributed

↑ An underweight position and security selections in the leasing sector 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](g154991ib1bd8cdf55cbe8ba6112.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** | **Bloomberg Pennsylvania Municipal Bond Index** |
| **7/15** | $9675 | $10000 | $10000 |
| **8/15** | $9707 | $10020 | $10028 |
| **9/15** | $9783 | $10092 | $10097 |
| **10/15** | $9815 | $10132 | $10129 |
| **11/15** | $9858 | $10173 | $10182 |
| **12/15** | $9934 | $10244 | $10255 |
| **1/16** | $10032 | $10366 | $10377 |
| **2/16** | $10019 | $10383 | $10391 |
| **3/16** | $10051 | $10416 | $10431 |
| **4/16** | $10115 | $10492 | $10505 |
| **5/16** | $10135 | $10520 | $10542 |
| **6/16** | $10290 | $10688 | $10713 |
| **7/16** | $10286 | $10694 | $10716 |
| **8/16** | $10305 | $10709 | $10729 |
| **9/16** | $10255 | $10655 | $10667 |
| **10/16** | $10172 | $10544 | $10556 |
| **11/16** | $9849 | $10150 | $10150 |
| **12/16** | $9937 | $10270 | $10280 |
| **1/17** | $9969 | $10337 | $10343 |
| **2/17** | $10022 | $10409 | $10412 |
| **3/17** | $10032 | $10432 | $10452 |
| **4/17** | $10098 | $10507 | $10530 |
| **5/17** | $10210 | $10674 | $10702 |
| **6/17** | $10184 | $10636 | $10690 |
| **7/17** | $10227 | $10722 | $10761 |
| **8/17** | $10294 | $10803 | $10849 |
| **9/17** | $10255 | $10748 | $10777 |
| **10/17** | $10252 | $10775 | $10813 |
| **11/17** | $10190 | $10717 | $10780 |
| **12/17** | $10258 | $10829 | $10899 |
| **1/18** | $10195 | $10702 | $10760 |
| **2/18** | $10180 | $10670 | $10718 |
| **3/18** | $10212 | $10709 | $10766 |
| **4/18** | $10197 | $10671 | $10730 |
| **5/18** | $10290 | $10793 | $10856 |
| **6/18** | $10323 | $10802 | $10869 |
| **7/18** | $10346 | $10828 | $10893 |
| **8/18** | $10370 | $10856 | $10932 |
| **9/18** | $10316 | $10786 | $10863 |
| **10/18** | $10263 | $10719 | $10787 |
| **11/18** | $10344 | $10838 | $10907 |
| **12/18** | $10439 | $10968 | $11058 |
| **1/19** | $10509 | $11051 | $11146 |
| **2/19** | $10566 | $11110 | $11213 |
| **3/19** | $10660 | $11286 | $11410 |
| **4/19** | $10693 | $11328 | $11462 |
| **5/19** | $10812 | $11484 | $11626 |
| **6/19** | $10867 | $11527 | $11674 |
| **7/19** | $10923 | $11619 | $11770 |
| **8/19** | $11078 | $11803 | $11976 |
| **9/19** | $11006 | $11708 | $11877 |
| **10/19** | $11009 | $11729 | $11903 |
| **11/19** | $11014 | $11758 | $11924 |
| **12/19** | $11045 | $11794 | $11969 |
| **1/20** | $11203 | $12006 | $12193 |
| **2/20** | $11335 | $12161 | $12365 |
| **3/20** | $11004 | $11720 | $11938 |
| **4/20** | $10878 | $11573 | $11739 |
| **5/20** | $11165 | $11941 | $12118 |
| **6/20** | $11232 | $12039 | $12220 |
| **7/20** | $11389 | $12242 | $12426 |
| **8/20** | $11336 | $12185 | $12382 |
| **9/20** | $11347 | $12187 | $12420 |
| **10/20** | $11319 | $12151 | $12380 |
| **11/20** | $11476 | $12334 | $12556 |
| **12/20** | $11554 | $12409 | $12619 |
| **1/21** | $11631 | $12488 | $12741 |
| **2/21** | $11445 | $12290 | $12529 |
| **3/21** | $11494 | $12366 | $12609 |
| **4/21** | $11597 | $12469 | $12715 |
| **5/21** | $11659 | $12506 | $12759 |
| **6/21** | $11695 | $12541 | $12806 |
| **7/21** | $11798 | $12645 | $12920 |
| **8/21** | $11755 | $12598 | $12868 |
| **9/21** | $11658 | $12507 | $12777 |
| **10/21** | $11641 | $12471 | $12732 |
| **11/21** | $11731 | $12577 | $12839 |
| **12/21** | $11754 | $12597 | $12853 |
| **1/22** | $11440 | $12253 | $12511 |
| **2/22** | $11370 | $12209 | $12466 |
| **3/22** | $11042 | $11813 | $12059 |
| **4/22** | $10699 | $11486 | $11721 |
| **5/22** | $10818 | $11657 | $11854 |
| **6/22** | $10639 | $11466 | $11656 |
| **7/22** | $10881 | $11769 | $11968 |
| **8/22** | $10646 | $11511 | $11715 |
| **9/22** | $10245 | $11069 | $11245 |
| **10/22** | $10134 | $10977 | $11141 |
| **11/22** | $10671 | $11490 | $11659 |
| **12/22** | $10642 | $11523 | $11690 |
| **1/23** | $10947 | $11854 | $12043 |
| **2/23** | $10657 | $11586 | $11781 |
| **3/23** | $10896 | $11843 | $12036 |
| **4/23** | $10884 | $11816 | $12012 |
| **5/23** | $10802 | $11714 | $11897 |
| **6/23** | $10918 | $11831 | $12034 |
| **7/23** | $10935 | $11878 | $12104 |
| **8/23** | $10796 | $11707 | $11899 |
| **9/23** | $10502 | $11364 | $11565 |
| **10/23** | $10321 | $11267 | $11456 |
| **11/23** | $11010 | $11983 | $12167 |
| **12/23** | $11272 | $12261 | $12467 |
| **1/24** | $11263 | $12198 | $12418 |
| **2/24** | $11268 | $12214 | $12447 |
| **3/24** | $11258 | $12214 | $12460 |
| **4/24** | $11162 | $12062 | $12309 |
| **5/24** | $11167 | $12027 | $12270 |
| **6/24** | $11333 | $12211 | $12460 |
| **7/24** | $11426 | $12323 | $12552 |
| **8/24** | $11490 | $12420 | $12646 |
| **9/24** | $11658 | $12543 | $12775 |
| **10/24** | $11474 | $12360 | $12606 |
| **11/24** | $11691 | $12573 | $12816 |
| **12/24** | $11505 | $12390 | $12630 |
| **1/25** | $11495 | $12452 | $12720 |
| **2/25** | $11624 | $12576 | $12824 |
| **3/25** | $11404 | $12363 | $12638 |
| **4/25** | $11304 | $12263 | $12514 |
| **5/25** | $11219 | $12271 | $12526 |
| **6/25** | $11285 | $12347 | $12598 |
| **7/25** | $11198 | $12322 | $12568 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (1.99)% | (0.34)% | 1.47% |
| Class A with 3.25% Maximum Sales Charge | (5.15)% | (0.98)% | 1.14% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg Pennsylvania Municipal Bond Index | 0.13% | 0.23% | 2.31% |

---

---

| | |
|:---|:---|
| 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 | $161713335 |
| # of Portfolio Holdings | 123 |
| Portfolio Turnover Rate | 62% |
| Total Advisory Fees Paid | $620600 |

---

## 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](g154991i2f4787dfca814dc0297d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 3.2% |
| Bond Bank | 3.3% |
| Electric Utilities | 4.5% |
| Lease Rev./Cert. of Participation | 4.6% |
| Housing | 5.2% |
| Senior Living/Life Care | 5.8% |
| Special Tax Revenue | 7.9% |
| Water and Sewer | 9.3% |
| Education | 12.2% |
| General Obligations | 14.3% |
| Transportation | 14.4% |
| Hospital | 15.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g154991i7dcb64bf2e2f3cab3d89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.8% |
| B | 0.5% |
| BB | 1.9% |
| BBB | 9.7% |
| A | 24.6% |
| AA | 57.5% |

---

---

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

---

![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](g154991i94170276ce351d53523b.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 July 31, 2025

# ETPAX-TSR-AR

# Eaton Vance Pennsylvania Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class C ECPAX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance Pennsylvania Municipal Income Fund for the period of August 1, 2024 to July 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 | $148 | 1.50% |

---

## 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 bonds with 22+ years remaining to maturity detracted from Index-relative returns during the period

↓ An overweight position and security selections in bonds with 4.00% to 4.99% coupon rates also hurt performance

↓ An overweight exposure to bonds rated BBB hurt returns as BBB rated securities were the worst performing rating category over the period

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

↑ An out-of-Index allocation to taxable municipal bonds, which generally outperformed tax-exempt municipal bonds during the period, also contributed

↑ An underweight position and security selections in the leasing sector 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](g154991if7a9fe5311b0408dfcc7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** | **Bloomberg Pennsylvania Municipal Bond Index** |
| **7/15** | $10000 | $10000 | $10000 |
| **8/15** | $10027 | $10020 | $10028 |
| **9/15** | $10098 | $10092 | $10097 |
| **10/15** | $10124 | $10132 | $10129 |
| **11/15** | $10161 | $10173 | $10182 |
| **12/15** | $10232 | $10244 | $10255 |
| **1/16** | $10324 | $10366 | $10377 |
| **2/16** | $10306 | $10383 | $10391 |
| **3/16** | $10332 | $10416 | $10431 |
| **4/16** | $10391 | $10492 | $10505 |
| **5/16** | $10405 | $10520 | $10542 |
| **6/16** | $10564 | $10688 | $10713 |
| **7/16** | $10544 | $10694 | $10716 |
| **8/16** | $10557 | $10709 | $10729 |
| **9/16** | $10502 | $10655 | $10667 |
| **10/16** | $10403 | $10544 | $10556 |
| **11/16** | $10078 | $10150 | $10150 |
| **12/16** | $10149 | $10270 | $10280 |
| **1/17** | $10187 | $10337 | $10343 |
| **2/17** | $10234 | $10409 | $10412 |
| **3/17** | $10238 | $10432 | $10452 |
| **4/17** | $10298 | $10507 | $10530 |
| **5/17** | $10403 | $10674 | $10702 |
| **6/17** | $10372 | $10636 | $10690 |
| **7/17** | $10409 | $10722 | $10761 |
| **8/17** | $10469 | $10803 | $10849 |
| **9/17** | $10426 | $10748 | $10777 |
| **10/17** | $10417 | $10775 | $10813 |
| **11/17** | $10351 | $10717 | $10780 |
| **12/17** | $10412 | $10829 | $10899 |
| **1/18** | $10345 | $10702 | $10760 |
| **2/18** | $10313 | $10670 | $10718 |
| **3/18** | $10340 | $10709 | $10766 |
| **4/18** | $10319 | $10671 | $10730 |
| **5/18** | $10406 | $10793 | $10856 |
| **6/18** | $10432 | $10802 | $10869 |
| **7/18** | $10449 | $10828 | $10893 |
| **8/18** | $10467 | $10856 | $10932 |
| **9/18** | $10410 | $10786 | $10863 |
| **10/18** | $10352 | $10719 | $10787 |
| **11/18** | $10426 | $10838 | $10907 |
| **12/18** | $10513 | $10968 | $11058 |
| **1/19** | $10575 | $11051 | $11146 |
| **2/19** | $10626 | $11110 | $11213 |
| **3/19** | $10724 | $11286 | $11410 |
| **4/19** | $10738 | $11328 | $11462 |
| **5/19** | $10860 | $11484 | $11626 |
| **6/19** | $10895 | $11527 | $11674 |
| **7/19** | $10956 | $11619 | $11770 |
| **8/19** | $11100 | $11803 | $11976 |
| **9/19** | $11024 | $11708 | $11877 |
| **10/19** | $11009 | $11729 | $11903 |
| **11/19** | $11020 | $11758 | $11924 |
| **12/19** | $11032 | $11794 | $11969 |
| **1/20** | $11203 | $12006 | $12193 |
| **2/20** | $11312 | $12161 | $12365 |
| **3/20** | $10987 | $11720 | $11938 |
| **4/20** | $10848 | $11573 | $11739 |
| **5/20** | $11130 | $11941 | $12118 |
| **6/20** | $11189 | $12039 | $12220 |
| **7/20** | $11334 | $12242 | $12426 |
| **8/20** | $11277 | $12185 | $12382 |
| **9/20** | $11281 | $12187 | $12420 |
| **10/20** | $11248 | $12151 | $12380 |
| **11/20** | $11393 | $12334 | $12556 |
| **12/20** | $11461 | $12409 | $12619 |
| **1/21** | $11528 | $12488 | $12741 |
| **2/21** | $11332 | $12290 | $12529 |
| **3/21** | $11372 | $12366 | $12609 |
| **4/21** | $11477 | $12469 | $12715 |
| **5/21** | $11529 | $12506 | $12759 |
| **6/21** | $11557 | $12541 | $12806 |
| **7/21** | $11649 | $12645 | $12920 |
| **8/21** | $11601 | $12598 | $12868 |
| **9/21** | $11502 | $12507 | $12777 |
| **10/21** | $11467 | $12471 | $12732 |
| **11/21** | $11559 | $12577 | $12839 |
| **12/21** | $11575 | $12597 | $12853 |
| **1/22** | $11257 | $12253 | $12511 |
| **2/22** | $11185 | $12209 | $12466 |
| **3/22** | $10854 | $11813 | $12059 |
| **4/22** | $10510 | $11486 | $11721 |
| **5/22** | $10617 | $11657 | $11854 |
| **6/22** | $10441 | $11466 | $11656 |
| **7/22** | $10678 | $11769 | $11968 |
| **8/22** | $10424 | $11511 | $11715 |
| **9/22** | $10026 | $11069 | $11245 |
| **10/22** | $9915 | $10977 | $11141 |
| **11/22** | $10430 | $11490 | $11659 |
| **12/22** | $10397 | $11523 | $11690 |
| **1/23** | $10692 | $11854 | $12043 |
| **2/23** | $10400 | $11586 | $11781 |
| **3/23** | $10633 | $11843 | $12036 |
| **4/23** | $10616 | $11816 | $12012 |
| **5/23** | $10521 | $11714 | $11897 |
| **6/23** | $10624 | $11831 | $12034 |
| **7/23** | $10634 | $11878 | $12104 |
| **8/23** | $10498 | $11707 | $11899 |
| **9/23** | $10203 | $11364 | $11565 |
| **10/23** | $10014 | $11267 | $11456 |
| **11/23** | $10683 | $11983 | $12167 |
| **12/23** | $10936 | $12261 | $12467 |
| **1/24** | $10921 | $12198 | $12418 |
| **2/24** | $10920 | $12214 | $12447 |
| **3/24** | $10906 | $12214 | $12460 |
| **4/24** | $10797 | $12062 | $12309 |
| **5/24** | $10796 | $12027 | $12270 |
| **6/24** | $10959 | $12211 | $12460 |
| **7/24** | $11040 | $12323 | $12552 |
| **8/24** | $11093 | $12420 | $12646 |
| **9/24** | $11245 | $12543 | $12775 |
| **10/24** | $11067 | $12360 | $12606 |
| **11/24** | $11264 | $12573 | $12816 |
| **12/24** | $11071 | $12390 | $12630 |
| **1/25** | $11069 | $12452 | $12720 |
| **2/25** | $11170 | $12576 | $12824 |
| **3/25** | $10960 | $12363 | $12638 |
| **4/25** | $10862 | $12263 | $12514 |
| **5/25** | $10777 | $12271 | $12526 |
| **6/25** | $10833 | $12347 | $12598 |
| **7/25** | $10891 | $12322 | $12568 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (2.77)% | (1.08)% | 0.86% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (3.72)% | (1.08)% | 0.86% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg Pennsylvania Municipal Bond Index | 0.13% | 0.23% | 2.31% |

---

---

| | |
|:---|:---|
| 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 | $161713335 |
| # of Portfolio Holdings | 123 |
| Portfolio Turnover Rate | 62% |
| Total Advisory Fees Paid | $620600 |

---

## 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](g154991i17ad2d82ee917610020f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 3.2% |
| Bond Bank | 3.3% |
| Electric Utilities | 4.5% |
| Lease Rev./Cert. of Participation | 4.6% |
| Housing | 5.2% |
| Senior Living/Life Care | 5.8% |
| Special Tax Revenue | 7.9% |
| Water and Sewer | 9.3% |
| Education | 12.2% |
| General Obligations | 14.3% |
| Transportation | 14.4% |
| Hospital | 15.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g154991id9a27f5b7015ec3b8a13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.8% |
| B | 0.5% |
| BB | 1.9% |
| BBB | 9.7% |
| A | 24.6% |
| AA | 57.5% |

---

---

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

---

![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](g154991i94170276ce351d53523b.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 July 31, 2025

# ECPAX-TSR-AR

# Eaton Vance Pennsylvania Municipal Income Fund
![Image](g154991idc5b6ebf8fabd6ee5d92.jpg)

# Class I EIPAX

#### Annual Shareholder Report July 31, 2025
This annual shareholder report contains important information about the Eaton Vance Pennsylvania Municipal Income Fund for the period of August 1, 2024 to July 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 | $55 | 0.55% |

---

## 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 bonds with 22+ years remaining to maturity detracted from Index-relative returns during the period

↓ An overweight position and security selections in bonds with 4.00% to 4.99% coupon rates also hurt performance

↓ An overweight exposure to bonds rated BBB hurt returns as BBB rated securities were the worst performing rating category over the period

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

↑ An out-of-Index allocation to taxable municipal bonds, which generally outperformed tax-exempt municipal bonds during the period, also contributed

↑ An underweight position and security selections in the leasing sector 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](g154991i45f7a282f613f542eb71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Pennsylvania Municipal Bond Index** |
| **7/15** | $1000000 | $1000000 | $1000000 |
| **8/15** | $1003471 | $1001964 | $1002805 |
| **9/15** | $1011478 | $1009222 | $1009653 |
| **10/15** | $1014936 | $1013234 | $1012881 |
| **11/15** | $1018379 | $1017263 | $1018188 |
| **12/15** | $1026399 | $1024410 | $1025549 |
| **1/16** | $1036721 | $1036633 | $1037747 |
| **2/16** | $1035550 | $1038263 | $1039062 |
| **3/16** | $1040142 | $1041552 | $1043099 |
| **4/16** | $1045835 | $1049211 | $1050531 |
| **5/16** | $1049242 | $1052048 | $1054239 |
| **6/16** | $1065335 | $1068785 | $1071258 |
| **7/16** | $1064024 | $1069438 | $1071637 |
| **8/16** | $1067277 | $1070881 | $1072893 |
| **9/16** | $1062359 | $1065536 | $1066651 |
| **10/16** | $1052749 | $1054357 | $1055566 |
| **11/16** | $1019634 | $1015035 | $1015034 |
| **12/16** | $1028899 | $1026951 | $1027972 |
| **1/17** | $1032423 | $1033721 | $1034250 |
| **2/17** | $1038093 | $1040899 | $1041221 |
| **3/17** | $1040456 | $1043159 | $1045172 |
| **4/17** | $1046232 | $1050728 | $1053046 |
| **5/17** | $1058057 | $1067404 | $1070239 |
| **6/17** | $1055480 | $1063576 | $1068957 |
| **7/17** | $1060171 | $1072181 | $1076087 |
| **8/17** | $1067277 | $1080340 | $1084885 |
| **9/17** | $1064687 | $1074847 | $1077696 |
| **10/17** | $1063315 | $1077471 | $1081284 |
| **11/17** | $1058276 | $1071702 | $1077961 |
| **12/17** | $1064276 | $1082903 | $1089852 |
| **1/18** | $1059178 | $1070154 | $1076001 |
| **2/18** | $1056556 | $1066957 | $1071791 |
| **3/18** | $1060116 | $1070895 | $1076587 |
| **4/18** | $1058689 | $1067073 | $1073014 |
| **5/18** | $1068582 | $1079292 | $1085572 |
| **6/18** | $1072128 | $1080214 | $1086905 |
| **7/18** | $1074745 | $1082835 | $1089298 |
| **8/18** | $1077373 | $1085616 | $1093151 |
| **9/18** | $1072036 | $1078587 | $1086321 |
| **10/18** | $1067961 | $1071945 | $1078712 |
| **11/18** | $1075324 | $1083810 | $1090657 |
| **12/18** | $1085344 | $1096787 | $1105799 |
| **1/19** | $1092765 | $1105077 | $1114648 |
| **2/19** | $1098853 | $1110994 | $1121317 |
| **3/19** | $1110128 | $1128557 | $1141025 |
| **4/19** | $1112409 | $1132798 | $1146215 |
| **5/19** | $1124938 | $1148415 | $1162610 |
| **6/19** | $1130850 | $1152656 | $1167392 |
| **7/19** | $1138195 | $1161945 | $1176981 |
| **8/19** | $1153192 | $1180273 | $1197554 |
| **9/19** | $1145839 | $1170812 | $1187731 |
| **10/19** | $1146394 | $1172910 | $1190269 |
| **11/19** | $1147056 | $1175844 | $1192400 |
| **12/19** | $1150567 | $1179433 | $1196927 |
| **1/20** | $1168438 | $1200624 | $1219327 |
| **2/20** | $1181005 | $1216107 | $1236506 |
| **3/20** | $1146844 | $1171995 | $1193826 |
| **4/20** | $1133963 | $1157286 | $1173905 |
| **5/20** | $1163941 | $1194101 | $1211808 |
| **6/20** | $1171113 | $1203929 | $1222007 |
| **7/20** | $1187646 | $1224206 | $1242576 |
| **8/20** | $1183730 | $1218462 | $1238159 |
| **9/20** | $1183724 | $1218720 | $1241976 |
| **10/20** | $1181053 | $1215059 | $1238019 |
| **11/20** | $1197598 | $1233396 | $1255556 |
| **12/20** | $1207270 | $1240909 | $1261909 |
| **1/21** | $1214127 | $1248817 | $1274144 |
| **2/21** | $1194960 | $1228975 | $1252872 |
| **3/21** | $1200257 | $1236554 | $1260882 |
| **4/21** | $1211151 | $1246926 | $1271508 |
| **5/21** | $1217822 | $1250646 | $1275885 |
| **6/21** | $1221791 | $1254080 | $1280613 |
| **7/21** | $1232755 | $1264481 | $1291953 |
| **8/21** | $1228456 | $1259841 | $1286831 |
| **9/21** | $1218556 | $1250749 | $1277717 |
| **10/21** | $1216998 | $1247091 | $1273189 |
| **11/21** | $1228034 | $1257708 | $1283904 |
| **12/21** | $1229273 | $1259737 | $1285280 |
| **1/22** | $1196769 | $1225254 | $1251058 |
| **2/22** | $1191068 | $1220865 | $1246631 |
| **3/22** | $1155599 | $1181288 | $1205882 |
| **4/22** | $1120052 | $1148614 | $1172079 |
| **5/22** | $1132684 | $1165677 | $1185400 |
| **6/22** | $1114146 | $1146585 | $1165556 |
| **7/22** | $1139676 | $1176880 | $1196821 |
| **8/22** | $1115338 | $1151087 | $1171491 |
| **9/22** | $1073698 | $1106907 | $1124508 |
| **10/22** | $1062252 | $1097702 | $1114124 |
| **11/22** | $1118478 | $1149045 | $1165919 |
| **12/22** | $1115738 | $1152335 | $1168959 |
| **1/23** | $1147704 | $1185436 | $1204308 |
| **2/23** | $1117619 | $1158630 | $1178077 |
| **3/23** | $1142794 | $1184338 | $1203585 |
| **4/23** | $1141767 | $1181632 | $1201154 |
| **5/23** | $1133431 | $1171393 | $1189659 |
| **6/23** | $1144227 | $1183127 | $1203424 |
| **7/23** | $1147679 | $1187807 | $1210430 |
| **8/23** | $1133412 | $1170707 | $1189893 |
| **9/23** | $1102826 | $1136395 | $1156549 |
| **10/23** | $1082574 | $1126725 | $1145575 |
| **11/23** | $1156420 | $1198251 | $1216651 |
| **12/23** | $1184025 | $1226100 | $1246702 |
| **1/24** | $1183226 | $1219838 | $1241841 |
| **2/24** | $1183972 | $1221405 | $1244653 |
| **3/24** | $1183207 | $1221366 | $1246008 |
| **4/24** | $1171834 | $1206240 | $1230898 |
| **5/24** | $1174094 | $1202702 | $1227003 |
| **6/24** | $1191647 | $1221137 | $1245996 |
| **7/24** | $1201633 | $1232267 | $1255204 |
| **8/24** | $1208550 | $1241985 | $1264636 |
| **9/24** | $1226409 | $1254260 | $1277505 |
| **10/24** | $1207274 | $1235972 | $1260600 |
| **11/24** | $1230247 | $1257322 | $1281555 |
| **12/24** | $1211016 | $1239017 | $1262983 |
| **1/25** | $1210151 | $1245227 | $1272032 |
| **2/25** | $1223860 | $1257574 | $1282406 |
| **3/25** | $1201000 | $1236261 | $1263754 |
| **4/25** | $1190774 | $1226301 | $1251378 |
| **5/25** | $1182058 | $1227089 | $1252639 |
| **6/25** | $1189179 | $1234728 | $1259807 |
| **7/25** | $1180355 | $1232234 | $1256778 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (1.77)% | (0.12)% | 1.67% |
| Bloomberg Municipal Bond Index | (0.00)%<sup>Footnote Reference\*</sup> | 0.13% | 2.11% |
| Bloomberg Pennsylvania Municipal Bond Index | 0.13% | 0.23% | 2.31% |

---

---

| | |
|:---|:---|
| 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 | $161713335 |
| # of Portfolio Holdings | 123 |
| Portfolio Turnover Rate | 62% |
| Total Advisory Fees Paid | $620600 |

---

## 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](g154991ica84dccd34b678337e2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 3.2% |
| Bond Bank | 3.3% |
| Electric Utilities | 4.5% |
| Lease Rev./Cert. of Participation | 4.6% |
| Housing | 5.2% |
| Senior Living/Life Care | 5.8% |
| Special Tax Revenue | 7.9% |
| Water and Sewer | 9.3% |
| Education | 12.2% |
| General Obligations | 14.3% |
| Transportation | 14.4% |
| Hospital | 15.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g154991i90807c68035fd9771556.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 5.8% |
| B | 0.5% |
| BB | 1.9% |
| BBB | 9.7% |
| A | 24.6% |
| AA | 57.5% |

---

---

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

---

![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](g154991i94170276ce351d53523b.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 July 31, 2025

# EIPAX-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 (the "Board") has designated the former and current Chairpersons of the Audit Committee, George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).

#### Item 4. Principal Accountant Fees and Services
Eaton Vance Arizona Municipal Income Fund, Eaton Vance Connecticut Municipal Income Fund, Eaton Vance Minnesota Municipal Income Fund, Eaton Vance Municipal Opportunities Fund, Eaton Vance New Jersey Municipal Income Fund and Eaton Vance Pennsylvania 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 each Fund's fiscal years ended July 31, 2024 and July 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 Arizona Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **07/31/24** | **07/31/25** |
|  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 Connecticut Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **07/31/24** | **07/31/25** |
|  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 Minnesota Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **07/31/24** | **07/31/25** |
|  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 Municipal Opportunities Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **07/31/24** | **07/31/25** |
|  Audit Fees | $58400 | $58570 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $58400 | $58570 |

---

#### Eaton Vance New Jersey Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **07/31/24** | **07/31/25** |
|  Audit Fees | $58400 | $58400 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $58400 | $58400 |

---

------

#### Eaton Vance Pennsylvania Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **07/31/24** | **07/31/25** |
|  Audit Fees | $58400 | $58400 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $58400 | $58400 |

---

<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** | **8/31/23** | **9/30/23** | **7/31/24** | **8/31/24** | **9/30/24** | **7/31/25** |
|  Audit Fees | $290100 | $323400 | $309400 | $311800 | $345800 | $309570 |
|  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 | $290100 | $323400 | $309400 | $311800 | $345800 | $309570 |

---

<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 same time period.

---

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

---

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

## Municipals Trust

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

------

Arizona&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Connecticut&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Minnesota&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;New Jersey&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania

![](g154991imgbc5f10e21.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 July 31, 2025
Eaton Vance

Municipal Income Funds

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_81f0c452-e3b3-4ce4-9b06-7242cce45d01_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_096890ac-40bb-48b8-81e4-64bb1e4e0cc5_1) | [Items 6 and 7 of Form N-CSR:](#xx_096890ac-40bb-48b8-81e4-64bb1e4e0cc5_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_096890ac-40bb-48b8-81e4-64bb1e4e0cc5_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_096890ac-40bb-48b8-81e4-64bb1e4e0cc5_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Arizona Municipal Income Fund](#xx_096890ac-40bb-48b8-81e4-64bb1e4e0cc5_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Connecticut Municipal Income Fund](#xx_096890ac-40bb-48b8-81e4-64bb1e4e0cc5_5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Minnesota Municipal Income Fund](#xx_096890ac-40bb-48b8-81e4-64bb1e4e0cc5_9) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[New Jersey Municipal Income Fund](#xx_096890ac-40bb-48b8-81e4-64bb1e4e0cc5_13) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pennsylvania Municipal Income Fund](#xx_096890ac-40bb-48b8-81e4-64bb1e4e0cc5_17) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_770351cd-5211-439a-97c2-4bc37aa8adda_1) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_770351cd-5211-439a-97c2-4bc37aa8adda_3) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_770351cd-5211-439a-97c2-4bc37aa8adda_5) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_8d6d20cd-fb5c-402c-aab6-75a0b6afcc40_1) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_e75f8288-3cbe-474c-b6aa-3495cb2f0f0d_1) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_85a38c65-034c-4d40-88bc-7a535e29b22d_1) | 55 |
| [Federal Tax Information](#xx_a3d8c40f-19ab-45dd-98ca-7f9ea3c05f92_1) | 56 |
| [Item 11 of Form N-CSR:](#xx_6370cdab-bdcd-4360-a11e-e0c0c46682e0_1) | [Item 11 of Form N-CSR:](#xx_6370cdab-bdcd-4360-a11e-e0c0c46682e0_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_6370cdab-bdcd-4360-a11e-e0c0c46682e0_1) | 57 |

---

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_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Arizona Municipal Income Fund

July 31, 2025

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 97.5%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 15.0% | Education — 15.0% | Education — 15.0% |
| Arizona Industrial Development Authority, (Academies of Math & Science), 5.00%, 7/1/39<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$240691 |
| Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/40<sup>(1)</sup> | 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 994614 |
| Arizona Industrial Development Authority, (Equitable School Revolving Fund LLC), 5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 193350 |
| Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 45898 |
| Arizona Industrial Development Authority, (Somerset Academy of Las Vegas), 3.00%, 12/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp; 581023 |
| Arizona State University, 5.00%, 7/1/36 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1150887 |
| Glendale Industrial Development Authority, AZ, (Midwestern University Foundation), (AMT), 2.125%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 203998 |
| Kayenta Unified School District No. 27, AZ, 6.00%, 7/1/40 | 2375 | &nbsp;&nbsp;&nbsp;&nbsp; 2614915 |
| La Paz County Industrial Development Authority, AZ, (Harmony Public Schools), 4.00%, 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 357261 |
| Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/41<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 430210 |
| &nbsp;&nbsp;&nbsp;4.25%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 427179 |
| Northern Arizona University, 5.00%, 6/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015996 |
| Phoenix Industrial Development Authority, AZ, (Legacy Traditional Schools), 5.00%, 7/1/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 462458 |
| Sierra Vista Industrial Development Authority, AZ, (American Leadership Academy), 5.00%, 6/15/44<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 902785 |
| University of Arizona: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44 | 2180 | &nbsp;&nbsp;&nbsp;&nbsp; 1958032 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/38 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1525114 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015196 |
|  |  | &nbsp;&nbsp;**$14119607** |
| Electric Utilities — 4.5% | Electric Utilities — 4.5% | Electric Utilities — 4.5% |
| Mesa, AZ, Utility Systems Revenue, 4.00%, 7/1/37 | $1475 | &nbsp;&nbsp;$1449861 |
| Salt River Project Agricultural Improvement and Power District, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010026 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/53 | 1720 | &nbsp;&nbsp;&nbsp;&nbsp; 1782727 |
|  |  | &nbsp;&nbsp;**$4242614** |
| General Obligations — 9.5% | General Obligations — 9.5% | General Obligations — 9.5% |
| Chandler Unified School District No. 80, AZ, 4.00%, 7/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$749784 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Flagstaff Unified School District No. 1, AZ, 4.00%, 7/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;$858503 |
| Glendale, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 587381 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 392640 |
| Lake Havasu City, AZ, Wastewater System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 909432 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/38 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1364279 |
| Paradise Valley Unified School District No. 69, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 461192 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2088626 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 520643 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059072 |
|  |  | &nbsp;&nbsp;**$8991552** |
| Hospital — 9.5% | Hospital — 9.5% | Hospital — 9.5% |
| Arizona Health Facilities Authority, (Banner Health), (LOC: Bank of America, N.A.), 2.80%, 1/1/46<sup>(2)</sup> | $1100 | &nbsp;&nbsp;$1100000 |
| Arizona Industrial Development Authority, (Phoenix Children's Hospital), 4.00%, 2/1/50 | 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1168842 |
| Maricopa County Industrial Development Authority, AZ, (Banner Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 445453 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/48 | 2350 | &nbsp;&nbsp;&nbsp;&nbsp; 1991326 |
| Maricopa County Industrial Development Authority, AZ, (HonorHealth), 5.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 418874 |
| Phoenix Industrial Development Authority, AZ, (Mayo Clinic): |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 11/15/57 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 762333 |
| &nbsp;&nbsp;&nbsp;(SPA: Northern Trust Co.), 2.15%, 11/15/52<sup>(2)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026240 |
|  |  | &nbsp;&nbsp;**$8913068** |
| Housing — 8.6% | Housing — 8.6% | Housing — 8.6% |
| Arizona Industrial Development Authority, (FHLMC), (FNMA), (GNMA), 5.00%, 10/1/45 | $1000 | &nbsp;&nbsp;$989036 |
| Arizona Industrial Development Authority, (Hacienda Del Rio), (FNMA), 4.50%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 961815 |
| Arizona Industrial Development Authority, (University at West Glendale), 5.00% to 9/1/26 (Put Date), 3/1/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015466 |
| Maricopa County and Phoenix Industrial Development Authorities, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.10%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 523426 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.65%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 968874 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.85%, 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 284668 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Arizona Municipal Income Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Maricopa County and Phoenix Industrial Development Authorities, AZ: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(GNMA), 4.45%, 9/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;$928053 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 489969 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 236874 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 425758 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500860 |
| Pima County Industrial Development Authority, AZ, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;(GNMA), 4.45%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 348626 |
| &nbsp;&nbsp;&nbsp;(GNMA), 4.60%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 438753 |
|  |  | &nbsp;&nbsp;**$8112178** |
| Industrial Development Revenue — 6.0% | Industrial Development Revenue — 6.0% | Industrial Development Revenue — 6.0% |
| Chandler Industrial Development Authority, AZ, (Intel Corp.), (AMT), 5.00% to 9/1/27 (Put Date), 9/1/52 | $2000 | &nbsp;&nbsp;$2034765 |
| Maricopa County Industrial Development Authority, AZ, (Commercial Metals Co.), (AMT), 4.00%, 10/15/47<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 783693 |
| Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 792127 |
| Yavapai County Industrial Development Authority, AZ, (Waste Management, Inc.), (AMT), 4.25%, 3/1/28 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022769 |
|  |  | &nbsp;&nbsp;**$5633354** |
| Insured - Electric Utilities — 0.5% | Insured - Electric Utilities — 0.5% | Insured - Electric Utilities — 0.5% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;$488726 |
|  |  | &nbsp;&nbsp;**$488726** |
| Insured - General Obligations — 11.6% | Insured - General Obligations — 11.6% | Insured - General Obligations — 11.6% |
| Buckeye Union High School District No. 201, AZ, (AG), 5.00%, 7/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$881014 |
| Cartwright Elementary School District No. 83, AZ, (AG), 5.25%, 7/1/42 | 1390 | &nbsp;&nbsp;&nbsp;&nbsp; 1440986 |
| Glendale Union High School District No. 205, AZ, (AG), 5.00%, 7/1/43 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1158712 |
| Marana Unified School District No. 6, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 774785 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 741444 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 883472 |
| Maricopa County Elementary School District No. 25, AZ, (AG), 4.375%, 7/1/42 | 2120 | &nbsp;&nbsp;&nbsp;&nbsp; 2075401 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Maricopa County Elementary School District No. 6, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;$713472 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 521174 |
| Phoenix Elementary School District No. 1, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 591240 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/43 | 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1166617 |
|  |  | &nbsp;&nbsp;**$10948317** |
| Insured - Hospital — 0.4% | Insured - Hospital — 0.4% | Insured - Hospital — 0.4% |
| Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), (AG), 4.00%, 8/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$424889 |
|  |  | &nbsp;&nbsp;**$424889** |
| Insured - Lease Revenue/Certificates of Participation — 0.8% | Insured - Lease Revenue/Certificates of Participation — 0.8% | Insured - Lease Revenue/Certificates of Participation — 0.8% |
| Higley Unified School District No. 60, AZ, Certificates of Participation: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.125%, 6/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$461643 |
| &nbsp;&nbsp;&nbsp;(AG), 4.25%, 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 270062 |
|  |  | &nbsp;&nbsp;**$731705** |
| Insured - Special Tax Revenue — 4.3% | Insured - Special Tax Revenue — 4.3% | Insured - Special Tax Revenue — 4.3% |
| Phoenix Civic Improvement Corp., AZ, (Civic Plaza), (NPFG), 5.50%, 7/1/41 | $1635 | &nbsp;&nbsp;$1851359 |
| Pinal County, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 720737 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 8/1/38 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1192547 |
| Sedona, AZ, Excise Tax Revenue, (AG), 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 254510 |
|  |  | &nbsp;&nbsp;**$4019153** |
| Insured - Water and Sewer — 1.1% | Insured - Water and Sewer — 1.1% | Insured - Water and Sewer — 1.1% |
| Goodyear, AZ, Water and Sewer Revenue, (AG), 5.00%, 7/1/43 | $1000 | &nbsp;&nbsp;$1035277 |
|  |  | &nbsp;&nbsp;**$1035277** |
| Other Revenue — 1.5% | Other Revenue — 1.5% | Other Revenue — 1.5% |
| Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37 | $1355 | &nbsp;&nbsp;$1408780 |
|  |  | &nbsp;&nbsp;**$1408780** |
| Senior Living/Life Care — 2.4% | Senior Living/Life Care — 2.4% | Senior Living/Life Care — 2.4% |
| Glendale Industrial Development Authority, AZ, (Royal Oaks - Inspirata Pointe), 5.00%, 5/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$550088 |
| Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 4.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 149204 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Arizona Municipal Income Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;$380380 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 498209 |
| Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.00%, 10/1/37<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 667334 |
|  |  | &nbsp;&nbsp;**$2245215** |
| Special Tax Revenue — 9.5% | Special Tax Revenue — 9.5% | Special Tax Revenue — 9.5% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$195425 |
| Bullhead City, AZ, Excise Taxes Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;1.30%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 471812 |
| &nbsp;&nbsp;&nbsp;2.10%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 456142 |
| &nbsp;&nbsp;&nbsp;2.55%, 7/1/46 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1269704 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 280798 |
| &nbsp;&nbsp;&nbsp;4.25%, 7/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 986602 |
| Marana, AZ, Pledged Excise Tax Revenue, 4.00%, 7/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 889180 |
| Maricopa, AZ, Pledged Revenue, 5.25%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 629859 |
| Phoenix Civic Improvement Corp., AZ, Excise Tax Revenue, 4.00%, 7/1/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 903442 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 915316 |
| Queen Creek, AZ, Excise Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/45 | 1040 | &nbsp;&nbsp;&nbsp;&nbsp; 918934 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015113 |
|  |  | &nbsp;&nbsp;**$8932327** |
| Transportation — 3.6% | Transportation — 3.6% | Transportation — 3.6% |
| Phoenix Civic Improvement Corp., AZ, Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 7/1/37 | $1500 | &nbsp;&nbsp;$1436119 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 7/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 945742 |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014713 |
|  |  | &nbsp;&nbsp;**$3396574** |
| Water and Sewer — 8.7% | Water and Sewer — 8.7% | Water and Sewer — 8.7% |
| Central Arizona Water Conservation District, 5.00%, 1/1/35 | $1500 | &nbsp;&nbsp;$1510045 |
| Gilbert Water Resources Municipal Property Corp., AZ, Green Bonds, 4.00%, 7/15/47 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 887279 |
| Phoenix Civic Improvement Corp., AZ, Wastewater System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 861334 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068376 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/47 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1866625 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Tucson, AZ, Water System Revenue, 5.00%, 7/1/42 | $1885 | &nbsp;&nbsp;$1972763 |
|  |  | &nbsp;&nbsp;**$8166422** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $94,704,861) |  | &nbsp;&nbsp;**$91809758** |

---

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

Taxable Municipal Obligations — 1.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 0.6% | Education — 0.6% | Education — 0.6% |
| Maricopa County Industrial Development Authority, AZ, (Grand Canyon University), 7.375%, 10/1/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$516448 |
|  |  | &nbsp;&nbsp;**$516448** |
| Insured - Special Tax Revenue — 0.5% | Insured - Special Tax Revenue — 0.5% | Insured - Special Tax Revenue — 0.5% |
| Pinal County, AZ, (BAM), 5.165%, 8/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$509158 |
|  |  | &nbsp;&nbsp;**$509158** |
| Special Tax Revenue — 0.7% | Special Tax Revenue — 0.7% | Special Tax Revenue — 0.7% |
| Cottonwood, AZ, Pledged Revenue, 2.625%, 7/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;$693419 |
|  |  | &nbsp;&nbsp;**$693419** |
| Total Taxable Municipal Obligations<br> (identified cost $1,850,000) |  | &nbsp;&nbsp;**$1719025** |
| Total Investments — 99.3%<br> (identified cost $96,554,861) |  | &nbsp;&nbsp;**$93528783** |
| Other Assets, Less Liabilities — 0.7% |  | &nbsp;&nbsp;**$644575** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$94173358** |

---

---

| | |
|:---|:---|
| 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 July 31, 2025, the aggregate value of these securities is $5,820,579 or 6.2% of the Fund's net assets. |
| <sup>(2)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at July 31, 2025. |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Arizona Municipal Income Fund

July 31, 2025

Portfolio of Investments — continued

------

The Fund invests primarily in debt securities issued by Arizona municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2025, 19.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.5% to 11.1% of total investments.

---

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

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Connecticut Municipal Income Fund

July 31, 2025

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 95.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 1.7% | Bond Bank — 1.7% | Bond Bank — 1.7% |
| Connecticut, (Revolving Fund): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 5/1/34 | $1000 | &nbsp;&nbsp;$1030531 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 5/1/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022389 |
|  |  | &nbsp;&nbsp;**$2052920** |
| Education — 22.9% | Education — 22.9% | Education — 22.9% |
| Connecticut Health and Educational Facilities Authority, (Avon Old Farms School): |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, 7/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;$325894 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 226336 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 51160 |
| Connecticut Health and Educational Facilities Authority, (Brunswick School): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 577412 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 406456 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 268227 |
| Connecticut Health and Educational Facilities Authority, (Connecticut College), 4.00%, 7/1/36 | 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1213767 |
| Connecticut Health and Educational Facilities Authority, (Fairfield University): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/42 | 2640 | &nbsp;&nbsp;&nbsp;&nbsp; 2410676 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 382741 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 203091 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 507114 |
| Connecticut Health and Educational Facilities Authority, (Hopkins School), 5.25%, 7/1/47 | 1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1694904 |
| Connecticut Health and Educational Facilities Authority, (Quinnipiac University): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 7/1/41 | 1765 | &nbsp;&nbsp;&nbsp;&nbsp; 1629754 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | 1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1382325 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 949552 |
| Connecticut Health and Educational Facilities Authority, (Sacred Heart University): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/45 | 1880 | &nbsp;&nbsp;&nbsp;&nbsp; 1622661 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 822466 |
| Connecticut Health and Educational Facilities Authority, (The Taft School): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 139856 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129180 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 436135 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/34 | 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1140045 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 560065 |
| Connecticut Health and Educational Facilities Authority, (Trinity College), 4.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 230061 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Connecticut Health and Educational Facilities Authority, (University of New Haven): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;$820065 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 857133 |
| Connecticut Health and Educational Facilities Authority, (Wesleyan University), 2.43%, 7/1/40<sup>(1)</sup> | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 |
| Connecticut Health and Educational Facilities Authority, (Yale University): |  |  |
| &nbsp;&nbsp;&nbsp;2.00% to 7/1/26 (Put Date), 7/1/42 | 2285 | &nbsp;&nbsp;&nbsp;&nbsp; 2255243 |
| &nbsp;&nbsp;&nbsp;2.05%, 7/1/42<sup>(2)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;2.80% to 2/10/26 (Put Date), 7/1/48 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2490978 |
| University of Connecticut: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 325768 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/15/53 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1473997 |
|  |  | &nbsp;&nbsp;**$28283062** |
| Escrowed/Prerefunded — 0.1% | Escrowed/Prerefunded — 0.1% | Escrowed/Prerefunded — 0.1% |
| Connecticut Higher Education Supplemental Loan Authority, (AMT), Prerefunded to 11/15/25, 4.125%, 11/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$150478 |
|  |  | &nbsp;&nbsp;**$150478** |
| General Obligations — 28.0% | General Obligations — 28.0% | General Obligations — 28.0% |
| Branford, CT, 4.00%, 10/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;$929347 |
| Bridgeport, CT, 4.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 88219 |
| Colchester, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 440528 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 407634 |
| Connecticut: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 817209 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 194177 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 610671 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 590522 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 593877 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.00%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 304536 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 11/15/42 | 1460 | &nbsp;&nbsp;&nbsp;&nbsp; 1510067 |
| Darien, CT, 4.00%, 4/15/39 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1303303 |
| East Haddam, CT: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 275224 |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 295608 |
| Ellington, CT, 3.00%, 9/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 191852 |
| Enfield, CT, 3.00%, 8/1/39 | 1115 | &nbsp;&nbsp;&nbsp;&nbsp; 929576 |
| Fairfield, CT, 4.125%, 7/1/44 | 1480 | &nbsp;&nbsp;&nbsp;&nbsp; 1431577 |
| Groton, CT: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00%, 4/1/40 | 1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1147000 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.125%, 4/1/41 | 1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1368817 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Connecticut Municipal Income Fund

July 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) |
| Guilford, CT, 4.00%, 8/1/40<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;$185463 |
| Manchester, CT, 4.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 633678 |
| Naugatuck, CT, 5.25%, 10/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 286679 |
| New Canaan, CT: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 3/15/44 | 1355 | &nbsp;&nbsp;&nbsp;&nbsp; 1076047 |
| &nbsp;&nbsp;&nbsp;3.00%, 3/15/45 | 1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1097570 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/43 | 1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1092692 |
| New Milford, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 335285 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 332191 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 328343 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 325044 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 320311 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 314936 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 210484 |
| &nbsp;&nbsp;&nbsp;4.125%, 7/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 307391 |
| &nbsp;&nbsp;&nbsp;4.125%, 7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 232243 |
| North Branford, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/41<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 547426 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/42<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 541077 |
| &nbsp;&nbsp;&nbsp;4.125%, 8/1/43<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 543209 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/34<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 197304 |
| Norwalk, CT, 4.00%, 8/15/47 | 1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1075114 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 520643 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 350510 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1323840 |
| South Windsor, CT, 4.00%, 2/1/43 | 1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1356944 |
| Stamford, CT: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/36 | 3025 | &nbsp;&nbsp;&nbsp;&nbsp; 2758683 |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 93298 |
| Thomaston, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/40<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 4976 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/41<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 197902 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/42<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 195323 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/43<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 192935 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 191318 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/45<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 190019 |
| Trumbull, CT, 2.50%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 157457 |
| Waterbury, CT, 5.00%, 8/1/37 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1232967 |
| West Hartford, CT, 4.125%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 96323 |
| West Haven, CT, 4.00%, 9/15/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 984325 |
| Windsor Locks, CT: |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 632587 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Windsor Locks, CT: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 7/15/48 | $&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;$618533 |
|  |  | &nbsp;&nbsp;**$34510814** |
| Hospital — 7.3% | Hospital — 7.3% | Hospital — 7.3% |
| Connecticut Health and Educational Facilities Authority, (Connecticut Children's Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/43 | $1285 | &nbsp;&nbsp;$1148938 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp; 992840 |
| Connecticut Health and Educational Facilities Authority, (Nuvance Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/41 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1130517 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/49 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1258576 |
| Connecticut Health and Educational Facilities Authority, (Stamford Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 467739 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/46 | 1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1373081 |
| Connecticut Health and Educational Facilities Authority, (Trinity Health Corp.), 5.00%, 12/1/33 | 1940 | &nbsp;&nbsp;&nbsp;&nbsp; 1963096 |
| Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152213 |
| &nbsp;&nbsp;&nbsp;5.00% to 7/1/29 (Put Date), 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 535832 |
|  |  | &nbsp;&nbsp;**$9022832** |
| Housing — 12.6% | Housing — 12.6% | Housing — 12.6% |
| Connecticut Housing Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;3.95%, 5/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;$829031 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 715853 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 2.80%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 288903 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 2.80%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 285673 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.20%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp; 776350 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.00%, 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 343951 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.45%, 11/15/44 | 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1750846 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 980471 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 4.05%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 738733 |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance Program): |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 11/15/32 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 994028 |
| &nbsp;&nbsp;&nbsp;2.00%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 123120 |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 2.31%, 11/15/51<sup>(1)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| New Canaan Housing Authority, CT, (HANC Lakeview LLC), (FNMA), 4.00%, 12/1/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 984160 |
| Norwalk Housing Authority, CT, (Monterey Village Apartments), (FNMA), 4.40%, 9/1/42 | 1505 | &nbsp;&nbsp;&nbsp;&nbsp; 1426862 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Connecticut Municipal Income Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Waterbury Housing Authority, CT, Social Bonds, (FNMA), 4.25%, 7/1/39 | $1980 | &nbsp;&nbsp;$1904869 |
| Waterbury Housing Authority, CT, (Laurel Estates Preservation LLC), (FHLMC), 4.50%, 2/1/42 | 1495 | &nbsp;&nbsp;&nbsp;&nbsp; 1450519 |
|  |  | &nbsp;&nbsp;**$15593369** |
| Insured - Education — 3.6% | Insured - Education — 3.6% | Insured - Education — 3.6% |
| Connecticut Health and Educational Facilities Authority, (Loomis Chaffee School): |  |  |
| &nbsp;&nbsp;&nbsp;(AMBAC), Escrowed to Maturity, 5.25%, 7/1/30 | $1950 | &nbsp;&nbsp;$2169727 |
| &nbsp;&nbsp;&nbsp;(AMBAC), Escrowed to Maturity, 5.25%, 7/1/31 | 2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2305828 |
|  |  | &nbsp;&nbsp;**$4475555** |
| Insured - General Obligations — 5.5% | Insured - General Obligations — 5.5% | Insured - General Obligations — 5.5% |
| Bridgeport, CT: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 8/15/33 | $2310 | &nbsp;&nbsp;$2352263 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 526355 |
| Hamden, CT, (BAM), 5.00%, 8/15/32 | 1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1528332 |
| New Britain, CT: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 3/1/47 | 1655 | &nbsp;&nbsp;&nbsp;&nbsp; 1457548 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75307 |
| New Haven, CT, (BAM), 5.25%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 517700 |
| West Haven, CT, (AG), 5.00%, 3/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 263772 |
|  |  | &nbsp;&nbsp;**$6721277** |
| Insured - Hospital — 0.8% | Insured - Hospital — 0.8% | Insured - Hospital — 0.8% |
| Connecticut Health and Educational Facilities Authority, (Hartford HealthCare Obligated Group), (AG), 4.00%, 7/1/37 | $1000 | &nbsp;&nbsp;$1001468 |
|  |  | &nbsp;&nbsp;**$1001468** |
| Insured - Transportation — 1.2% | Insured - Transportation — 1.2% | Insured - Transportation — 1.2% |
| Connecticut Airport Authority, (Bradley International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), (AMT), 4.00%, 7/1/49 | $1000 | &nbsp;&nbsp;$825906 |
| &nbsp;&nbsp;&nbsp;(BAM), (AMT), 5.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp; 664398 |
|  |  | &nbsp;&nbsp;**$1490304** |
| Senior Living/Life Care — 3.3% | Senior Living/Life Care — 3.3% | Senior Living/Life Care — 3.3% |
| Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46<sup>(4)</sup> | $1000 | &nbsp;&nbsp;$902446 |
| Connecticut Health and Educational Facilities Authority, (Covenant Home, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 502114 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019713 |

---

---

| | | |
|:---|:---|:---|
| **<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) |
| Connecticut Health and Educational Facilities Authority, (Jerome Home), 4.00%, 7/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;$231297 |
| Connecticut Health and Educational Facilities Authority, (McLean Affiliates, Inc.), 5.00%, 1/1/45<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 416820 |
| Stamford Housing Authority, CT, (Mozaic Concierge Living): |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504660 |
| &nbsp;&nbsp;&nbsp;6.25%, 10/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 505057 |
|  |  | &nbsp;&nbsp;**$4082107** |
| 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>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$195425 |
| Connecticut, Special Tax Obligation Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 796539 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 123597 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 507458 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046318 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 1360 | &nbsp;&nbsp;&nbsp;&nbsp; 1244830 |
|  |  | &nbsp;&nbsp;**$3914167** |
| Student Loan — 3.2% | Student Loan — 3.2% | Student Loan — 3.2% |
| Connecticut Higher Education Supplemental Loan Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 11/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;$531095 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.125%, 11/15/40 | 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 1042420 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.25%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 611957 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 262461 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 231190 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 11/15/35 | 1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1238381 |
|  |  | &nbsp;&nbsp;**$3917504** |
| Transportation — 0.8% | Transportation — 0.8% | Transportation — 0.8% |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/40 | $1000 | &nbsp;&nbsp;$1035007 |
|  |  | &nbsp;&nbsp;**$1035007** |
| Water and Sewer — 1.2% | Water and Sewer — 1.2% | Water and Sewer — 1.2% |
| South Central Connecticut Regional Water Authority, CT, 5.00%, 8/1/49 | $1450 | &nbsp;&nbsp;$1486836 |
|  |  | &nbsp;&nbsp;**$1486836** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $120,713,128) |  | &nbsp;&nbsp;**$117737700** |

---

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

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Connecticut Municipal Income Fund

July 31, 2025

Portfolio of Investments — continued

------

Taxable Municipal Obligations — 2.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations — 2.8% | General Obligations — 2.8% | General Obligations — 2.8% |
| Connecticut, 4.807%, 5/1/31 | $1000 | &nbsp;&nbsp;$1025157 |
| Naugatuck, CT: |  |  |
| &nbsp;&nbsp;&nbsp;1.14%, 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 192893 |
| &nbsp;&nbsp;&nbsp;1.40%, 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 235167 |
| &nbsp;&nbsp;&nbsp;1.60%, 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 234502 |
| &nbsp;&nbsp;&nbsp;1.79%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 676206 |
| Norwalk, CT, 1.381%, 7/15/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 900800 |
| Watertown, CT, 2.25%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 241114 |
| Total Taxable Municipal Obligations<br> (identified cost $3,588,325) |  | &nbsp;&nbsp;**$3505839** |
| Total Investments — 98.2%<br> (identified cost $124,301,453) |  | &nbsp;&nbsp;**$121243539** |
| Other Assets, Less Liabilities — 1.8% |  | &nbsp;&nbsp;**$2219767** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$123463306** |

---

---

| | |
|:---|:---|
| 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 July 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 July 31, 2025. |
| <sup>(3)</sup> | When-issued security. |
| <sup>(4)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2025, the aggregate value of these securities is $1,514,691 or 1.2% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by Connecticut 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 July 31, 2025, 11.3% 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 3.0% to 4.6% of total investments. | The Fund invests primarily in debt securities issued by Connecticut 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 July 31, 2025, 11.3% 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 3.0% to 4.6% 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 |
| SPA | – Standby Bond Purchase Agreement |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Minnesota Municipal Income Fund

July 31, 2025

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 100.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 8.7% | Education — 8.7% | Education — 8.7% |
| Minneapolis, MN, (University Gateway), (SPA: Wells Fargo Bank N.A.), 2.29%, 6/1/32<sup>(1)</sup> | $1450 | &nbsp;&nbsp;$1450000 |
| Minnesota Higher Education Facilities Authority, (Carleton College): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/48 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2788835 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/53 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1262546 |
| Minnesota Higher Education Facilities Authority, (Macalester College), 5.00%, 3/1/28 | 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1011205 |
| Minnesota Higher Education Facilities Authority, (St. Olaf College): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 38402 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/50 | 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1053393 |
| Minnesota Higher Education Facilities Authority, (University of St. Thomas): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 10/1/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1644143 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/47 | 2665 | &nbsp;&nbsp;&nbsp;&nbsp; 2660847 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/49 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1485024 |
| St. Paul Housing and Redevelopment Authority, MN, (Hmong College Prep Academy), 5.00%, 9/1/43 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1117345 |
| University of Minnesota: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/39 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1523150 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013270 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2049089 |
|  |  | &nbsp;&nbsp;**$19097249** |
| Electric Utilities — 8.3% | Electric Utilities — 8.3% | Electric Utilities — 8.3% |
| Hutchinson, MN, Public Utility Revenue, 5.00%, 12/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;$350567 |
| Minnesota Municipal Power Agency: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/41 | 2415 | &nbsp;&nbsp;&nbsp;&nbsp; 2209421 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250927 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250927 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200742 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/47 | 3210 | &nbsp;&nbsp;&nbsp;&nbsp; 3247861 |
| Northern Municipal Power Agency, MN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 378421 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 659694 |
| Rochester, MN, Electric Utility Revenue, 5.00%, 12/1/42 | 3660 | &nbsp;&nbsp;&nbsp;&nbsp; 3735766 |
| Southern Minnesota Municipal Power Agency, 5.00%, 1/1/46 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1507991 |
| St. Paul Housing and Redevelopment Authority, MN, District Energy Revenue, 4.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp; 891611 |
| St. Paul Port Authority, MN, District Energy Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-3, 4.00%, 10/1/42 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1087034 |
| &nbsp;&nbsp;&nbsp;Series 2017-4, (AMT), 4.00%, 10/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 853873 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| St. Paul Port Authority, MN, District Energy Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2, (AMT), 4.00%, 10/1/40 | $1100 | &nbsp;&nbsp;$939260 |
| Western Minnesota Municipal Power Agency: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 822323 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 806989 |
|  |  | &nbsp;&nbsp;**$18193407** |
| General Obligations — 41.6% | General Obligations — 41.6% | General Obligations — 41.6% |
| Apple Valley, MN, 4.00%, 12/15/44 | $1760 | &nbsp;&nbsp;$1618000 |
| Brooklyn Center Independent School District No. 286, MN, 4.00%, 2/1/40 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1957224 |
| Cass Lake-Bena Independent School District No. 115, MN, 4.00%, 2/1/38 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1384507 |
| Cook County Independent School District No. 166, MN, 4.125%, 2/1/45 | 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1190925 |
| Duluth, MN, 5.00%, 2/1/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011514 |
| Eden Prairie, MN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/39 | 1360 | &nbsp;&nbsp;&nbsp;&nbsp; 1485359 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/40 | 1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1535250 |
| Edgerton Independent School District No. 581, MN, 4.00%, 2/1/41 | 1030 | &nbsp;&nbsp;&nbsp;&nbsp; 969226 |
| Edina, MN, 4.00%, 2/1/46 | 1065 | &nbsp;&nbsp;&nbsp;&nbsp; 956702 |
| Forest Lake Independent School District No. 831, MN, 4.00%, 2/1/40 | 1735 | &nbsp;&nbsp;&nbsp;&nbsp; 1687784 |
| GFW Independent School District No. 2365, MN, 4.125%, 2/1/52 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2009274 |
| Hawley Independent School District No. 150, MN, 4.25%, 2/1/46 | 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1749188 |
| Hennepin County, MN, 5.00%, 12/1/38 | 1915 | &nbsp;&nbsp;&nbsp;&nbsp; 2061681 |
| Jordan Independent School District No. 717, MN, 4.00%, 2/1/42 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1063941 |
| Lakeville, MN, 4.00%, 2/1/42 | 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1047976 |
| Maple River Independent School District No. 2135, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/45 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1069074 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/50 | 1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1195273 |
| Martin County West Independent School District No. 2448, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/45 | 1460 | &nbsp;&nbsp;&nbsp;&nbsp; 1308175 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/41 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1593143 |
| Minneapolis Special School District No. 1, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/37 | 1255 | &nbsp;&nbsp;&nbsp;&nbsp; 1256733 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/43 | 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1360683 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/45 | 2515 | &nbsp;&nbsp;&nbsp;&nbsp; 2580215 |
| Minneapolis, MN: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/43 | 4870 | &nbsp;&nbsp;&nbsp;&nbsp; 3764947 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/40 | 4170 | &nbsp;&nbsp;&nbsp;&nbsp; 4390260 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Minnesota Municipal Income Fund

July 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) |
| Minneapolis-St. Paul Metropolitan Council, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/43 | $2000 | &nbsp;&nbsp;$1885954 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/44 | 2910 | &nbsp;&nbsp;&nbsp;&nbsp; 2706127 |
| Minnesota: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/41 | 1910 | &nbsp;&nbsp;&nbsp;&nbsp; 1845804 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/38 | 1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1220026 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/40 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1566482 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | 2820 | &nbsp;&nbsp;&nbsp;&nbsp; 2953633 |
| Oakdale, MN, 4.00%, 2/1/49 | 1980 | &nbsp;&nbsp;&nbsp;&nbsp; 1739302 |
| Pequot Lakes Independent School District No. 186, MN, 5.00%, 2/1/43<sup>(2)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041397 |
| Puerto Rico, 5.625%, 7/1/29 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1588608 |
| Ramsey County, MN, 4.00%, 2/1/43 | 2525 | &nbsp;&nbsp;&nbsp;&nbsp; 2377377 |
| Rice County, MN, 4.00%, 2/1/52 | 2975 | &nbsp;&nbsp;&nbsp;&nbsp; 2553183 |
| Rosemount, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/44 | 2385 | &nbsp;&nbsp;&nbsp;&nbsp; 2173668 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/48 | 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 953315 |
| Rosemount-Apple Valley-Eagan Independent School District No. 196, MN, 4.00%, 2/1/44 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2764797 |
| Round Lake-Brewster Independent School District No. 2907, MN, 4.00%, 2/1/46 | 2680 | &nbsp;&nbsp;&nbsp;&nbsp; 2401180 |
| Sartell-St. Stephen Independent School District No. 748, MN: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/32 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1034650 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/1/37 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 860865 |
| &nbsp;&nbsp;&nbsp;4.50%, 2/1/44 | 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1024772 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 669339 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 838636 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 332526 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 454615 |
| South Washington County Independent School District No. 833, MN, 4.00%, 2/1/44 | 2900 | &nbsp;&nbsp;&nbsp;&nbsp; 2613774 |
| St. Francis, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 480134 |
| &nbsp;&nbsp;&nbsp;4.125%, 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 514449 |
| St. Louis County, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 962260 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | 1815 | &nbsp;&nbsp;&nbsp;&nbsp; 2029244 |
| St. Paul Independent School District No. 625, MN, 4.00%, 2/1/44 | 3620 | &nbsp;&nbsp;&nbsp;&nbsp; 3247473 |
| St. Paul, MN, 5.00%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 1051038 |
| St. Peter Independent School District No. 508, MN: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 22354 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/41 | 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1276824 |
| Stillwater Independent School District No. 834, 4.00%, 2/1/43 | 2175 | &nbsp;&nbsp;&nbsp;&nbsp; 2021074 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Washington County, MN, 5.00%, 2/1/42 | $1000 | &nbsp;&nbsp;$1044910 |
| Watertown-Mayer Independent School District No. 111, MN, 0.00%, 2/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 615314 |
|  |  | &nbsp;&nbsp;**$91112158** |
| Hospital — 19.8% | Hospital — 19.8% | Hospital — 19.8% |
| Duluth Economic Development Authority, MN, (Essentia Health Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 2/15/43 | $4095 | &nbsp;&nbsp;$3656361 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/48 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3913610 |
| Duluth Economic Development Authority, MN, (St. Luke's Hospital of Duluth Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/47 | 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1254077 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/52 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012679 |
| Minneapolis, MN, (Allina Health System), 4.00%, 11/15/37 | 3085 | &nbsp;&nbsp;&nbsp;&nbsp; 2945634 |
| Minneapolis, MN, (Fairview Health Services), 5.00%, 11/15/34 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1403220 |
| Minnesota Agricultural and Economic Development Board, (HealthPartners Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/49 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1664474 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/47 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2518057 |
| Rochester, MN, (Mayo Clinic): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/48 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4352700 |
| &nbsp;&nbsp;&nbsp;5.00% to 5/15/32 (Put Date), 11/15/55 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101291 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/57 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2503835 |
| &nbsp;&nbsp;&nbsp;(LOC: Barclays Bank PLC), 2.10%, 11/15/64<sup>(3)</sup> | 5200 | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 |
| St. Cloud, MN, (CentraCare Health System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/50 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 2918666 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2034889 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/54 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2454289 |
| St. Paul Housing and Redevelopment Authority, MN, (Children's Health Care): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/42 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1539631 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/43 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1275312 |
| St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 514248 |
|  |  | &nbsp;&nbsp;**$43262973** |
| Housing — 1.7% | Housing — 1.7% | Housing — 1.7% |
| Dakota County Community Development Agency, MN, (Heart of the City Apartments), (FNMA), 4.20%, 5/1/43 | $1540 | &nbsp;&nbsp;$1390594 |
| Minnesota Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 545054 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 2.40%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 503142 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.15%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 251855 |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Minnesota Municipal Income Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Minnesota Housing Finance Agency: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 6.00%, 7/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;$997116 |
|  |  | &nbsp;&nbsp;**$3687761** |
| Insured - Electric Utilities — 1.5% | Insured - Electric Utilities — 1.5% | Insured - Electric Utilities — 1.5% |
| Northern Municipal Power Agency, MN: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;$500838 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/29 | 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1098645 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 631859 |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1150010 |
|  |  | &nbsp;&nbsp;**$3381352** |
| Insured - General Obligations — 0.1% | Insured - General Obligations — 0.1% | Insured - General Obligations — 0.1% |
| Alexandria Lake Area Sanitation District, MN, (AG), 4.125%, 2/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$272866 |
|  |  | &nbsp;&nbsp;**$272866** |
| Insured - Hospital — 0.9% | Insured - Hospital — 0.9% | Insured - Hospital — 0.9% |
| Minneapolis, MN, (Fairview Health Services), (AG), 5.00%, 11/15/44 | $2000 | &nbsp;&nbsp;$1940092 |
|  |  | &nbsp;&nbsp;**$1940092** |
| Lease Revenue/Certificates of Participation — 1.4% | Lease Revenue/Certificates of Participation — 1.4% | Lease Revenue/Certificates of Participation — 1.4% |
| Anoka-Hennepin Independent School District No. 11, MN, 5.00%, 2/1/34 | $1000 | &nbsp;&nbsp;$1007178 |
| Minnesota Housing Finance Agency, 4.00%, 8/1/39 | 2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1951226 |
|  |  | &nbsp;&nbsp;**$2958404** |
| Other Revenue — 2.3% | Other Revenue — 2.3% | Other Revenue — 2.3% |
| Center City, MN, (Hazelden Betty Ford Foundation), 5.00%, 11/1/47 | $1000 | &nbsp;&nbsp;$980793 |
| Minnesota Municipal Gas Agency: |  |  |
| &nbsp;&nbsp;&nbsp;(Liq: Royal Bank of Canada), 3.921%, (67% of SOFR + 1.00%), 12/1/52<sup>(4)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002107 |
| &nbsp;&nbsp;&nbsp;(Liq: Royal Bank of Canada), 4.00% to 12/1/27 (Put Date), 12/1/52 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2024448 |
|  |  | &nbsp;&nbsp;**$5007348** |
| Senior Living/Life Care — 2.7% | Senior Living/Life Care — 2.7% | Senior Living/Life Care — 2.7% |
| Apple Valley, MN, (PHS Apple Valley Senior Housing, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 9/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;$749476 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 926835 |
| &nbsp;&nbsp;&nbsp;5.375%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 457645 |

---

---

| | | |
|:---|:---|:---|
| **<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) |
| Apple Valley, MN, (PHS Apple Valley Senior Housing, Inc.): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 9/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$574209 |
| North Oaks, MN, (Waverly Gardens): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/25 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1600405 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/26 | 1680 | &nbsp;&nbsp;&nbsp;&nbsp; 1684538 |
|  |  | &nbsp;&nbsp;**$5993108** |
| Special Tax Revenue — 3.8% | Special Tax Revenue — 3.8% | Special Tax Revenue — 3.8% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$195426 |
| Bloomington, MN, Sales Tax Revenue, 5.00%, 2/1/43<sup>(2)</sup> | 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1357238 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2745949 |
| St. Paul, MN, Sales Tax Revenue, (Neighborhood and Economic Development): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/40 | 1840 | &nbsp;&nbsp;&nbsp;&nbsp; 1949941 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2072765 |
|  |  | &nbsp;&nbsp;**$8321319** |
| Student Loan — 1.4% | Student Loan — 1.4% | Student Loan — 1.4% |
| Minnesota Office of Higher Education, Supplemental Student Loan Program Revenue, (AMT), 4.00%, 11/1/42 | $3430 | &nbsp;&nbsp;$3149320 |
|  |  | &nbsp;&nbsp;**$3149320** |
| Transportation — 4.5% | Transportation — 4.5% | Transportation — 4.5% |
| Minneapolis-St. Paul Metropolitan Airports Commission, MN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/52 | $1975 | &nbsp;&nbsp;$1972455 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/49 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2898943 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 1/1/42 | 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3284437 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 1/1/47 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1755786 |
|  |  | &nbsp;&nbsp;**$9911621** |
| Water and Sewer — 1.6% | Water and Sewer — 1.6% | Water and Sewer — 1.6% |
| St. Paul, MN, Water Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/47 | $3000 | &nbsp;&nbsp;$2664718 |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Minnesota Municipal Income Fund

July 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) |
| St. Paul, MN, Water Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.50%, 12/1/44<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;$750849 |
|  |  | &nbsp;&nbsp;**$3415567** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $230,877,918) |  | &nbsp;&nbsp;**$219704545** |
| Total Investments — 100.3%<br> (identified cost $230,877,918) |  | &nbsp;&nbsp;**$219704545** |
| Other Assets, Less Liabilities — (0.3)% |  | &nbsp;&nbsp;**$(584368)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$219120177** |

---

---

| | |
|:---|:---|
| 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 July 31, 2025. |
| <sup>(2)</sup> | When-issued security. |
| <sup>(3)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the 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 July 31, 2025. |
| <sup>(4)</sup> | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2025. |
| <sup>(5)</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 July 31, 2025, the aggregate value of these securities is $195,426 or 0.1% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by Minnesota 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 July 31, 2025, 2.5% 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 2.0% of total investments. | The Fund invests primarily in debt securities issued by Minnesota 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 July 31, 2025, 2.5% 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 2.0% of total investments. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

New Jersey Municipal Income Fund

July 31, 2025

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 99.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.0%<sup>†</sup> | Bond Bank — 0.0%<sup>†</sup> | Bond Bank — 0.0%<sup>†</sup> |
| New Jersey Infrastructure Bank, Green Bonds, 5.00%, 9/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$51539 |
|  |  | &nbsp;&nbsp;**$51539** |
| Education — 7.6% | Education — 7.6% | Education — 7.6% |
| Essex County Improvement Authority, NJ, (North Star Academy Charter School of Newark, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/40<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;$371231 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 467950 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/64<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 709181 |
| New Jersey Educational Facilities Authority, (Institute for Advanced Study), (SPA: TD Bank, N.A.), 2.45%, 7/1/31<sup>(2)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| New Jersey Educational Facilities Authority, (Princeton University): |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 3/1/38 | 3565 | &nbsp;&nbsp;&nbsp;&nbsp; 2665190 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/41 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2119113 |
| Passaic County Improvement Authority, NJ, (Paterson Charter School for Science and Technology, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 699498 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 949599 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 478871 |
|  |  | &nbsp;&nbsp;**$10960633** |
| General Obligations — 20.2% | General Obligations — 20.2% | General Obligations — 20.2% |
| Bergen County Improvement Authority, NJ, (Bergen New Bridge Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;$272864 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 170719 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | 2575 | &nbsp;&nbsp;&nbsp;&nbsp; 2685521 |
| Bergen County Improvement Authority, NJ, (County Courthouse Project), 5.00%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 935764 |
| Bergen County Improvement Authority, NJ, (County Guaranteed Government Pooled Project), 4.00%, 5/21/26 | 1470 | &nbsp;&nbsp;&nbsp;&nbsp; 1485501 |
| Cherry Hill Township School District, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/40 | 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1810715 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/42 | 3025 | &nbsp;&nbsp;&nbsp;&nbsp; 2828237 |
| Elizabeth, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 845325 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 566453 |
| Freehold Township Board of Education, NJ, 4.00%, 8/15/42<sup>(3)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1894177 |
| Gloucester County Improvement Authority, NJ, 5.00%, 4/1/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 566401 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Lawrence Township School District, NJ, 4.25%, 8/1/44<sup>(3)</sup> | $4200 | &nbsp;&nbsp;$3975464 |
| Manalapan-Englishtown Regional Board of Education, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/35 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1448000 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/43 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1402953 |
| Metuchen School District, NJ, 4.00%, 7/15/40 | 1490 | &nbsp;&nbsp;&nbsp;&nbsp; 1455815 |
| North Brunswick Township Board of Education, NJ, 4.00%, 5/15/42 | 4090 | &nbsp;&nbsp;&nbsp;&nbsp; 3911072 |
| Passaic County Improvement Authority, NJ, (Senior Housing), 4.125%, 11/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 660649 |
| Puerto Rico, 5.625%, 7/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059072 |
| Summit, NJ, 3.00%, 7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 153214 |
| Tenafly School District, NJ, 4.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 183844 |
| Woolwich Township, NJ, 4.125%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 915467 |
|  |  | &nbsp;&nbsp;**$29227227** |
| Hospital — 8.6% | Hospital — 8.6% | Hospital — 8.6% |
| New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;$65068 |
| New Jersey Health Care Facilities Financing Authority, (Hackensack Meridian Health, Inc.), 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102745 |
| New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 7/1/54 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2099570 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/54 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019787 |
| New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health), 4.25%, 7/1/54 | 4400 | &nbsp;&nbsp;&nbsp;&nbsp; 3879059 |
| New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 7/1/32 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1003455 |
| &nbsp;&nbsp;&nbsp;3.125%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp; 752203 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/48 | 2820 | &nbsp;&nbsp;&nbsp;&nbsp; 2276583 |
| New Jersey Health Care Facilities Financing Authority, (Virtua Health): |  |  |
| &nbsp;&nbsp;&nbsp;(LOC: JPMorgan Chase Bank, N.A.), 1.05%, 7/1/43<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 810000 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.00%, 7/1/43<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 |
|  |  | &nbsp;&nbsp;**$12408470** |
| Housing — 4.1% | Housing — 4.1% | Housing — 4.1% |
| New Jersey Housing and Mortgage Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.50%, 5/1/29 | $1000 | &nbsp;&nbsp;$1010602 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.75%, 10/1/40 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1979474 |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

New Jersey Municipal Income Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| New Jersey Housing and Mortgage Finance Agency, (Montgomery Gateway Apartments), (FNMA), 4.55%, 5/1/41 | $1000 | &nbsp;&nbsp;$991171 |
| New Jersey Housing and Mortgage Finance Agency, SFMR, Social Bonds, 4.50%, 10/1/42 | 1975 | &nbsp;&nbsp;&nbsp;&nbsp; 1922928 |
|  |  | &nbsp;&nbsp;**$5904175** |
| Industrial Development Revenue — 5.7% | Industrial Development Revenue — 5.7% | Industrial Development Revenue — 5.7% |
| New Jersey Economic Development Authority, (Middlesex Water Co.), (AMT), 5.00%, 8/1/59 | $3025 | &nbsp;&nbsp;$3025714 |
| New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 1.10% to 12/1/27 (Put Date), 11/1/29 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1855059 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.75% to 6/1/28 (Put Date), 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 748879 |
| New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), 3.375%, 4/1/38 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2572724 |
|  |  | &nbsp;&nbsp;**$8202376** |
| Insured - Education — 4.8% | Insured - Education — 4.8% | Insured - Education — 4.8% |
| Gloucester County Improvement Authority, NJ, (Rowan University), (BAM), 5.00%, 7/1/49 | $3000 | &nbsp;&nbsp;$3016191 |
| New Jersey Educational Facilities Authority, (Montclair State University): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040558 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/44 | 1825 | &nbsp;&nbsp;&nbsp;&nbsp; 1849595 |
| New Jersey Institute of Technology, (BAM), 5.00%, 7/1/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033021 |
|  |  | &nbsp;&nbsp;**$6939365** |
| Insured - Electric Utilities — 2.1% | Insured - Electric Utilities — 2.1% | Insured - Electric Utilities — 2.1% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $3020 | &nbsp;&nbsp;$2992737 |
|  |  | &nbsp;&nbsp;**$2992737** |
| Insured - Escrowed/Prerefunded — 0.3% | Insured - Escrowed/Prerefunded — 0.3% | Insured - Escrowed/Prerefunded — 0.3% |
| New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (NPFG), Escrowed to Maturity, 5.25%, 7/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;$389040 |
|  |  | &nbsp;&nbsp;**$389040** |
| Insured - General Obligations — 4.6% | Insured - General Obligations — 4.6% | Insured - General Obligations — 4.6% |
| Montclair Board of Education, NJ, (BAM), 4.00%, 1/15/43 | $4200 | &nbsp;&nbsp;$3871093 |
| Paramus, NJ, (AG), 2.00%, 10/1/36 | 1910 | &nbsp;&nbsp;&nbsp;&nbsp; 1510172 |
| Paterson, NJ, (BAM), 5.00%, 1/15/26 | 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1307280 |
|  |  | &nbsp;&nbsp;**$6688545** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue — 9.6% | Insured - Special Tax Revenue — 9.6% | Insured - Special Tax Revenue — 9.6% |
| Casino Reinvestment Development Authority, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.00%, 11/1/44 | $1500 | &nbsp;&nbsp;$1303871 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 11/1/42 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1738602 |
| New Jersey Economic Development Authority, (Motor Vehicle Surcharges): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 7/1/26 | 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6313330 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 7/1/27 | 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1787609 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/26 | 1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1653267 |
| Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AG), 5.00%, 11/15/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049530 |
|  |  | &nbsp;&nbsp;**$13846209** |
| Insured - Transportation — 2.1% | Insured - Transportation — 2.1% | Insured - Transportation — 2.1% |
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AG), (AMT), 5.00%, 1/1/31 | $2015 | &nbsp;&nbsp;$2018621 |
| South Jersey Transportation Authority, NJ, (BAM), 5.00%, 11/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050481 |
|  |  | &nbsp;&nbsp;**$3069102** |
| Insured - Water and Sewer — 2.8% | Insured - Water and Sewer — 2.8% | Insured - Water and Sewer — 2.8% |
| Jersey City Municipal Utilities Authority, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.75%, 10/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;$586636 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.75%, 10/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 1018860 |
| Passaic Valley Water Commission, NJ, Water Supply System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.00%, 12/1/53 | 2415 | &nbsp;&nbsp;&nbsp;&nbsp; 2114007 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 280780 |
|  |  | &nbsp;&nbsp;**$4000283** |
| Lease Revenue/Certificates of Participation — 6.3% | Lease Revenue/Certificates of Participation — 6.3% | Lease Revenue/Certificates of Participation — 6.3% |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | $1700 | &nbsp;&nbsp;$1730828 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 930357 |
| &nbsp;&nbsp;&nbsp;4.125%, 6/15/50 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2154570 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031686 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/46 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1505598 |
| &nbsp;&nbsp;&nbsp;2023 Series AA, 5.00%, 6/15/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050894 |
| Union County Improvement Authority, NJ, 4.125%, 4/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 671157 |
|  |  | &nbsp;&nbsp;**$9075090** |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

New Jersey Municipal Income Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue — 2.7% | Other Revenue — 2.7% | Other Revenue — 2.7% |
| Tobacco Settlement Financing Corp., NJ, 5.25%, 6/1/46 | $3965 | &nbsp;&nbsp;$3939871 |
|  |  | &nbsp;&nbsp;**$3939871** |
| Special Tax Revenue — 1.4% | Special Tax Revenue — 1.4% | Special Tax Revenue — 1.4% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$195426 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 1995 | &nbsp;&nbsp;&nbsp;&nbsp; 1826056 |
|  |  | &nbsp;&nbsp;**$2021482** |
| Student Loan — 2.8% | Student Loan — 2.8% | Student Loan — 2.8% |
| New Jersey Higher Education Student Assistance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.56%, (90-day SOFR Average + 0. 95%), 6/1/36<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;$625394 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.25%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 255362 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 139990 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/28<sup>(3)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040084 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 12/1/54 | 2080 | &nbsp;&nbsp;&nbsp;&nbsp; 1932673 |
|  |  | &nbsp;&nbsp;**$3993503** |
| Transportation — 13.3% | Transportation — 13.3% | Transportation — 13.3% |
| Delaware River and Bay Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/44 | $1005 | &nbsp;&nbsp;$905699 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/49 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1148724 |
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.375%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 275136 |
| New Jersey Turnpike Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 657078 |
| &nbsp;&nbsp;&nbsp;4.50%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 536941 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026997 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/45 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1539232 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/49 | 1145 | &nbsp;&nbsp;&nbsp;&nbsp; 1181626 |
| Port Authority of New York and New Jersey: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064090 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/36 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2025852 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 8/1/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031809 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/15/39 | 1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1409531 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/15/47 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 997639 |
| South Jersey Port Corp., NJ, (AMT), 5.00%, 1/1/42 | 2325 | &nbsp;&nbsp;&nbsp;&nbsp; 2311855 |
| South Jersey Transportation Authority, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/50 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1660413 |
| &nbsp;&nbsp;&nbsp;4.625%, 11/1/47 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1398570 |
|  |  | &nbsp;&nbsp;**$19171192** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer — 0.8% | Water and Sewer — 0.8% | Water and Sewer — 0.8% |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 4.00%, 6/15/54 | $1460 | &nbsp;&nbsp;$1243735 |
|  |  | &nbsp;&nbsp;**$1243735** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $149,031,870) |  | &nbsp;&nbsp;**$144124574** |

---

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

Taxable Municipal Obligations — 1.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations — 1.8% | General Obligations — 1.8% | General Obligations — 1.8% |
| Atlantic City, NJ, 7.50%, 3/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;$510045 |
| Monroe Township Board of Education, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;1.126%, 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 574217 |
| &nbsp;&nbsp;&nbsp;1.357%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 477593 |
| &nbsp;&nbsp;&nbsp;1.547%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 466706 |
| &nbsp;&nbsp;&nbsp;2.729%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 606546 |
| Total Taxable Municipal Obligations<br> (identified cost $2,789,633) |  | &nbsp;&nbsp;**$2635107** |
| Total Investments — 101.6%<br> (identified cost $151,821,503) |  | &nbsp;&nbsp;**$146759681** |
| Other Assets, Less Liabilities — (1.6)% |  | &nbsp;&nbsp;**$(2341144)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$144418537** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2025, the aggregate value of these securities is $1,743,788 or 1.2% 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 July 31, 2025. |
| <sup>(3)</sup> | When-issued security. |
| <sup>(4)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at July 31, 2025. |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

New Jersey Municipal Income Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| <sup>(5)</sup> | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2025. |
| The Fund invests primarily in debt securities issued by New Jersey 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 July 31, 2025, 25.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 3.4% to 14.3% of total investments. | The Fund invests primarily in debt securities issued by New Jersey 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 July 31, 2025, 25.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 3.4% to 14.3% 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. |
| FNMA | – Federal National Mortgage Association |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SFMR | – Single Family Mortgage Revenue |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Pennsylvania Municipal Income Fund

July 31, 2025

Portfolio of Investments

------

Tax-Exempt Municipal Obligations — 97.5%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 3.2% | Bond Bank — 3.2% | Bond Bank — 3.2% |
| Delaware Valley Regional Finance Authority, PA, 5.75%, 7/1/32 | $4500 | &nbsp;&nbsp;$5185753 |
|  |  | &nbsp;&nbsp;**$5185753** |
| Cogeneration — 0.4% | Cogeneration — 0.4% | Cogeneration — 0.4% |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 6/30/27<sup>(1)</sup> | $1323 | &nbsp;&nbsp;$582311 |
|  |  | &nbsp;&nbsp;**$582311** |
| Education — 11.5% | Education — 11.5% | Education — 11.5% |
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), (SPA: Bank of New York Mellon), 2.55%, 12/1/37<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;$525000 |
| Bethlehem Redevelopment Authority, PA, (Moravian University): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 55504 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/49 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1567416 |
| Bucks County Industrial Development Authority, PA, (George School): |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 704438 |
| &nbsp;&nbsp;&nbsp;3.75%, 9/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 465763 |
| Delaware County Authority, PA, (Haverford College), 5.00%, 10/1/42 | 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1075258 |
| Lehigh County General Purpose Authority, PA, (Lehigh Valley Academy Regional Charter School), 4.00%, 6/1/57 | 3445 | &nbsp;&nbsp;&nbsp;&nbsp; 2567452 |
| Pennsylvania Economic Development Financing Authority, (Villanova University), 4.00%, 8/1/54 | 2935 | &nbsp;&nbsp;&nbsp;&nbsp; 2467598 |
| Pennsylvania Higher Educational Facilities Authority, (Bryn Mawr College), 4.00%, 12/1/48 | 2475 | &nbsp;&nbsp;&nbsp;&nbsp; 2136362 |
| Pennsylvania State University, 5.00%, 9/1/49 | 2875 | &nbsp;&nbsp;&nbsp;&nbsp; 2878835 |
| Scranton-Lackawanna Health and Welfare Authority, PA, (University of Scranton): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 701134 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/34<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 616609 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/35<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 751350 |
| Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 743942 |
| University of Pittsburgh, PA, 4.00%, 9/15/44 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1326080 |
|  |  | &nbsp;&nbsp;**$18582741** |
| Electric Utilities — 3.7% | Electric Utilities — 3.7% | Electric Utilities — 3.7% |
| Philadelphia, PA, Gas Works Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/47 | $3000 | &nbsp;&nbsp;$2973149 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| Philadelphia, PA, Gas Works Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/49 | $1500 | &nbsp;&nbsp;$1532218 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.30%, 8/1/31<sup>(4)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
|  |  | &nbsp;&nbsp;**$6005367** |
| General Obligations — 11.0% | General Obligations — 11.0% | General Obligations — 11.0% |
| Allegheny County, PA, 5.00%, 11/1/43 | $1690 | &nbsp;&nbsp;$1707546 |
| Bethel Park School District, PA, 5.25%, 8/1/43 | 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2185698 |
| Canon McMillan School District, PA, 5.25%, 12/1/50<sup>(3)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2039186 |
| Central Bucks School District, PA, 5.00%, 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 663694 |
| Central Dauphin School District, PA, 5.00%, 2/1/43 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1162367 |
| Cornwall-Lebanon School District, PA, 4.00%, 2/15/47 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1093858 |
| Haverford Township School District, PA, 5.00%, 3/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 534257 |
| Muhlenberg School District, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000014 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/50<sup>(3)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 997000 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/55<sup>(3)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 997902 |
| Parkland School District, PA, 5.00%, 2/1/49 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1109447 |
| Pennsylvania, 4.00%, 9/1/43 | 2625 | &nbsp;&nbsp;&nbsp;&nbsp; 2400285 |
| Philadelphia, PA, 5.25%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 526312 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 529536 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 814650 |
|  |  | &nbsp;&nbsp;**$17761752** |
| Hospital — 13.2% | Hospital — 13.2% | Hospital — 13.2% |
| Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/44 | $1750 | &nbsp;&nbsp;$1491638 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/47 | 1815 | &nbsp;&nbsp;&nbsp;&nbsp; 1737688 |
| Centre County Hospital Authority, PA, (Mount Nittany Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016B, 4.00%, 11/15/47 | 1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1319735 |
| &nbsp;&nbsp;&nbsp;Series 2018A, 4.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 425648 |
| Chester County Health and Education Facilities Authority, PA, (Main Line Health System), 4.00%, 10/1/42 | 1265 | &nbsp;&nbsp;&nbsp;&nbsp; 1112919 |
| Geisinger Authority, PA, (Geisinger Health System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1868816 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 235428 |
| Lancaster County Hospital Authority, PA, (Penn State Health), 5.00%, 11/1/51 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 963592 |
| Lehigh County General Purpose Authority, PA, (Lehigh Valley Health Network), 4.00%, 7/1/49 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1633307 |
| Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 5.00%, 5/1/57 | 1805 | &nbsp;&nbsp;&nbsp;&nbsp; 1715875 |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Pennsylvania Municipal Income Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Pennsylvania Economic Development Financing Authority, (UPMC): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/47 | $1975 | &nbsp;&nbsp;$1650336 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/53 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 814475 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002983 |
| Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 4.375%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 792089 |
| Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/49 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1682027 |
| Philadelphia Authority for Industrial Development, PA, (Children's Hospital of Philadelphia), 4.00%, 7/1/49 | 1965 | &nbsp;&nbsp;&nbsp;&nbsp; 1665931 |
| Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 4.00%, 6/1/49 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1225912 |
|  |  | &nbsp;&nbsp;**$21338399** |
| Housing — 3.8% | Housing — 3.8% | Housing — 3.8% |
| Pennsylvania Housing Finance Agency, (Darby Townhouses), (FNMA), 4.90%, 6/1/41 | $1000 | &nbsp;&nbsp;$999662 |
| Pennsylvania Housing Finance Agency, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 10/1/45 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 884315 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 928302 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.40%, 10/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 986095 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 784865 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.45%, 4/1/51 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1521278 |
|  |  | &nbsp;&nbsp;**$6104517** |
| Industrial Development Revenue — 0.9% | Industrial Development Revenue — 0.9% | Industrial Development Revenue — 0.9% |
| Luzerne County Industrial Development Authority, PA, (Pennsylvania-American Water Co.), (AMT), 2.45% to 12/3/29 (Put Date), 12/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$664427 |
| Pennsylvania Economic Development Financing Authority, (Covanta), Green Bonds, (AMT), 3.25%, 8/1/39<sup>(5)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 785298 |
|  |  | &nbsp;&nbsp;**$1449725** |
| Insured - Education — 0.5% | Insured - Education — 0.5% | Insured - Education — 0.5% |
| State Public School Building Authority, PA, (Delaware County Community College), (BAM), 4.125%, 10/1/48 | $1005 | &nbsp;&nbsp;$863257 |
|  |  | &nbsp;&nbsp;**$863257** |
| Insured - Electric Utilities — 0.7% | Insured - Electric Utilities — 0.7% | Insured - Electric Utilities — 0.7% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $1130 | &nbsp;&nbsp;$1119799 |
|  |  | &nbsp;&nbsp;**$1119799** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Escrowed/Prerefunded — 1.4% | Insured - Escrowed/Prerefunded — 1.4% | Insured - Escrowed/Prerefunded — 1.4% |
| McKeesport Area School District, PA, (AMBAC), Escrowed to Maturity, 0.00%, 10/1/25 | $2320 | &nbsp;&nbsp;$2309237 |
|  |  | &nbsp;&nbsp;**$2309237** |
| Insured - General Obligations — 3.1% | Insured - General Obligations — 3.1% | Insured - General Obligations — 3.1% |
| Hopewell School District, PA, (AG), 0.00%, 9/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;$681437 |
| Lake-Lehman School District, PA, (NPFG), 0.00%, 4/1/26 | 1315 | &nbsp;&nbsp;&nbsp;&nbsp; 1285760 |
| Lancaster School District, PA, (AG), 4.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 59422 |
| Middletown Area School District, PA, (BAM), 5.00%, 3/1/45 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1166519 |
| Northern Lebanon School District, PA, (BAM), 3.00%, 9/1/42 | 2245 | &nbsp;&nbsp;&nbsp;&nbsp; 1808978 |
|  |  | &nbsp;&nbsp;**$5002116** |
| Insured - Hospital — 1.8% | Insured - Hospital — 1.8% | Insured - Hospital — 1.8% |
| Northampton County General Purpose Authority, PA, (St. Luke's University Health Network), (AG), 5.00%, 8/15/49 | $1220 | &nbsp;&nbsp;$1192958 |
| Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), (AG), 4.25%, 11/1/51 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1751024 |
|  |  | &nbsp;&nbsp;**$2943982** |
| Insured - Housing — 1.3% | Insured - Housing — 1.3% | Insured - Housing — 1.3% |
| Chester County Industrial Development Authority, PA, (University Student Housing LLC), (BAM), 4.00%, 8/1/48 | $2500 | &nbsp;&nbsp;$2109906 |
|  |  | &nbsp;&nbsp;**$2109906** |
| Insured - Transportation — 6.6% | Insured - Transportation — 6.6% | Insured - Transportation — 6.6% |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 1/1/44 | $4765 | &nbsp;&nbsp;$4847033 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.50%, 1/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055351 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.50%, 1/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047425 |
| Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One), (AG), (AMT), 5.50%, 6/30/42 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1555923 |
| Pennsylvania Turnpike Commission, (AG), 6.375%, 12/1/38 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2110488 |
|  |  | &nbsp;&nbsp;**$10616220** |
| Insured - Water and Sewer — 4.7% | Insured - Water and Sewer — 4.7% | Insured - Water and Sewer — 4.7% |
| Bucks County Water and Sewer Authority, PA, (AG), 4.25%, 12/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;$672273 |
| Pittsburgh Water and Sewer Authority, PA, (AG), 5.50%, 9/1/47 | 4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4421385 |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Pennsylvania Municipal Income Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Water and Sewer (continued) | Insured - Water and Sewer (continued) | Insured - Water and Sewer (continued) |
| Tamaqua Borough Authority, PA, (AG), 4.00%, 11/15/44 | $1500 | &nbsp;&nbsp;$1321552 |
| Westmoreland County Municipal Authority, PA, (AG), 5.00%, 8/15/45 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1264830 |
|  |  | &nbsp;&nbsp;**$7680040** |
| Lease Revenue/Certificates of Participation — 3.7% | Lease Revenue/Certificates of Participation — 3.7% | Lease Revenue/Certificates of Participation — 3.7% |
| Commonwealth Financing Authority, PA, 5.00%, 6/1/35 | $2950 | &nbsp;&nbsp;$3032443 |
| Pennsylvania Economic Development Financing Authority, (Pennsylvania Rapid Bridge Replacement), 5.00%, 12/31/34 | 2920 | &nbsp;&nbsp;&nbsp;&nbsp; 2931831 |
|  |  | &nbsp;&nbsp;**$5964274** |
| Senior Living/Life Care — 5.7% | Senior Living/Life Care — 5.7% | Senior Living/Life Care — 5.7% |
| Adams County General Authority, PA, (The Brethren Home Community), 5.00%, 6/1/54 | $3000 | &nbsp;&nbsp;$2688586 |
| Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 823072 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 455618 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 452368 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 466418 |
| Lancaster County Hospital Authority, PA, (Brethren Village), 5.25%, 7/1/41 | 1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1065179 |
| Lancaster Municipal Authority, PA, (Garden Spot Village), 5.00%, 5/1/44 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1173216 |
| Lancaster Municipal Authority, PA, (Luthercare), 5.00%, 12/1/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 949003 |
| Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 171073 |
| Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 999581 |
|  |  | &nbsp;&nbsp;**$9244114** |
| Special Tax Revenue — 7.8% | Special Tax Revenue — 7.8% | Special Tax Revenue — 7.8% |
| Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project), 5.00%, 5/1/42<sup>(5)</sup> | $1750 | &nbsp;&nbsp;$1691954 |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 195425 |
| Delaware Valley Regional Finance Authority, PA, (LOC: TD Bank, N.A.), 2.75%, 9/1/59<sup>(2)</sup> | 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4750000 |
| Pennsylvania Turnpike Commission, 4.00%, 12/1/51 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 817712 |
| Puerto Rico Sales Tax Financing Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp; 22493 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp; 29622 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp; 34307 |

---

---

| | | |
|:---|:---|:---|
| **<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.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$43497 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 155595 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp; 92620 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 99995 |
| &nbsp;&nbsp;&nbsp;4.536%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 4297 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/58 | 2533 | &nbsp;&nbsp;&nbsp;&nbsp; 2318497 |
| Southeastern Pennsylvania Transportation Authority, 5.25%, 6/1/52 | 2330 | &nbsp;&nbsp;&nbsp;&nbsp; 2359417 |
|  |  | &nbsp;&nbsp;**$12615431** |
| Student Loan — 0.5% | Student Loan — 0.5% | Student Loan — 0.5% |
| Pennsylvania Higher Education Assistance Agency, (AMT), 5.00%, 6/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;$811690 |
|  |  | &nbsp;&nbsp;**$811690** |
| Transportation — 7.6% | Transportation — 7.6% | Transportation — 7.6% |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AMT), 5.00%, 1/1/56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$4757 |
| Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One), (AMT), 5.25%, 6/30/53 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 942706 |
| Pennsylvania Turnpike Commission: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/41 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1084079 |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/44 | 1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1276867 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp; 820040 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990560 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.30%, 12/1/39<sup>(4)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| Philadelphia, PA, Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 249728 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057844 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/51 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2924947 |
|  |  | &nbsp;&nbsp;**$12351528** |
| Water and Sewer — 4.4% | Water and Sewer — 4.4% | Water and Sewer — 4.4% |
| Allegheny County Sanitary Authority, PA, Sewer Revenue, 5.00%, 12/1/35 | $2000 | &nbsp;&nbsp;$2010451 |
| Clairton Municipal Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 929287 |
| &nbsp;&nbsp;&nbsp;4.375%, 12/1/42 | 1820 | &nbsp;&nbsp;&nbsp;&nbsp; 1653708 |
| Philadelphia, PA, Water and Wastewater Revenue, 5.50%, 6/1/47 | 2365 | &nbsp;&nbsp;&nbsp;&nbsp; 2468606 |
|  |  | &nbsp;&nbsp;**$7062052** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $163,356,764) |  | &nbsp;&nbsp;**$157704211** |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Pennsylvania Municipal Income Fund

July 31, 2025

Portfolio of Investments — continued

------

Taxable Municipal Obligations — 0.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cogeneration — 0.1% | Cogeneration — 0.1% | Cogeneration — 0.1% |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 6/30/27<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;$131215 |
|  |  | &nbsp;&nbsp;**$131215** |
| Lease Revenue/Certificates of Participation — 0.8% | Lease Revenue/Certificates of Participation — 0.8% | Lease Revenue/Certificates of Participation — 0.8% |
| Commonwealth Financing Authority, PA, 3.864%, 6/1/38 | $1500 | &nbsp;&nbsp;$1363167 |
|  |  | &nbsp;&nbsp;**$1363167** |
| Total Taxable Municipal Obligations<br> (identified cost $2,074,794) |  | &nbsp;&nbsp;**$1494382** |
| Total Investments — 98.4%<br> (identified cost $165,431,558) |  | &nbsp;&nbsp;**$159198593** |
| Other Assets, Less Liabilities — 1.6% |  | &nbsp;&nbsp;**$2514742** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$161713335** |

---

---

| | |
|:---|:---|
| 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> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <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 July 31, 2025. |
| <sup>(3)</sup> | When-issued security. |
| <sup>(4)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2025. |
| <sup>(5)</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 July 31, 2025, the aggregate value of these securities is $2,672,677 or 1.7% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by Pennsylvania 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 July 31, 2025, 20.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.5% to 13.8% of total investments. | The Fund invests primarily in debt securities issued by Pennsylvania 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 July 31, 2025, 20.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.5% to 13.8% 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. |
| BAM | – Build America Mutual Assurance Co. |
| FNMA | – Federal National Mortgage Association |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SFMR | – Single Family Mortgage Revenue |
| SPA | – Standby Bond Purchase Agreement |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Statements of Assets and Liabilities

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**July 31, 2025** | &nbsp;&nbsp;&nbsp;**July 31, 2025** | &nbsp;&nbsp;&nbsp;**July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund** | &nbsp;&nbsp;&nbsp;**Connecticut Fund** | &nbsp;&nbsp;&nbsp;**Minnesota Fund** |
| Assets |  |  |  |
| Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Identified cost | &nbsp;&nbsp;$96554861 | &nbsp;&nbsp;$124301453 | &nbsp;&nbsp;$230877918 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3026078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3057914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11173373) |
| **Investments, at value** | &nbsp;&nbsp;**$93528783** | &nbsp;&nbsp;**$121243539** | &nbsp;&nbsp;**$219704545** |
| Cash | &nbsp;&nbsp;$78083 | &nbsp;&nbsp;$878825 | &nbsp;&nbsp;$76856 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126729 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4436033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10050 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816421 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23178 |
| **Total assets** | &nbsp;&nbsp;**$94447845** | &nbsp;&nbsp;**$127712190** | &nbsp;&nbsp;**$223757779** |
| Liabilities |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp;$— | &nbsp;&nbsp;$370468 | &nbsp;&nbsp;$— |
| 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;3408457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160892 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183309 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67920 |
| 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;25956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72039 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12574 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23178 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59369 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54840 |
| **Total liabilities** | &nbsp;&nbsp;**$274487** | &nbsp;&nbsp;**$4248884** | &nbsp;&nbsp;**$4637602** |
| **Net Assets** | &nbsp;&nbsp;**$94173358** | &nbsp;&nbsp;**$123463306** | &nbsp;&nbsp;**$219120177** |
| Sources of Net Assets |  |  |  |
| Paid-in capital | &nbsp;&nbsp;$99711684 | &nbsp;&nbsp;$129885630 | &nbsp;&nbsp;$240024807 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5538326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6422324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20904630) |
| **Net Assets** | &nbsp;&nbsp;**$94173358** | &nbsp;&nbsp;**$123463306** | &nbsp;&nbsp;**$219120177** |
| Class A Shares |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$40179894 | &nbsp;&nbsp;$35605708 | &nbsp;&nbsp;$63698307 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7463939 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.62 | &nbsp;&nbsp;$9.16 | &nbsp;&nbsp;$8.53 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$8.91 | &nbsp;&nbsp;$9.47 | &nbsp;&nbsp;$8.82 |
| Class C Shares |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$1311558 | &nbsp;&nbsp;$1675207 | &nbsp;&nbsp;$1978318 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215546 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.58 | &nbsp;&nbsp;$9.12 | &nbsp;&nbsp;$9.18 |
| Class I Shares |  |  |  |
| **Net Assets** | &nbsp;&nbsp;$52681906 | &nbsp;&nbsp;$86182391 | &nbsp;&nbsp;$153443552 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6114231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9410170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17980878 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.62 | &nbsp;&nbsp;$9.16 | &nbsp;&nbsp;$8.53 |

---

---

| | |
|:---|:---|
| 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_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Statements of Assets and Liabilities — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**July 31, 2025** | &nbsp;&nbsp;&nbsp;**July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund** |
| Assets |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;Identified cost | &nbsp;&nbsp;$151821503 | &nbsp;&nbsp;$165431558 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5061822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6232965) |
| **Investments, at value** | &nbsp;&nbsp;**$146759681** | &nbsp;&nbsp;**$159198593** |
| Cash | &nbsp;&nbsp;$3210914 | &nbsp;&nbsp;$4157751 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923775 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082094 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25399 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76201 |
| **Total assets** | &nbsp;&nbsp;**$152455418** | &nbsp;&nbsp;**$170463813** |
| Liabilities |  |  |
| Payable for investments purchased | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1996477 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7537305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6197297 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198431 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95983 |
| 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;45183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52303 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16839 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76201 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111621 |
| **Total liabilities** | &nbsp;&nbsp;**$8036881** | &nbsp;&nbsp;**$8750478** |
| **Net Assets** | &nbsp;&nbsp;**$144418537** | &nbsp;&nbsp;**$161713335** |
| Sources of Net Assets |  |  |
| Paid-in capital | &nbsp;&nbsp;$160682382 | &nbsp;&nbsp;$188583272 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16263845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26869937) |
| **Net Assets** | &nbsp;&nbsp;**$144418537** | &nbsp;&nbsp;**$161713335** |
| Class A Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$68167705 | &nbsp;&nbsp;$80951233 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8291515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11017592 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.22 | &nbsp;&nbsp;$7.35 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$8.50 | &nbsp;&nbsp;$7.60 |
| Class C Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$3648974 | &nbsp;&nbsp;$3951731 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519315 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.57 | &nbsp;&nbsp;$7.61 |
| Class I Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$72601858 | &nbsp;&nbsp;$76810371 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8813853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10414040 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.24 | &nbsp;&nbsp;$7.38 |

---

---

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

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Statements of Operations

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund** | &nbsp;&nbsp;&nbsp;**Connecticut Fund** | &nbsp;&nbsp;&nbsp;**Minnesota Fund** |
| Investment Income |  |  |  |
| Interest income | &nbsp;&nbsp;$3668112 | &nbsp;&nbsp;$4646876 | &nbsp;&nbsp;$9661030 |
| **Total investment income** | &nbsp;&nbsp;**$3668112** | &nbsp;&nbsp;**$4646876** | &nbsp;&nbsp;**$9661030** |
| Expenses |  |  |  |
| Investment adviser fee | &nbsp;&nbsp;$297753 | &nbsp;&nbsp;$421248 | &nbsp;&nbsp;$932891 |
| Distribution and service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133632 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21601 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15429 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60812 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75190 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87914 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71643 |
| **Total expenses** | &nbsp;&nbsp;**$580051** | &nbsp;&nbsp;**$770063** | &nbsp;&nbsp;**$1407269** |
| **Net investment income** | &nbsp;&nbsp;**$3088061** | &nbsp;&nbsp;**$3876813** | &nbsp;&nbsp;**$8253761** |
| Realized and Unrealized Gain (Loss) |  |  |  |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(369225) | &nbsp;&nbsp;$(618017) | &nbsp;&nbsp;$(1843296) |
| **Net realized loss** | &nbsp;&nbsp;**$(369225)** | &nbsp;&nbsp;**$(618017)** | &nbsp;&nbsp;**$(1843296)** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(4138940) | &nbsp;&nbsp;$(3842440) | &nbsp;&nbsp;$(12356349) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(4138940)** | &nbsp;&nbsp;**$(3842440)** | &nbsp;&nbsp;**$(12356349)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(4508165)** | &nbsp;&nbsp;**$(4460457)** | &nbsp;&nbsp;**$(14199645)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(1420104)** | &nbsp;&nbsp;**$(583644)** | &nbsp;&nbsp;**$(5945884)** |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Statements of Operations — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund** |
| Investment Income |  |  |
| Interest income | &nbsp;&nbsp;$6266179 | &nbsp;&nbsp;$7336004 |
| **Total investment income** | &nbsp;&nbsp;**$6266179** | &nbsp;&nbsp;**$7336004** |
| Expenses |  |  |
| Investment adviser fee | &nbsp;&nbsp;$556312 | &nbsp;&nbsp;$620600 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163176 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34325 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10921 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43446 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71451 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85551 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5387 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57389 |
| **Total expenses** | &nbsp;&nbsp;**$1006541** | &nbsp;&nbsp;**$1096777** |
| **Net investment income** | &nbsp;&nbsp;**$5259638** | &nbsp;&nbsp;**$6239227** |
| Realized and Unrealized Gain (Loss) |  |  |
| Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(2231784) | &nbsp;&nbsp;$123253 |
| **Net realized gain (loss)** | &nbsp;&nbsp;**$(2231784)** | &nbsp;&nbsp;**$123253** |
| Change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(5520906) | &nbsp;&nbsp;$(9521994) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(5520906)** | &nbsp;&nbsp;**$(9521994)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(7752690)** | &nbsp;&nbsp;**$(9398741)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(2493052)** | &nbsp;&nbsp;**$(3159514)** |

---

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Statements of Changes in Net Assets

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund** | &nbsp;&nbsp;&nbsp;**Connecticut Fund** | &nbsp;&nbsp;&nbsp;**Minnesota Fund** |
| Increase (Decrease) in Net Assets |  |  |  |
| From operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$3088061 | &nbsp;&nbsp;$3876813 | &nbsp;&nbsp;$8253761 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(618017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1843296) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4138940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3842440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12356349) |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(1420104)** | &nbsp;&nbsp;**$(583644)** | &nbsp;&nbsp;**$(5945884)** |
| Distributions to shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1300481) | &nbsp;&nbsp;$(1189941) | &nbsp;&nbsp;$(2178113) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57036) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1708000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2651245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5989957) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(3044165)** | &nbsp;&nbsp;**$(3890444)** | &nbsp;&nbsp;**$(8225106)** |
| Transactions in shares of beneficial interest: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$8709910 | &nbsp;&nbsp;$(3612959) | &nbsp;&nbsp;$1072751 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6230 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;10830795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16699440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15497382) |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$19259803** | &nbsp;&nbsp;**$12546507** | &nbsp;&nbsp;**$(14418401)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$14795534** | &nbsp;&nbsp;**$8072419** | &nbsp;&nbsp;**$(28589391)** |
| Net Assets |  |  |  |
| At beginning of year | &nbsp;&nbsp;$79377824 | &nbsp;&nbsp;$115390887 | &nbsp;&nbsp;$247709568 |
| **At end of year** | &nbsp;&nbsp;**$94173358** | &nbsp;&nbsp;**$123463306** | &nbsp;&nbsp;**$219120177** |

---

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Statements of Changes in Net Assets — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$5259638 | &nbsp;&nbsp;$6239227 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2231784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123253 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5520906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9521994) |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(2493052)** | &nbsp;&nbsp;**$(3159514)** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(2386677) | &nbsp;&nbsp;$(3107741) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110572) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2641362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3085742) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(5134519)** | &nbsp;&nbsp;**$(6304055)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(4090143) | &nbsp;&nbsp;$1020008 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(705768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667215 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5756871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195223 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$960960** | &nbsp;&nbsp;**$5882446** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(6666611)** | &nbsp;&nbsp;**$(3581123)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$151085148 | &nbsp;&nbsp;$165294458 |
| **At end of year** | &nbsp;&nbsp;**$144418537** | &nbsp;&nbsp;**$161713335** |

---

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Statements of Changes in Net Assets — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund** | &nbsp;&nbsp;&nbsp;**Connecticut Fund** | &nbsp;&nbsp;&nbsp;**Minnesota Fund** |
| Increase (Decrease) in Net Assets |  |  |  |
| From operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$2474507 | &nbsp;&nbsp;$3353917 | &nbsp;&nbsp;$7587087 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(657089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3428427) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4571882 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$3656542** | &nbsp;&nbsp;**$4870873** | &nbsp;&nbsp;**$8730542** |
| Distributions to shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(975667) | &nbsp;&nbsp;$(1281637) | &nbsp;&nbsp;$(2038278) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52736) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1416634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1919577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5467413) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(2438484)** | &nbsp;&nbsp;**$(3258343)** | &nbsp;&nbsp;**$(7558427)** |
| Transactions in shares of beneficial interest: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$3231651 | &nbsp;&nbsp;$(6105101) | &nbsp;&nbsp;$(674908) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225370) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1993997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17545576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11937166 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$846891** | &nbsp;&nbsp;**$11026221** | &nbsp;&nbsp;**$11036888** |
| **Net increase in net assets** | &nbsp;&nbsp;**$2064949** | &nbsp;&nbsp;**$12638751** | &nbsp;&nbsp;**$12209003** |
| Net Assets |  |  |  |
| At beginning of year | &nbsp;&nbsp;$77312875 | &nbsp;&nbsp;$102752136 | &nbsp;&nbsp;$235500565 |
| **At end of year** | &nbsp;&nbsp;**$79377824** | &nbsp;&nbsp;**$115390887** | &nbsp;&nbsp;**$247709568** |

---

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Statements of Changes in Net Assets — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended July 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$5030784 | &nbsp;&nbsp;$5939753 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2197869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2667233) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153968 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$5787089** | &nbsp;&nbsp;**$7426488** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(2327697) | &nbsp;&nbsp;$(3046165) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103576) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2227327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2753599) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(4674390)** | &nbsp;&nbsp;**$(5903340)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(4630536) | &nbsp;&nbsp;$(2600532) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1510820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(699809) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4518613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8118383 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(1622743)** | &nbsp;&nbsp;**$4818042** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(510044)** | &nbsp;&nbsp;**$6341190** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$151595192 | &nbsp;&nbsp;$158953268 |
| **At end of year** | &nbsp;&nbsp;**$151085148** | &nbsp;&nbsp;**$165294458** |

---

*28*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class A** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class A** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class A** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class A** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$9.03 | &nbsp;&nbsp;$8.86 | &nbsp;&nbsp;$9.08 | &nbsp;&nbsp;$9.93 | &nbsp;&nbsp;$9.91 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$0.45** | &nbsp;&nbsp;**$0.02** | &nbsp;&nbsp;**$(0.65)** | &nbsp;&nbsp;**$0.24** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.22) |
| **Total distributions** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.22)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.62** | &nbsp;&nbsp;**$9.03** | &nbsp;&nbsp;**$8.86** | &nbsp;&nbsp;**$9.08** | &nbsp;&nbsp;**$9.93** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.40)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.59)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.44%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$40180 | &nbsp;&nbsp;$33451 | &nbsp;&nbsp;$29664 | &nbsp;&nbsp;$31125 | &nbsp;&nbsp;$41643 |
| 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;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% |
| Portfolio Turnover | &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;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &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;26% |

---

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

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

<sup>(3)</sup> 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_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class C** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class C** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class C** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class C** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$10.04 | &nbsp;&nbsp;$9.85 | &nbsp;&nbsp;$10.10 | &nbsp;&nbsp;$11.04 | &nbsp;&nbsp;$11.02 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$0.42** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$(0.80)** | &nbsp;&nbsp;**$0.18** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.16) |
| **Total distributions** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.16)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.58** | &nbsp;&nbsp;**$10.04** | &nbsp;&nbsp;**$9.85** | &nbsp;&nbsp;**$10.10** | &nbsp;&nbsp;**$11.04** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.17)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.37%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.57)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(7.24)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.67%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1312 | &nbsp;&nbsp;$1656 | &nbsp;&nbsp;$2012 | &nbsp;&nbsp;$2384 | &nbsp;&nbsp;$3684 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

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

<sup>(3)</sup> 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.

*30*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class I** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class I** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class I** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class I** | &nbsp;&nbsp;&nbsp;**Arizona Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$9.03 | &nbsp;&nbsp;$8.86 | &nbsp;&nbsp;$9.08 | &nbsp;&nbsp;$9.93 | &nbsp;&nbsp;$9.91 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;**$0.46** | &nbsp;&nbsp;**$0.04** | &nbsp;&nbsp;**$(0.63)** | &nbsp;&nbsp;**$0.26** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.24) |
| **Total distributions** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.62** | &nbsp;&nbsp;**$9.03** | &nbsp;&nbsp;**$8.86** | &nbsp;&nbsp;**$9.08** | &nbsp;&nbsp;**$9.93** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.36%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.43%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.40)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.64%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$52682 | &nbsp;&nbsp;$44271 | &nbsp;&nbsp;$45637 | &nbsp;&nbsp;$32995 | &nbsp;&nbsp;$36212 |
| 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;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% |
| Portfolio Turnover | &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;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &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;26% |

---

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

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

<sup>(3)</sup> 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.

*31*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class A** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class A** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class A** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class A** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$9.48 | &nbsp;&nbsp;$9.33 | &nbsp;&nbsp;$9.54 | &nbsp;&nbsp;$10.41 | &nbsp;&nbsp;$10.35 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.03)** | &nbsp;&nbsp;**$0.43** | &nbsp;&nbsp;**$0.04** | &nbsp;&nbsp;**$(0.66)** | &nbsp;&nbsp;**$0.30** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.24) |
| **Total distributions** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.16** | &nbsp;&nbsp;**$9.48** | &nbsp;&nbsp;**$9.33** | &nbsp;&nbsp;**$9.54** | &nbsp;&nbsp;**$10.41** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.36)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.41%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.36)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.95%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$35606 | &nbsp;&nbsp;$40578 | &nbsp;&nbsp;$46055 | &nbsp;&nbsp;$47639 | &nbsp;&nbsp;$52924 |
| 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;0.75% | &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;0.69% |
| &nbsp;&nbsp;&nbsp;Net expenses | &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;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% |
| Portfolio Turnover | &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;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &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.

*32*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class C** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class C** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class C** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class C** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$9.45 | &nbsp;&nbsp;$9.30 | &nbsp;&nbsp;$9.51 | &nbsp;&nbsp;$10.37 | &nbsp;&nbsp;$10.31 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$(0.72)** | &nbsp;&nbsp;**$0.22** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.16) |
| **Total distributions** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.16)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.12** | &nbsp;&nbsp;**$9.45** | &nbsp;&nbsp;**$9.30** | &nbsp;&nbsp;**$9.51** | &nbsp;&nbsp;**$10.37** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.22)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.89%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.34)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(6.99)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1675 | &nbsp;&nbsp;$2292 | &nbsp;&nbsp;$2663 | &nbsp;&nbsp;$2926 | &nbsp;&nbsp;$3815 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &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;1.44% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &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;1.44% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &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.

*33*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class I** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class I** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class I** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class I** | &nbsp;&nbsp;&nbsp;**Connecticut Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$9.49 | &nbsp;&nbsp;$9.33 | &nbsp;&nbsp;$9.54 | &nbsp;&nbsp;$10.41 | &nbsp;&nbsp;$10.35 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$0.46** | &nbsp;&nbsp;**$0.05** | &nbsp;&nbsp;**$(0.64)** | &nbsp;&nbsp;**$0.32** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.26) |
| **Total distributions** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.26)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.16** | &nbsp;&nbsp;**$9.49** | &nbsp;&nbsp;**$9.33** | &nbsp;&nbsp;**$9.54** | &nbsp;&nbsp;**$10.41** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.26)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.99%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.62%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.17)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.16%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$86182 | &nbsp;&nbsp;$72521 | &nbsp;&nbsp;$54034 | &nbsp;&nbsp;$37901 | &nbsp;&nbsp;$26420 |
| 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;0.51% | &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;0.49% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &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;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% |
| Portfolio Turnover | &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;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &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.

*34*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class A** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class A** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class A** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class A** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$9.04 | &nbsp;&nbsp;$8.97 | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$9.86 | &nbsp;&nbsp;$9.84 |
| 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;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$0.35** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.00<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$0.19** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.53** | &nbsp;&nbsp;**$9.04** | &nbsp;&nbsp;**$8.97** | &nbsp;&nbsp;**$9.18** | &nbsp;&nbsp;**$9.86** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.52)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.95%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.05%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.31)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.96%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$63698 | &nbsp;&nbsp;$66445 | &nbsp;&nbsp;$66796 | &nbsp;&nbsp;$54415 | &nbsp;&nbsp;$62712 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;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;0.70% | &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;3.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &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;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<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.

*35*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class C** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class C** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class C** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class C** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$9.72 | &nbsp;&nbsp;$9.65 | &nbsp;&nbsp;$9.87 | &nbsp;&nbsp;$10.60 | &nbsp;&nbsp;$10.58 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$0.29** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$(0.64)** | &nbsp;&nbsp;**$0.12** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.10) |
| **Total distributions** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$(0.10)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.18** | &nbsp;&nbsp;**$9.72** | &nbsp;&nbsp;**$9.65** | &nbsp;&nbsp;**$9.87** | &nbsp;&nbsp;**$10.60** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(3.16)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.11%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.64)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(6.01)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1978 | &nbsp;&nbsp;$2105 | &nbsp;&nbsp;$2314 | &nbsp;&nbsp;$2505 | &nbsp;&nbsp;$4478 |
| 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;1.45% | &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;1.46% | &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;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<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.

*36*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class I** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class I** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class I** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class I** | &nbsp;&nbsp;&nbsp;**Minnesota Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$9.04 | &nbsp;&nbsp;$8.97 | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$9.86 | &nbsp;&nbsp;$9.84 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$0.02** | &nbsp;&nbsp;**$(0.50)** | &nbsp;&nbsp;**$0.21** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.19) |
| **Total distributions** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.19)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.53** | &nbsp;&nbsp;**$9.04** | &nbsp;&nbsp;**$8.97** | &nbsp;&nbsp;**$9.18** | &nbsp;&nbsp;**$9.86** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.32)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.15%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.25%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.12)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$153444 | &nbsp;&nbsp;$179160 | &nbsp;&nbsp;$166391 | &nbsp;&nbsp;$147745 | &nbsp;&nbsp;$129437 |
| 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;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &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;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31% | &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;&nbsp;&nbsp;&nbsp;1.93% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&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;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

<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.

*37*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class A** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class A** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class A** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class A** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$8.64 | &nbsp;&nbsp;$8.58 | &nbsp;&nbsp;$8.82 | &nbsp;&nbsp;$9.82 | &nbsp;&nbsp;$9.65 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$0.32** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.00<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.79)** | &nbsp;&nbsp;**$0.41** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.24) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.22** | &nbsp;&nbsp;**$8.64** | &nbsp;&nbsp;**$8.58** | &nbsp;&nbsp;**$8.82** | &nbsp;&nbsp;**$9.82** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.67)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.81%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.10%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.10)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.29%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$68168 | &nbsp;&nbsp;$75777 | &nbsp;&nbsp;$79905 | &nbsp;&nbsp;$87385 | &nbsp;&nbsp;$107117 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

<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.

*38*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class C** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class C** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class C** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class C** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$9.01 | &nbsp;&nbsp;$8.94 | &nbsp;&nbsp;$9.19 | &nbsp;&nbsp;$10.23 | &nbsp;&nbsp;$10.07 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$(0.89)** | &nbsp;&nbsp;**$0.34** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.18) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.18)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.57** | &nbsp;&nbsp;**$9.01** | &nbsp;&nbsp;**$8.94** | &nbsp;&nbsp;**$9.19** | &nbsp;&nbsp;**$10.23** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.43)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.12%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.65)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(8.75)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.43%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$3649 | &nbsp;&nbsp;$4555 | &nbsp;&nbsp;$6058 | &nbsp;&nbsp;$6865 | &nbsp;&nbsp;$9904 |
| 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;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &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;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

<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.

*39*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class I** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class I** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class I** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class I** | &nbsp;&nbsp;&nbsp;**New Jersey Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$8.66 | &nbsp;&nbsp;$8.60 | &nbsp;&nbsp;$8.83 | &nbsp;&nbsp;$9.83 | &nbsp;&nbsp;$9.66 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$(0.77)** | &nbsp;&nbsp;**$0.42** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.25) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.25)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$8.24** | &nbsp;&nbsp;**$8.66** | &nbsp;&nbsp;**$8.60** | &nbsp;&nbsp;**$8.83** | &nbsp;&nbsp;**$9.83** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.47)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.93)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.41%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$72602 | &nbsp;&nbsp;$70753 | &nbsp;&nbsp;$65632 | &nbsp;&nbsp;$59806 | &nbsp;&nbsp;$80634 |
| 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;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

<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.

*40*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class A** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class A** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class A** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class A** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$7.79 | &nbsp;&nbsp;$7.73 | &nbsp;&nbsp;$7.94 | &nbsp;&nbsp;$8.83 | &nbsp;&nbsp;$8.74 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$(0.68)** | &nbsp;&nbsp;**$0.31** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.22) |
| **Total distributions** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.22)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$7.35** | &nbsp;&nbsp;**$7.79** | &nbsp;&nbsp;**$7.73** | &nbsp;&nbsp;**$7.94** | &nbsp;&nbsp;**$8.83** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.99)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.77)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.59%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$80951 | &nbsp;&nbsp;$84636 | &nbsp;&nbsp;$86461 | &nbsp;&nbsp;$90612 | &nbsp;&nbsp;$112748 |
| 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;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &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;&nbsp;&nbsp;&nbsp;0.69% |
| &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;0.10% | &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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

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

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*41*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class C** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class C** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class C** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class C** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$8.07 | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;$8.22 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.05 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$(0.03)** | &nbsp;&nbsp;**$(0.77)** | &nbsp;&nbsp;**$0.25** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.16) |
| **Total distributions** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.16)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$7.61** | &nbsp;&nbsp;**$8.07** | &nbsp;&nbsp;**$8.00** | &nbsp;&nbsp;**$8.22** | &nbsp;&nbsp;**$9.14** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.77)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.82%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.42)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(8.34)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.78%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$3952 | &nbsp;&nbsp;$3499 | &nbsp;&nbsp;$4188 | &nbsp;&nbsp;$5317 | &nbsp;&nbsp;$7781 |
| 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;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &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;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;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

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

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*42*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class I** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class I** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class I** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class I** | &nbsp;&nbsp;&nbsp;**Pennsylvania Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$7.82 | &nbsp;&nbsp;$7.76 | &nbsp;&nbsp;$7.97 | &nbsp;&nbsp;$8.86 | &nbsp;&nbsp;$8.77 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$0.35** | &nbsp;&nbsp;**$0.05** | &nbsp;&nbsp;**$(0.66)** | &nbsp;&nbsp;**$0.33** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.24) |
| **Total distributions** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$7.38** | &nbsp;&nbsp;**$7.82** | &nbsp;&nbsp;**$7.76** | &nbsp;&nbsp;**$7.97** | &nbsp;&nbsp;**$8.86** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.77)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.55)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.80%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$76810 | &nbsp;&nbsp;$77160 | &nbsp;&nbsp;$68304 | &nbsp;&nbsp;$59972 | &nbsp;&nbsp;$66737 |
| 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;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &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;0.49% |
| &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;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

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

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*43*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 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, five of which, each non-diversified, are included in these financial statements. They include Eaton Vance Arizona Municipal Income Fund (Arizona Fund), Eaton Vance Connecticut Municipal Income Fund (Connecticut Fund), Eaton Vance Minnesota Municipal Income Fund (Minnesota Fund), Eaton Vance New Jersey Municipal Income Fund (New Jersey Fund) and Eaton Vance Pennsylvania Municipal Income Fund (Pennsylvania 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 July 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_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 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. 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. The Funds had no Floating Rate Notes outstanding during the year ended July 31, 2025.

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 July 31, 2025.

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

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Eaton Vance

Municipal Income Funds

July 31, 2025

Notes to Financial Statements — continued

------

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 July 31, 2025 and July 31, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$2967029 | &nbsp;&nbsp;&nbsp;&nbsp;$3747175 | &nbsp;&nbsp;&nbsp;&nbsp;$8225023 | &nbsp;&nbsp;&nbsp;&nbsp;$5004501 | &nbsp;&nbsp;&nbsp;&nbsp;$6066279 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$77136 | &nbsp;&nbsp;&nbsp;&nbsp;$143269 | &nbsp;&nbsp;&nbsp;&nbsp;$83 | &nbsp;&nbsp;&nbsp;&nbsp;$130018 | &nbsp;&nbsp;&nbsp;&nbsp;$237776 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$2324347 | &nbsp;&nbsp;&nbsp;&nbsp;$3152216 | &nbsp;&nbsp;&nbsp;&nbsp;$7526529 | &nbsp;&nbsp;&nbsp;&nbsp;$4410907 | &nbsp;&nbsp;&nbsp;&nbsp;$5712308 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$114137 | &nbsp;&nbsp;&nbsp;&nbsp;$106127 | &nbsp;&nbsp;&nbsp;&nbsp;$31898 | &nbsp;&nbsp;&nbsp;&nbsp;$263483 | &nbsp;&nbsp;&nbsp;&nbsp;$191032 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$20807 | &nbsp;&nbsp;&nbsp;&nbsp;$50154 | &nbsp;&nbsp;&nbsp;&nbsp;$67924 | &nbsp;&nbsp;&nbsp;&nbsp;$55833 | &nbsp;&nbsp;&nbsp;&nbsp;$95983 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2648919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3438791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9775134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11735440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20786502) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2889404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2956194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11129500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4523966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6083435) |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95983) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5538326)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6422324)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(20904630)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(16263845)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(26869937)** |

---

At July 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

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Eaton Vance

Municipal Income Funds

July 31, 2025

Notes to Financial Statements — continued

------

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;**Arizona<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania<br> Fund** |
| **Deferred capital losses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;&nbsp;$715819 | &nbsp;&nbsp;&nbsp;&nbsp;$1535359 | &nbsp;&nbsp;&nbsp;&nbsp;$2015436 | &nbsp;&nbsp;&nbsp;&nbsp;$2509973 | &nbsp;&nbsp;&nbsp;&nbsp;$7498107 |
| &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;&nbsp;$1933100 | &nbsp;&nbsp;&nbsp;&nbsp;$1903432 | &nbsp;&nbsp;&nbsp;&nbsp;$7759698 | &nbsp;&nbsp;&nbsp;&nbsp;$9225467 | &nbsp;&nbsp;&nbsp;&nbsp;$13288395 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;**Pennsylvania<br> Fund** |
| **Aggregate cost** | &nbsp;&nbsp;**$96418187** | &nbsp;&nbsp;**$124199733** | &nbsp;&nbsp;**$230834045** | &nbsp;&nbsp;**$151283647** | &nbsp;&nbsp;**$165282028** |
| Gross unrealized appreciation | &nbsp;&nbsp;$736420 | &nbsp;&nbsp;$758241 | &nbsp;&nbsp;$744116 | &nbsp;&nbsp;$1452264 | &nbsp;&nbsp;$1137033 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3625824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3714435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11873616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5976230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7220468) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(2889404)** | &nbsp;&nbsp;**$(2956194)** | &nbsp;&nbsp;**$(11129500)** | &nbsp;&nbsp;**$(4523966)** | &nbsp;&nbsp;**$(6083435)** |

---

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% |

---

For the year ended July 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;**Arizona<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Investment Adviser Fee | &nbsp;&nbsp;&nbsp;&nbsp;$297753 | &nbsp;&nbsp;&nbsp;&nbsp;$421248 | &nbsp;&nbsp;&nbsp;&nbsp;$932891 | &nbsp;&nbsp;&nbsp;&nbsp;$556312 | &nbsp;&nbsp;&nbsp;&nbsp;$620600 |
| Effective Annual Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% |

---

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

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Notes to Financial Statements — continued

------

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 July 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;**Pennsylvania<br> Fund** |
| EVM's Sub-Transfer Agent Fees | &nbsp;&nbsp;$3427 | &nbsp;&nbsp;$9122 | &nbsp;&nbsp;$10970 | &nbsp;&nbsp;$13052 | &nbsp;&nbsp;$17326 |
| EVD's Class A Sales Charges | &nbsp;&nbsp;$8003 | &nbsp;&nbsp;$5629 | &nbsp;&nbsp;$3077 | &nbsp;&nbsp;$2538 | &nbsp;&nbsp;$10865 |
| Morgan Stanley affiliated broker-dealers' Class A Sales Charges | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3075 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6108 | &nbsp;&nbsp;$5107 |

---

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.

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 July 31, 2025 for Class A shares amounted to the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Class A Distribution and Service Fees | &nbsp;&nbsp;$80120 | &nbsp;&nbsp;$77277 | &nbsp;&nbsp;$133632 | &nbsp;&nbsp;$144875 | &nbsp;&nbsp;$163176 |

---

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 July 31, 2025, the Funds paid or accrued to EVD the following distribution fees:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Class C Distribution Fees | &nbsp;&nbsp;$10755 | &nbsp;&nbsp;$15890 | &nbsp;&nbsp;$17053 | &nbsp;&nbsp;$31420 | &nbsp;&nbsp;$27099 |

---

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 July 31, 2025 amounted to the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Class C Service Fees | &nbsp;&nbsp;$2868 | &nbsp;&nbsp;$4238 | &nbsp;&nbsp;$4548 | &nbsp;&nbsp;$8378 | &nbsp;&nbsp;$7226 |

---

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[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Notes to Financial Statements — continued

------

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

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended July 31, 2025, the Funds were informed that EVD received the following amounts of CDSCs paid by Class A and Class C shareholders:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Class A | &nbsp;&nbsp;$— | &nbsp;&nbsp;$345 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2325 |
| Class C | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> | &nbsp;&nbsp;$996 | &nbsp;&nbsp;$— |

---

<sup>(1)</sup> Amount is less than $100.

6 Purchases and Sales of Investments

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Arizona<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Connecticut<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Minnesota<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**New Jersey<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania<br> Fund** |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;$80885735 | &nbsp;&nbsp;&nbsp;&nbsp;$116523392 | &nbsp;&nbsp;&nbsp;&nbsp;$139114953 | &nbsp;&nbsp;&nbsp;&nbsp;$130282085 | &nbsp;&nbsp;&nbsp;&nbsp;$104467057 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;$61201781 | &nbsp;&nbsp;&nbsp;&nbsp;$103698831 | &nbsp;&nbsp;&nbsp;&nbsp;$151971059 | &nbsp;&nbsp;&nbsp;&nbsp;$126524801 | &nbsp;&nbsp;&nbsp;&nbsp;$99914617 |

---

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Arizona Fund** | **Arizona Fund** | **Arizona Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 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;1444485 | &nbsp;&nbsp;&nbsp;&nbsp;$12949474 | &nbsp;&nbsp;&nbsp;&nbsp; 820406 | &nbsp;&nbsp;&nbsp;&nbsp;$7289089 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 137727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1222022 | &nbsp;&nbsp;&nbsp;&nbsp; 102856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911608 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (622675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5461586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (565641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4969046) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **959537** | &nbsp;&nbsp;&nbsp;&nbsp;**$8709910** | &nbsp;&nbsp;&nbsp;&nbsp; **357621** | &nbsp;&nbsp;&nbsp;&nbsp;**$3231651** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp;$2306 | &nbsp;&nbsp;&nbsp;&nbsp; 15116 | &nbsp;&nbsp;&nbsp;&nbsp;$147787 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 3376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33339 | &nbsp;&nbsp;&nbsp;&nbsp; 4336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42652 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (316547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (581202) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(28050)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(280902)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(39213)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(390763)** |

---

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[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Arizona Fund (continued)** | **Arizona Fund (continued)** | **Arizona Fund (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 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;2759609 | &nbsp;&nbsp;&nbsp;&nbsp;$24473168 | &nbsp;&nbsp;&nbsp;&nbsp;1810284 | &nbsp;&nbsp;&nbsp;&nbsp;$16003136 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 176434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1565190 | &nbsp;&nbsp;&nbsp;&nbsp; 149685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1324946 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1723884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15207563) | &nbsp;&nbsp;&nbsp;&nbsp;(2206300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19322079) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**1212159** | &nbsp;&nbsp;&nbsp;&nbsp;**$10830795** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(246331)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1993997)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Connecticut Fund** | **Connecticut Fund** | **Connecticut Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 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; 582023 | &nbsp;&nbsp;&nbsp;&nbsp;$5458149 | &nbsp;&nbsp;&nbsp;&nbsp; 793011 | &nbsp;&nbsp;&nbsp;&nbsp;$7438757 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 104353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 977798 | &nbsp;&nbsp;&nbsp;&nbsp; 117843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1095940 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1076162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10048906) | &nbsp;&nbsp;&nbsp;&nbsp;(1567957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14639798) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(389786)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3612959)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(657103)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6105101)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 35151 | &nbsp;&nbsp;&nbsp;&nbsp;$332535 | &nbsp;&nbsp;&nbsp;&nbsp; 30852 | &nbsp;&nbsp;&nbsp;&nbsp;$287684 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 4436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41441 | &nbsp;&nbsp;&nbsp;&nbsp; 4732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43863 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (913950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (745801) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(58958)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(539974)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(43909)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(414254)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;4251132 | &nbsp;&nbsp;&nbsp;&nbsp;$39671232 | &nbsp;&nbsp;&nbsp;&nbsp;3378377 | &nbsp;&nbsp;&nbsp;&nbsp;$31417587 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 206589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1934346 | &nbsp;&nbsp;&nbsp;&nbsp; 145926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1360740 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2692136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24906138) | &nbsp;&nbsp;&nbsp;&nbsp;(1669320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15232751) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**1765585** | &nbsp;&nbsp;&nbsp;&nbsp;**$16699440** | &nbsp;&nbsp;&nbsp;&nbsp;**1854983** | &nbsp;&nbsp;&nbsp;&nbsp;**$17545576** |

---

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Minnesota Fund** | **Minnesota Fund** | **Minnesota Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 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; 1664360 | &nbsp;&nbsp;&nbsp;&nbsp;$14754238 | &nbsp;&nbsp;&nbsp;&nbsp;1410375 | &nbsp;&nbsp;&nbsp;&nbsp;$12608380 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 238840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2116124 | &nbsp;&nbsp;&nbsp;&nbsp; 223424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1991662 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1791382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15797611) | &nbsp;&nbsp;&nbsp;&nbsp;(1727383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15274950) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **111818** | &nbsp;&nbsp;&nbsp;&nbsp;**$1072751** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(93584)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(674908)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 118097 | &nbsp;&nbsp;&nbsp;&nbsp;$1126716 | &nbsp;&nbsp;&nbsp;&nbsp; 54149 | &nbsp;&nbsp;&nbsp;&nbsp;$518902 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 5691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54222 | &nbsp;&nbsp;&nbsp;&nbsp; 5203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49885 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (124829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1174708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (794157) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1041)** | &nbsp;&nbsp;&nbsp;&nbsp;**$6230** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(23198)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(225370)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;10284478 | &nbsp;&nbsp;&nbsp;&nbsp;$90976877 | &nbsp;&nbsp;&nbsp;&nbsp;8638765 | &nbsp;&nbsp;&nbsp;&nbsp;$76849840 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 557391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4938778 | &nbsp;&nbsp;&nbsp;&nbsp; 455129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4061175 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(12685439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111413037) | &nbsp;&nbsp;&nbsp;&nbsp;(7817770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68973849) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1843570)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(15497382)** | &nbsp;&nbsp;&nbsp;&nbsp;**1276124** | &nbsp;&nbsp;&nbsp;&nbsp;**$11937166** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New Jersey Fund** | **New Jersey Fund** | **New Jersey Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 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; 711176 | &nbsp;&nbsp;&nbsp;&nbsp;$6022073 | &nbsp;&nbsp;&nbsp;&nbsp; 456939 | &nbsp;&nbsp;&nbsp;&nbsp;$3919675 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 226098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1924480 | &nbsp;&nbsp;&nbsp;&nbsp; 221270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1887120 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1413253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12036696) | &nbsp;&nbsp;&nbsp;&nbsp;(1221750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10437331) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(475979)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4090143)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(543541)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4630536)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 53218 | &nbsp;&nbsp;&nbsp;&nbsp;$477347 | &nbsp;&nbsp;&nbsp;&nbsp; 65536 | &nbsp;&nbsp;&nbsp;&nbsp;$586594 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 11295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100248 | &nbsp;&nbsp;&nbsp;&nbsp; 11920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105926 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1283363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (249094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2203340) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(79832)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(705768)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(171638)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1510820)** |

---

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New Jersey Fund (continued)** | **New Jersey Fund (continued)** | **New Jersey Fund (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 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;3272604 | &nbsp;&nbsp;&nbsp;&nbsp;$27940859 | &nbsp;&nbsp;&nbsp;&nbsp;2680371 | &nbsp;&nbsp;&nbsp;&nbsp;$22795301 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 280256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2388621 | &nbsp;&nbsp;&nbsp;&nbsp; 234095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001808 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2909582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24572609) | &nbsp;&nbsp;&nbsp;&nbsp;(2377000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20278496) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **643278** | &nbsp;&nbsp;&nbsp;&nbsp;**$5756871** | &nbsp;&nbsp;&nbsp;&nbsp; **537466** | &nbsp;&nbsp;&nbsp;&nbsp;**$4518613** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Pennsylvania Fund** | **Pennsylvania Fund** | **Pennsylvania Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 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;1926577 | &nbsp;&nbsp;&nbsp;&nbsp;$14633199 | &nbsp;&nbsp;&nbsp;&nbsp;1318479 | &nbsp;&nbsp;&nbsp;&nbsp;$10027155 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 365340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2793098 | &nbsp;&nbsp;&nbsp;&nbsp; 354293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2716764 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2133278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16406289) | &nbsp;&nbsp;&nbsp;&nbsp;(2001819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15344451) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **158639** | &nbsp;&nbsp;&nbsp;&nbsp;**$1020008** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(329047)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2600532)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 180246 | &nbsp;&nbsp;&nbsp;&nbsp;$1408115 | &nbsp;&nbsp;&nbsp;&nbsp; 94089 | &nbsp;&nbsp;&nbsp;&nbsp;$752135 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 13574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107382 | &nbsp;&nbsp;&nbsp;&nbsp; 12468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98893 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (107943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (848282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (196449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1550837) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **85877** | &nbsp;&nbsp;&nbsp;&nbsp;**$667215** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(89892)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(699809)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;3312572 | &nbsp;&nbsp;&nbsp;&nbsp;$25210659 | &nbsp;&nbsp;&nbsp;&nbsp;3023481 | &nbsp;&nbsp;&nbsp;&nbsp;$23249422 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 282983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2170345 | &nbsp;&nbsp;&nbsp;&nbsp; 244395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1881486 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(3043443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23185781) | &nbsp;&nbsp;&nbsp;&nbsp;(2211281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17012525) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **552112** | &nbsp;&nbsp;&nbsp;&nbsp;**$4195223** | &nbsp;&nbsp;&nbsp;&nbsp;**1056595** | &nbsp;&nbsp;&nbsp;&nbsp;**$8118383** |

---

8 Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 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 July 31, 2025.

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Notes to Financial Statements — continued

------

9 Fair Value Measurements

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Arizona 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;$91809758 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$91809758 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1719025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1719025 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$93528783** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$93528783** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Connecticut 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;$117737700 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$117737700 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3505839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3505839 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$121243539** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$121243539** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Minnesota 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;$219704545 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$219704545 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$219704545** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$219704545** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New Jersey 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;$144124574 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$144124574 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2635107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2635107 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$146759681** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$146759681** |

---

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Pennsylvania 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;$157704211 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$157704211 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1494382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1494382 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$159198593** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$159198593** |

---

------

[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Municipals Trust and Shareholders of Eaton Vance Arizona Municipal Income Fund, Eaton Vance Connecticut Municipal Income Fund, Eaton Vance Minnesota Municipal Income Fund, Eaton Vance New Jersey Municipal Income Fund and Eaton Vance Pennsylvania Municipal Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Eaton Vance Arizona Municipal Income Fund, Eaton Vance Connecticut Municipal Income Fund, Eaton Vance Minnesota Municipal Income Fund, Eaton Vance New Jersey Municipal Income Fund and Eaton Vance Pennsylvania Municipal Income Fund (collectively, the "Funds") (certain of the funds constituting Eaton Vance Municipals Trust), including the portfolios of investments, as of July 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 July 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 July 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

September 19, 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_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Federal Tax Information (Unaudited)

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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 July 31, 2025, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

---

| | |
|:---|:---|
| Arizona Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;97.47% |
| Connecticut Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;96.32% |
| Minnesota Municipal Income Fund | &nbsp;&nbsp;100.00% |
| New Jersey Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;97.47% |
| Pennsylvania Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;96.23% |

---

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[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 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_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 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_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 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 Arizona Municipal Income Fund

• Eaton Vance Connecticut Municipal Income Fund

• Eaton Vance Minnesota Municipal Income Fund

• Eaton Vance New Jersey Municipal Income Fund

• Eaton Vance Pennsylvania 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, where relevant, 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_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

Eaton Vance

Municipal Income Funds

July 31, 2025

Board of Trustees' Contract Approval — continued

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In this regard, the Board noted each Fund's performance relative to its peer group, custom peer group, if applicable, and primary and secondary performance 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> Performance<br> Index** | &nbsp;&nbsp;&nbsp;&nbsp;**Secondary<br> Performance<br> Index** |
| Eaton Vance Arizona 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 Connecticut 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 Minnesota Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher |
| Eaton Vance New Jersey Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Lower | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;Lower | &nbsp;&nbsp;&nbsp;&nbsp;Lower |
| Eaton Vance Pennsylvania Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher |

---

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 New Jersey Municipal Income Fund, on the basis of the foregoing, the performance of the 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 the 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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[**Table of Contents**](#JOB_EV_AR_df8e0a5b-b69f-481a-b42a-a163f0532b91_TOC)

MUNI5-NCSR&nbsp;&nbsp;&nbsp;&nbsp;7.31.25

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## Eaton Vance

## Municipal Opportunities Fund

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

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![](g154991img7ab8a6dd1.gif)

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**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.**

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#### Annual Financial Statements and Additional Information July 31, 2025
Eaton Vance

Municipal Opportunities Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_4605d538-dc82-49a9-a9ae-8071d45155a3_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_779be7b4-930b-448e-b2f4-e1e5c66ce8bd_1) | [Items 6 and 7 of Form N-CSR:](#xx_779be7b4-930b-448e-b2f4-e1e5c66ce8bd_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_779be7b4-930b-448e-b2f4-e1e5c66ce8bd_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_11ba5e2c-f706-4c64-b9f8-2a3bd1902875_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_11ba5e2c-f706-4c64-b9f8-2a3bd1902875_2) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_11ba5e2c-f706-4c64-b9f8-2a3bd1902875_3) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_43e797b2-bea2-4f25-87fd-6e7452c8d3f6_1) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_c95f6b5d-07e8-4ce9-9fa3-10c643361b7e_1) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_8d30ab9a-440e-42de-a3c8-6a4d64c40d07_1) | 26 |
| [Federal Tax Information](#xx_53ba392b-9e97-4369-b097-80d817df194d_1) | 27 |
| [Item 11 of Form N-CSR:](#xx_cfff9f16-5743-4b6d-bcc3-067d02ecd39a_1) | [Item 11 of Form N-CSR:](#xx_cfff9f16-5743-4b6d-bcc3-067d02ecd39a_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_cfff9f16-5743-4b6d-bcc3-067d02ecd39a_1) | 28 |

---

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

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[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Portfolio of Investments

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

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| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 0.0%<sup>†</sup> | Housing — 0.0%<sup>†</sup> | Housing — 0.0%<sup>†</sup> |
| FRETE 2017-ML01 Trust, (Freddie Mac guaranteed), 4.92%, (30-day SOFR Average + 0.50%), 1/25/33<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;$437644 |
| Total Tax-Exempt Mortgage-Backed Securities<br> (identified cost $437,675) |  | &nbsp;&nbsp;**$437644** |

---

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

Tax-Exempt Municipal Obligations — 95.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.9% | Bond Bank — 0.9% | Bond Bank — 0.9% |
| Oklahoma Water Resources Board, (State Loan Program), 4.00%, 10/1/44 | $3145 | &nbsp;&nbsp;$2827556 |
| Virginia Resources Authority, (Pooled Financing Program): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 11/1/40<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 962760 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/47 | 2245 | &nbsp;&nbsp;&nbsp;&nbsp; 2324785 |
|  |  | &nbsp;&nbsp;**$6115101** |
| Education — 6.1% | Education — 6.1% | Education — 6.1% |
| California State University, 5.00%, 11/1/37<sup>(3)</sup> | $2750 | &nbsp;&nbsp;$3079012 |
| Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 4.50%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 299334 |
| Clemson University, SC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 203970 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 485889 |
| Cobb County Development Authority, GA, (Mt. Bethel Christian Academy), 5.00%, 6/1/35<sup>(1)</sup> | 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1158808 |
| Connecticut Health and Educational Facilities Authority, (Quinnipiac University), 4.125%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 503238 |
| Florence County, SC, (Savannah Grove Infrastructure), 5.25%, 12/1/53 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2316633 |
| Kansas Development Finance Authority, (Kansas State University), 3.00%, 4/1/38 | 2315 | &nbsp;&nbsp;&nbsp;&nbsp; 1976964 |
| Kayenta Unified School District No. 27, AZ, 6.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 533547 |
| Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 135116 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 754041 |
| Massachusetts Development Finance Agency, (Worcester Polytechnic Institute), 5.00%, 9/1/59 | 3095 | &nbsp;&nbsp;&nbsp;&nbsp; 3028722 |

---

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| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (Belmont University), 4.00%, 5/1/51 | $1960 | &nbsp;&nbsp;$1619404 |
| Michigan Finance Authority, (Cesar Chavez Academy), 5.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 843995 |
| Pinellas County Educational Facilities Authority, FL, (Pinellas Academy of Math and Science): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 311567 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/15/38<sup>(1)</sup> | 2690 | &nbsp;&nbsp;&nbsp;&nbsp; 2644093 |
| Public Finance Authority, WI, (North Carolina Leadership Academy): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 132122 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 228158 |
| Public Finance Authority, WI, (Roseman University of Health Sciences): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 760683 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/50<sup>(1)</sup> | 1060 | &nbsp;&nbsp;&nbsp;&nbsp; 933504 |
| Public Finance Authority, WI, (Triad Math and Science Academy Co.), 5.25%, 6/15/45 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1106427 |
| Sierra Vista Industrial Development Authority, AZ, (American Leadership Academy), 5.00%, 6/15/44<sup>(1)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1354178 |
| South Carolina Jobs-Economic Development Authority, (Furman University), 5.00%, 10/1/39<sup>(3)</sup> | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2408745 |
| Texas Tech University System, 4.00%, 2/15/43 | 3815 | &nbsp;&nbsp;&nbsp;&nbsp; 3499077 |
| University of Alabama: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/38 | 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1068907 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/43 | 2860 | &nbsp;&nbsp;&nbsp;&nbsp; 2630107 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 75159 |
| University of California: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/38 | 1955 | &nbsp;&nbsp;&nbsp;&nbsp; 2133203 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/40 | 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 4021999 |
| Virginia College Building Authority, (Regent University), 6.00%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 521325 |
| Washington Housing Finance Commission, (Evergreen School), 4.50%, 7/1/55 | 2755 | &nbsp;&nbsp;&nbsp;&nbsp; 2348156 |
|  |  | &nbsp;&nbsp;**$43116083** |
| Electric Utilities — 1.4% | Electric Utilities — 1.4% | Electric Utilities — 1.4% |
| Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.25%, 5/15/36 | $1000 | &nbsp;&nbsp;$1086906 |
| Mesa, AZ, Utility Systems Revenue, 4.00%, 7/1/37 | 1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1164803 |
| Missouri Joint Municipal Electric Utility Commission, (MoPEP Facilities), Green Bonds, 5.25%, 12/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068420 |
| South Carolina Public Service Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1581709 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037732 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/33 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2216148 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| South Carolina Public Service Authority: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/34 | $1940 | &nbsp;&nbsp;$2131974 |
|  |  | &nbsp;&nbsp;**$10287692** |
| Escrowed/Prerefunded — 0.0%<sup>†</sup> | Escrowed/Prerefunded — 0.0%<sup>†</sup> | Escrowed/Prerefunded — 0.0%<sup>†</sup> |
| Public Finance Authority, WI, (Roseman University of Health Sciences), Prerefunded to 4/1/30, 5.00%, 4/1/50<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$54662 |
|  |  | &nbsp;&nbsp;**$54662** |
| General Obligations — 25.4% | General Obligations — 25.4% | General Obligations — 25.4% |
| ABC Unified School District, CA, (Election of 2018), 4.00%, 8/1/47 | $4830 | &nbsp;&nbsp;$4395523 |
| Anne Arundel County, MD: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/42 | 2675 | &nbsp;&nbsp;&nbsp;&nbsp; 2829577 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/46 | 1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1657441 |
| Antelope Valley Union High School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 794236 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | 1245 | &nbsp;&nbsp;&nbsp;&nbsp; 1289914 |
| Baldwin County, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 580828 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 818145 |
| Bank Intercounty Drain Drainage District, MI, 4.50%, 6/1/45 | 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1002808 |
| Bar Harbor, ME, 5.00%, 9/1/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026299 |
| Belmont-Redwood Shores School District, CA, (Election of 2024), 4.50%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 747773 |
| Berkeley Unified School District, CA, (Election of 2020), 5.00%, 8/1/44 | 2710 | &nbsp;&nbsp;&nbsp;&nbsp; 2861123 |
| Beverly Hills Unified School District, CA, (Election of 2018): |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/42 | 2220 | &nbsp;&nbsp;&nbsp;&nbsp; 1872884 |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/44 | 3840 | &nbsp;&nbsp;&nbsp;&nbsp; 3125125 |
| Brighton Area School District, MI, 3.00%, 5/1/36 | 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1100353 |
| Bristol, VA, 5.00%, 9/1/27 | 1910 | &nbsp;&nbsp;&nbsp;&nbsp; 1913386 |
| Caledonia Community Schools, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 522995 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 519383 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 507015 |
| California, 5.00%, 11/1/42 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5224070 |
| Canton Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/43<sup>(3)</sup> | 2395 | &nbsp;&nbsp;&nbsp;&nbsp; 2503761 |
| Cecil County, MD, 4.50%, 8/1/53 | 2790 | &nbsp;&nbsp;&nbsp;&nbsp; 2624841 |
| Charles County, MD, 4.25%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 119836 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Charter Township of White Lake, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/42 | $1985 | &nbsp;&nbsp;$2056244 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 710786 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/35 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1915326 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/35 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2750018 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/39 | 5365 | &nbsp;&nbsp;&nbsp;&nbsp; 5270811 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/37 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5172431 |
| Connecticut, Social Bonds, 5.00%, 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 165276 |
| Cupertino Union School District, CA, (Election of 2024), 5.75%, 8/1/43 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1686508 |
| Darien, CT, 4.00%, 4/15/39 | 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1308316 |
| DuPage County School District No. 58, IL, 5.50%, 12/15/43 | 2765 | &nbsp;&nbsp;&nbsp;&nbsp; 2951826 |
| East Jackson Community Schools, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 866123 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 507153 |
| East Longmeadow, MA, 3.00%, 11/1/42 | 1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1084412 |
| Fairfield, CT, 4.00%, 7/1/42 | 1515 | &nbsp;&nbsp;&nbsp;&nbsp; 1476233 |
| Falls Church, VA, 3.00%, 7/15/42 | 1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1144837 |
| Fillmore County School District No. 25, NE, 4.625%, 6/15/45 | 1460 | &nbsp;&nbsp;&nbsp;&nbsp; 1410696 |
| Flagstaff Unified School District No. 1, AZ, 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 328119 |
| Francis Howell R-III School District, MO, Prerefunded to 3/1/28, 2.00%, 3/1/40 | 2410 | &nbsp;&nbsp;&nbsp;&nbsp; 2375093 |
| Fullerton Joint Union High School District, CA, (Election of 2024), 4.00%, 8/1/54 | 4965 | &nbsp;&nbsp;&nbsp;&nbsp; 4243475 |
| Geary County Unified School District No. 475, KS, 3.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 230887 |
| Grand Prairie Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/31 | 1715 | &nbsp;&nbsp;&nbsp;&nbsp; 1715908 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/35 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1980877 |
| Grand Rapids, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 514736 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/45 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1281030 |
| Grayson County Junior College District, TX, 4.00%, 2/15/49 | 1890 | &nbsp;&nbsp;&nbsp;&nbsp; 1593238 |
| Grosse Pointe Farms, MI, 4.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 458633 |
| Guilford County, NC, 4.00%, 3/1/45 | 1910 | &nbsp;&nbsp;&nbsp;&nbsp; 1775425 |
| Hermiston School District No. 8R, OR, 0.00%, 6/15/43 | 2565 | &nbsp;&nbsp;&nbsp;&nbsp; 983965 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/37 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1887271 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/39 | 1980 | &nbsp;&nbsp;&nbsp;&nbsp; 2057937 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45 | 1780 | &nbsp;&nbsp;&nbsp;&nbsp; 1838226 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 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) |
| Islip, NY: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;$638849 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/41 | 2095 | &nbsp;&nbsp;&nbsp;&nbsp; 2065065 |
| &nbsp;&nbsp;&nbsp;4.125%, 4/1/42 | 1080 | &nbsp;&nbsp;&nbsp;&nbsp; 1055194 |
| Kenosha County, WI: |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 413253 |
| &nbsp;&nbsp;&nbsp;1.50%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 322191 |
| Kentfield School District, CA, (Election of 2024), 4.00%, 8/1/48 | 1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1371757 |
| Leander Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/36 | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7754502 |
| Los Angeles Unified School District, CA, Green Bonds, 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 938575 |
| Lynchburg, VA, 2.375%, 8/1/40 | 1245 | &nbsp;&nbsp;&nbsp;&nbsp; 896023 |
| Mabank Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/49 | 2655 | &nbsp;&nbsp;&nbsp;&nbsp; 2275239 |
| Mandan Public School District No. 1, ND, 3.00%, 8/1/33 | 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 960353 |
| Manteca Unified School District, CA, (Election of 2020), 5.25%, 8/1/44 | 1775 | &nbsp;&nbsp;&nbsp;&nbsp; 1896337 |
| Maryland, 3.00%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 128595 |
| Menlo Park City School District, CA, (Election of 2024), 4.00%, 7/1/53 | 2480 | &nbsp;&nbsp;&nbsp;&nbsp; 2149821 |
| Napa Valley Unified School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041790 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/50 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1831328 |
| New York, 5.00%, 3/15/39 | 4155 | &nbsp;&nbsp;&nbsp;&nbsp; 4592946 |
| North Branford, CT, 4.25%, 8/1/44<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 544490 |
| Oregon, 5.00%, 5/15/50 | 1805 | &nbsp;&nbsp;&nbsp;&nbsp; 1791992 |
| Oregon City School District No. 62, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/43 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1663967 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/44 | 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1938728 |
| Pasadena Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1517227 |
| Pioneer School District No. 402, WA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/38 | 1585 | &nbsp;&nbsp;&nbsp;&nbsp; 1684504 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39 | 1535 | &nbsp;&nbsp;&nbsp;&nbsp; 1616099 |
| Pleasanton Unified School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/46 | 1065 | &nbsp;&nbsp;&nbsp;&nbsp; 1009077 |
| &nbsp;&nbsp;&nbsp;4.50%, 8/1/52 | 2195 | &nbsp;&nbsp;&nbsp;&nbsp; 2074184 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/38 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1301348 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/39 | 1385 | &nbsp;&nbsp;&nbsp;&nbsp; 1538752 |
| Portage Community School District, WI: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/44 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1108236 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 516448 |
| Prince George's County, MD, 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 921189 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Puerto Rico, 0.00%, 7/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;$339576 |
| Riverside Community College District, CA, (Election of 2024), 4.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 693219 |
| Salinas Union High School District, CA, (Election of 2020): |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 8/1/45<sup>(3)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 974640 |
| &nbsp;&nbsp;&nbsp;4.50%, 8/1/46<sup>(3)</sup> | 1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1350046 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42<sup>(3)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060092 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 840780 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44<sup>(3)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044864 |
| Salinas Union High School District, CA, (Election of 2024), 5.00%, 8/1/42<sup>(3)</sup> | 1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1415223 |
| San Bernardino Community College District, CA, (Election of 2008), 5.00%, 8/1/41<sup>(3)</sup> | 2660 | &nbsp;&nbsp;&nbsp;&nbsp; 2867889 |
| San Luis Coastal Unified School District, CA, (Election of 2022), 4.00%, 8/1/53 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1292334 |
| Santa Maria-Bonita School District, CA, (Election of 2024), 4.625%, 8/1/54 | 1850 | &nbsp;&nbsp;&nbsp;&nbsp; 1779409 |
| Santa Monica-Malibu Unified School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/52 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2300750 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | 4245 | &nbsp;&nbsp;&nbsp;&nbsp; 4472713 |
| Sarpy County School District 0037, NE, 5.00%, 12/15/27 | 1460 | &nbsp;&nbsp;&nbsp;&nbsp; 1470284 |
| Spring Lake Public Schools, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 539439 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024986 |
| Storey County School District, NV, (PSF Guaranteed), 4.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 374788 |
| Thrall Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/54 | 4150 | &nbsp;&nbsp;&nbsp;&nbsp; 4257024 |
| Union R-XI School District, MO, 5.00%, 3/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014961 |
| Virginia: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/41 | 2060 | &nbsp;&nbsp;&nbsp;&nbsp; 2001640 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/42 | 3210 | &nbsp;&nbsp;&nbsp;&nbsp; 3065046 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/43 | 1965 | &nbsp;&nbsp;&nbsp;&nbsp; 1843673 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/44 | 1170 | &nbsp;&nbsp;&nbsp;&nbsp; 1081588 |
| West Sonoma County Union High School District, CA, (Election of 2018), 5.00%, 8/1/50 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1543502 |
| Williston Basin School District #007, ND, 4.125%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 22505 |
|  |  | &nbsp;&nbsp;**$180008162** |
| Hospital — 8.8% | Hospital — 8.8% | Hospital — 8.8% |
| Calhoun County Hospital Finance Authority, MI, (Oaklawn Hospital), 5.00%, 2/15/32 | $2110 | &nbsp;&nbsp;$2127949 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Connecticut Health and Educational Facilities Authority, (Connecticut Children's Medical Center), 5.25%, 7/15/48 | $1825 | &nbsp;&nbsp;$1848911 |
| Crawford County Hospital Authority, PA, (Meadville Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 6/1/36 | 2660 | &nbsp;&nbsp;&nbsp;&nbsp; 2680463 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/1/51 | 4715 | &nbsp;&nbsp;&nbsp;&nbsp; 4608014 |
| Darke County, OH, (Wayne HealthCare), 4.00%, 9/1/45 | 3455 | &nbsp;&nbsp;&nbsp;&nbsp; 2679133 |
| Fairfax County Industrial Development Authority, VA, (Inova Health System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 341934 |
| &nbsp;&nbsp;&nbsp;4.125%, 5/15/54 | 2385 | &nbsp;&nbsp;&nbsp;&nbsp; 2048146 |
| Illinois Finance Authority, (Silver Cross Hospital and Medical Centers), 5.00%, 8/15/28 | 1670 | &nbsp;&nbsp;&nbsp;&nbsp; 1671546 |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 496262 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/30 | 1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1561814 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/26 | 1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1388413 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/27 | 1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1462620 |
| Lancaster County Hospital Authority, PA, (Penn State Health), 5.00%, 11/1/41 | 1950 | &nbsp;&nbsp;&nbsp;&nbsp; 1976582 |
| Maricopa County Industrial Development Authority, AZ, (Banner Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/44 | 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1086907 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/48 | 2865 | &nbsp;&nbsp;&nbsp;&nbsp; 2427722 |
| Michigan Finance Authority, (Henry Ford Health System), 4.00%, 11/15/46 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1637529 |
| Michigan Finance Authority, (McLaren Health Care), 4.00%, 2/15/47 | 6165 | &nbsp;&nbsp;&nbsp;&nbsp; 5165745 |
| Michigan Finance Authority, (Trinity Health Credit Group), 4.00%, 12/1/49 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2453953 |
| Missouri Health and Educational Facilities Authority, (Mercy Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/47 | 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 2624389 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/49 | 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2209302 |
| Nassau County Local Economic Assistance Corp., NY, (Catholic Health Services of Long Island), 5.00%, 7/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000934 |
| New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 473444 |
| New York Dormitory Authority, (Montefiore Medical Center), 5.25%, 11/1/39 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1172292 |
| Oroville, CA, (Oroville Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/31 | 1705 | &nbsp;&nbsp;&nbsp;&nbsp; 1421833 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/34 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1384740 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| South Carolina Jobs-Economic Development Authority, (Beaufort Memorial Hospital & South of Broad Healthcare): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/32 | $&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;$469686 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 414072 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 382521 |
| Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/28 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1557755 |
| Spartanburg Regional Health Services District, Inc., SC, 4.00%, 4/15/43 | 3080 | &nbsp;&nbsp;&nbsp;&nbsp; 2658543 |
| Virginia Small Business Financing Authority, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/49 | 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1027253 |
| Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/36 | 1935 | &nbsp;&nbsp;&nbsp;&nbsp; 1899103 |
| Wisconsin Health and Educational Facilities Authority, (Ascension Senior Credit Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/46 | 3320 | &nbsp;&nbsp;&nbsp;&nbsp; 2829126 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 5/15/26, 4.00%, 11/15/46 | 3220 | &nbsp;&nbsp;&nbsp;&nbsp; 3256847 |
|  |  | &nbsp;&nbsp;**$62445483** |
| Housing — 9.2% | Housing — 9.2% | Housing — 9.2% |
| Alabama Housing Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA), 4.45%, 10/1/44 | $1440 | &nbsp;&nbsp;$1359697 |
| Alaska Housing Finance Corp., 4.65%, 6/1/51 | 1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1332595 |
| California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/37 | 1825 | &nbsp;&nbsp;&nbsp;&nbsp; 1866749 |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance): |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 771969 |
| &nbsp;&nbsp;&nbsp;1.10%, 11/15/29 | 3815 | &nbsp;&nbsp;&nbsp;&nbsp; 3418056 |
| Delaware State Housing Authority, (FHLMC), (FNMA), (GNMA), 4.45%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 188446 |
| Douglas County Housing Authority, GA, (Astoria at Crystal Lake), (FNMA), 4.375%, 4/1/43 | 2870 | &nbsp;&nbsp;&nbsp;&nbsp; 2669925 |
| Georgia Housing and Finance Authority, 2.40%, 12/1/41 | 2120 | &nbsp;&nbsp;&nbsp;&nbsp; 1507150 |
| Inlivian, NC, (Barton South), (FNMA), 5.05%, 2/1/43 | 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1872013 |
| King County Housing Authority, WA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 996577 |
| &nbsp;&nbsp;&nbsp;5.375%, 7/1/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006850 |
| Louisiana Housing Corp., SFMR, (FHLMC), (FNMA), (GNMA), 4.50%, 12/1/45 | 3510 | &nbsp;&nbsp;&nbsp;&nbsp; 3350841 |
| Maine Housing Authority, Social Bonds, 4.50%, 11/15/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 923091 |
| Maricopa County and Phoenix Industrial Development Authorities, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.625%, 9/1/44 | 1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1329984 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.65%, 9/1/44 | 1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1017807 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Maryland Community Development Administration, (Villages at Marley Station), Sustainability Bonds, (FNMA), 4.35%, 2/1/44 | $1985 | &nbsp;&nbsp;$1812697 |
| Maryland Department of Housing and Community Development Administration: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 270747 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 4.45%, 7/1/44 | 3430 | &nbsp;&nbsp;&nbsp;&nbsp; 3297173 |
| Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (Trinity Flats Apartments), (FNMA MBS-Secured), 5.10%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 854856 |
| Michigan Housing Development Authority, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.35%, 12/1/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1859573 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.45%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 632837 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.50%, 12/1/40 | 2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2409545 |
| Missouri Housing Development Commission, (FHLMC), (FNMA), (GNMA), 2.55%, 11/1/40 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1105360 |
| Nebraska Investment Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 2024 Series C, 4.55%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 217977 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 2024 Series G, 4.55%, 9/1/44 | 1965 | &nbsp;&nbsp;&nbsp;&nbsp; 1862279 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), GNMA), 4.70%, 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 297077 |
| Nevada Housing Division, (FHLMC), (FNMA), GNMA), 4.65%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 473229 |
| New Mexico Mortgage Finance Authority, (Single Family Mortgage Program), (FHLMC), (FNMA), (GNMA), 3.00%, 7/1/50 | 1090 | &nbsp;&nbsp;&nbsp;&nbsp; 767043 |
| New York City Housing Development Corp., NY, Sustainable Development Bonds, 2.85%, 11/1/39 | 2975 | &nbsp;&nbsp;&nbsp;&nbsp; 2284900 |
| North Carolina Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 4.35%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 871331 |
| North Dakota Housing Finance Agency, Social Bonds, 4.50%, 7/1/43 | 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2087455 |
| Norwalk Housing Authority, CT, (Monterey Village Apartments), (FNMA), 4.40%, 9/1/42 | 1820 | &nbsp;&nbsp;&nbsp;&nbsp; 1725508 |
| Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 4.45%, 10/1/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1877472 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/37 | 1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1237802 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 364312 |
| Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/34 | 2560 | &nbsp;&nbsp;&nbsp;&nbsp; 2619122 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | 1595 | &nbsp;&nbsp;&nbsp;&nbsp; 1595783 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| South Carolina Housing Finance and Development Authority, 4.60%, 7/1/49 | $3455 | &nbsp;&nbsp;$3225301 |
| 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 | 2490 | &nbsp;&nbsp;&nbsp;&nbsp; 2403148 |
| Utah Housing Corp., (Promontory Place Apartments), (FNMA), 4.69%, 2/1/45 | 1630 | &nbsp;&nbsp;&nbsp;&nbsp; 1569076 |
| Vancouver Housing Authority, WA, (Esther Short), 4.50%, 10/1/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1924495 |
| Virginia Housing Development Authority, 5.125%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 207347 |
| Wyoming Community Development Authority, (Pershing Pointe Apartments), (FNMA MBS-Secured), 4.25%, 2/1/41 | 1935 | &nbsp;&nbsp;&nbsp;&nbsp; 1828974 |
|  |  | &nbsp;&nbsp;**$65294169** |
| Industrial Development Revenue — 4.4% | Industrial Development Revenue — 4.4% | Industrial Development Revenue — 4.4% |
| Houston, TX, (United Airlines, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/15/27 | $2545 | &nbsp;&nbsp;$2555635 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 7/15/36 | 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3930047 |
| Luzerne County Industrial Development Authority, PA, (Pennsylvania-American Water Co.), (AMT), 2.45% to 12/3/29 (Put Date), 12/1/39 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2436231 |
| National Finance Authority, NH, (Covanta), Green Bonds, (AMT), 3.75% to 7/2/40 (Put Date), 7/1/45<sup>(1)</sup> | 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 4331636 |
| New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.625%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 215226 |
| New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (AMT), 2.45% to 4/1/26 (Put Date), 4/1/59 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2485367 |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44<sup>(1)</sup> | 1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1093959 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/34 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5063814 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.00%, 4/1/35 | 1385 | &nbsp;&nbsp;&nbsp;&nbsp; 1500570 |
| Public Finance Authority, WI, (Celanese Corp.), (AMT), 5.00%, 12/1/25 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002000 |
| Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 1.10% to 6/1/26 (Put Date), 7/1/29 | 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6353655 |
|  |  | &nbsp;&nbsp;**$30968140** |
| Insured - Education — 0.9% | Insured - Education — 0.9% | Insured - Education — 0.9% |
| College of Charleston, SC, (AG), 4.25%, 4/1/45 | $4630 | &nbsp;&nbsp;$4256886 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Education (continued) | Insured - Education (continued) | Insured - Education (continued) |
| Louisiana Local Government Environmental Facilities and Community Development Authority, (Calcasieu Parish School), (BAM), 4.00%, 12/1/44 | $2585 | &nbsp;&nbsp;$2206571 |
| Western Michigan University, (AG), 5.00%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 244505 |
|  |  | &nbsp;&nbsp;**$6707962** |
| Insured - Electric Utilities — 0.3% | Insured - Electric Utilities — 0.3% | Insured - Electric Utilities — 0.3% |
| Puerto Rico Electric Power Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;$279987 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/29 | 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1118527 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 533435 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 99097 |
|  |  | &nbsp;&nbsp;**$2031046** |
| Insured - General Obligations — 4.2% | Insured - General Obligations — 4.2% | Insured - General Obligations — 4.2% |
| Bassett Unified School District, CA, (Election of 2020): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.25%, 8/1/50 | $1635 | &nbsp;&nbsp;$1714664 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.25%, 8/1/54 | 2270 | &nbsp;&nbsp;&nbsp;&nbsp; 2373981 |
| Bromley Park Metropolitan District No. 3, CO, (AG), 4.00%, 12/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 865436 |
| Cameron School District, WI, (BAM), 4.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 451359 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), 0.00%, 12/1/26 | 1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1506754 |
| &nbsp;&nbsp;&nbsp;(NPFG), 0.00%, 12/1/28 | 1560 | &nbsp;&nbsp;&nbsp;&nbsp; 1378461 |
| Colfax County School District No. 58, NE, (AG), 4.25%, 12/15/45 | 1630 | &nbsp;&nbsp;&nbsp;&nbsp; 1485824 |
| Fort Bend County Municipal Management District No. 1, TX, (AG), 3.50%, 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 608646 |
| Generation Park Management District, TX, (AG), 3.50%, 9/1/45 | 4430 | &nbsp;&nbsp;&nbsp;&nbsp; 3464467 |
| Harris County Municipal Utility District No. 165, TX, (BAM), 3.375%, 3/1/44 | 2370 | &nbsp;&nbsp;&nbsp;&nbsp; 1843495 |
| Harris County Municipal Utility District No. 55, TX, (AG), 3.00%, 2/1/42 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1035418 |
| Johnson and Miami Counties Unified School District No. 230, KS, (AG), 6.00%, 9/1/40 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1935493 |
| Mount Horeb Area School District, WI, (AG), 4.00%, 3/1/42 | 2285 | &nbsp;&nbsp;&nbsp;&nbsp; 2099438 |
| Mountain View School District, CA, (Election of 2020), (BAM), 5.00%, 8/1/49 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027622 |
| North Platte, NE: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.00%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 96362 |
| &nbsp;&nbsp;&nbsp;(AG), 4.375%, 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 601344 |
| Raindance Metropolitan District No. 2, CO: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 747414 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.00%, 12/1/49 | 1855 | &nbsp;&nbsp;&nbsp;&nbsp; 1520233 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Shreveport, LA, (AG), 5.25%, 3/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;$963177 |
| St. Clair County School District No. 118, IL, (BAM), 5.50%, 12/1/39 | 1525 | &nbsp;&nbsp;&nbsp;&nbsp; 1634834 |
| Washington County Elementary School District No. 6, AZ, (BAM), 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 525962 |
| Waterstone Metropolitan District No. 1, CO: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 521410 |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 400127 |
| West Baton Rouge Parish School Board, LA, (AG), 5.25%, 3/1/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039108 |
|  |  | &nbsp;&nbsp;**$29841029** |
| Insured - Hospital — 0.8% | Insured - Hospital — 0.8% | Insured - Hospital — 0.8% |
| Grand Forks, ND, (Altru Health System), (AG), 3.00%, 12/1/51 | $2500 | &nbsp;&nbsp;$1649804 |
| Virginia Commonwealth University Health System Authority, (BAM), 4.00%, 7/1/54 | 4795 | &nbsp;&nbsp;&nbsp;&nbsp; 4163295 |
|  |  | &nbsp;&nbsp;**$5813099** |
| Insured - Special Tax Revenue — 1.4% | Insured - Special Tax Revenue — 1.4% | Insured - Special Tax Revenue — 1.4% |
| Centerton, AR, Sales and Use Tax Revenue, (AG), 4.125%, 11/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$136380 |
| Downtown Revitalization Public Infrastructure District, UT, (AG), 5.25%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 527335 |
| Lake Elsinore Facilities Financing Authority, CA, (AG), 5.00%, 9/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084526 |
| Sales Tax Securitization Corp., IL, (BAM), 5.00%, 1/1/37 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4149534 |
| San Clemente Facilities District No. 2006-1, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/40 | 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1355616 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/44 | 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2491644 |
|  |  | &nbsp;&nbsp;**$9745035** |
| Insured - Transportation — 1.2% | Insured - Transportation — 1.2% | Insured - Transportation — 1.2% |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 4.00%, 1/1/46 | $5000 | &nbsp;&nbsp;$4265042 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 951612 |
| Houston, TX, Airport System Revenue, (AG), (AMT), 5.00%, 7/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030256 |
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AG), (AMT), 5.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 185332 |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AG), (AMT), 4.00%, 7/1/32 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999978 |
|  |  | &nbsp;&nbsp;**$8432220** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Water and Sewer — 1.0% | Insured - Water and Sewer — 1.0% | Insured - Water and Sewer — 1.0% |
| Bennett, CO, Wastewater Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.125%, 12/1/49 | $2195 | &nbsp;&nbsp;$1914571 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 863170 |
| Central Weld County Water District, CO, (BAM), 5.00%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 497520 |
| Chisholm Creek Utility Authority, KS, (Cities of Bel Aire and Park City), Water and Wastewater Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 295965 |
| &nbsp;&nbsp;&nbsp;(AG), 4.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 539148 |
| Hot Springs, AR, Wastewater Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (BAM), 4.125%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 671210 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (BAM), 4.375%, 12/1/50 | 1460 | &nbsp;&nbsp;&nbsp;&nbsp; 1295282 |
| Southwestern Pennsylvania Water Authority, (AG), 3.00%, 9/15/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 938805 |
|  |  | &nbsp;&nbsp;**$7015671** |
| Lease Revenue/Certificates of Participation — 2.7% | Lease Revenue/Certificates of Participation — 2.7% | Lease Revenue/Certificates of Participation — 2.7% |
| Castle Rock, CO, 5.25%, 12/1/43<sup>(3)</sup> | $1255 | &nbsp;&nbsp;$1304236 |
| Crothersville 2000 School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 516028 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 608923 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202186 |
| Eagle County, CO, 4.375%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 595247 |
| Evergreen Park and Recreation District, CO: |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 333761 |
| &nbsp;&nbsp;&nbsp;4.50%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 618994 |
| &nbsp;&nbsp;&nbsp;4.50%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 546984 |
| Hancock County Redevelopment Authority, IN, 4.125%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 666743 |
| Iredell County, NC, 4.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 228171 |
| Knightdale, NC, 4.00%, 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 249269 |
| Loudoun County Economic Development Authority, VA, 4.00%, 12/1/41 | 2490 | &nbsp;&nbsp;&nbsp;&nbsp; 2347520 |
| Oklahoma Development Finance Authority, 4.00%, 6/1/43 | 5265 | &nbsp;&nbsp;&nbsp;&nbsp; 4632819 |
| Pennsylvania, 5.00%, 7/1/43 | 2160 | &nbsp;&nbsp;&nbsp;&nbsp; 2180860 |
| Snowmass Village, CO: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 792694 |
| &nbsp;&nbsp;&nbsp;4.75%, 12/1/55 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1323979 |
| Vail, CO, 5.375%, 12/1/55 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1540420 |
| Will and Kankakee Counties Community Unit School District No. 255-U, IL, 5.00%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 701224 |
|  |  | &nbsp;&nbsp;**$19390058** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue — 4.0% | Other Revenue — 4.0% | Other Revenue — 4.0% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;2.66%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49<sup>(2)</sup> | $5000 | &nbsp;&nbsp;$4937831 |
| &nbsp;&nbsp;&nbsp;5.50% to 2/1/29 (Put Date), 6/1/49 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2634078 |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | 4930 | &nbsp;&nbsp;&nbsp;&nbsp; 5134286 |
| California Infrastructure and Economic Development Bank, (Los Angeles County Museum of Art), 2.99%, (SIFMA + 0.70%), 6/1/26 (Put Date), 12/1/50<sup>(2)</sup> | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2288312 |
| Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 734257 |
| Kalispel Tribe of Indians, WA: |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.00%, 1/1/32<sup>(1)</sup> | 1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1485515 |
| &nbsp;&nbsp;&nbsp;Series B, 5.00%, 1/1/32<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020972 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 12/1/30 (Put Date), 5/1/54 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2111738 |
| Morongo Band of Mission Indians, CA, 5.00%, 10/1/42<sup>(1)</sup> | 1775 | &nbsp;&nbsp;&nbsp;&nbsp; 1754632 |
| Public Finance Authority, WI, (Inperium, Inc.), 5.00%, 12/1/34<sup>(1)</sup> | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1778661 |
| Southeast Energy Authority, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 2/1/31 (Put Date), 5/1/55 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1329827 |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/35 (Put Date), 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504865 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 3.769%, (67% of 3 mo. SOFR + 0.70%), 12/15/26<sup>(2)</sup> | 1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1675651 |
| Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue, 3.713%, (66% of 3 mo. SOFR + 0.863%), 9/15/27<sup>(2)</sup> | 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1021805 |
|  |  | &nbsp;&nbsp;**$28412430** |
| Senior Living/Life Care — 7.9% | Senior Living/Life Care — 7.9% | Senior Living/Life Care — 7.9% |
| Arizona Industrial Development Authority, AZ, (Mirabella at ASU), 5.35% to 1/1/27 (Put Date), 10/1/28<sup>(1)</sup> | $2035 | &nbsp;&nbsp;$1914557 |
| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/26 | 1730 | &nbsp;&nbsp;&nbsp;&nbsp; 1735742 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/27 | 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1324632 |
| Centerville, OH, (Graceworks Lutheran Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 773198 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 327587 |
| Clackamas County Hospital Facility Authority, OR, (Rose Villa): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 305089 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 320035 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 334484 |
| &nbsp;&nbsp;&nbsp;5.375%, 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 266949 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$600069 |
| Colorado Health Facilities Authority, (Frasier Meadows Retirement Community): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 351891 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 405697 |
| District of Columbia, (Ingleside at Rock Creek), 4.125%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 361142 |
| Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504939 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 341525 |
| Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 4.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 139257 |
| Howard County, MD, (Vantage House): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 345286 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/36 | 1985 | &nbsp;&nbsp;&nbsp;&nbsp; 1894940 |
| Illinois Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 370147 |
| Illinois Finance Authority, (Presbyterian Homes Obligated Group), 2.99%, (SIFMA + 0.70%), 5/1/26 (Put Date), 5/1/42<sup>(2)</sup> | 1090 | &nbsp;&nbsp;&nbsp;&nbsp; 1082870 |
| Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 1024302 |
| Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 4.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 292400 |
| Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201081 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150164 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 198614 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 98245 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 194125 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 336052 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 331167 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 367512 |
| Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/33 | 1890 | &nbsp;&nbsp;&nbsp;&nbsp; 1889208 |
| National Finance Authority, NH, (The Vista): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 908066 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/54<sup>(1)</sup> | 1725 | &nbsp;&nbsp;&nbsp;&nbsp; 1625269 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Bella Vida Forefront Living), 5.25%, 10/1/30 | 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1282583 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/26 | 1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1044862 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/27 | 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 1112933 |

---

---

| | | |
|:---|:---|:---|
| **<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) |
| New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/29 | $1205 | &nbsp;&nbsp;$1223632 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp; 638684 |
| New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 435233 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 285260 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 193359 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | 2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2301618 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/49 | 3020 | &nbsp;&nbsp;&nbsp;&nbsp; 2548062 |
| Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge), 4.00%, 1/1/29 | 1090 | &nbsp;&nbsp;&nbsp;&nbsp; 1080516 |
| Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 255102 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 300101 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 786996 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 658370 |
| Public Finance Authority, WI, (Penick Village), 5.00%, 9/1/39<sup>(1)</sup> | 1540 | &nbsp;&nbsp;&nbsp;&nbsp; 1486364 |
| Santa Fe, NM, (El Castillo Retirement Residences): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/34 | 1195 | &nbsp;&nbsp;&nbsp;&nbsp; 1210118 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 462975 |
| South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community), 4.00%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 586958 |
| South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/28 | 1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1697128 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013289 |
| St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis Obligated Group), 5.00%, 9/1/27 | 1930 | &nbsp;&nbsp;&nbsp;&nbsp; 1980623 |
| St. Louis County Industrial Development Authority, MO, (St. Andrew's Resources for Seniors Obligated Group), 5.00%, 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 214811 |
| Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 5.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 513332 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.875%, 11/15/55 | 4650 | &nbsp;&nbsp;&nbsp;&nbsp; 3886455 |
| Tulsa County Industrial Authority, OK, (Montereau, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 549397 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 407180 |
| Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 587342 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| Virginia Beach Development Authority, VA, (Westminster-Canterbury on Chesapeake Bay), 6.25%, 9/1/30 | $2000 | &nbsp;&nbsp;$2018013 |
| Washington Housing Finance Commission, (Bayview Manor Homes): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 194761 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 990357 |
| Washington Housing Finance Commission, (Judson Park), 4.00%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 144230 |
| Washington Housing Finance Commission, (Transforming Age): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 850513 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 454099 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 472682 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 505345 |
|  |  | &nbsp;&nbsp;**$55689524** |
| Special Tax Revenue — 2.1% | Special Tax Revenue — 2.1% | Special Tax Revenue — 2.1% |
| Baltimore, MD, (Harbor Point): |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, 6/1/35<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;$284991 |
| &nbsp;&nbsp;&nbsp;3.50%, 6/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 564539 |
| Bullhead City, AZ, Excise Taxes Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;2.10%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 460074 |
| &nbsp;&nbsp;&nbsp;2.55%, 7/1/46 | 1265 | &nbsp;&nbsp;&nbsp;&nbsp; 803088 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 674619 |
| Hamilton County & Chattanooga Sports Authority, TN, (Stadium Project), 6.00%, 12/1/55 | 1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1841402 |
| Juban Crossing Economic Development District, LA, (Drainage Projects), 4.25%, 9/15/44 | 1710 | &nbsp;&nbsp;&nbsp;&nbsp; 1513233 |
| Juban Crossing Economic Development District, LA, (General Infrastructure Projects), 5.00%, 9/15/49 | 1960 | &nbsp;&nbsp;&nbsp;&nbsp; 1872311 |
| Louisiana Local Government Environmental Facilities and Community Development Authority, (City of Slidell): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 71609 |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 694033 |
| Maryland Department of Transportation, 2.50%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 424184 |
| Mida Mountain Village Public Infrastructure District, UT, 5.50%, 6/15/39<sup>(1)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990721 |
| Omaha, NE, Riverfront Redevelopment Special Tax Revenue, 4.00%, 4/15/54 | 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1577778 |
| Oxford City Board of Education, AL, 4.00%, 5/1/50 | 1480 | &nbsp;&nbsp;&nbsp;&nbsp; 1251882 |
| South Village Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 94606 |
| &nbsp;&nbsp;&nbsp;4.35%, 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60260 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;$613335 |
|  |  | &nbsp;&nbsp;**$14792665** |
| Student Loan — 0.5% | Student Loan — 0.5% | Student Loan — 0.5% |
| Connecticut Higher Education Supplemental Loan Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.125%, 11/15/40 | $2605 | &nbsp;&nbsp;$2479913 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.875%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 172918 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp; 849501 |
|  |  | &nbsp;&nbsp;**$3502332** |
| Transportation — 8.8% | Transportation — 8.8% | Transportation — 8.8% |
| Bay Area Toll Authority, CA, (San Francisco Bay Area), Toll Bridge Revenue, 2.74%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56<sup>(2)</sup> | $3200 | &nbsp;&nbsp;$3178513 |
| Chicago, IL, (O'Hare International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/38 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2580158 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/39 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1533746 |
| Colorado Bridge Enterprise, (Central 70 Project), (AMT), 4.00%, 12/31/28 | 2760 | &nbsp;&nbsp;&nbsp;&nbsp; 2787332 |
| Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/41 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2029660 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/36 | 3080 | &nbsp;&nbsp;&nbsp;&nbsp; 3159917 |
| Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/35 | 1995 | &nbsp;&nbsp;&nbsp;&nbsp; 2028049 |
| Metropolitan Washington Airports Authority, D.C.: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/38 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1650168 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/42 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4986198 |
| Oklahoma Turnpike Authority, 5.50%, 1/1/53 | 4165 | &nbsp;&nbsp;&nbsp;&nbsp; 4322026 |
| Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/42 | 2990 | &nbsp;&nbsp;&nbsp;&nbsp; 2955057 |
| Port of Seattle, WA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 5/1/43 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4288220 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/37 | 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2120454 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/37 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3029220 |
| Public Finance Authority, WI, (Georgia SR 400 Express Lanes), (AMT), 6.50%, 6/30/60<sup>(3)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2630259 |
| Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/47 | 2090 | &nbsp;&nbsp;&nbsp;&nbsp; 2044199 |
| San Diego County Regional Airport Authority, CA, (San Diego International Airport), (AMT), 5.25%, 7/1/38 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4780966 |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/44 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4964898 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 5/1/42 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4137594 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/34 | $3000 | &nbsp;&nbsp;$3130319 |
|  |  | &nbsp;&nbsp;**$62336953** |
| Water and Sewer — 3.8% | Water and Sewer — 3.8% | Water and Sewer — 3.8% |
| Arkansas Development Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | $1500 | &nbsp;&nbsp;$1570689 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039845 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033873 |
| Beaufort-Jasper Water and Sewer Authority, SC, 4.00%, 3/1/47 | 2245 | &nbsp;&nbsp;&nbsp;&nbsp; 1959197 |
| Corpus Christi, TX, Utility System Revenue, 4.00%, 7/15/48 | 3930 | &nbsp;&nbsp;&nbsp;&nbsp; 3425301 |
| East Bay Municipal Utility District, CA, Water System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 502798 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 1082810 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/43 | 1080 | &nbsp;&nbsp;&nbsp;&nbsp; 1154032 |
| Gainesville, GA, Water and Sewerage Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51864 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25696 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.25%, 6/15/47 | 2835 | &nbsp;&nbsp;&nbsp;&nbsp; 2915772 |
| Sumner, WA, Water and Sewer Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 255439 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 268822 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 276953 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 127042 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 314477 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 223218 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 144342 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 224492 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/49 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1315903 |
| Texas Water Development Board, 5.00%, 8/1/41 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2099597 |
| Virginia Beach, VA, Storm Water Utility Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/44 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3196509 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/49 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2639171 |
| Walton County Water and Sewerage Authority, GA, 5.00%, 2/1/53 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1312194 |
|  |  | &nbsp;&nbsp;**$27160036** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $702,022,464) |  | &nbsp;&nbsp;**$679159552** |

---

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

Taxable Municipal Obligations — 5.7%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 0.3% | Education — 0.3% | Education — 0.3% |
| Maricopa County Industrial Development Authority, AZ, (Grand Canyon University), 7.375%, 10/1/29<sup>(1)</sup> | $1000 | &nbsp;&nbsp;$1032896 |
| University of California, 3.349%, 7/1/29 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1120113 |
|  |  | &nbsp;&nbsp;**$2153009** |
| General Obligations — 2.7% | General Obligations — 2.7% | General Obligations — 2.7% |
| Atlantic City, NJ, 7.00%, 3/1/28 | $1390 | &nbsp;&nbsp;$1443834 |
| California: |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 4/1/34<sup>(4)</sup> | 2310 | &nbsp;&nbsp;&nbsp;&nbsp; 2676890 |
| &nbsp;&nbsp;&nbsp;7.55%, 4/1/39<sup>(4)</sup> | 2725 | &nbsp;&nbsp;&nbsp;&nbsp; 3260559 |
| Chicago, IL: |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 1/1/33 | 2899 | &nbsp;&nbsp;&nbsp;&nbsp; 3111082 |
| &nbsp;&nbsp;&nbsp;7.781%, 1/1/35 | 2590 | &nbsp;&nbsp;&nbsp;&nbsp; 2870788 |
| Larkspur-Corte Madera School District, CA, (Election of 2011 and 2014), 2.002%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 536303 |
| Marin Community College District, CA, 2.14%, 8/1/34 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1219776 |
| Mattawan Consolidated School, MI, 1.966%, 5/1/32 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 931137 |
| Southwestern Illinois Community College District No. 522, 5.50%, 12/1/30 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3251783 |
|  |  | &nbsp;&nbsp;**$19302152** |
| Hospital — 0.1% | Hospital — 0.1% | Hospital — 0.1% |
| California Infrastructure and Economic Development Bank, (Adventist Health Energy), 5.929%, 7/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;$1006192 |
|  |  | &nbsp;&nbsp;**$1006192** |
| Housing — 0.6% | Housing — 0.6% | Housing — 0.6% |
| Maine Housing Authority, (SPA: TD Bank, N.A.), 4.35%, 11/15/50<sup>(5)</sup> | $3120 | &nbsp;&nbsp;$3120000 |
| North Dakota Housing Finance Agency, (SPA: TD Bank, N.A.), 4.35%, 1/1/47<sup>(5)</sup> | 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1020000 |
|  |  | &nbsp;&nbsp;**$4140000** |
| Insured - General Obligations — 0.2% | Insured - General Obligations — 0.2% | Insured - General Obligations — 0.2% |
| Altoona Area School District, PA, (BAM), 2.288%, 12/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$601254 |
| Effingham County Industrial Development Authority, GA, (BAM), 6.00%, 4/1/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001894 |
|  |  | &nbsp;&nbsp;**$1603148** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue — 0.5% | Insured - Special Tax Revenue — 0.5% | Insured - Special Tax Revenue — 0.5% |
| Bexar County, TX, Venue Project Revenue, (AG), 2.434%, 8/15/33 | $1505 | &nbsp;&nbsp;$1273525 |
| Rio Elementary School District Community Facilities District No. 1, CA, (BAM), 2.457%, 9/1/32 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1275520 |
| Successor Agency to San Bernardino County Redevelopment Agency, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 3.75%, 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 499559 |
| &nbsp;&nbsp;&nbsp;(AG), 4.00%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 496263 |
|  |  | &nbsp;&nbsp;**$3544867** |
| Insured - Transportation — 0.2% | Insured - Transportation — 0.2% | Insured - Transportation — 0.2% |
| Alameda Corridor Transportation Authority, CA, (AG), 0.00%, 10/1/38 | $2500 | &nbsp;&nbsp;$1162192 |
|  |  | &nbsp;&nbsp;**$1162192** |
| Special Tax Revenue — 1.1% | Special Tax Revenue — 1.1% | Special Tax Revenue — 1.1% |
| Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 4.726%, 7/1/27 | $1975 | &nbsp;&nbsp;$1998606 |
| Massachusetts School Building Authority, Social Bonds, 1.753%, 8/15/30 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1803389 |
| Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 5.25%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 332995 |
| Oneida Indian Nation of New York, NY, 7.25%, 9/1/34<sup>(1)</sup> | 3255 | &nbsp;&nbsp;&nbsp;&nbsp; 3292433 |
|  |  | &nbsp;&nbsp;**$7427423** |
| Total Taxable Municipal Obligations<br> (identified cost $40,706,328) |  | &nbsp;&nbsp;**$40338983** |
| Total Investments — 101.5%<br> (identified cost $743,166,467) |  | &nbsp;&nbsp;**$719936179** |
| Other Assets, Less Liabilities — (1.5)% |  | &nbsp;&nbsp;**$(10781644)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$709154535** |

---

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

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | 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 July 31, 2025, the aggregate value of these securities is $37,516,253 or 5.3% of the Fund's net assets. |
| <sup>(2)</sup> | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2025. |
| <sup>(3)</sup> | When-issued security. |
| <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. |
| <sup>(5)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2025. |
| At July 31, 2025, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: | At July 31, 2025, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California | 19.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 82.5% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2025, 10.5% 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 5.5% of total investments.

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| **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 |
| MBS | – Mortgage-Backed Security |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**July 31, 2025** |
| Assets |  |
| Investments, at value (identified cost $743,166,467) | &nbsp;&nbsp;$719936179 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494963 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7416776 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6053556 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048792 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71092 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77882 |
| **Total assets** | &nbsp;&nbsp;**$737099240** |
| Liabilities |  |
| Payable for investments purchased | &nbsp;&nbsp;$47769 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25503306 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515054 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151813 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357124 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21536 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77882 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267759 |
| **Total liabilities** | &nbsp;&nbsp;**$27944705** |
| **Net Assets** | &nbsp;&nbsp;**$709154535** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$786588318 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77433783) |
| **Net Assets** | &nbsp;&nbsp;**$709154535** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$70904567 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6465420 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.97 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$11.34 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$7228482 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659359 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.96 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$631021486 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57463926 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.98 |

---

---

| | |
|:---|:---|
| 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_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**July 31, 2025** |
| Investment Income |  |
| Interest income | &nbsp;&nbsp;$29689225 |
| **Total investment income** | &nbsp;&nbsp;**$29689225** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$4142553 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165052 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89835 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45706 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176453 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217203 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133000 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19913 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92983 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202309 |
| **Total expenses** | &nbsp;&nbsp;**$5285007** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$341917 |
| **Total expense reductions** | &nbsp;&nbsp;**$341917** |
| **Net expenses** | &nbsp;&nbsp;**$4943090** |
| **Net investment income** | &nbsp;&nbsp;**$24746135** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$199749 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093490 |
| **Net realized gain** | &nbsp;&nbsp;**$1293239** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(26428288) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(26428288)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(25135049)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(388914)** |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$24746135 | &nbsp;&nbsp;$21593235 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117038 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26428288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10038450 |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(388914)** | &nbsp;&nbsp;**$35748723** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(2178890) | &nbsp;&nbsp;$(1911386) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331160) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22126318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18686601) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(24532021)** | &nbsp;&nbsp;**$(20929147)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$12864877 | &nbsp;&nbsp;$(1923021) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3417252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4682182) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69261351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80369501 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$78708976** | &nbsp;&nbsp;**$73764298** |
| **Net increase in net assets** | &nbsp;&nbsp;**$53788041** | &nbsp;&nbsp;**$88583874** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$655366494 | &nbsp;&nbsp;$566782620 |
| **At end of year** | &nbsp;&nbsp;**$709154535** | &nbsp;&nbsp;**$655366494** |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$11.35 | &nbsp;&nbsp;$11.13 | &nbsp;&nbsp;$11.39 | &nbsp;&nbsp;$12.87 | &nbsp;&nbsp;$12.33 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.01)** | &nbsp;&nbsp;**$0.58** | &nbsp;&nbsp;**$0.07** | &nbsp;&nbsp;**$(1.07)** | &nbsp;&nbsp;**$0.77** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.23) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(0.23)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.97** | &nbsp;&nbsp;**$11.35** | &nbsp;&nbsp;**$11.13** | &nbsp;&nbsp;**$11.39** | &nbsp;&nbsp;**$12.87** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.12)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.36%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.65%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.47)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.34%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$70905 | &nbsp;&nbsp;$60358 | &nbsp;&nbsp;$61217 | &nbsp;&nbsp;$79594 | &nbsp;&nbsp;$127729 |
| 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;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &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;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% |

---

<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%.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$11.35 | &nbsp;&nbsp;$11.13 | &nbsp;&nbsp;$11.39 | &nbsp;&nbsp;$12.87 | &nbsp;&nbsp;$12.33 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;**$0.50** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$(1.16)** | &nbsp;&nbsp;**$0.68** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.14) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.14)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.96** | &nbsp;&nbsp;**$11.35** | &nbsp;&nbsp;**$11.13** | &nbsp;&nbsp;**$11.39** | &nbsp;&nbsp;**$12.87** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.95)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.57%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.11)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.15)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.55%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$7228 | &nbsp;&nbsp;$10908 | &nbsp;&nbsp;$15391 | &nbsp;&nbsp;$24274 | &nbsp;&nbsp;$36398 |
| 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;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| &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;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% |

---

<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%.

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;**Year Ended July 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;$11.37 | &nbsp;&nbsp;$11.15 | &nbsp;&nbsp;$11.41 | &nbsp;&nbsp;$12.89 | &nbsp;&nbsp;$12.35 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.01** | &nbsp;&nbsp;**$0.61** | &nbsp;&nbsp;**$0.10** | &nbsp;&nbsp;**$(1.04)** | &nbsp;&nbsp;**$0.81** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.27) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.44)** | &nbsp;&nbsp;**$(0.27)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$10.98** | &nbsp;&nbsp;**$11.37** | &nbsp;&nbsp;**$11.15** | &nbsp;&nbsp;**$11.41** | &nbsp;&nbsp;**$12.89** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.53%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.90%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.22)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.60%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$631021 | &nbsp;&nbsp;$584101 | &nbsp;&nbsp;$490175 | &nbsp;&nbsp;$645430 | &nbsp;&nbsp;$1202483 |
| 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;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &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;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% |

---

<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%.

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Municipal Opportunities Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund seeks to maximize after-tax total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable 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 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—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

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

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

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

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

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Notes to Financial Statements — continued

------

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

H Floating Rate Notes Issued in Conjunction with Securities Held—The Fund may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a Fund), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by the Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Fund accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes as a liability under the caption "Payable for floating rate notes issued" in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. Interest expense related to the Fund's liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the Fund 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. The Fund had no Floating Rate Notes outstanding during the year ended July 31, 2025.

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

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

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

I Futures Contracts —Upon entering into a futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest

------

[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Notes to Financial Statements — continued

------

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.

K Segment Reporting—During this reporting period, the Fund 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. The 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 Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended July 31, 2025 and July 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$21517634 | &nbsp;&nbsp;&nbsp;&nbsp;$18239948 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$3014387 | &nbsp;&nbsp;&nbsp;&nbsp;$2689199 |

---

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

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$144668 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54983404) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22443234) |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (151813) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(77433783)** |

---

At July 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $54,983,404 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at July 31, 2025, $16,732,028 are short-term and $38,251,376 are long-term.

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

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$742379413** |
| Gross unrealized appreciation | &nbsp;&nbsp;$5853005 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28296239) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(22443234)** |

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[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Notes to Financial Statements — continued

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3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

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

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.550% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.530% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.515% |

---

For the year ended July 31, 2025, the Fund's investment adviser and administration fee amounted to $4,142,553 or 0.59% of the Fund's average daily net assets.

EVM has agreed to reimburse the Fund's operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.92%, 1.67% and 0.67% of the Fund's average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after December 1, 2025. Pursuant to this agreement, EVM waived and/or reimbursed $341,917 of the Fund's operating expenses for the year ended July 31, 2025.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended July 31, 2025, EVM earned $7,972 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $6,523 as its portion of the sales charge on sales of Class A shares for the year ended July 31, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended July 31, 2025 in the amount of $1,498. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended July 31, 2025 amounted to $165,052 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended July 31, 2025, the Fund paid or accrued to EVD $67,376 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended July 31, 2025 amounted to $22,459 for Class C shares.

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

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[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Notes to Financial Statements — continued

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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 July 31, 2025, the Fund was informed that EVD received $1,452 and $332 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

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

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$1145343990 | &nbsp;&nbsp;&nbsp;&nbsp;$1079619433 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5504297 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$1145343990** | &nbsp;&nbsp;&nbsp;&nbsp;**$1085123730** |

---

7 Shares of Beneficial Interest

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> July 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; 2528040 | &nbsp;&nbsp;&nbsp;&nbsp;$28386140 | &nbsp;&nbsp;&nbsp;&nbsp; 1433544 | &nbsp;&nbsp;&nbsp;&nbsp;$15898752 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 180866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2035706 | &nbsp;&nbsp;&nbsp;&nbsp; 156935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740743 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1561308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17556969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1772973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19562516) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **1147598** | &nbsp;&nbsp;&nbsp;&nbsp;**$12864877** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(182494)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1923021)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 100381 | &nbsp;&nbsp;&nbsp;&nbsp;$1132045 | &nbsp;&nbsp;&nbsp;&nbsp; 116343 | &nbsp;&nbsp;&nbsp;&nbsp;$1293237 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 19717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222339 | &nbsp;&nbsp;&nbsp;&nbsp; 28267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313075 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (422082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4771636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (566583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6288494) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(301984)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3417252)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(421973)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4682182)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;26549955 | &nbsp;&nbsp;&nbsp;&nbsp;$298502037 | &nbsp;&nbsp;&nbsp;&nbsp;26844361 | &nbsp;&nbsp;&nbsp;&nbsp;$295215567 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1835523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20691324 | &nbsp;&nbsp;&nbsp;&nbsp; 1532680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17053644 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(22315980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249932010) | &nbsp;&nbsp;&nbsp;&nbsp;(20964085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231899710) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **6069498** | &nbsp;&nbsp;&nbsp;&nbsp;**$69261351** | &nbsp;&nbsp;&nbsp;&nbsp; **7412956** | &nbsp;&nbsp;&nbsp;&nbsp;**$80369501** |

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[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Notes to Financial Statements — continued

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8 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At July 31, 2025, there were no obligations outstanding under these financial instruments.

The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. During the year ended July 31, 2025, the Fund entered into U.S. Treasury futures contracts to hedge against changes in interest rates.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended July 31, 2025 was as follows:

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| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss)<br> on Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income** |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$1093490 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss): Futures contracts.

The average notional cost of futures contracts (short) outstanding during the year ended July 31, 2025, which is indicative of the volume of this derivative type, was approximately $148,000.

9 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 21, 2025. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 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 Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended July 31, 2025.

10 Fair Value Measurements

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

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

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

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

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

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[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Notes to Financial Statements — continued

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Mortgage-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$437644 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$437644 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679159552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679159552 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40338983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40338983 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$719936179** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$719936179** |

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Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended July 31, 2025 is not presented.

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[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 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 Municipal Opportunities Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Municipal Opportunities Fund (the "Fund") (one of the funds constituting Eaton Vance Municipals Trust), including the portfolio of investments, as of July 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 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

September 19, 2025

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

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Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Federal Tax Information (Unaudited)

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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 Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended July 31, 2025, the Fund designates 87.71% of distributions from net investment income as an exempt-interest dividend.

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[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Board of Trustees' Contract Approval

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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_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Board of Trustees' Contract Approval — continued

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• 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_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Board of Trustees' Contract Approval — continued

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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 and administrative agreement between Eaton Vance Municipal Opportunities Fund (the "Fund") and Eaton Vance Management (the "Adviser"), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the 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 and administrative agreement for the Fund.

*Nature, Extent and Quality of Services*

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

The Board considered the Adviser's management capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund. In particular, the Board considered, where relevant, the abilities and experience of the Adviser's investment professionals in analyzing factors relevant to investing in municipal bonds, Treasury securities and other securities backed by the U.S. government or its agencies. The Board considered the Adviser's municipal bond team, which includes investment professionals and credit specialists who provide services to the Fund. 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 the 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 Fund, 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 Fund.

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 and administrative agreement.

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was consistent with the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary performance benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the 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 certain Fund specific factors that had an impact on the Fund's total expense ratio relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.

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 the 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.

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[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

Eaton Vance

Municipal Opportunities Fund

July 31, 2025

Board of Trustees' Contract Approval — continued

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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 Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund 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 the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the 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 the 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 the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

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[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

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[**Table of Contents**](#JOB_EV_AR_b2a5dd05-74e9-4aff-93af-af16e7843119_TOC)

EMOAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;7.31.25

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

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

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

------

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

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

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

#### Item 19. Exhibits

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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.](d154991dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d154991dex99cert.htm#a) |
| (b) | [Combined Section 906 certification.](d154991dex99906cert.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: | September 24, 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: | September 24, 2025 |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | September 24, 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: | September 24, 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: | September 24, 2025 | /s/ Kenneth A. Topping |
|  |  | Kenneth A. Topping |
|  |  | Principal Executive Officer |

---

## Exhibit 99.906

**Form N-CSR Item 19(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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

(a) the Report of the **Trust** on Form N-CSR for the period ended
July 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

(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: September 24, 2025 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: September 24, 2025 |
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |

---