# EDGAR Filing Document

**Accession Number:** 0000914529
**File Stem:** 0001193125-25-219651
**Filing Date:** 2025-9
**Character Count:** 703350
**Document Hash:** 9cd172fba78b3a728ea2bef22babc9a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-219651.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001193125-25-219651

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 57

**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 II
- **CENTRAL INDEX KEY:** 0000914529

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08134
- **FILM NUMBER:** 251346876

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE MUNICIPALS TRUST II
- **DATE OF NAME CHANGE:** 19931108

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act File Number: 811-08134

## Eaton Vance Municipals Trust II

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

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

#### (Address of Principal Executive Offices)

#### Deidre E. Walsh

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

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

#### (Registrant's Telephone Number)

#### January 31

#### Date of Fiscal Year End

#### July 31, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) ![Image](g817124ie4b8389db2bf435c041f.jpg)

# Eaton Vance High Yield Municipal Income Fund

# Class A ETHYX

#### Semi-Annual Shareholder Report July 31, 2025
This semi-annual shareholder report contains important information about the Eaton Vance High Yield Municipal Income Fund for the period of February 1, 2025 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $43 | 0.89%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1591735831 |
| # of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 31% |

---

## 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](g817124ia6c8aaa5953e70a3f57d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.0% |
| Other Revenue | 3.3% |
| Education | 7.0% |
| Housing | 7.1% |
| General Obligations | 9.0% |
| Industrial Development Revenue | 12.0% |
| Hospital | 12.5% |
| Senior Living/Life Care | 13.6% |
| Transportation | 14.0% |
| Special Tax Revenue | 14.5% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Group By Asset Type Chart](g817124i63e3f0d22d6796e91f2a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 23.8% |
| B | 2.7% |
| BB | 13.8% |
| BBB | 22.8% |
| A | 14.0% |
| AA | 18.2% |
| AAA | 4.7% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g817124iee01380d43293ad93658.jpg)

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# ETHYX-TSR-SAR
![Image](g817124ie4b8389db2bf435c041f.jpg)

# Eaton Vance High Yield Municipal Income Fund

# Class C ECHYX

#### Semi-Annual Shareholder Report July 31, 2025
This semi-annual shareholder report contains important information about the Eaton Vance High Yield Municipal Income Fund for the period of February 1, 2025 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $80 | 1.64%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1591735831 |
| # of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 31% |

---

## 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](g817124if367bdbd4f9f5f741442.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.0% |
| Other Revenue | 3.3% |
| Education | 7.0% |
| Housing | 7.1% |
| General Obligations | 9.0% |
| Industrial Development Revenue | 12.0% |
| Hospital | 12.5% |
| Senior Living/Life Care | 13.6% |
| Transportation | 14.0% |
| Special Tax Revenue | 14.5% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Group By Asset Type Chart](g817124ic6e8f351f7145f9c7102.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 23.8% |
| B | 2.7% |
| BB | 13.8% |
| BBB | 22.8% |
| A | 14.0% |
| AA | 18.2% |
| AAA | 4.7% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g817124iee01380d43293ad93658.jpg)

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# ECHYX-TSR-SAR
![Image](g817124ie4b8389db2bf435c041f.jpg)

# Eaton Vance High Yield Municipal Income Fund

# Class I EIHYX

#### Semi-Annual Shareholder Report July 31, 2025
This semi-annual shareholder report contains important information about the Eaton Vance High Yield Municipal Income Fund for the period of February 1, 2025 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $31 | 0.64%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1591735831 |
| # of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 31% |

---

## 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](g817124i92de560af913982efdb9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.0% |
| Other Revenue | 3.3% |
| Education | 7.0% |
| Housing | 7.1% |
| General Obligations | 9.0% |
| Industrial Development Revenue | 12.0% |
| Hospital | 12.5% |
| Senior Living/Life Care | 13.6% |
| Transportation | 14.0% |
| Special Tax Revenue | 14.5% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Group By Asset Type Chart](g817124if2e05d991443302b76ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 23.8% |
| B | 2.7% |
| BB | 13.8% |
| BBB | 22.8% |
| A | 14.0% |
| AA | 18.2% |
| AAA | 4.7% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g817124iee01380d43293ad93658.jpg)

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# EIHYX-TSR-SAR
![Image](g817124ie4b8389db2bf435c041f.jpg)

# Eaton Vance High Yield Municipal Income Fund

# Class W EWHYX

#### Semi-Annual Shareholder Report July 31, 2025
This semi-annual shareholder report contains important information about the Eaton Vance High Yield Municipal Income Fund for the period of February 1, 2025 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class W | $9 | 0.18%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1591735831 |
| # of Portfolio Holdings | 485 |
| Portfolio Turnover Rate | 31% |

---

## 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](g817124i1606acb42bb371e3f89c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.0% |
| Other Revenue | 3.3% |
| Education | 7.0% |
| Housing | 7.1% |
| General Obligations | 9.0% |
| Industrial Development Revenue | 12.0% |
| Hospital | 12.5% |
| Senior Living/Life Care | 13.6% |
| Transportation | 14.0% |
| Special Tax Revenue | 14.5% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Group By Asset Type Chart](g817124i91682fd153c1952ffd99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 23.8% |
| B | 2.7% |
| BB | 13.8% |
| BBB | 22.8% |
| A | 14.0% |
| AA | 18.2% |
| AAA | 4.7% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g817124iee01380d43293ad93658.jpg)

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

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

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# EWHYX-TSR-SAR
![Image](g817124ie206dd852418a72c8c49.jpg)

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

# Class A EALBX

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $33 | 0.65%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $71776586 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 28% |

---

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

### Sector Allocation (% of total investments)
![Credit Rating Chart](g817124ia5a26942b1f1f309af7f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 1.7% |
| Special Tax Revenue | 3.3% |
| Water and Sewer | 3.5% |
| Hospital | 4.4% |
| Short-Term Investments | 5.1% |
| Transportation | 5.1% |
| Senior Living/Life Care | 7.2% |
| Electric Utilities | 8.0% |
| Other Revenue | 8.8% |
| Housing | 9.7% |
| Education | 10.3% |
| General Obligations | 32.9% |

---

---

| | |
|:---|:---|
| 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](g817124i25ab7ba2f9237d982575.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 8.8% |
| A | 17.2% |
| AA | 44.5% |
| AAA | 29.5% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g817124i3b8fcfa16d3d3f5570f1.jpg)

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

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# EALBX-TSR-SAR
![Image](g817124ie206dd852418a72c8c49.jpg)

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

# Class C ECLBX

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $70 | 1.40%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $71776586 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 28% |

---

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

### Sector Allocation (% of total investments)
![Credit Rating Chart](g817124icdac25266d7d11eff1c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 1.7% |
| Special Tax Revenue | 3.3% |
| Water and Sewer | 3.5% |
| Hospital | 4.4% |
| Short-Term Investments | 5.1% |
| Transportation | 5.1% |
| Senior Living/Life Care | 7.2% |
| Electric Utilities | 8.0% |
| Other Revenue | 8.8% |
| Housing | 9.7% |
| Education | 10.3% |
| General Obligations | 32.9% |

---

---

| | |
|:---|:---|
| 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](g817124ib650d0bf8ae961bacb20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 8.8% |
| A | 17.2% |
| AA | 44.5% |
| AAA | 29.5% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g817124i3b8fcfa16d3d3f5570f1.jpg)

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

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# ECLBX-TSR-SAR
![Image](g817124ie206dd852418a72c8c49.jpg)

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

# Class I EILBX

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $20 | 0.40%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $71776586 |
| # of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 28% |

---

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

### Sector Allocation (% of total investments)
![Credit Rating Chart](g817124ib22d57e53b64e39006a5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 1.7% |
| Special Tax Revenue | 3.3% |
| Water and Sewer | 3.5% |
| Hospital | 4.4% |
| Short-Term Investments | 5.1% |
| Transportation | 5.1% |
| Senior Living/Life Care | 7.2% |
| Electric Utilities | 8.0% |
| Other Revenue | 8.8% |
| Housing | 9.7% |
| Education | 10.3% |
| General Obligations | 32.9% |

---

---

| | |
|:---|:---|
| 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](g817124i1f0e0f01ff4ac04fc774.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 8.8% |
| A | 17.2% |
| AA | 44.5% |
| AAA | 29.5% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g817124i3b8fcfa16d3d3f5570f1.jpg)

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

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# EILBX-TSR-SAR
![Image](g817124ie206dd852418a72c8c49.jpg)

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

# Class A EALTX

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $32 | 0.65%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $708412314 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 21% |

---

## 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](g817124i56993e9d9c43c17ff9d0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.0% |
| Short-Term Investments | 3.7% |
| Hospital | 3.8% |
| Electric Utilities | 3.9% |
| Water and Sewer | 5.1% |
| Education | 5.4% |
| Special Tax Revenue | 5.4% |
| Transportation | 5.6% |
| Other Revenue | 7.2% |
| Housing | 12.6% |
| General Obligations | 40.3% |

---

---

| | |
|:---|:---|
| 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](g817124i94cd97839e01a39cb55b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.9% |
| BBB | 3.0% |
| A | 16.3% |
| AA | 48.4% |
| AAA | 31.4% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g817124i3b8fcfa16d3d3f5570f1.jpg)

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

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# EALTX-TSR-SAR
![Image](g817124ie206dd852418a72c8c49.jpg)

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

# Class C ECLTX

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $69 | 1.40%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $708412314 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 21% |

---

## 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](g817124i502b4ea63b794764e85c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.0% |
| Short-Term Investments | 3.7% |
| Hospital | 3.8% |
| Electric Utilities | 3.9% |
| Water and Sewer | 5.1% |
| Education | 5.4% |
| Special Tax Revenue | 5.4% |
| Transportation | 5.6% |
| Other Revenue | 7.2% |
| Housing | 12.6% |
| General Obligations | 40.3% |

---

---

| | |
|:---|:---|
| 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](g817124i01e1ea52a809086673c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.9% |
| BBB | 3.0% |
| A | 16.3% |
| AA | 48.4% |
| AAA | 31.4% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g817124i3b8fcfa16d3d3f5570f1.jpg)

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

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# ECLTX-TSR-SAR
![Image](g817124ie206dd852418a72c8c49.jpg)

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

# Class I EILTX

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $20 | 0.40%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $708412314 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 21% |

---

## 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](g817124ie14c158917b7f3e96639.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 7.0% |
| Short-Term Investments | 3.7% |
| Hospital | 3.8% |
| Electric Utilities | 3.9% |
| Water and Sewer | 5.1% |
| Education | 5.4% |
| Special Tax Revenue | 5.4% |
| Transportation | 5.6% |
| Other Revenue | 7.2% |
| Housing | 12.6% |
| General Obligations | 40.3% |

---

---

| | |
|:---|:---|
| 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](g817124i3f5f830b5769e59dc62d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.9% |
| BBB | 3.0% |
| A | 16.3% |
| AA | 48.4% |
| AAA | 31.4% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g817124i3b8fcfa16d3d3f5570f1.jpg)

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

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# EILTX-TSR-SAR
![Image](g817124ie206dd852418a72c8c49.jpg)

# Parametric TABS Intermediate-Term Municipal Bond Fund

# Class A EITAX

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $42 | 0.84%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $390828727 |
| # of Portfolio Holdings | 156 |
| Portfolio Turnover Rate | 44% |

---

## 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](g817124iae0a7930be1600968d52.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.6% |
| Bond Bank | 4.0% |
| Electric Utilities | 4.0% |
| Transportation | 5.1% |
| Other Revenue | 7.8% |
| Education | 8.0% |
| Housing | 9.7% |
| Water and Sewer | 11.2% |
| Special Tax Revenue | 16.0% |
| General Obligations | 27.6% |

---

---

| | |
|:---|:---|
| 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](g817124i371bbffd2a16b718eee9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.0%<sup>Footnote Reference\*</sup> |
| BBB | 1.5% |
| A | 15.3% |
| AA | 55.6% |
| AAA | 27.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.05%. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g817124i3b8fcfa16d3d3f5570f1.jpg)

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

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# EITAX-TSR-SAR
![Image](g817124ie206dd852418a72c8c49.jpg)

# Parametric TABS Intermediate-Term Municipal Bond Fund

# Class C EITCX

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $79 | 1.59%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $390828727 |
| # of Portfolio Holdings | 156 |
| Portfolio Turnover Rate | 44% |

---

## 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](g817124i47763feca20b602881bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.6% |
| Bond Bank | 4.0% |
| Electric Utilities | 4.0% |
| Transportation | 5.1% |
| Other Revenue | 7.8% |
| Education | 8.0% |
| Housing | 9.7% |
| Water and Sewer | 11.2% |
| Special Tax Revenue | 16.0% |
| General Obligations | 27.6% |

---

---

| | |
|:---|:---|
| 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](g817124i5a2a6084d9fa5f284db3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.0%<sup>Footnote Reference\*</sup> |
| BBB | 1.5% |
| A | 15.3% |
| AA | 55.6% |
| AAA | 27.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.05%. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g817124i3b8fcfa16d3d3f5570f1.jpg)

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

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# EITCX-TSR-SAR
![Image](g817124ie206dd852418a72c8c49.jpg)

# Parametric TABS Intermediate-Term Municipal Bond Fund

# Class I ETIIX

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $29 | 0.59%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $390828727 |
| # of Portfolio Holdings | 156 |
| Portfolio Turnover Rate | 44% |

---

## 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](g817124iaffb7208b0627644dee0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 6.6% |
| Bond Bank | 4.0% |
| Electric Utilities | 4.0% |
| Transportation | 5.1% |
| Other Revenue | 7.8% |
| Education | 8.0% |
| Housing | 9.7% |
| Water and Sewer | 11.2% |
| Special Tax Revenue | 16.0% |
| General Obligations | 27.6% |

---

---

| | |
|:---|:---|
| 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](g817124ia2e199ee9ceb61a2a465.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.0%<sup>Footnote Reference\*</sup> |
| BBB | 1.5% |
| A | 15.3% |
| AA | 55.6% |
| AAA | 27.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term investments. Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.05%. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g817124i3b8fcfa16d3d3f5570f1.jpg)

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

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# ETIIX-TSR-SAR
![Image](g817124ie206dd852418a72c8c49.jpg)

# Parametric TABS Short-Term Municipal Bond Fund

# Class A EABSX

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.76%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $134235706 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 54% |

---

## 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](g817124if295dfcb06a3440b9ca6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 13.4% |
| Hospital | 9.5% |
| Other Revenue | 13.0% |
| Housing | 15.6% |
| General Obligations | 48.5% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g817124i9a3c35531039e3530875.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 3.3% |
| A | 16.5% |
| AA | 47.4% |
| AAA | 32.8% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g817124i3b8fcfa16d3d3f5570f1.jpg)

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

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# EABSX-TSR-SAR
![Image](g817124ie206dd852418a72c8c49.jpg)

# Parametric TABS Short-Term Municipal Bond Fund

# Class C ECBSX

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $75 | 1.51%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $134235706 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 54% |

---

## 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](g817124i38c768e56875434498ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 13.4% |
| Hospital | 9.5% |
| Other Revenue | 13.0% |
| Housing | 15.6% |
| General Obligations | 48.5% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g817124i4da6470fee9958b8d684.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 3.3% |
| A | 16.5% |
| AA | 47.4% |
| AAA | 32.8% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g817124i3b8fcfa16d3d3f5570f1.jpg)

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

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# ECBSX-TSR-SAR
![Image](g817124ie206dd852418a72c8c49.jpg)

# Parametric TABS Short-Term Municipal Bond Fund

# Class I EIBSX

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $26 | 0.51%<sup>Footnote Reference1</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $134235706 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 54% |

---

## 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](g817124i90a5335c5a01eadd7218.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 13.4% |
| Hospital | 9.5% |
| Other Revenue | 13.0% |
| Housing | 15.6% |
| General Obligations | 48.5% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g817124ieac69cf78e6db8a56e0e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB | 3.3% |
| A | 16.5% |
| AA | 47.4% |
| AAA | 32.8% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g817124i3b8fcfa16d3d3f5570f1.jpg)

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

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report July 31, 2025

# EIBSX-TSR-SAR

------

(b) Not applicable.

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

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

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

------

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

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

(b) Not applicable.

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

------

## Eaton Vance

## High Yield Municipal Income Fund

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

------

![](g817124img8a8780a31.gif)

------

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

------

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

High Yield Municipal Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_fc045703-e014-4831-b252-0ea2b62f8ad7_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_a875b3de-9999-456f-9f7e-45c25ca3c9f5_1) | [Items 6 and 7 of Form N-CSR:](#xx_a875b3de-9999-456f-9f7e-45c25ca3c9f5_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_a875b3de-9999-456f-9f7e-45c25ca3c9f5_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_9916bdb4-9680-4664-9403-8afe63ec9fc4_1) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_9916bdb4-9680-4664-9403-8afe63ec9fc4_3) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_9916bdb4-9680-4664-9403-8afe63ec9fc4_4) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_8528b4cd-420d-4a51-8985-d05ea7a74166_1) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_75fb7d52-16f7-49ee-833c-dcb1c1e993d8_1) | 22 |
| [Item 11 of Form N-CSR:](#xx_fa6f5afa-e8dd-4c9e-9815-63bf78c68f99_1) | [Item 11 of Form N-CSR:](#xx_fa6f5afa-e8dd-4c9e-9815-63bf78c68f99_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_fa6f5afa-e8dd-4c9e-9815-63bf78c68f99_1) | 28 |

---

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_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Portfolio of Investments (Unaudited)

------

Corporate Bonds — 1.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital — 0.5% | Hospital — 0.5% | Hospital — 0.5% |
| Adventist Health System, 5.757%, 12/1/34 | $5000 | &nbsp;&nbsp;$5001410 |
| Boston Medical Center Corp., 4.581%, 7/1/47 | 4165 | &nbsp;&nbsp;&nbsp;&nbsp; 3357502 |
|  |  | &nbsp;&nbsp;**$8358912** |
| Other — 0.6% | Other — 0.6% | Other — 0.6% |
| Morongo Band of Mission Indians, 7.00%, 10/1/39<sup>(1)</sup> | $7980 | &nbsp;&nbsp;$8437834 |
|  |  | &nbsp;&nbsp;**$8437834** |
| Total Corporate Bonds<br> (identified cost $17,145,000) |  | &nbsp;&nbsp;**$16796746** |

---

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

Tax-Exempt Mortgage-Backed Securities — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 0.1% | Housing — 0.1% | Housing — 0.1% |
| National Finance Authority, NH, Affordable Housing Certificates, Series 2024-1, Class A, 4.15% to 10/1/34 (Put Date), 10/20/40 | $2492 | &nbsp;&nbsp;$2345346 |
| Total Tax-Exempt Mortgage-Backed Securities<br> (identified cost $2,492,356) |  | &nbsp;&nbsp;**$2345346** |

---

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

Tax-Exempt Municipal Obligations — 97.7%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.6% | Bond Bank — 0.6% | Bond Bank — 0.6% |
| Texas Water Development Board, 5.25%, 10/15/51<sup>(2)</sup> | $10000 | &nbsp;&nbsp;$10222500 |
|  |  | &nbsp;&nbsp;**$10222500** |
| Cogeneration — 0.0%<sup>†</sup> | Cogeneration — 0.0%<sup>†</sup> | Cogeneration — 0.0%<sup>†</sup> |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 6/30/27<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;$249562 |
|  |  | &nbsp;&nbsp;**$249562** |
| Education — 6.5% | Education — 6.5% | Education — 6.5% |
| Albany Capital Resource Corp., NY, (KIPP Capital Region Public Charter Schools), 5.00%, 6/1/64 | $3200 | &nbsp;&nbsp;$2830620 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;$707596 |
| Arlington Higher Education Finance Corp., TX, (Great Hearts America), 5.00%, 8/15/54 | 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 1962048 |
| Arlington Higher Education Finance Corp., TX, (Harmony Public Schools), (PSF Guaranteed), 4.00%, 2/15/54 | 3760 | &nbsp;&nbsp;&nbsp;&nbsp; 3113717 |
| Arlington Higher Education Finance Corp., TX, (Leadership Prep School), (PSF Guaranteed), 4.125%, 6/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 332807 |
| Build NYC Resource Corp., NY, (East Harlem Scholars Academy Charter School), Social Bonds, 5.75%, 6/1/52<sup>(1)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1422157 |
| California Enterprise Development Authority, (The Rocklin Academy), 5.00%, 6/1/44<sup>(1)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1406929 |
| California Municipal Finance Authority, (California Baptist University), 5.125%, 11/1/40<sup>(1)</sup> | 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1353622 |
| California Municipal Finance Authority, (Westside Neighbourhood School), 6.375%, 6/15/64<sup>(1)</sup> | 3455 | &nbsp;&nbsp;&nbsp;&nbsp; 3562688 |
| Capital Projects Finance Authority, FL, (Imagine School at North Port), 6.25%, 6/15/45<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 988732 |
| Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 6/15/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 519745 |
| &nbsp;&nbsp;&nbsp;5.375%, 6/15/48<sup>(1)</sup> | 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 899252 |
| Capital Trust Authority, FL, (KIPP Miami North Campus): |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 6/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 645477 |
| &nbsp;&nbsp;&nbsp;6.125%, 6/15/60<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 795544 |
| Capital Trust Authority, FL, (Mason Classical Academy), 5.00%, 6/1/54<sup>(1)</sup> | 4400 | &nbsp;&nbsp;&nbsp;&nbsp; 3810343 |
| Colorado Educational and Cultural Facilities Authority, (Aspen View Academy): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 85845 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 386697 |
| Dayton-Montgomery County Port Authority, OH, (Daytown Regional Stem Schools, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/54 | 1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1050867 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/60 | 1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1073036 |
| Development Authority of Cobb County, GA, (Mt. Bethel Christian Academy): |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 6/1/45<sup>(1)</sup> | 1720 | &nbsp;&nbsp;&nbsp;&nbsp; 1712470 |
| &nbsp;&nbsp;&nbsp;6.25%, 6/1/55<sup>(1)</sup> | 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2105203 |
| &nbsp;&nbsp;&nbsp;6.25%, 6/1/64<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 992180 |
| District of Columbia, (District of Columbia International School), 5.00%, 7/1/49 | 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2054167 |
| District of Columbia, (KIPP DC), 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 819408 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Florida Development Finance Corp., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%, 7/1/51<sup>(1)</sup> | $5050 | &nbsp;&nbsp;$3869280 |
| Florida Development Finance Corp., (River City Science Academy Project), 4.00%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 565012 |
| Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 619148 |
| Florida Higher Educational Facilities Financing Authority, (Rollins College Project), 4.125%, 12/1/54 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2469028 |
| Houston Higher Education Finance Corp., TX, (Houston Christian University), 5.25%, 10/1/54 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1388021 |
| Idaho Housing and Finance Association, (Alturas Preparatory Academy): |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 5/1/49 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1282860 |
| &nbsp;&nbsp;&nbsp;4.50%, 5/1/59 | 1060 | &nbsp;&nbsp;&nbsp;&nbsp; 904752 |
| Illinois Finance Authority, (DePaul College Prep Foundation), 5.625%, 8/1/53<sup>(1)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2507108 |
| Indiana Finance Authority, (KIPP Indianapolis, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 299339 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 400249 |
| Iowa Higher Education Loan Authority, (University of Dubuque), 6.00%, 10/1/55 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3053752 |
| Louisiana Public Facilities Authority, LA, (Acadiana Renaissance Charter Academy): |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 6/15/40<sup>(1)</sup> | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3486828 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/15/45<sup>(1)</sup> | 3480 | &nbsp;&nbsp;&nbsp;&nbsp; 3443977 |
| Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/51<sup>(1)</sup> | 2870 | &nbsp;&nbsp;&nbsp;&nbsp; 2227556 |
| &nbsp;&nbsp;&nbsp;4.25%, 7/1/44 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 1922304 |
| Phoenix Industrial Development Authority, AZ, (Legacy Traditional Schools), 5.00%, 7/1/46<sup>(1)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2312288 |
| Public Finance Authority, WI, (North Carolina Leadership Academy): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 158154 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 174590 |
| &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, (North East Carolina Preparatory School), 5.25%, 6/15/54 | 1120 | &nbsp;&nbsp;&nbsp;&nbsp; 1051648 |
| Public Finance Authority, WI, (Pinecrest Academy Nevada-Sloan Canyon Campus): |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 7/15/49<sup>(1)</sup> | 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1421492 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/15/53<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 817610 |
| Public Finance Authority, WI, (Roseman University of Health Sciences): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 728635 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 760683 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Public Finance Authority, WI, (Roseman University of Health Sciences): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/50<sup>(1)</sup> | $3250 | &nbsp;&nbsp;$2862159 |
| Public Finance Authority, WI, (Triad Math and Science Academy Co.): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/65 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2057203 |
| &nbsp;&nbsp;&nbsp;5.50%, 6/15/55 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1941818 |
| Sierra Vista Industrial Development Authority, AZ, (American Leadership Academy): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/44<sup>(1)</sup> | 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4288229 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/54<sup>(1)</sup> | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2539720 |
| South Carolina Jobs-Economic Development Authority, (Carolina Voyager), 5.00%, 6/15/54<sup>(1)</sup> | 5735 | &nbsp;&nbsp;&nbsp;&nbsp; 5190256 |
| South Carolina Jobs-Economic Development Authority, (Charleston Southern University), 5.75%, 9/1/55 | 1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1388453 |
| Tennessee State School Bond Authority, 5.00%, 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 380222 |
| Texas Tech University System, 4.25%, 2/15/55 | 8310 | &nbsp;&nbsp;&nbsp;&nbsp; 7264968 |
| Washington Housing Finance Commission, (Seattle Academy of Arts and Sciences): |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 7/1/43<sup>(1)</sup> | 1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1410040 |
| &nbsp;&nbsp;&nbsp;6.125%, 7/1/53<sup>(1)</sup> | 3525 | &nbsp;&nbsp;&nbsp;&nbsp; 3696830 |
|  |  | &nbsp;&nbsp;**$103743520** |
| Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% |
| Arkansas River Power Authority, CO, 5.00%, 10/1/43 | $4235 | &nbsp;&nbsp;$4141880 |
| Douglas County Public Utility District No. 1, WA, 3.00%, 9/1/52 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1219451 |
| South Carolina Public Service Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | 2180 | &nbsp;&nbsp;&nbsp;&nbsp; 2241983 |
| &nbsp;&nbsp;&nbsp;5.75%, 12/1/47 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10544111 |
|  |  | &nbsp;&nbsp;**$18147425** |
| Escrowed/Prerefunded — 1.1% | Escrowed/Prerefunded — 1.1% | Escrowed/Prerefunded — 1.1% |
| Iowa Finance Authority, (Iowa Fertilizer Co.), Prerefunded to 12/1/32, 5.00%, 12/1/50 | $14380 | &nbsp;&nbsp;$16240099 |
| New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 12/15/28, 5.00%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 615099 |
| Public Finance Authority, WI, (Roseman University of Health Sciences): |  |  |
| &nbsp;&nbsp;&nbsp;Prerefunded to 4/1/30, 5.00%, 4/1/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 142122 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 4/1/32, 4.00%, 4/1/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31546 |
|  |  | &nbsp;&nbsp;**$17028866** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations — 8.3% | General Obligations — 8.3% | General Obligations — 8.3% |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | $3550 | &nbsp;&nbsp;$3282629 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | 6950 | &nbsp;&nbsp;&nbsp;&nbsp; 6463624 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/44 | 2305 | &nbsp;&nbsp;&nbsp;&nbsp; 2092729 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 4897831 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2229066 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/47 | 13635 | &nbsp;&nbsp;&nbsp;&nbsp; 12281193 |
| &nbsp;&nbsp;&nbsp;6.00%, 12/1/49 | 4375 | &nbsp;&nbsp;&nbsp;&nbsp; 4472728 |
| Chicago, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6567674 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/45 | 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 4937358 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/38 | 6750 | &nbsp;&nbsp;&nbsp;&nbsp; 6889211 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/45 | 4590 | &nbsp;&nbsp;&nbsp;&nbsp; 4463169 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003351 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/49 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3380380 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054666 |
| Detroit, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1454490 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 895554 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069553 |
| Graford Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/54 | 3575 | &nbsp;&nbsp;&nbsp;&nbsp; 2997986 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | 8125 | &nbsp;&nbsp;&nbsp;&nbsp; 8135234 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/39 | 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1127708 |
| &nbsp;&nbsp;&nbsp;5.50%, 3/1/47 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2033208 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45 | 1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1151473 |
| Kentfield School District, CA, (Election of 2024), 4.00%, 8/1/49 | 1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1175381 |
| Mida Cormont Public Infrastructure District, UT: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/1/55<sup>(1)</sup> | 5225 | &nbsp;&nbsp;&nbsp;&nbsp; 4254107 |
| &nbsp;&nbsp;&nbsp;8.50%, 6/15/55<sup>(1)</sup> | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1602620 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp; 507252 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/33 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4391067 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/41 | 7584 | &nbsp;&nbsp;&nbsp;&nbsp; 6614860 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 3343 | &nbsp;&nbsp;&nbsp;&nbsp; 3540989 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | 8681 | &nbsp;&nbsp;&nbsp;&nbsp; 9429595 |
| Royse City Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 2/15/55<sup>(2)(4)</sup> | 3675 | &nbsp;&nbsp;&nbsp;&nbsp; 3776246 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/15/58<sup>(2)(4)</sup> | 6325 | &nbsp;&nbsp;&nbsp;&nbsp; 6484769 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| San Diego Unified School District, CA, (Election of 2012), 4.00%, 7/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;$779149 |
| Spring Independent School District, TX, (PSF Guaranteed), 5.25%, 8/15/55<sup>(2)(4)</sup> | 5400 | &nbsp;&nbsp;&nbsp;&nbsp; 5581116 |
|  |  | &nbsp;&nbsp;**$132017966** |
| Hospital — 9.5% | Hospital — 9.5% | Hospital — 9.5% |
| Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 5.00%, 4/1/47 | $6495 | &nbsp;&nbsp;$6218337 |
| Arkansas Development Finance Authority, (Washington Regional Medical Center), 5.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 988143 |
| Astoria Hospital Facilities Authority, OR, (Columbia Memorial Hospital), 5.25%, 8/1/49 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2877083 |
| Bucks County Industrial Development Authority, PA, (Grand View Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/46 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 806980 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1231624 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/54 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5414132 |
| California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 426381 |
| Cleveland Health and Educational Facilities Board, TN, (Hamilton Health Care System), 4.25%, 8/15/54 | 11500 | &nbsp;&nbsp;&nbsp;&nbsp; 9899460 |
| Colorado Health Facilities Authority, (AdventHealth Obligated Group), 3.00%, 11/15/51 | 11160 | &nbsp;&nbsp;&nbsp;&nbsp; 7505023 |
| Colorado Health Facilities Authority, (CommonSpirit Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44 | 3290 | &nbsp;&nbsp;&nbsp;&nbsp; 2839286 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/1/47 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4073097 |
| Connecticut State Health and Educational Facilities Authority, (Connecticut Children Medical Center), 4.25%, 7/15/53 | 1945 | &nbsp;&nbsp;&nbsp;&nbsp; 1653777 |
| Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/46 | 3175 | &nbsp;&nbsp;&nbsp;&nbsp; 3180964 |
| Doylestown Hospital Authority, PA, 5.375%, 7/1/39<sup>(1)</sup> | 1510 | &nbsp;&nbsp;&nbsp;&nbsp; 1593079 |
| DuBois Hospital Authority, PA, (Penn Highlands Healthcare): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/45 | 1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1301223 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/48 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1475581 |
| Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1125352 |
| Grand Forks, ND, (Altru Health System), 5.42%, 12/1/53 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1467910 |
| Grays Harbor County Public Hospital District No. 1, WA, (Summit Pacific Medical Center), 6.875%, 12/1/53 | 2610 | &nbsp;&nbsp;&nbsp;&nbsp; 2805478 |
| Halifax Hospital Medical Center, FL, (Daytona Beach), 4.25%, 6/1/54 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 2789847 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Illinois Finance Authority, (Northshore University Health System), (SPA: JPMorgan Chase Bank, N.A.), 2.65%, 8/15/49<sup>(5)</sup> | $1555 | &nbsp;&nbsp;$1555000 |
| Illinois Finance Authority, (OSF HealthCare System), 4.125%, 5/15/47 | 4975 | &nbsp;&nbsp;&nbsp;&nbsp; 4321523 |
| Illinois Finance Authority, (University of Chicago Medical Center), (LOC: TD Bank, N.A.), 2.60%, 8/1/44<sup>(5)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/42 | 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 4222086 |
| Maryland Health and Higher Educational Facilities Authority, (Frederick Health System), 5.25%, 7/1/53 | 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3336139 |
| Michigan Finance Authority, (Henry Ford Health Detroit), Green Bonds, 4.375%, 2/28/54 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2623344 |
| Michigan Finance Authority, (Trinity Health Credit Group), 4.00%, 12/1/49 | 6475 | &nbsp;&nbsp;&nbsp;&nbsp; 5296450 |
| Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 12/1/52 | 7405 | &nbsp;&nbsp;&nbsp;&nbsp; 7264713 |
| Montana Facility Finance Authority, (Bozeman Deaconess Health Services Obligated Group), 5.00%, 6/1/48 | 1905 | &nbsp;&nbsp;&nbsp;&nbsp; 1865293 |
| Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/40 | 1120 | &nbsp;&nbsp;&nbsp;&nbsp; 927015 |
| Muskingum County, OH, (Genesis HealthCare System Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/33 | 2775 | &nbsp;&nbsp;&nbsp;&nbsp; 2785672 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/44 | 3835 | &nbsp;&nbsp;&nbsp;&nbsp; 3518674 |
| New Jersey Health Care Facilities Financing Authority, (St. Joseph's Healthcare System Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/48 | 5890 | &nbsp;&nbsp;&nbsp;&nbsp; 4754992 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1708704 |
| Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 482027 |
| Onondaga Civic Development Corp., NY, (Crouse Health Hospital, Inc.), 5.125%, 8/1/44 | 6460 | &nbsp;&nbsp;&nbsp;&nbsp; 5222347 |
| Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 5/15/53 | 4885 | &nbsp;&nbsp;&nbsp;&nbsp; 3978710 |
| Skagit County Public Hospital District No. 1, WA, 5.50%, 12/1/54 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2771325 |
| South Carolina Jobs-Economic Development Authority, (Beaufort Memorial Hospital and South of Broad Healthcare), 5.75%, 11/15/54 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2501162 |
| South Carolina Jobs-Economic Development Authority, (Novant Health Obligated Group), 4.50%, 11/1/54 | 9335 | &nbsp;&nbsp;&nbsp;&nbsp; 8341683 |
| Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/35 | 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 2826609 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| West Virginia Hospital Finance Authority, (Vandalia Health): |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 9/1/48 | $4000 | &nbsp;&nbsp;$4239268 |
| &nbsp;&nbsp;&nbsp;6.00%, 9/1/53 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4216770 |
| West Virginia Hospital Finance Authority, (West Virginia Health System Obligated Group), 4.375%, 6/1/53 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2598268 |
| Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), 6.25%, 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 583032 |
| Wisconsin Health and Educational Facilities Authority, (Marshfield Clinic Health System, Inc.), 5.50%, 2/15/54 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5224172 |
| Wisconsin Health and Educational Facilities Authority, (Thedacare, Inc.), 3.125%, 12/15/49 | 3765 | &nbsp;&nbsp;&nbsp;&nbsp; 2625138 |
|  |  | &nbsp;&nbsp;**$151462873** |
| Housing — 6.7% | Housing — 6.7% | Housing — 6.7% |
| Alabama Housing Finance Authority, SFMR, (FHLMC), (FNMA), (GNMA), 4.625%, 10/1/49 | $3580 | &nbsp;&nbsp;$3380671 |
| Alachua County Housing Finance Authority, FL, (Woodland Park II LLC), 6.30% to 7/1/43 (Put Date), 7/1/55<sup>(1)</sup> | 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3168146 |
| Burke County Development Authority, GA, (KSU Summit II Student Housing): |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 7/15/50 | 1430 | &nbsp;&nbsp;&nbsp;&nbsp; 1322291 |
| &nbsp;&nbsp;&nbsp;4.625%, 7/15/56 | 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2194426 |
| CMFA Special Finance Agency, CA, (Solana at Grand), 4.00%, 8/1/56<sup>(1)</sup> | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3247326 |
| Colorado Housing and Finance Authority, (Fitzsimons Gateway Apartments), Social Bonds, (FNMA), 4.48%, 3/1/44 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3057317 |
| CSCDA Community Improvement Authority, CA, (City of Orange Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 3/1/57<sup>(1)</sup> | 9900 | &nbsp;&nbsp;&nbsp;&nbsp; 6270743 |
| Indiana Finance Authority, (CHF-Tippecanoe, LLC - Student Housing), 5.125%, 6/1/58 | 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1562679 |
| Kentucky Housing Corp., SFMR, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/44 | 1985 | &nbsp;&nbsp;&nbsp;&nbsp; 1847974 |
| King County Housing Authority, WA, (Kirkland Heights Project), 4.625%, 1/1/41 | 1975 | &nbsp;&nbsp;&nbsp;&nbsp; 1949039 |
| Knox County Health Educational and Housing Facility Board, TN, (MTEBS Village), (FNMA), 4.625%, 12/1/43 | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1397020 |
| Maine Housing Authority, Social Bonds, 4.70%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 728359 |
| Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.75%, 7/1/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2057225 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Massachusetts Development Finance Agency, (Merrimack College Student Housing), 5.00%, 7/1/60<sup>(1)</sup> | $2200 | &nbsp;&nbsp;$1924852 |
| Mississippi Home Corp., MS, (Jackson Housing Portfolio), (FNMA), 4.55%, 4/1/42 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2435063 |
| National Finance Authority, NH, Municipal Certificates, Series 2022-2, Class A, 4.00%, 10/20/36 | 6734 | &nbsp;&nbsp;&nbsp;&nbsp; 6329636 |
| Nevada Housing Division, (FHLMC), (FNMA), GNMA), 4.55%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 601628 |
| New Hampshire Business Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 8/20/39 | 4962 | &nbsp;&nbsp;&nbsp;&nbsp; 4521288 |
| &nbsp;&nbsp;&nbsp;5.15% to 6/1/35 (Put Date), 6/20/41 | 2999 | &nbsp;&nbsp;&nbsp;&nbsp; 3011667 |
| New York City Housing Development Corp., NY, (8 Spruce Street), 5.25%, 12/15/31 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1537087 |
| Ohio Housing Finance Agency, (Havens Edge Apartment), 5.70%, 8/1/43<sup>(1)</sup> | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1755893 |
| Public Finance Authority, WI, (Aggie Apartment Life Holding Corp., II LLC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/44 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1258648 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/54 | 2325 | &nbsp;&nbsp;&nbsp;&nbsp; 2224396 |
| Public Finance Authority, WI, (KSU Bixby Real Estate Foundation LLC): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 538214 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 738363 |
| &nbsp;&nbsp;&nbsp;5.50%, 6/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 734501 |
| Public Finance Authority, WI, (University of Hawaii Foundation), Green and Social Bonds, 4.00%, 7/1/51<sup>(1)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 1869167 |
| Rhode Island Housing and Mortgage Finance Corp., Social Bonds, (GNMA), 4.60%, 10/1/48 | 3700 | &nbsp;&nbsp;&nbsp;&nbsp; 3439789 |
| Shelby County Health and Educational Facilities Board, TN, (Madrone Memphis Student Housing I LLC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/44<sup>(1)</sup> | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1161391 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/56<sup>(1)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4512091 |
| Texas Student Housing Corp., (University of North Texas): |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, 7/1/06<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 860000 |
| &nbsp;&nbsp;&nbsp;11.00%, 7/1/31<sup>(6)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| Utah Housing Corp., (Promontory Place Apartments), (FNMA), 4.69%, 2/1/45 | 4655 | &nbsp;&nbsp;&nbsp;&nbsp; 4481011 |
| Vail Home Partners Corp., CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 10/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 408797 |
| &nbsp;&nbsp;&nbsp;5.875%, 10/1/55<sup>(1)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2448441 |
| &nbsp;&nbsp;&nbsp;6.00%, 10/1/64<sup>(1)</sup> | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3926574 |
| Vancouver Housing Authority, WA, (Cougar Creek), 4.50%, 10/1/42 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1202809 |
| Washington Housing Finance Commission, Social Certificates, 3.375%, 4/20/37 | 8377 | &nbsp;&nbsp;&nbsp;&nbsp; 7592209 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Washington State Housing Finance Commission, (Radford Court and Nordheim Court): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/54 | $1500 | &nbsp;&nbsp;$1401807 |
| &nbsp;&nbsp;&nbsp;5.50%, 7/1/59 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998853 |
| West Virginia Housing Development Fund, Social Bonds, 4.45%, 11/1/49 | 1990 | &nbsp;&nbsp;&nbsp;&nbsp; 1799809 |
| Wisconsin Health and Educational Facilities Authority, (Wisconsin Housing Preservation Corp.), 4.375%, 11/1/39 | 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7908613 |
|  |  | &nbsp;&nbsp;**$106805813** |
| Industrial Development Revenue — 12.5% | Industrial Development Revenue — 12.5% | Industrial Development Revenue — 12.5% |
| Arkansas Development Finance Authority, (United States Steel Corp.): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.45%, 9/1/52 | $12200 | &nbsp;&nbsp;$11929905 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.70%, 5/1/53 | 6730 | &nbsp;&nbsp;&nbsp;&nbsp; 6756304 |
| Baldwin County Industrial Development Authority, AL, (Novelis Corp.), (AMT), 5.00% to 6/1/32 (Put Date), 6/1/55<sup>(1)</sup> | 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3195831 |
| California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/43 | 6690 | &nbsp;&nbsp;&nbsp;&nbsp; 6491144 |
| Florida Development Finance Corp., (GFL Solid Waste Southeast LLC), (AMT), 4.375% to 10/1/31 (Put Date), 10/1/54<sup>(1)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2483996 |
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39 | 5610 | &nbsp;&nbsp;&nbsp;&nbsp; 4684412 |
| Henderson, KY, (Pratt Paper, LLC): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.45%, 1/1/42<sup>(1)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2280146 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.70%, 1/1/52<sup>(1)</sup> | 5510 | &nbsp;&nbsp;&nbsp;&nbsp; 4836951 |
| Hoover Industrial Development Board, AL, (United States Steel Corp.), (AMT), 5.75%, 10/1/49 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1251030 |
| Houston, TX, (United Airlines, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.00%, 7/15/41 | 11710 | &nbsp;&nbsp;&nbsp;&nbsp; 10061429 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/15/34 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1559232 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 7/15/36 | 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9432113 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 359680 |
| Jefferson County Port Authority, OH, (JSW Steel USA Ohio, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/28 (Put Date), 12/1/53<sup>(1)</sup> | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6010889 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.50%, 12/1/51<sup>(1)</sup> | 9250 | &nbsp;&nbsp;&nbsp;&nbsp; 6650883 |
| Maricopa County Industrial Development Authority, AZ, (Commercial Metals Co.), (AMT), 4.00%, 10/15/47<sup>(1)</sup> | 6350 | &nbsp;&nbsp;&nbsp;&nbsp; 4976454 |
| Mobile County Industrial Development Authority, AL, (AM/LS Calvert LLC): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.75%, 12/1/54 | 14650 | &nbsp;&nbsp;&nbsp;&nbsp; 12812100 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 6/1/54 | 7250 | &nbsp;&nbsp;&nbsp;&nbsp; 6603730 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue (continued) | Industrial Development Revenue (continued) | Industrial Development Revenue (continued) |
| National Finance Authority, NH, (Covanta): |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/1/42<sup>(1)</sup> | $13325 | &nbsp;&nbsp;$11778954 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.875%, 11/1/42<sup>(1)</sup> | 1975 | &nbsp;&nbsp;&nbsp;&nbsp; 1779553 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 3.75% to 7/2/40 (Put Date), 7/1/45<sup>(1)</sup> | 1845 | &nbsp;&nbsp;&nbsp;&nbsp; 1453067 |
| New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), 2.95%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 460060 |
| New Jersey Economic Development Authority, (Continental Airlines): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 9/15/29 | 7105 | &nbsp;&nbsp;&nbsp;&nbsp; 7112397 |
| &nbsp;&nbsp;&nbsp;5.50%, 6/1/33 | 4375 | &nbsp;&nbsp;&nbsp;&nbsp; 4379334 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.625%, 11/15/30 | 3840 | &nbsp;&nbsp;&nbsp;&nbsp; 3844031 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.375%, 10/1/45 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8684053 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/40 | 18780 | &nbsp;&nbsp;&nbsp;&nbsp; 18478628 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.625%, 4/1/40 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10261291 |
| Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42<sup>(1)</sup> | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6212619 |
| Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38<sup>(1)</sup> | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2855408 |
| Pennsylvania Economic Development Financing Authority, (Core Natural Resources, Inc.), (AMT), 5.45% to 3/27/35 (Put Date), 1/1/51<sup>(1)</sup> | 1965 | &nbsp;&nbsp;&nbsp;&nbsp; 1996183 |
| Pennsylvania Economic Development Financing Authority, (Covanta), Green Bonds, (AMT), 3.25%, 8/1/39<sup>(1)</sup> | 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1335007 |
| Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38<sup>(1)</sup> | 4950 | &nbsp;&nbsp;&nbsp;&nbsp; 4595323 |
| Valparaiso, IN, (Pratt Paper IN LLC), (AMT), 5.00%, 1/1/54<sup>(1)</sup> | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2514624 |
| Vermont Economic Development Authority, (Casella Waste Systems, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.375% to 6/1/32 (Put Date), 6/1/52<sup>(1)</sup> | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1217407 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.625% to 4/3/28 (Put Date), 4/1/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 476465 |
| Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48<sup>(1)</sup> | 1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1349873 |
| West Virginia Economic Development Authority (Commercial Metals Co.), (AMT), 4.625% to 5/15/32 (Put Date), 4/15/55 | 2760 | &nbsp;&nbsp;&nbsp;&nbsp; 2691523 |
| West Virginia Economic Development Authority, (Core Natural Resources, Inc.), (AMT), 5.45% to 3/27/35 (Put Date), 1/1/55<sup>(1)</sup> | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2287636 |
|  |  | &nbsp;&nbsp;**$198139665** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Education — 0.1% | Insured - Education — 0.1% | Insured - Education — 0.1% |
| Walker County Board of Education, AL, (AG), 4.25%, 3/1/54 | $1500 | &nbsp;&nbsp;$1312862 |
|  |  | &nbsp;&nbsp;**$1312862** |
| Insured - Electric Utilities — 0.1% | Insured - Electric Utilities — 0.1% | Insured - Electric Utilities — 0.1% |
| Garland, TX, Electric Utility System Revenue, (AG), 4.25%, 3/1/55 | $2260 | &nbsp;&nbsp;$1943198 |
|  |  | &nbsp;&nbsp;**$1943198** |
| Insured - General Obligations — 0.5% | Insured - General Obligations — 0.5% | Insured - General Obligations — 0.5% |
| Generation Park Management District, TX, (AG), 3.75%, 9/1/49 | $2295 | &nbsp;&nbsp;$1799857 |
| Harris County Improvement District No. 18, TX: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 3.50%, 9/1/48 | 1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1024414 |
| &nbsp;&nbsp;&nbsp;(BAM), 3.50%, 9/1/49 | 1265 | &nbsp;&nbsp;&nbsp;&nbsp; 952832 |
| Harris County Municipal Utility District No. 165, TX: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 3.50%, 3/1/48 | 2785 | &nbsp;&nbsp;&nbsp;&nbsp; 2115874 |
| &nbsp;&nbsp;&nbsp;(BAM), 3.50%, 3/1/49 | 2695 | &nbsp;&nbsp;&nbsp;&nbsp; 2028545 |
|  |  | &nbsp;&nbsp;**$7921522** |
| Insured - Hospital — 2.1% | Insured - Hospital — 2.1% | Insured - Hospital — 2.1% |
| Columbia County Hospital Authority, GA, (WellStar Health System, Inc.), (AG), 5.00%, 4/1/48 | $2125 | &nbsp;&nbsp;$2118867 |
| Grand Forks, ND, (Altru Health System), (AG), 3.00%, 12/1/46 | 6505 | &nbsp;&nbsp;&nbsp;&nbsp; 4623675 |
| New York Dormitory Authority, (White Plains Hospital Obligated Group), (AG), 5.50%, 10/1/54 | 1510 | &nbsp;&nbsp;&nbsp;&nbsp; 1547884 |
| Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), (AG), 4.25%, 11/1/51 | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6128583 |
| Virginia Commonwealth University Health System Authority, (BAM), 4.00%, 7/1/54 | 12880 | &nbsp;&nbsp;&nbsp;&nbsp; 11183158 |
| Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 11/1/51 | 1940 | &nbsp;&nbsp;&nbsp;&nbsp; 1902018 |
| &nbsp;&nbsp;&nbsp;(AG), 5.75%, 11/1/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2109836 |
| Wisconsin Health and Educational Facilities Authority, (Marshfield Clinic Health System, Inc.), (BAM), 4.50%, 2/15/54 | 1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1079903 |
| Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), (AG), 4.00%, 8/1/49 | 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3186670 |
|  |  | &nbsp;&nbsp;**$33880594** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Lease Revenue/Certificates of Participation — 0.3% | Insured - Lease Revenue/Certificates of Participation — 0.3% | Insured - Lease Revenue/Certificates of Participation — 0.3% |
| Indianapolis Local Public Improvement Bond Bank, IN, (BAM), 5.00%, 3/1/53 | $5000 | &nbsp;&nbsp;$4984624 |
|  |  | &nbsp;&nbsp;**$4984624** |
| Insured - Special Tax Revenue — 3.5% | Insured - Special Tax Revenue — 3.5% | Insured - Special Tax Revenue — 3.5% |
| Harris County-Houston Sports Authority, TX: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (NPFG), 0.00%, 11/15/34 | $12700 | &nbsp;&nbsp;$8036461 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 0.00%, 11/15/26 | 1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1073488 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 0.00%, 11/15/26 | 9395 | &nbsp;&nbsp;&nbsp;&nbsp; 9045219 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 0.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 362659 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 0.00%, 11/15/28 | 9605 | &nbsp;&nbsp;&nbsp;&nbsp; 8708348 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (AG), 0.00%, 12/15/56 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 1815419 |
| Miami-Dade County, FL, Professional Sports Franchise Facilities, (AG), 7.00%, 10/1/39 | 14500 | &nbsp;&nbsp;&nbsp;&nbsp; 16227692 |
| Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AG), 5.375%, 11/15/52 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2104785 |
| Port of Greater Cincinnati Development Authority, OH, (Duke Energy Convention Center), (AG), 4.375%, 12/1/58 | 2910 | &nbsp;&nbsp;&nbsp;&nbsp; 2540372 |
| Tolomato Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 3.75%, 5/1/39 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2391820 |
| &nbsp;&nbsp;&nbsp;(AG), 3.75%, 5/1/40 | 2980 | &nbsp;&nbsp;&nbsp;&nbsp; 2818405 |
|  |  | &nbsp;&nbsp;**$55124668** |
| Insured - Transportation — 3.6% | Insured - Transportation — 3.6% | Insured - Transportation — 3.6% |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.50%, 1/1/48 | $3250 | &nbsp;&nbsp;$3325789 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.50%, 1/1/53 | 11245 | &nbsp;&nbsp;&nbsp;&nbsp; 11456505 |
| Chicago, IL, (Midway International Airport), (BAM), (AMT), 5.75%, 1/1/48 | 6355 | &nbsp;&nbsp;&nbsp;&nbsp; 6624096 |
| E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37 | 6665 | &nbsp;&nbsp;&nbsp;&nbsp; 3658230 |
| Foothill/Eastern Transportation Corridor Agency, CA, (AG), 5.625%, 1/15/32 | 1955 | &nbsp;&nbsp;&nbsp;&nbsp; 2230526 |
| Metropolitan Transportation Authority, NY, Green Bonds, (BAM), 4.00%, 11/15/48 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4191206 |
| New York Transportation Development Corp., (John F. Kennedy Airport Terminal 6 Redevelopment), Green Bonds, (AG), (AMT), 5.25%, 12/31/54 | 4950 | &nbsp;&nbsp;&nbsp;&nbsp; 4853750 |
| New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One), Green Bonds, (AG), (AMT), 5.50%, 6/30/59 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3003313 |
| New York Transportation Development Corp., (John F. Kennedy International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AG), (AMT), 4.625%, 6/30/54 | 3515 | &nbsp;&nbsp;&nbsp;&nbsp; 3145769 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Transportation (continued) | Insured - Transportation (continued) | Insured - Transportation (continued) |
| New York Transportation Development Corp., (John F. Kennedy International Airport): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AG), (AMT), 5.00%, 6/30/54 | $1105 | &nbsp;&nbsp;$1046489 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AG), (AMT), 5.125%, 6/30/60 | 5550 | &nbsp;&nbsp;&nbsp;&nbsp; 5274864 |
| Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30 | 9390 | &nbsp;&nbsp;&nbsp;&nbsp; 8014538 |
|  |  | &nbsp;&nbsp;**$56825075** |
| Insured - Water and Sewer — 0.3% | Insured - Water and Sewer — 0.3% | Insured - Water and Sewer — 0.3% |
| Carmel, IN, Waterworks Revenue, (BAM), 4.25%, 5/1/53 | $1675 | &nbsp;&nbsp;$1442532 |
| Terre Haute Sanitary District, IN, (BAM), 4.375%, 1/1/49 | 3355 | &nbsp;&nbsp;&nbsp;&nbsp; 2956107 |
|  |  | &nbsp;&nbsp;**$4398639** |
| Lease Revenue/Certificates of Participation — 2.4% | Lease Revenue/Certificates of Participation — 2.4% | Lease Revenue/Certificates of Participation — 2.4% |
| Baltimore, MD, (Harbor Point), 5.00%, 6/1/51 | $1600 | &nbsp;&nbsp;$1501972 |
| New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | 12950 | &nbsp;&nbsp;&nbsp;&nbsp; 12840913 |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | 9100 | &nbsp;&nbsp;&nbsp;&nbsp; 9265018 |
| New Jersey Economic Development Authority, (School Facilities Construction): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 892354 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/44 | 8240 | &nbsp;&nbsp;&nbsp;&nbsp; 8259918 |
| New Jersey Educational Facilities Authority, (Higher Education Capital Improvement Fund), 4.625%, 9/1/48 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3382435 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), 4.25%, 6/15/44 | 1985 | &nbsp;&nbsp;&nbsp;&nbsp; 1796193 |
|  |  | &nbsp;&nbsp;**$37938803** |
| Other Revenue — 3.4% | Other Revenue — 3.4% | Other Revenue — 3.4% |
| Buckeye Tobacco Settlement Financing Authority, OH: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/48 | $4545 | &nbsp;&nbsp;$3041426 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/55 | 15635 | &nbsp;&nbsp;&nbsp;&nbsp; 12717998 |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | 4315 | &nbsp;&nbsp;&nbsp;&nbsp; 4607406 |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35<sup>(6)</sup> | 6250 | &nbsp;&nbsp;&nbsp;&nbsp; 2437500 |
| Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38<sup>(1)</sup> | 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1275287 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 12/1/30 (Put Date), 5/1/54 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3167606 |
| Military Installation Development Authority, UT, 4.00%, 6/1/41 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1294563 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Morongo Band of Mission Indians, CA, 5.00%, 10/1/42<sup>(1)</sup> | $2040 | &nbsp;&nbsp;$2016591 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | 9250 | &nbsp;&nbsp;&nbsp;&nbsp; 9783581 |
| Public Authority for Colorado Energy, CO, 6.50%, 11/15/38 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2331486 |
| Public Finance Authority, WI, (Inperium, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/44<sup>(1)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4844818 |
| &nbsp;&nbsp;&nbsp;5.75%, 12/1/54<sup>(1)</sup> | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5812954 |
| Southeast Energy Authority, AL, 5.00% to 6/1/35 (Put Date), 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 555352 |
|  |  | &nbsp;&nbsp;**$53886568** |
| Senior Living/Life Care — 14.1% | Senior Living/Life Care — 14.1% | Senior Living/Life Care — 14.1% |
| Atlantic Beach, FL, (Fleet Landing): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/37 | $7945 | &nbsp;&nbsp;$7945819 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003811 |
| California Municipal Finance Authority, (Mt. San Antonio Gardens), 4.00%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 673901 |
| California Public Finance Authority, (Enso Village): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 3.125%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 136997 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 11/15/51<sup>(1)</sup> | 2660 | &nbsp;&nbsp;&nbsp;&nbsp; 2236327 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 11/15/56<sup>(1)</sup> | 2740 | &nbsp;&nbsp;&nbsp;&nbsp; 2260852 |
| Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/37 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3128942 |
| Clackamas County Hospital Facility Authority, OR, (Mary's Woods at Marylhurst), 5.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 130125 |
| Clackamas County Hospital Facility Authority, OR, (Rose Villa): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 200565 |
| &nbsp;&nbsp;&nbsp;5.375%, 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 266949 |
| Colorado Health Facilities Authority, (Aberdeen Ridge): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/44 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 1691421 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/58 | 2525 | &nbsp;&nbsp;&nbsp;&nbsp; 1684914 |
| Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 756367 |
| Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 902446 |
| Delaware Economic Development Authority, DE, (Acts Retirement Life Communities, Inc.), 5.25%, 11/15/53 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4804745 |
| District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/52 | 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 1814289 |
| Florida Development Finance Corp., (The Glenridge on Palmer Ranch), 5.00%, 6/1/51<sup>(1)</sup> | 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 6961201 |

---

---

| | | |
|:---|:---|:---|
| **<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) |
| Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/38 | $1000 | &nbsp;&nbsp;$932836 |
| Franklin County, OH, (Ohio Living Communities): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3872309 |
| &nbsp;&nbsp;&nbsp;5.50%, 7/1/41 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6080874 |
| Fulton County Residential Care Facilities for the Elderly Authority, GA, (Canterbury Court): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/56<sup>(1)</sup> | 5050 | &nbsp;&nbsp;&nbsp;&nbsp; 3622657 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/47<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 893634 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/54<sup>(1)</sup> | 1660 | &nbsp;&nbsp;&nbsp;&nbsp; 1432344 |
| Hamilton County, OH, (Life Enriching Communities), 5.75%, 1/1/53 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3033457 |
| Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 275412 |
| &nbsp;&nbsp;&nbsp;6.375%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60106 |
| Howard County, MD, (Vantage House), 5.00%, 4/1/36 | 1725 | &nbsp;&nbsp;&nbsp;&nbsp; 1646736 |
| Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 365180 |
| Iowa Finance Authority, (Lifespace Communities, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 5/15/38 | 1770 | &nbsp;&nbsp;&nbsp;&nbsp; 1640743 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/43 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2618139 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/49 | 3955 | &nbsp;&nbsp;&nbsp;&nbsp; 3593477 |
| James City County Economic Development Authority, VA, (Williamsburg Landing), 6.875%, 12/1/58 | 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2715432 |
| Lee County Industrial Development Authority, FL, (Shell Point Obligated Group), 5.25%, 11/15/54 | 2960 | &nbsp;&nbsp;&nbsp;&nbsp; 2837956 |
| Massachusetts Development Finance Agency, (Linden Ponds, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/33<sup>(1)</sup> | 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1600734 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/38<sup>(1)</sup> | 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1027750 |
| Massachusetts Development Finance Agency, (Salem Community Corp.), 5.125%, 1/1/40 | 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 962074 |
| Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/30<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1241489 |
| Missouri Health and Educational Facilities Authority, (Lutheran Senior Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 2/1/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 955202 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/1/54 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1171824 |
| Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/48 | 9045 | &nbsp;&nbsp;&nbsp;&nbsp; 7805256 |
| Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 4.00%, 12/1/51 | 2245 | &nbsp;&nbsp;&nbsp;&nbsp; 1587450 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| National Finance Authority, NH, (The Vista): |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/46<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;$527846 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/54<sup>(1)</sup> | 1745 | &nbsp;&nbsp;&nbsp;&nbsp; 1644113 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Bella Vida Forefront Living): |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 10/1/45 | 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2121695 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/1/55 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1548547 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/1/60 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1079957 |
| New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven), 6.75%, 10/1/52 | 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13994702 |
| New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/49 | 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 13499667 |
| Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge): |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 1/1/39 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1097443 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/49 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3412032 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/54 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1739051 |
| North Carolina Medical Care Commission, (EveryAge), 5.00%, 9/1/54 | 1340 | &nbsp;&nbsp;&nbsp;&nbsp; 1201702 |
| North Carolina Medical Care Commission, (Penick Village), 5.50%, 9/1/54 | 1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1550358 |
| Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27<sup>(1)</sup> | 6020 | &nbsp;&nbsp;&nbsp;&nbsp; 8332053 |
| Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/1/56 | 1935 | &nbsp;&nbsp;&nbsp;&nbsp; 1503398 |
| Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 770315 |
| Public Finance Authority, WI, (Mary's Woods at Marylhurst): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 5/15/42<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 947980 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/15/47<sup>(1)</sup> | 1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1203704 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/15/52<sup>(1)</sup> | 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2415004 |
| South Carolina Jobs-Economic Development Authority, (Seafields Kiawah Island Project), 7.75%, 11/15/58 | 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13583847 |
| South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/38 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2444735 |
| St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis), 5.00%, 9/1/38 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1243623 |
| Stamford Housing Authority, CT, (Mozaic Concierge Living): |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 10/1/45 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1594124 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/1/55 | 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2167313 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks): |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 637001 |
| &nbsp;&nbsp;&nbsp;6.75%, 11/15/51 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 2711169 |

---

---

| | | |
|:---|:---|:---|
| **<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) |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 11/15/55 | $&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;$154622 |
| Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 4.00%, 12/1/56 | 4265 | &nbsp;&nbsp;&nbsp;&nbsp; 3150336 |
| Tempe Industrial Development Authority, AZ, (Mirabella at ASU): |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 10/1/47<sup>(1)</sup> | 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 2675073 |
| &nbsp;&nbsp;&nbsp;6.125%, 10/1/52<sup>(1)</sup> | 8850 | &nbsp;&nbsp;&nbsp;&nbsp; 5603684 |
| Venice, FL, (Village On The Isle), 5.625%, 1/1/60<sup>(1)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1854826 |
| Virginia Beach Development Authority, VA, (Westminster-Canterbury on Chesapeake Bay): |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 9/1/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2167439 |
| &nbsp;&nbsp;&nbsp;7.00%, 9/1/59 | 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9702657 |
| Virginia Small Business Financing Authority, (Lifespire of Virginia): |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 12/1/44 | 4250 | &nbsp;&nbsp;&nbsp;&nbsp; 3857024 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1230948 |
| Washington Housing Finance Commission, (Bayview Manor Homes): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/36<sup>(1)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1490426 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/46<sup>(1)</sup> | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1225359 |
| Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/48<sup>(1)</sup> | 7225 | &nbsp;&nbsp;&nbsp;&nbsp; 6021447 |
| Washington Housing Finance Commission, (Transforming Age): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44<sup>(1)</sup> | 2780 | &nbsp;&nbsp;&nbsp;&nbsp; 2536417 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 608349 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/55<sup>(1)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1277993 |
| Wisconsin Health and Educational Facilities Authority, (Dickson Hollow Phase II), 6.125%, 10/1/59 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1697789 |
| Wisconsin Health and Educational Facilities Authority, (Oakwood Lutheran Senior Ministries), 4.00%, 1/1/57 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 710677 |
| Wisconsin Health and Educational Facilities Authority, (Three Pillars Senior Living Communities): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/39 | 1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1437427 |
| &nbsp;&nbsp;&nbsp;5.75%, 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 918352 |
| &nbsp;&nbsp;&nbsp;5.75%, 8/15/59 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3962452 |
|  |  | &nbsp;&nbsp;**$223827503** |
| Special Tax Revenue — 10.2% | Special Tax Revenue — 10.2% | Special Tax Revenue — 10.2% |
| Aerotropolis Regional Transportation Authority, CO, 5.75%, 12/1/54<sup>(1)</sup> | $13760 | &nbsp;&nbsp;$13331042 |
| Atlanta Development Authority, GA, (Westside Gulch Area), 5.50%, 4/1/39<sup>(1)</sup> | 13580 | &nbsp;&nbsp;&nbsp;&nbsp; 13562516 |
| Coastal Ridge Community Development District, FL, 5.75%, 5/1/45 | 3015 | &nbsp;&nbsp;&nbsp;&nbsp; 2978831 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Denton County, TX, (Green Meadows Public Improvement District Improvement Area): |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 12/31/45<sup>(1)</sup> | $1500 | &nbsp;&nbsp;$1502772 |
| &nbsp;&nbsp;&nbsp;5.625%, 12/31/55<sup>(1)</sup> | 1101 | &nbsp;&nbsp;&nbsp;&nbsp; 1104518 |
| District of Columbia Income Tax Revenue, 5.25%, 6/1/50<sup>(2)</sup> | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4138480 |
| Downtown Revitalization Public Infrastructure District, UT, 5.00%, 7/15/35<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002279 |
| Hobe-St. Lucie Conservancy District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;5.60%, 5/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 987690 |
| &nbsp;&nbsp;&nbsp;5.875%, 5/1/55 | 1950 | &nbsp;&nbsp;&nbsp;&nbsp; 1905427 |
| Kingston One Community Development District, FL, (Assessment Area One 2025): |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45<sup>(1)</sup> | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1720966 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/1/57<sup>(1)</sup> | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4409823 |
| Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/36 | 3685 | &nbsp;&nbsp;&nbsp;&nbsp; 3701121 |
| &nbsp;&nbsp;&nbsp;5.125%, 5/1/46 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3810622 |
| Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 464704 |
| Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development Project), 5.125%, 6/1/36<sup>(1)</sup> | 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1807925 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 5.00%, 6/15/50 | 11575 | &nbsp;&nbsp;&nbsp;&nbsp; 11248213 |
| Mida Mountain Village Public Infrastructure District, UT: |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 6/15/54<sup>(1)</sup> | 2375 | &nbsp;&nbsp;&nbsp;&nbsp; 2179198 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/15/54<sup>(1)</sup> | 3375 | &nbsp;&nbsp;&nbsp;&nbsp; 3365225 |
| Middleton Community Development District A, FL, 4.75%, 5/1/55 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1261967 |
| New River Community Development District, FL, (Capital Improvements): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/13<sup>(6)</sup> | 1005 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 977999 |
| New York City Transitional Finance Authority, NY, 4.375%, 5/1/53 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4554383 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 11/1/45<sup>(2)</sup> | 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20945000 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 2.75%, 11/1/36<sup>(5)</sup> | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 |
| Ohio County, WV, (The Highlands), 5.25%, 6/1/53 | 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3200805 |
| Oneida Indian Nation of New York, NY, 6.00%, 9/1/43<sup>(1)</sup> | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2406048 |
| Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 4.00%, 12/1/51 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4153570 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Point Phase 1 Public Infrastructure District No. 1, UT, 5.875%, 3/1/45 | $3750 | &nbsp;&nbsp;$3754835 |
| Puerto Rico Sales Tax Financing Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/46 | 18623 | &nbsp;&nbsp;&nbsp;&nbsp; 5795293 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/51 | 40064 | &nbsp;&nbsp;&nbsp;&nbsp; 9230681 |
| &nbsp;&nbsp;&nbsp;4.75%, 7/1/53 | 9834 | &nbsp;&nbsp;&nbsp;&nbsp; 8826777 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/58 | 16285 | &nbsp;&nbsp;&nbsp;&nbsp; 14905928 |
| Reno, NV, Sales Tax Revenue, 4.00%, 6/1/43 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1132370 |
| South Village Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500934 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100048 |
| Southern Hills Plantation I Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;Series A1, 5.80%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;&nbsp; 755287 |
| &nbsp;&nbsp;&nbsp;Series A2, 5.80%, 5/1/35<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 481611 |
| St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 342327 |
| Winter Garden Village at Fowler Groves Community Development District, FL, 4.125%, 5/1/37 | 3905 | &nbsp;&nbsp;&nbsp;&nbsp; 3741587 |
|  |  | &nbsp;&nbsp;**$162588812** |
| Transportation — 10.1% | Transportation — 10.1% | Transportation — 10.1% |
| California Municipal Finance Authority, (HumanGood - California Obligated Group), (AMT), 5.00%, 6/1/48 | $2025 | &nbsp;&nbsp;$1905029 |
| California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/47 | 2810 | &nbsp;&nbsp;&nbsp;&nbsp; 2669005 |
| Chicago, IL, (O'Hare International Airport), (AMT), 5.50%, 1/1/55<sup>(2)</sup> | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4033440 |
| Colorado High Performance Transportation Enterprise, (U.S. 36 and I-25 Managed Lanes), (AMT), 5.75%, 1/1/44 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500877 |
| Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 11/15/53 | 8385 | &nbsp;&nbsp;&nbsp;&nbsp; 8209792 |
| Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/45 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2228347 |
| Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/29 | 1135 | &nbsp;&nbsp;&nbsp;&nbsp; 966547 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 396798 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/31 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 848122 |
| Louisiana Public Facilities Authority, (I-10 Calcasieu River Bridge Public-Private Partnership), (AMT), 5.50%, 9/1/59 | 9345 | &nbsp;&nbsp;&nbsp;&nbsp; 9311083 |
| Metropolitan Washington Airports Authority, D.C., (LOC: TD Bank, N.A.), 2.75%, 10/1/39<sup>(5)</sup> | 1545 | &nbsp;&nbsp;&nbsp;&nbsp; 1545000 |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34 | $3635 | &nbsp;&nbsp;$3640025 |
| New York Thruway Authority, 4.00%, 1/1/45 | 7770 | &nbsp;&nbsp;&nbsp;&nbsp; 6839227 |
| New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 6/30/49 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9590477 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 6.00%, 6/30/44 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1317106 |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50 | 3505 | &nbsp;&nbsp;&nbsp;&nbsp; 3386396 |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/29 | 4700 | &nbsp;&nbsp;&nbsp;&nbsp; 5047439 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/31 | 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8679207 |
| Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One), (AMT), 5.25%, 6/30/53 | 13180 | &nbsp;&nbsp;&nbsp;&nbsp; 12424862 |
| Phoenix Civic Improvement Corp., AZ, Airport Revenue, (AMT), 4.00%, 7/1/48 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3376899 |
| Public Finance Authority, WI, (Georgia SR 400 Express Lanes): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.75%, 12/31/65<sup>(4)</sup> | 10750 | &nbsp;&nbsp;&nbsp;&nbsp; 10264189 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.50%, 6/30/60<sup>(4)</sup> | 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5786569 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.50%, 12/31/65<sup>(4)</sup> | 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7833325 |
| Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/47 | 7360 | &nbsp;&nbsp;&nbsp;&nbsp; 7198711 |
| San Diego County Regional Airport Authority, CA, (San Diego International Airport), (AMT), 5.00%, 7/1/53 | 11100 | &nbsp;&nbsp;&nbsp;&nbsp; 10837654 |
| South Jersey Port Corp., NJ, (AMT), 5.00%, 1/1/42 | 2920 | &nbsp;&nbsp;&nbsp;&nbsp; 2903491 |
| Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58 | 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2193398 |
| Texas Private Activity Bond Surface Transportation Corp., (NTE Mobility Partners Segments 3, LLC): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 6/30/42 | 1765 | &nbsp;&nbsp;&nbsp;&nbsp; 1790356 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 6/30/43 | 2190 | &nbsp;&nbsp;&nbsp;&nbsp; 2211495 |
| Texas Transportation Commission, (State Highway System): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 338402 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/46 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 814186 |
| Triborough Bridge and Tunnel Authority, NY, 5.00%, 11/15/51<sup>(2)</sup> | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7017990 |
| Virginia Small Business Financing Authority, (95 Express Lanes LLC Project), (AMT), 4.00%, 1/1/40 | 3220 | &nbsp;&nbsp;&nbsp;&nbsp; 2888055 |
| Virginia Small Business Financing Authority, (Transform 66 P3), (AMT), 5.00%, 12/31/52 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9271165 |
|  |  | &nbsp;&nbsp;**$160264664** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer — 0.7% | Water and Sewer — 0.7% | Water and Sewer — 0.7% |
| Dallas, TX, Waterworks and Sewer System Revenue, 4.25%, 10/1/51 | $4550 | &nbsp;&nbsp;$4011176 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.25%, 6/15/52<sup>(2)</sup> | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3064470 |
| Texas Water Development Board, 4.25%, 10/15/51 | 5230 | &nbsp;&nbsp;&nbsp;&nbsp; 4640876 |
|  |  | &nbsp;&nbsp;**$11716522** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $1,608,789,941) |  | &nbsp;&nbsp;**$1554432244** |

---

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

Taxable Municipal Obligations — 4.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cogeneration — 0.0%<sup>†</sup> | Cogeneration — 0.0%<sup>†</sup> | Cogeneration — 0.0%<sup>†</sup> |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 6/30/27<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;$56233 |
|  |  | &nbsp;&nbsp;**$56233** |
| Education — 0.6% | Education — 0.6% | Education — 0.6% |
| California Municipal Finance Authority, (Albert Einstein Academies): |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 8/1/38<sup>(1)</sup> | $1100 | &nbsp;&nbsp;$831050 |
| &nbsp;&nbsp;&nbsp;4.50%, 8/1/43<sup>(1)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1006497 |
| Capital Trust Authority, FL, (Mason Classical Academy), 6.75%, 6/1/31<sup>(1)</sup> | 2985 | &nbsp;&nbsp;&nbsp;&nbsp; 2965315 |
| Maricopa County Industrial Development Authority, AZ, (Grand Canyon University), 7.375%, 10/1/29<sup>(1)</sup> | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3615134 |
| San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 3.15%, 4/1/37 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1378918 |
|  |  | &nbsp;&nbsp;**$9796914** |
| General Obligations — 0.5% | General Obligations — 0.5% | General Obligations — 0.5% |
| Atlantic City, NJ, 7.50%, 3/1/40 | $5440 | &nbsp;&nbsp;$6098122 |
| Detroit, MI: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.11%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 800894 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.344%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 117901 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.644%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 451213 |
|  |  | &nbsp;&nbsp;**$7468130** |
| Hospital — 0.7% | Hospital — 0.7% | Hospital — 0.7% |
| Middleburg Heights, OH, (Southwest General Health Center), 4.074%, 8/1/47 | $6000 | &nbsp;&nbsp;$4214780 |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), (SPA: JPMorgan Chase Bank, N.A.), 4.30%, 8/1/42<sup>(5)</sup> | $7470 | &nbsp;&nbsp;$7470000 |
|  |  | &nbsp;&nbsp;**$11684780** |
| Housing — 0.4% | Housing — 0.4% | Housing — 0.4% |
| Alachua County Housing Finance Authority, FL, (Woodland Park II LLC), 7.00% to 7/1/28 (Put Date), 7/1/29<sup>(1)</sup> | $2000 | &nbsp;&nbsp;$2004070 |
| Florida Development Finance Corp., (The Henry Project), 8.00%, 6/1/37<sup>(1)</sup> | 3985 | &nbsp;&nbsp;&nbsp;&nbsp; 3984393 |
| New York State Housing Finance Agency, (160 Madison Avenue LLC), (LOC: Landesbank Hessen-Thuringen Girozentrale), 4.31%, 11/1/46<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 905000 |
|  |  | &nbsp;&nbsp;**$6893463** |
| Insured - General Obligations — 0.0%<sup>†</sup> | Insured - General Obligations — 0.0%<sup>†</sup> | Insured - General Obligations — 0.0%<sup>†</sup> |
| Elmwood Park, IL, (AG), 2.544%, 12/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;$253130 |
|  |  | &nbsp;&nbsp;**$253130** |
| Insured - Transportation — 0.8% | Insured - Transportation — 0.8% | Insured - Transportation — 0.8% |
| Alameda Corridor Transportation Authority, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 10/1/41 | $16290 | &nbsp;&nbsp;$6116703 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 10/1/44 | 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 2427476 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 10/1/46 | 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 3967081 |
|  |  | &nbsp;&nbsp;**$12511260** |
| Lease Revenue/Certificates of Participation — 0.1% | Lease Revenue/Certificates of Participation — 0.1% | Lease Revenue/Certificates of Participation — 0.1% |
| New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 9.58%, 12/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;$778891 |
| New Hampshire Business Finance Authority, (Centurion Foundation), 11.00%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 424437 |
|  |  | &nbsp;&nbsp;**$1203328** |
| Special Tax Revenue — 1.3% | Special Tax Revenue — 1.3% | Special Tax Revenue — 1.3% |
| American Samoa Economic Development Authority, 3.72%, 9/1/27<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;$712107 |
| Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands): |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 3/1/36 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2736782 |
| &nbsp;&nbsp;&nbsp;5.25%, 3/1/31 | 2910 | &nbsp;&nbsp;&nbsp;&nbsp; 2892581 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Oneida Indian Nation of New York, NY, 8.00%, 9/1/40<sup>(1)</sup> | $14000 | &nbsp;&nbsp;$14314437 |
|  |  | &nbsp;&nbsp;**$20655907** |
| Total Taxable Municipal Obligations<br> (identified cost $72,880,044) |  | &nbsp;&nbsp;**$70523145** |
| Total Investments — 103.3%<br> (identified cost $1,701,307,341) |  | &nbsp;&nbsp;**$1644097481** |
| Other Assets, Less Liabilities — (3.3)% |  | &nbsp;&nbsp;**$(52361650)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$1591735831** |

---

---

| | |
|:---|:---|
| 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 $331,151,233 or 20.8% of the Fund's net assets. |
| <sup>(2)</sup> | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| <sup>(3)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <sup>(4)</sup> | When-issued security. |
| <sup>(5)</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>(6)</sup> | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy and is non-income producing. |
| 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;New York | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 91.1% |

---

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, 10.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 6.7% of total investments.

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

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

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**July 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $1,701,307,341) | &nbsp;&nbsp;$1644097481 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93207 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17090816 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23147280 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853316 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106848 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188122 |
| Due from broker for floating rate notes issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12320000 |
| **Total assets** | &nbsp;&nbsp;**$1697897070** |
| Liabilities |  |
| Payable for floating rate notes issued | &nbsp;&nbsp;$50724485 |
| Due to broker for floating rate notes redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39225505 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6331063 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326367 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596912 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87119 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6473 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188122 |
| Interest expense and fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216622 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458571 |
| **Total liabilities** | &nbsp;&nbsp;**$106161239** |
| **Net Assets** | &nbsp;&nbsp;**$1591735831** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$1805698651 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213962820) |
| **Net Assets** | &nbsp;&nbsp;**$1591735831** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$310157316 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40136561 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.73 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$7.99 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$23291311 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258973 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.15 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$970364538 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125448051 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.74 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Statement of Assets and Liabilities (Unaudited) — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**July 31, 2025** |
| Class W Shares |  |
| **Net Assets** | &nbsp;&nbsp;$287922666 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37226205 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.73 |

---

---

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

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**July 31, 2025** |
| Investment Income |  |
| Interest income | &nbsp;&nbsp;$46248513 |
| **Total investment income** | &nbsp;&nbsp;**$46248513** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$3757603 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406065 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137289 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52331 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207062 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224783 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128710 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11529 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87121 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809884 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190956 |
| **Total expenses** | &nbsp;&nbsp;**$6013333** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Reimbursement of investment adviser fee — Class W | &nbsp;&nbsp;$591997 |
| **Total expense reductions** | &nbsp;&nbsp;**$591997** |
| **Net expenses** | &nbsp;&nbsp;**$5421336** |
| **Net investment income** | &nbsp;&nbsp;**$40827177** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(22685472) |
| **Net realized loss** | &nbsp;&nbsp;**$(22685472)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(80368330) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(80368330)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(103053802)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(62226625)** |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$40827177 | &nbsp;&nbsp;$76294188 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22685472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093271 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80368330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092164 |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(62226625)** | &nbsp;&nbsp;**$79479623** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(7202265) | &nbsp;&nbsp;$(14377178) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1228049) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25828663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51191920) |
| &nbsp;&nbsp;&nbsp;Class W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6995764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8561261) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(40531366)** | &nbsp;&nbsp;**$(75358408)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(16867081) | &nbsp;&nbsp;$38781689 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6287498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7774526) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(247158762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247490366 |
| &nbsp;&nbsp;&nbsp;Class W | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44218051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148605908 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(226095290)** | &nbsp;&nbsp;**$427103437** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(328853281)** | &nbsp;&nbsp;**$431224652** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$1920589112 | &nbsp;&nbsp;$1489364460 |
| **At end of period** | &nbsp;&nbsp;**$1591735831** | &nbsp;&nbsp;**$1920589112** |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income 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;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.20 | &nbsp;&nbsp;$8.16 | &nbsp;&nbsp;$8.15 | &nbsp;&nbsp;$9.08 | &nbsp;&nbsp;$9.36 | &nbsp;&nbsp;$9.38 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)<sup>(3)</sup> |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$0.38** | &nbsp;&nbsp;**$0.34** | &nbsp;&nbsp;**$(0.62)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.00<sup>(2)</sup>** | &nbsp;&nbsp;**$0.30** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.32) |
| **Total distributions** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.32)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.73** | &nbsp;&nbsp;**$8.20** | &nbsp;&nbsp;**$8.16** | &nbsp;&nbsp;**$8.15** | &nbsp;&nbsp;**$9.08** | &nbsp;&nbsp;**$9.36** |
| **Total Return<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.64)%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.78%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.80)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.02)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.31%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$310157 | &nbsp;&nbsp;$346532 | &nbsp;&nbsp;$306027 | &nbsp;&nbsp;$306809 | &nbsp;&nbsp;$412905 | &nbsp;&nbsp;$419256 |
| Ratios (as a percentage of average daily net assets):<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

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

<sup>(3)</sup> The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

<sup>(4)</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>(5)</sup> Not annualized.

<sup>(6)</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>(7)</sup> Annualized.

<sup>(8)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income 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;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$7.58 | &nbsp;&nbsp;$7.55 | &nbsp;&nbsp;$7.54 | &nbsp;&nbsp;$8.40 | &nbsp;&nbsp;$8.66 | &nbsp;&nbsp;$8.68 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)<sup>(3)</sup> |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$0.29** | &nbsp;&nbsp;**$0.26** | &nbsp;&nbsp;**$(0.63)** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$0.21** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.23) |
| **Total distributions** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.23)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.15** | &nbsp;&nbsp;**$7.58** | &nbsp;&nbsp;**$7.55** | &nbsp;&nbsp;**$7.54** | &nbsp;&nbsp;**$8.40** | &nbsp;&nbsp;**$8.66** |
| **Total Return<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.93)%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.90%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.65%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.49)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.78)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.52%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$23291 | &nbsp;&nbsp;$31234 | &nbsp;&nbsp;$38802 | &nbsp;&nbsp;$53672 | &nbsp;&nbsp;$82817 | &nbsp;&nbsp;$97724 |
| Ratios (as a percentage of average daily net assets):<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

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

<sup>(3)</sup> The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

<sup>(4)</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>(5)</sup> Not annualized.

<sup>(6)</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>(7)</sup> Annualized.

<sup>(8)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income 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;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.21 | &nbsp;&nbsp;$8.17 | &nbsp;&nbsp;$8.16 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.37 | &nbsp;&nbsp;$9.39 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.33 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)<sup>(3)</sup> |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$0.32** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.34) |
| **Total distributions** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.34)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.74** | &nbsp;&nbsp;**$8.21** | &nbsp;&nbsp;**$8.17** | &nbsp;&nbsp;**$8.16** | &nbsp;&nbsp;**$9.09** | &nbsp;&nbsp;**$9.37** |
| **Total Return<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.51)%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.04%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.55)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.57%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$970365 | &nbsp;&nbsp;$1282568 | &nbsp;&nbsp;$1032344 | &nbsp;&nbsp;$802994 | &nbsp;&nbsp;$1063175 | &nbsp;&nbsp;$994877 |
| Ratios (as a percentage of average daily net assets):<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

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

<sup>(3)</sup> The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

<sup>(4)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(5)</sup> Not annualized.

<sup>(6)</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>(7)</sup> Annualized.

<sup>(8)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class W** | &nbsp;&nbsp;&nbsp;**Class W** | &nbsp;&nbsp;&nbsp;**Class W** | &nbsp;&nbsp;&nbsp;**Class W** | &nbsp;&nbsp;&nbsp;**Class W** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> January 31,<br> 2022<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**Period Ended<br> January 31,<br> 2022<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.20 | &nbsp;&nbsp;$8.17 | &nbsp;&nbsp;$8.15 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.32 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.41 | &nbsp;&nbsp;$0.39 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$0.43** | &nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;**$(0.57)** | &nbsp;&nbsp;**$(0.12)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.11) |
| **Total distributions** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.11)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.73** | &nbsp;&nbsp;**$8.20** | &nbsp;&nbsp;**$8.17** | &nbsp;&nbsp;**$8.15** | &nbsp;&nbsp;**$9.09** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.30)%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.30%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.23)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.30)%<sup>(4)</sup>** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$287923 | &nbsp;&nbsp;$260256 | &nbsp;&nbsp;$112191 | &nbsp;&nbsp;$34218 | &nbsp;&nbsp;$302 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34%<sup>(6)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22%<sup>(8)</sup> |

---

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

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

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

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

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

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

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

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

*21*

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Notes to Financial Statements (Unaudited)

------

1 Significant Accounting Policies

Eaton Vance High Yield Municipal Income Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust II (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is to provide high current income exempt from regular federal income tax. The Fund primarily invests in high yield municipal obligations with maturities of ten years or more. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I and Class W shares are sold at net asset value and are not subject to a sales charge. Class W shares are available for purchase only at the direction of the investment adviser or one of its affiliates on behalf of investors that are eligible clients of the investment adviser or its affiliates that have entered into a separate investment management or advisory agreement pursuant to which such clients pay an investment management or advisory fee, including investment vehicles that are sponsored, managed, advised or sub-advised by the investment adviser or its affiliates. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Sub-accounting, record keeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class W shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

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

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.

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[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

------

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

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

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

H Floating Rate Notes Issued in Conjunction with Securities Held—The Fund may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by the Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Fund accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes as a liability under the caption "Payable for floating rate notes issued" in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 9) at July 31, 2025. Interest expense related to the Fund's liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At July 31, 2025, the amount of the Fund's Floating Rate Notes outstanding and the related collateral were $50,724,485 and $65,264,011, respectively. The range of interest rates on the Floating Rate Notes outstanding at July 31, 2025 was 2.32% to 2.45%. For the six months ended July 31, 2025, the Fund's average settled Floating Rate Notes outstanding and the average interest rate including fees were $50,424,448 and 3.24%, respectively.

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

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[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

------

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—FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), 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 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.

K Interim Financial Statements—The interim financial statements relating to July 31, 2025 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

The net investment income of 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.

At January 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $134,219,004 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2025, $53,122,559 are short-term and $81,096,445 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:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$1650549151** |
| Gross unrealized appreciation | &nbsp;&nbsp;$21327242 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78503397) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(57176155)** |

---

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[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

------

3 Investment Adviser Fee and Other Transactions with Affiliates

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

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

---

For the six months ended July 31, 2025, the investment adviser fee amounted to $3,757,603 or 0.44% (annualized) of the Fund's average daily net assets.

BMR has agreed to reimburse the total amount of advisory fees paid by Class W shares. This agreement may be changed or terminated after June 1, 2026. Pursuant to this agreement, BMR was allocated $591,997 of the advisory fees paid by Class W shares for the six months ended July 31, 2025.

Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2025, EVM earned $10,834 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 $4,384 as its portion of the sales charge on sales of Class A shares for the six months ended July 31, 2025. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM, BMR and EVD, also received a portion of the sales charge on sales of Class A shares for the six months ended July 31, 2025 in the amount of $1,325. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended July 31, 2025 amounted to $406,065 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 six months ended July 31, 2025, the Fund paid or accrued to EVD $102,967 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 Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended July 31, 2025 amounted to $34,322 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_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

------

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended July 31, 2025, the Fund was informed that EVD received $1,923 and $5,953 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $545,776,791 and $770,328,048, respectively, for the six months ended July 31, 2025.

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;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 2163239 | &nbsp;&nbsp;&nbsp;&nbsp;$17195233 | &nbsp;&nbsp;&nbsp;&nbsp;13724169 | &nbsp;&nbsp;&nbsp;&nbsp;$112639524 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 796099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6323918 | &nbsp;&nbsp;&nbsp;&nbsp; 1470289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12097650 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5095459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40386232) | &nbsp;&nbsp;&nbsp;&nbsp;(10429410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85955485) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2136121)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(16867081)** | &nbsp;&nbsp;&nbsp;&nbsp; **4765048** | &nbsp;&nbsp;&nbsp;&nbsp;**$38781689** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 185738 | &nbsp;&nbsp;&nbsp;&nbsp;$1372555 | &nbsp;&nbsp;&nbsp;&nbsp; 733209 | &nbsp;&nbsp;&nbsp;&nbsp;$5564552 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 62820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461925 | &nbsp;&nbsp;&nbsp;&nbsp; 144406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1098402 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1109378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8121978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1899999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14437480) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(860820)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6287498)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1022384)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7774526)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;25793438 | &nbsp;&nbsp;&nbsp;&nbsp;$205447540 | &nbsp;&nbsp;&nbsp;&nbsp;63526246 | &nbsp;&nbsp;&nbsp;&nbsp;$523623708 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 3102360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24721348 | &nbsp;&nbsp;&nbsp;&nbsp; 5895992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48577367 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(59737001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477327650) | &nbsp;&nbsp;&nbsp;&nbsp;(39522871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324710709) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(30841203)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(247158762)** | &nbsp;&nbsp;&nbsp;&nbsp;**29899367** | &nbsp;&nbsp;&nbsp;&nbsp;**$247490366** |
| **Class W** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 9030502 | &nbsp;&nbsp;&nbsp;&nbsp;$71982971 | &nbsp;&nbsp;&nbsp;&nbsp;20142988 | &nbsp;&nbsp;&nbsp;&nbsp;$166376978 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 880679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6993663 | &nbsp;&nbsp;&nbsp;&nbsp; 1038539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8557508 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4404216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34758583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3200991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26328578) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **5506965** | &nbsp;&nbsp;&nbsp;&nbsp;**$44218051** | &nbsp;&nbsp;&nbsp;&nbsp;**17980536** | &nbsp;&nbsp;&nbsp;&nbsp;**$148605908** |

---

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[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

------

8 Line of Credit

The Fund participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 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 six months ended July 31, 2025.

9 Fair Value Measurements

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$16796746 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$16796746 |
| Tax-Exempt Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2345346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2345346 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554432244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554432244 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70523145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70523145 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$1644097481** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$1644097481** |

---

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[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income 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;

• 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;

<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_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Board of Trustees' Contract Approval — continued

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• 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.

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

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 agreement between Eaton Vance High Yield Municipal Income Fund (the "Fund") and Boston Management and Research (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 agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory 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 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 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 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, and assessed the Fund's performance on the basis of total return and current income return. 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 higher than 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 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 high yield municipal bonds with longer maturities. 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 factors that had an impact on the 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 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.

------

[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

Eaton Vance

High Yield Municipal Income Fund

July 31, 2025

Board of Trustees' Contract Approval — continued

------

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_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

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[**Table of Contents**](#JOB_EV_AR_8cb284da-585c-4260-8365-6b07ef7a046b_TOC)

ETHYX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;7.31.25

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![](g817124imgf64c9f731.jpg)

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## Parametric

## TABS Municipal Bond Funds

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

------

![](g817124imgb97af7e62.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 1-800-260-0761 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

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#### Semi-Annual Financial Statements and Additional Information July 31, 2025
Parametric

TABS Municipal Bond Funds

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_3cfde4ec-e34b-4e46-bbef-e9004c03d185_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_082dd297-38b5-4c3d-859d-f1fa2887837b_1) | [Items 6 and 7 of Form N-CSR:](#xx_082dd297-38b5-4c3d-859d-f1fa2887837b_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_082dd297-38b5-4c3d-859d-f1fa2887837b_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_082dd297-38b5-4c3d-859d-f1fa2887837b_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TABS Short-Term Municipal Bond Fund](#xx_082dd297-38b5-4c3d-859d-f1fa2887837b_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TABS Intermediate-Term Municipal Bond Fund](#xx_082dd297-38b5-4c3d-859d-f1fa2887837b_4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_893272c3-a667-4707-8d86-cf9d1b69d825_1) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_893272c3-a667-4707-8d86-cf9d1b69d825_2) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_893272c3-a667-4707-8d86-cf9d1b69d825_3) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_d59febbb-e5a0-477c-a642-43fe59322683_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_427a9b77-5f5e-4b95-838f-2ff97fc983c7_1) | 19 |
| [Item 11 of Form N-CSR:](#xx_169440c7-7c56-4d33-9e9e-04d275cc587b_1) | [Item 11 of Form N-CSR:](#xx_169440c7-7c56-4d33-9e9e-04d275cc587b_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_169440c7-7c56-4d33-9e9e-04d275cc587b_1) | 27 |

---

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_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited)

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Tax-Exempt Municipal Obligations — 97.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.8% | Bond Bank — 0.8% | Bond Bank — 0.8% |
| Texas Water Development Board, 4.50%, 10/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1030723 |
|  |  | &nbsp;&nbsp;**$1030723** |
| Education — 0.8% | Education — 0.8% | Education — 0.8% |
| New Jersey Educational Facilities Authority, (Princeton University), 5.00% to 7/1/31 (Put Date), 7/1/64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1106788 |
|  |  | &nbsp;&nbsp;**$1106788** |
| Electric Utilities — 2.0% | Electric Utilities — 2.0% | Electric Utilities — 2.0% |
| Burke County Development Authority, GA, (Oglethorpe Power Corp.), 3.60% to 2/1/30 (Put Date), 11/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;$1139454 |
| New York Energy Finance Development Corp., 5.00% to 12/1/33 (Put Date), 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1564590 |
|  |  | &nbsp;&nbsp;**$2704044** |
| General Obligations — 44.8% | General Obligations — 44.8% | General Obligations — 44.8% |
| Angleton Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;$241317 |
| Auburn, ME, 2.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 998527 |
| California: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 644761 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74153 |
| Columbia School District, MO, 2.10%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1026223 |
| Connecticut: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 542646 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 650339 |
| District of Columbia, (Washington DC), 5.00%, 10/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5040297 |
| Frisco, TX, 2.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 218284 |
| Gaston County, NC, 5.00%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6729233 |
| Massachusetts: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp; 2210788 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2766799 |
| Meramec Valley R-III School District, MO, 3.00%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 27538 |
| Metro, OR, 5.00%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2088974 |
| Mountain View Whisman School District, CA, (Election of 2020), 4.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10527 |
| New York: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5928352 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2849501 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1662443 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 2084210 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2018120 |
| North Carolina, 2.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1097087 |
| Orange County, NC, 3.10%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp; 1075349 |
| Oregon: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1354917 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1340724 |
| Pennsylvania, 4.00%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp; 2079064 |
| Rutherford County, TN, 1.50%, 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1616674 |
| San Jacinto Community College District, TX, 5.00%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2259460 |
| Somerville, MA: |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155 | &nbsp;&nbsp;&nbsp;&nbsp; 2697191 |
| &nbsp;&nbsp;&nbsp;1.75%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1043711 |
| St. Cloud Independent School District No. 742, MN, 0.00%, 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 260288 |
| Washington, 5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1379585 |
| Washington County School District No. 13 Banks, OR: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 68701 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 407520 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 341097 |
| Wylie Independent School District, TX, (PSF Guaranteed), 3.25% to 8/15/28 (Put Date), 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5675 | &nbsp;&nbsp;&nbsp;&nbsp; 5272547 |
|  |  | &nbsp;&nbsp;**$60106947** |
| Hospital — 9.4% | Hospital — 9.4% | Hospital — 9.4% |
| Allegheny County Hospital Development Authority, PA, (UPMC), 2.99%, (SIFMA + 0.70%), 11/15/47<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;$4452472 |
| Center City, MN, (Hazelden Betty Ford Foundation): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 347121 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 324681 |
| Colorado Health Facilities Authority, (AdventHealth Obligated Group), 5.00% to 11/15/29 (Put Date), 11/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2161020 |
| Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health), 5.00% to 7/1/29 (Put Date), 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2143329 |
| Missouri Health and Educational Facilities Authority, (SSM Health), 5.00% to 6/1/28 (Put Date), 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3164840 |
|  |  | &nbsp;&nbsp;**$12593463** |
| Housing — 15.4% | Housing — 15.4% | Housing — 15.4% |
| Connecticut Housing Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 2.31%, 11/15/48<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3000000 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Connecticut Housing Finance Authority: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.25%, 11/15/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;$1662877 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270 | &nbsp;&nbsp;&nbsp;&nbsp; 2384657 |
| Florida Housing Finance Corp., Social Bonds, (FHLMC), (FNMA), (GNMA), 2.60%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 147765 |
| Illinois Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.25%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 787304 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1281576 |
| Indiana Housing and Community Development Authority, SFMR, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.00%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 856393 |
| Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1501756 |
| Nevada Housing Division, (FHLMC), (FNMA), (GNMA), 3.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 654572 |
| New Mexico Mortgage Finance Authority, (Single Family Mortgage Program), (FHLMC), (FNMA), (GNMA), 3.35%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 270067 |
| New York City Housing Development Corp., NY, Green Bonds, (Liq: TD Bank, N.A.), 2.30%, 5/1/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1485000 |
| Ohio Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 2.25%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 149818 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 2.45%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 310888 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 847031 |
| Oklahoma Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 6.50%, 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 1100779 |
| South Dakota Housing Development Authority, (FHLMC), (FNMA), (GNMA), 6.25%, 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 1076162 |
| Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1703405 |
| Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp; 1494919 |
|  |  | &nbsp;&nbsp;**$20714969** |
| Industrial Development Revenue — 0.8% | Industrial Development Revenue — 0.8% | Industrial Development Revenue — 0.8% |
| Parish of St. John the Baptist, LA, (Marathon Oil Corp.), 3.30% to 7/3/28 (Put Date), 6/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1005771 |
|  |  | &nbsp;&nbsp;**$1005771** |
| Insured - General Obligations — 2.8% | Insured - General Obligations — 2.8% | Insured - General Obligations — 2.8% |
| Rancho Santiago Community College District, CA, (Election of 2002), (AG), 0.00%, 9/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1839786 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| San Mateo County Community College District, CA, (Election of 2001), (NPFG), 0.00%, 9/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1896486 |
|  |  | &nbsp;&nbsp;**$3736272** |
| Insured - Industrial Development Revenue — 0.0%<sup>†</sup> | Insured - Industrial Development Revenue — 0.0%<sup>†</sup> | Insured - Industrial Development Revenue — 0.0%<sup>†</sup> |
| St. Vrain Lakes Metropolitan District No. 2, CO, (AG), 5.00%, 12/1/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;$65390 |
|  |  | &nbsp;&nbsp;**$65390** |
| Lease Revenue/Certificates of Participation — 0.7% | Lease Revenue/Certificates of Participation — 0.7% | Lease Revenue/Certificates of Participation — 0.7% |
| Malibu, CA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;$275361 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 225221 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 375308 |
|  |  | &nbsp;&nbsp;**$875890** |
| Other Revenue — 12.8% | Other Revenue — 12.8% | Other Revenue — 12.8% |
| Black Belt Energy Gas District, AL, 5.25% to 9/1/32 (Put Date), 5/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;$3695512 |
| California Infrastructure and Economic Development Bank, (California Academy of Sciences), Sustainability Bonds, 3.25%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp; 2880968 |
| Energy Southeast A Cooperative District, AL, 5.50% to 1/1/31 (Put Date), 11/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3229550 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 3/1/30 (Put Date), 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055855 |
| New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue, 5.00% to 11/1/30 (Put Date), 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6370302 |
|  |  | &nbsp;&nbsp;**$17232187** |
| Senior Living/Life Care — 2.7% | Senior Living/Life Care — 2.7% | Senior Living/Life Care — 2.7% |
| California Municipal Finance Authority, (PRS California Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;$318534 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 264617 |
| Lancaster Municipal Authority, PA, (Garden Spot Village): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 218834 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 200458 |
| Missouri Health and Educational Facilities Authority, (Lutheran Senior Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 483366 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 616845 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 500370 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Short-Term Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| Virginia Small Business Financing Authority, (Lifespire of Virginia), 5.00%, 12/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1055489 |
|  |  | &nbsp;&nbsp;**$3658513** |
| Special Tax Revenue — 1.6% | Special Tax Revenue — 1.6% | Special Tax Revenue — 1.6% |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1005150 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1112294 |
|  |  | &nbsp;&nbsp;**$2117444** |
| Transportation — 0.6% | Transportation — 0.6% | Transportation — 0.6% |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$819716 |
|  |  | &nbsp;&nbsp;**$819716** |
| Water and Sewer — 2.2% | Water and Sewer — 2.2% | Water and Sewer — 2.2% |
| Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$2983924 |
|  |  | &nbsp;&nbsp;**$2983924** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $129,710,980) |  | &nbsp;&nbsp;**$130752041** |

---

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

Taxable Municipal Obligations — 0.5%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations — 0.5% | General Obligations — 0.5% | General Obligations — 0.5% |
| Austin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;$663857 |
| Total Taxable Municipal Obligations<br> (identified cost $648,096) |  | &nbsp;&nbsp;**$663857** |

---

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

Short-Term Investments — 1.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.22%<sup>(3)</sup> | 1502321 | &nbsp;&nbsp;$1502321 |
| Total Short-Term Investments<br> (identified cost $1,502,321) |  | &nbsp;&nbsp;**$1502321** |
| Total Investments — 99.0%<br> (identified cost $131,861,397) |  | &nbsp;&nbsp;**$132918219** |
| Other Assets, Less Liabilities — 1.0% |  | &nbsp;&nbsp;**$1317487** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$134235706** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2025. |
| <sup>(2)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2025. |
| <sup>(3)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of July 31, 2025. |
| At July 31, 2025, the concentration of the Fund's investments in the various states, 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, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 13.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 84.0% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2025, 2.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency was 1.4% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
| SPA | – Standby Bond Purchase Agreement |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 97.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 2.7% | Bond Bank — 2.7% | Bond Bank — 2.7% |
| Texas Water Development Board: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2061447 |
| &nbsp;&nbsp;&nbsp;4.55%, 10/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5117046 |
| &nbsp;&nbsp;&nbsp;4.70%, 10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2533738 |
| &nbsp;&nbsp;&nbsp;4.75%, 10/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008897 |
|  |  | &nbsp;&nbsp;**$10721128** |
| Education — 5.0% | Education — 5.0% | Education — 5.0% |
| Bethlehem Area School District Authority, PA, 3.271%, (67% of SOFR + 0.35%), 1/1/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$997674 |
| California University, 5.00%, 11/1/44<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2078230 |
| Massachusetts Development Finance Agency, (Amherst College), 5.00% to 11/1/35 (Put Date), 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2267425 |
| Massachusetts School Building Authority, 5.25%, 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5052191 |
| Ohio University, 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3258877 |
| Texas A&M University, 4.375%, 5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp; 1754467 |
| University of Arkansas, 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007667 |
| University of Minnesota, 5.00%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp; 2697421 |
| University of Mississippi Educational Building Corp., 4.125%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 296299 |
|  |  | &nbsp;&nbsp;**$19410251** |
| Electric Utilities — 4.0% | Electric Utilities — 4.0% | Electric Utilities — 4.0% |
| Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project M), 5.25%, 7/1/64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;$6598008 |
| New York Energy Finance Development Corp., 5.00% to 12/1/33 (Put Date), 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4172241 |
| Seattle, WA, Municipal Light and Power Revenue, 5.00%, 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5007074 |
|  |  | &nbsp;&nbsp;**$15777323** |
| Escrowed/Prerefunded — 0.0%<sup>†</sup> | Escrowed/Prerefunded — 0.0%<sup>†</sup> | Escrowed/Prerefunded — 0.0%<sup>†</sup> |
| California School Finance Authority, (Aspire Public Schools), Escrowed to Maturity, 5.00%, 8/1/25<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$25000 |
|  |  | &nbsp;&nbsp;**$25000** |
| General Obligations — 27.1% | General Obligations — 27.1% | General Obligations — 27.1% |
| Anna, TX, 4.125%, 2/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$939628 |
| Brookline, MA, 1.625%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540 | &nbsp;&nbsp;&nbsp;&nbsp; 4337904 |
| Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 175855 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Concord, MA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/15/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;$1106735 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 672867 |
| Connecticut, 5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 569615 |
| Conroe Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp;&nbsp;&nbsp; 2521921 |
| Crowley Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 365715 |
| David Douglas School District No. 40, OR, 0.00%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 2223009 |
| District of Columbia, (Washington DC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008059 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 | &nbsp;&nbsp;&nbsp;&nbsp; 2833650 |
| Fairfax County, VA, 4.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3676202 |
| Florida, (Department of Transportation), 2.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 751946 |
| Forsyth County, NC, 4.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 479386 |
| Francis Howell R-III School District, MO, 3.00%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405 | &nbsp;&nbsp;&nbsp;&nbsp; 2169695 |
| Franklin Township Somerset County, NJ, 2.00%, 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1157275 |
| Gladstone School District No. 115, Clackamas County, OR, 0.00%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 629607 |
| Glendale Unified School District, CA, 0.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp; 4253733 |
| Guilford County, NC, 3.00%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1814364 |
| Hays Consolidated Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1077969 |
| &nbsp;&nbsp;&nbsp;3.25%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 2891988 |
| Huntersville, NC, 2.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 349323 |
| Iredell County, NC, 4.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 951954 |
| Kilgore Independent School District, TX, (PSF Guaranteed), 2.50%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp; 1991324 |
| Lake Oswego, OR, 2.60%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 | &nbsp;&nbsp;&nbsp;&nbsp; 1461306 |
| Leander Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 468970 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 490792 |
| Lewisville, TX: |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp; 960436 |
| &nbsp;&nbsp;&nbsp;2.75%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp; 1549034 |
| Lexington, MA, 4.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 851329 |
| Massachusetts: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3908848 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp; 1775138 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055 | &nbsp;&nbsp;&nbsp;&nbsp; 3472472 |
| Minnesota, 1.50%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1118716 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Mountain View Whisman School District, CA, (Election of 2020): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;$1927243 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 774249 |
| Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp; 2115000 |
| New Braunfels, TX, 5.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 630445 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102595 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6290065 |
| North Carolina, 3.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 445867 |
| Orange County, NC, 3.15%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 742723 |
| Oregon, 5.00%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2024228 |
| Pennsylvania, 4.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5988135 |
| Pickerington Local School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 786269 |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 227499 |
| Plano, TX, 3.34%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055 | &nbsp;&nbsp;&nbsp;&nbsp; 4710589 |
| Portland, ME, 2.50%, 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp; 1341253 |
| Prosper Independent School District, TX, (PSF Guaranteed), 1.625%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530 | &nbsp;&nbsp;&nbsp;&nbsp; 3746946 |
| Richmond, VA, 2.70%, 7/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2348362 |
| Roseville Joint Union High School District, CA, (Election of 2007), 0.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 134334 |
| San Jacinto Community College District, TX, 5.00%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp; 5774176 |
| Santa Monica-Malibu Unified School District, CA, (Election of 2018), 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2095582 |
| Solana Beach School District, CA, (Election of 2016), 4.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71785 |
| Somerville, MA, 1.875%, 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490 | &nbsp;&nbsp;&nbsp;&nbsp; 3411335 |
| Waller County, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 888059 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1811395 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086459 |
| Worthington City School District, OH, 5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 359447 |
|  |  | &nbsp;&nbsp;**$105840805** |
| Hospital — 1.1% | Hospital — 1.1% | Hospital — 1.1% |
| Missouri Health and Educational Facilities Authority, (SSM Health), 5.00% to 6/1/28 (Put Date), 6/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3164840 |
| Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1095352 |
|  |  | &nbsp;&nbsp;**$4260192** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 9.6% | Housing — 9.6% | Housing — 9.6% |
| Colorado Housing and Finance Authority, Social Bonds, (GNMA), 6.00%, 11/1/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;$1996539 |
| Connecticut Housing Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 6.25%, 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675 | &nbsp;&nbsp;&nbsp;&nbsp; 2915062 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.25%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp; 4834562 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 425456 |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance), 1.50%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760 | &nbsp;&nbsp;&nbsp;&nbsp; 3297489 |
| Florida Housing Finance Corp., Social Bonds, (FHLMC), (FNMA), (GNMA), 2.60%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 335830 |
| Illinois Housing Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155 | &nbsp;&nbsp;&nbsp;&nbsp; 3397792 |
| Massachusetts Housing Finance Agency, (SPA: TD Bank, N.A.), 2.31%, 12/1/48<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 975000 |
| Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;&nbsp;&nbsp; 2559331 |
| Nevada Housing Division, (FHLMC), (FNMA), (GNMA), 3.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp; 900558 |
| New Mexico Mortgage Finance Authority, (Single Family Mortgage Program), (FHLMC), (FNMA), (GNMA), 3.35%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp; 548846 |
| Ohio Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 2.25%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 420916 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 2.45%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp; 756944 |
| Oklahoma Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 6.50%, 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 849332 |
| Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 5.50%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp;&nbsp;&nbsp; 5989531 |
| Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 977706 |
| Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495 | &nbsp;&nbsp;&nbsp;&nbsp; 2623455 |
| Texas Department of Housing and Community Affairs: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (GNMA), 5.75%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1807934 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (GNMA), 6.00%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp; 1880628 |
|  |  | &nbsp;&nbsp;**$37492911** |
| Insured - Bond Bank — 1.3% | Insured - Bond Bank — 1.3% | Insured - Bond Bank — 1.3% |
| Indianapolis Local Public Improvement Bond Bank, IN, (AG), 4.00%, 6/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;$4977390 |
|  |  | &nbsp;&nbsp;**$4977390** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Education — 3.0% | Insured - Education — 3.0% | Insured - Education — 3.0% |
| New Jersey Institute of Technology, (BAM), 5.00%, 7/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370 | &nbsp;&nbsp;$5547323 |
| Texas State Technical College System, System Improvement, (AG), 5.50%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp; 6104816 |
|  |  | &nbsp;&nbsp;**$11652139** |
| Insured - General Obligations — 0.4% | Insured - General Obligations — 0.4% | Insured - General Obligations — 0.4% |
| Mauston School District, WI, (AG), 1.75%, 3/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;$878331 |
| Rialto Unified School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 313792 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 310405 |
|  |  | &nbsp;&nbsp;**$1502528** |
| Insured - Industrial Development Revenue — 2.1% | Insured - Industrial Development Revenue — 2.1% | Insured - Industrial Development Revenue — 2.1% |
| St. Vrain Lakes Metropolitan District No. 2, CO: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;$1479835 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810 | &nbsp;&nbsp;&nbsp;&nbsp; 6696502 |
|  |  | &nbsp;&nbsp;**$8176337** |
| Insured - Special Tax Revenue — 2.8% | Insured - Special Tax Revenue — 2.8% | Insured - Special Tax Revenue — 2.8% |
| Downtown Revitalization Public Infrastructure District, UT: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 6/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;$1862011 |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1845672 |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041599 |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036015 |
| Harris County-Houston Sports Authority, TX, (AG), 5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 4114538 |
| Newark, NJ, (Mulberry Pedestrian Bridge Redevelopment), (AG), 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049531 |
|  |  | &nbsp;&nbsp;**$10949366** |
| Insured - Transportation — 0.3% | Insured - Transportation — 0.3% | Insured - Transportation — 0.3% |
| Alameda Corridor Transportation Authority, CA, (AG), 0.00%, 10/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;$1187028 |
|  |  | &nbsp;&nbsp;**$1187028** |
| Other Revenue — 7.7% | Other Revenue — 7.7% | Other Revenue — 7.7% |
| Black Belt Energy Gas District, AL, 5.25% to 9/1/32 (Put Date), 5/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$5279303 |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 4.00% to 8/1/28 (Put Date), 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 4722968 |
| Center City, MN, (Hazelden Betty Ford Foundation): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1161381 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 980793 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;$971269 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/29 (Put Date), 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2609062 |
| &nbsp;&nbsp;&nbsp;5.00% to 3/1/30 (Put Date), 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2111710 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/31 (Put Date), 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2628685 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/32 (Put Date), 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1313015 |
| New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue, 5.00% to 11/1/30 (Put Date), 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8493736 |
|  |  | &nbsp;&nbsp;**$30271922** |
| Senior Living/Life Care — 1.7% | Senior Living/Life Care — 1.7% | Senior Living/Life Care — 1.7% |
| Colorado Health Facilities Authority, (CommonSpirit Health Obligations), 5.25%, 11/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;$994493 |
| Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.25%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 687343 |
| North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013084 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 963185 |
| Virginia Small Business Financing Authority, (Lifespire of Virginia), 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2902595 |
|  |  | &nbsp;&nbsp;**$6560700** |
| Special Tax Revenue — 13.2% | Special Tax Revenue — 13.2% | Special Tax Revenue — 13.2% |
| District of Columbia, Income Tax Revenue, 4.00%, 3/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$4913177 |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4020602 |
| Michigan Trunk Line Fund, 4.00%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;15545 | &nbsp;&nbsp;&nbsp;&nbsp; 14805876 |
| New York Dormitory Authority, Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4946309 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6095 | &nbsp;&nbsp;&nbsp;&nbsp; 5841652 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250 | &nbsp;&nbsp;&nbsp;&nbsp; 9435752 |
| New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;&nbsp;&nbsp; 3892613 |
| Triborough Bridge and Tunnel Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 261218 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2041781 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1315051 |
|  |  | &nbsp;&nbsp;**$51474031** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation — 4.7% | Transportation — 4.7% | Transportation — 4.7% |
| Alameda Corridor Transportation Authority, CA, 0.00%, 10/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;$1148041 |
| Chicago, IL, (O'Hare International Airport), 5.25%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1523538 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport), Green Bonds, 5.00%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6605018 |
| Louisiana Gasoline and Fuels Tax Revenue, 5.00%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5365163 |
| North Texas Tollway Authority, 4.125%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2904681 |
| Pennsylvania Turnpike Commission, 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006116 |
|  |  | &nbsp;&nbsp;**$18552557** |
| Water and Sewer — 11.2% | Water and Sewer — 11.2% | Water and Sewer — 11.2% |
| Celina, TX, Waterworks and Sewer System Revenue, 1.75%, 9/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;$2615824 |
| Louisville and Jefferson County Metropolitan Sewer District, KY, 5.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825 | &nbsp;&nbsp;&nbsp;&nbsp; 4968647 |
| Massachusetts Clean Water Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1345960 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2578789 |
| Metropolitan Utilities District of Omaha, Water System Revenue, NE, 4.375%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545 | &nbsp;&nbsp;&nbsp;&nbsp; 4558075 |
| New York State Environmental Facilities Corp., (Clean Water and Drinking Water Revenue), 4.00%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp; 4887471 |
| Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16908905 |
| Spotsylvania County, VA, Water and Sewer Revenue, 4.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 720581 |
| Virginia Beach, VA, Storm Water Utility Revenue, 3.00%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745 | &nbsp;&nbsp;&nbsp;&nbsp; 3121099 |
| Washington Suburban Sanitary District, MD: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 668812 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1228066 |
|  |  | &nbsp;&nbsp;**$43602229** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $381,380,280) |  | &nbsp;&nbsp;**$382433837** |

---

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

Taxable Municipal Obligations — 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 0.1% | Housing — 0.1% | Housing — 0.1% |
| Pennsylvania Housing Finance Agency, SFMR, 5.457%, 4/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;$480086 |
| Total Taxable Municipal Obligations<br> (identified cost $485,000) |  | &nbsp;&nbsp;**$480086** |

---

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

Short-Term Investments — 1.7%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.22%<sup>(5)</sup> | 6831192 | &nbsp;&nbsp;$6831192 |
| Total Short-Term Investments<br> (identified cost $6,831,192) |  | &nbsp;&nbsp;**$6831192** |
| Total Investments — 99.7%<br> (identified cost $388,696,472) |  | &nbsp;&nbsp;**$389745115** |
| Other Assets, Less Liabilities — 0.3% |  | &nbsp;&nbsp;**$1083612** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$390828727** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Floating rate security. The stated interest rate represents the rate in effect at July 31, 2025. |
| <sup>(2)</sup> | When-issued security. |
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2025, the aggregate value of these securities is $25,000 or less than 0.05% of the Fund's net assets. |
| <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> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of July 31, 2025. |
| At July 31, 2025, the concentration of the Fund's investments in the various states, 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, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 16.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 11.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 70.4% |

---

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

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Intermediate-Term Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2025, 9.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.6% to 8.3% of total investments.

---

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

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Statements of Assets and Liabilities (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**July 31, 2025** | &nbsp;&nbsp;&nbsp;**July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Assets |  |  |
| Unaffiliated investments, at value (identified cost $130,359,076 and $381,865,280, respectively) | &nbsp;&nbsp;$131415898 | &nbsp;&nbsp;$382913923 |
| Affiliated investments, at value (identified cost $1,502,321 and $6,831,192, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6831192 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585351 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30377 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20097 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280847 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47802 |
| **Total assets** | &nbsp;&nbsp;**$134664365** | &nbsp;&nbsp;**$394709589** |
| Liabilities |  |  |
| Payable for when-issued securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2091200 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518576 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507956 |
| Payable to affiliates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166399 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10733 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47802 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370698 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51709 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114455 |
| **Total liabilities** | &nbsp;&nbsp;**$428659** | &nbsp;&nbsp;**$3880862** |
| **Net Assets** | &nbsp;&nbsp;**$134235706** | &nbsp;&nbsp;**$390828727** |
| Sources of Net Assets |  |  |
| Paid-in capital | &nbsp;&nbsp;$146705620 | &nbsp;&nbsp;$423177006 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12469914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32348279) |
| **Net Assets** | &nbsp;&nbsp;**$134235706** | &nbsp;&nbsp;**$390828727** |
| Class A Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$54478610 | &nbsp;&nbsp;$37130877 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5421437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3181421 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.05 | &nbsp;&nbsp;$11.67 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$12.06 |
| Class C Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$1402333 | &nbsp;&nbsp;$3217545 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275803 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.01 | &nbsp;&nbsp;$11.67 |
| Class I Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$78354763 | &nbsp;&nbsp;$350480305 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7795472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29999844 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.05 | &nbsp;&nbsp;$11.68 |

---

---

| | |
|:---|:---|
| 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_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Statements of Operations (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended July 31, 2025** | &nbsp;&nbsp;&nbsp;**Six Months Ended July 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Investment Income |  |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$129271 | &nbsp;&nbsp;$282132 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;2559298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8479354 |
| **Total investment income** | &nbsp;&nbsp;**$2688569** | &nbsp;&nbsp;**$8761486** |
| Expenses |  |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$244558 | &nbsp;&nbsp;$1032176 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47388 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18667 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13091 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55346 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7744 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51023 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27834 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30243 |
| **Total expenses** | &nbsp;&nbsp;**$456350** | &nbsp;&nbsp;**$1284445** |
| Deduct: |  |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$28309 | &nbsp;&nbsp;$9993 |
| **Total expense reductions** | &nbsp;&nbsp;**$28309** | &nbsp;&nbsp;**$9993** |
| **Net expenses** | &nbsp;&nbsp;**$428041** | &nbsp;&nbsp;**$1274452** |
| **Net investment income** | &nbsp;&nbsp;**$2260528** | &nbsp;&nbsp;**$7487034** |
| Realized and Unrealized Gain (Loss) |  |  |
| Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$538092 | &nbsp;&nbsp;$805476 |
| **Net realized gain** | &nbsp;&nbsp;**$538092** | &nbsp;&nbsp;**$805476** |
| Change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(467593) | &nbsp;&nbsp;$(9611588) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(467593)** | &nbsp;&nbsp;**$(9611588)** |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;**$70499** | &nbsp;&nbsp;**$(8806112)** |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$2331027** | &nbsp;&nbsp;**$(1319078)** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended July 31, 2025 (Unaudited)** | &nbsp;&nbsp;&nbsp;**Six Months Ended July 31, 2025 (Unaudited)** |
|  | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$2260528 | &nbsp;&nbsp;$7487034 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805476 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(467593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9611588) |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$2331027** | &nbsp;&nbsp;**$(1319078)** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(878170) | &nbsp;&nbsp;$(621225) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47115) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1433211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6536465) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(2328298)** | &nbsp;&nbsp;**$(7204805)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(2778041) | &nbsp;&nbsp;$(1755934) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(683801) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13903498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61236619) |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(16671860)** | &nbsp;&nbsp;**$(63676354)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(16669131)** | &nbsp;&nbsp;**$(72200237)** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$150904837 | &nbsp;&nbsp;$463028964 |
| **At end of period** | &nbsp;&nbsp;**$134235706** | &nbsp;&nbsp;**$390828727** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Statements of Changes in Net Assets — continued

------

---

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

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.04 | &nbsp;&nbsp;$10.11 | &nbsp;&nbsp;$10.17 | &nbsp;&nbsp;$10.45 | &nbsp;&nbsp;$10.83 | &nbsp;&nbsp;$10.66 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;$0.32<sup>(1)</sup> | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08<sup>(1)</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.17** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$0.21** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$0.48** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(0.08) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| **Total distributions** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.31)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$10.05** | &nbsp;&nbsp;**$10.04** | &nbsp;&nbsp;**$10.11** | &nbsp;&nbsp;**$10.17** | &nbsp;&nbsp;**$10.45** | &nbsp;&nbsp;**$10.83** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.69%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.39)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.51%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$54479 | &nbsp;&nbsp;$57246 | &nbsp;&nbsp;$61741 | &nbsp;&nbsp;$77727 | &nbsp;&nbsp;$119419 | &nbsp;&nbsp;$135622 |
| 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;0.80%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176% |

---

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

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

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

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

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

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended July 31, 2025, less than 0.005% of average daily net assets for the year ended January 31, 2025 and less than 0.01% of average daily net assets for the years ended January 31, 2024 and 2023).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.01 | &nbsp;&nbsp;$10.07 | &nbsp;&nbsp;$10.14 | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$10.79 | &nbsp;&nbsp;$10.64 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;**$0.17** | &nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$0.39** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.01) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| **Total distributions** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.05)** | &nbsp;&nbsp;**$(0.07)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;**$10.07** | &nbsp;&nbsp;**$10.14** | &nbsp;&nbsp;**$10.39** | &nbsp;&nbsp;**$10.79** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.21%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.71%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.27%** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.89)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(3.11)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.70%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$1402 | &nbsp;&nbsp;$1391 | &nbsp;&nbsp;$2098 | &nbsp;&nbsp;$3252 | &nbsp;&nbsp;$4603 | &nbsp;&nbsp;$7473 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;(0.16)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176% |

---

<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> Not annualized.

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

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

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended July 31, 2025, less than 0.005% of average daily net assets for the year ended January 31, 2025 and less than 0.01% of average daily net assets for the years ended January 31, 2024 and 2023).

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.05 | &nbsp;&nbsp;$10.11 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;$10.45 | &nbsp;&nbsp;$10.83 | &nbsp;&nbsp;$10.66 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;$0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.17** | &nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;**$0.23** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$0.51** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$(0.11) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| **Total distributions** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.34)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$10.05** | &nbsp;&nbsp;**$10.05** | &nbsp;&nbsp;**$10.11** | &nbsp;&nbsp;**$10.18** | &nbsp;&nbsp;**$10.45** | &nbsp;&nbsp;**$10.83** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.72%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.85)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.14)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.77%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$78355 | &nbsp;&nbsp;$92269 | &nbsp;&nbsp;$112946 | &nbsp;&nbsp;$148903 | &nbsp;&nbsp;$207787 | &nbsp;&nbsp;$253382 |
| 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;0.55%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176% |

---

<sup>(1)</sup> Amount is less than $0.005.

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

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

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

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

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended July 31, 2025, less than 0.005% of average daily net assets for the year ended January 31, 2025 and less than 0.01% of average daily net assets for the years ended January 31, 2024 and 2023).

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class A** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$11.91 | &nbsp;&nbsp;$12.09 | &nbsp;&nbsp;$12.09 | &nbsp;&nbsp;$12.49 | &nbsp;&nbsp;$13.07 | &nbsp;&nbsp;$12.81 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.05)** | &nbsp;&nbsp;**$0.19** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$0.57** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.18) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| **Total distributions** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.31)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$11.67** | &nbsp;&nbsp;**$11.91** | &nbsp;&nbsp;**$12.09** | &nbsp;&nbsp;**$12.09** | &nbsp;&nbsp;**$12.49** | &nbsp;&nbsp;**$13.07** |
| **Total Return<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.41)%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.58%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.13%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.25)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.08)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.49%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$37131 | &nbsp;&nbsp;$39656 | &nbsp;&nbsp;$46655 | &nbsp;&nbsp;$52419 | &nbsp;&nbsp;$61492 | &nbsp;&nbsp;$67422 |
| 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;0.84%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104% |

---

<sup>(1)</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>(2)</sup> Not annualized.

<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> Annualized.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2025 and the year ended January 31, 2025, 0.01% and less than 0.01% of average daily net assets for the years ended January 31, 2024 and 2023, respectively).

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class C** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$11.91 | &nbsp;&nbsp;$12.09 | &nbsp;&nbsp;$12.08 | &nbsp;&nbsp;$12.48 | &nbsp;&nbsp;$13.07 | &nbsp;&nbsp;$12.81 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;$0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$0.10** | &nbsp;&nbsp;**$0.29** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.50)** | &nbsp;&nbsp;**$0.47** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$(0.08) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| **Total distributions** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$(0.21)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$11.67** | &nbsp;&nbsp;**$11.91** | &nbsp;&nbsp;**$12.09** | &nbsp;&nbsp;**$12.08** | &nbsp;&nbsp;**$12.48** | &nbsp;&nbsp;**$13.07** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.78)%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.44%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.00)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(3.88)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.70%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$3218 | &nbsp;&nbsp;$3982 | &nbsp;&nbsp;$4437 | &nbsp;&nbsp;$5307 | &nbsp;&nbsp;$8362 | &nbsp;&nbsp;$11226 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104% |

---

<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> Not annualized.

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

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

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2025 and the year ended January 31, 2025, 0.01% and less than 0.01% of average daily net assets for the years ended January 31, 2024 and 2023, respectively).

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class I** | &nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$11.92 | &nbsp;&nbsp;$12.11 | &nbsp;&nbsp;$12.10 | &nbsp;&nbsp;$12.50 | &nbsp;&nbsp;$13.09 | &nbsp;&nbsp;$12.82 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.03)** | &nbsp;&nbsp;**$0.21** | &nbsp;&nbsp;**$0.40** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$0.61** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.21) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| **Total distributions** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.34)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$11.68** | &nbsp;&nbsp;**$11.92** | &nbsp;&nbsp;**$12.11** | &nbsp;&nbsp;**$12.10** | &nbsp;&nbsp;**$12.50** | &nbsp;&nbsp;**$13.09** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.29)%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.84%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.01)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.90)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.82%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$350480 | &nbsp;&nbsp;$419391 | &nbsp;&nbsp;$414852 | &nbsp;&nbsp;$506284 | &nbsp;&nbsp;$619232 | &nbsp;&nbsp;$537216 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104% |

---

<sup>(1)</sup> Amount is less than $(0.005).

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

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

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

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

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2025 and the year ended January 31, 2025, 0.01% and less than 0.01% of average daily net assets for the years ended January 31, 2024 and 2023, respectively).

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Notes to Financial Statements (Unaudited)

------

1 Significant Accounting Policies

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

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

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

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

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

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

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

C Federal 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 municipal obligations, 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.

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

------

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

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

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

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

I Segment Reporting—FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), requires incremental disclosures related to a public entity's reportable segments. Each Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with 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.

J Interim Financial Statements—The interim financial statements relating to July 31, 2025 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds' management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| **Deferred capital losses:** |  |  |
| &nbsp;&nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;&nbsp;$10102768 | &nbsp;&nbsp;&nbsp;&nbsp;$28838894 |
| &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;&nbsp;$4321253 | &nbsp;&nbsp;&nbsp;&nbsp;$7104456 |

---

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[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

------

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;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| **Aggregate cost** | &nbsp;&nbsp;**$131449228** | &nbsp;&nbsp;**$386938967** |
| Gross unrealized appreciation | &nbsp;&nbsp;$2257191 | &nbsp;&nbsp;$6740697 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3934549) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$1468991** | &nbsp;&nbsp;**$2806148** |

---

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

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

---

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

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Investment Adviser and Administration Fee | &nbsp;&nbsp;&nbsp;&nbsp;$244558 | &nbsp;&nbsp;&nbsp;&nbsp;$1032176 |
| Effective Annual Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50% |

---

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

Each Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser and administration fee paid by each Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by each Fund due to its investment in the Liquidity Fund. For the six months ended July 31, 2025, the investment adviser and administration fee paid was reduced by $4,538 and $9,993 for Short-Term Municipal Bond Fund and Intermediate-Term Municipal Bond Fund, respectively, relating to each Fund's investment in the Liquidity Fund.

EVM and Parametric have agreed to reimburse the Funds' expenses to the extent that total annual fund operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.76%, 1.51% and 0.51% of Short-Term Municipal Bond Fund's average daily net assets for Class A, Class C and Class I, respectively, and 0.85%, 1.60% and 0.60% of Intermediate-Term Municipal Bond Fund's average daily net assets for Class A, Class C and Class I,

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[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

------

respectively. These agreements may be changed or terminated after June 1, 2026. Pursuant to these agreements, EVM and Parametric waived and/or reimbursed $23,771 and none in total of Short-Term Municipal Bond Fund's and Intermediate-Term Municipal Bond Fund's operating expenses, respectively, for the six months ended July 31, 2025.

EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds' principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on the sales of Class A shares. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD and Morgan Stanley affiliated broker-dealers for the six months ended July 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| EVM's Sub-Transfer Agent Fees | &nbsp;&nbsp;$242 | &nbsp;&nbsp;$2331 |
| EVD's Class A Sales Charges | &nbsp;&nbsp;$686 | &nbsp;&nbsp;$126 |
| Morgan Stanley affiliated broker-dealers' Class A Sales Charges | &nbsp;&nbsp;$675 | &nbsp;&nbsp;$— |

---

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

4 Distribution Plans

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Class A Distribution and Service Fees | &nbsp;&nbsp;$68693 | &nbsp;&nbsp;$47388 |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Class C Distribution Fees | &nbsp;&nbsp;$5226 | &nbsp;&nbsp;$14000 |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| Class C Service Fees | &nbsp;&nbsp;$1742 | &nbsp;&nbsp;$4667 |

---

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[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Notes to Financial Statements (Unaudited) — 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 six months ended July 31, 2025, the Funds were informed that EVD received the following amount of CDSCs paid by Class A and Class C shareholders.

---

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

---

6 Purchases and Sales of Investments

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term<br> Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Intermediate-Term<br> Municipal Bond Fund** |
| **Purchases** |  |  |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$74049851 | &nbsp;&nbsp;&nbsp;&nbsp;$179246892 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**$74049851** | &nbsp;&nbsp;&nbsp;&nbsp;**$179246892** |
| **Sales** |  |  |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$62819499 | &nbsp;&nbsp;&nbsp;&nbsp;$169511502 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23559441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66565840 |
| **Total Sales** | &nbsp;&nbsp;&nbsp;&nbsp;**$86378940** | &nbsp;&nbsp;&nbsp;&nbsp;**$236077342** |

---

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[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

------

7 Shares of Beneficial Interest

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Municipal Bond Fund** | **Short-Term Municipal Bond Fund** | **Short-Term Municipal Bond Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 110326 | &nbsp;&nbsp;&nbsp;&nbsp;$1105271 | &nbsp;&nbsp;&nbsp;&nbsp; 447009 | &nbsp;&nbsp;&nbsp;&nbsp;$4492484 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 66744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668888 | &nbsp;&nbsp;&nbsp;&nbsp; 138943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1396625 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (455942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4552200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (991977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9970607) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(278872)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2778041)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(406025)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4081498)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 26168 | &nbsp;&nbsp;&nbsp;&nbsp;$259068 | &nbsp;&nbsp;&nbsp;&nbsp; 2719 | &nbsp;&nbsp;&nbsp;&nbsp;$27141 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15059 | &nbsp;&nbsp;&nbsp;&nbsp; 3116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31197 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (755872) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **1094** | &nbsp;&nbsp;&nbsp;&nbsp;**$9679** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(69313)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(697534)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1114587 | &nbsp;&nbsp;&nbsp;&nbsp;$11175329 | &nbsp;&nbsp;&nbsp;&nbsp;6165714 | &nbsp;&nbsp;&nbsp;&nbsp;$62369641 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 119178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1194577 | &nbsp;&nbsp;&nbsp;&nbsp; 245957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2472710 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2623615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26273404) | &nbsp;&nbsp;&nbsp;&nbsp;(8392780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84566126) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(1389850)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(13903498)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1981109)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(19723775)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate-Term Municipal Bond Fund** | **Intermediate-Term Municipal Bond Fund** | **Intermediate-Term Municipal Bond Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 324536 | &nbsp;&nbsp;&nbsp;&nbsp;$3812452 | &nbsp;&nbsp;&nbsp;&nbsp; 532621 | &nbsp;&nbsp;&nbsp;&nbsp;$6384762 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 25379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298682 | &nbsp;&nbsp;&nbsp;&nbsp; 49254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589831 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (497925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5867068) | &nbsp;&nbsp;&nbsp;&nbsp;(1110056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13287767) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(148010)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1755934)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(528181)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6313174)** |

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[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

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| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate-Term Municipal Bond Fund (continued)** | **Intermediate-Term Municipal Bond Fund (continued)** | **Intermediate-Term Municipal Bond Fund (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 26708 | &nbsp;&nbsp;&nbsp;&nbsp;$316121 | &nbsp;&nbsp;&nbsp;&nbsp; 51721 | &nbsp;&nbsp;&nbsp;&nbsp;$620204 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 2253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26514 | &nbsp;&nbsp;&nbsp;&nbsp; 4518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54082 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1026436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1066216) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(58659)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(683801)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(32543)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(391930)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;2863537 | &nbsp;&nbsp;&nbsp;&nbsp;$33631090 | &nbsp;&nbsp;&nbsp;&nbsp;9674301 | &nbsp;&nbsp;&nbsp;&nbsp;$116039776 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 320759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3781518 | &nbsp;&nbsp;&nbsp;&nbsp; 691276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8285739 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(8360106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98649227) | &nbsp;&nbsp;&nbsp;&nbsp;(9456947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113306108) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5175810)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(61236619)** | &nbsp;&nbsp;&nbsp;&nbsp; **908630** | &nbsp;&nbsp;&nbsp;&nbsp;**$11019407** |

---

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, it may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended July 31, 2025.

9 Affiliated Investments

At July 31, 2025, the value of each Fund's investment in funds that may be deemed to be affiliated was $1,502,321 for Short-Term Municipal Bond Fund, which represents 1.1% of its net assets, and $6,831,192 for Intermediate-Term Municipal Bond Fund, which represents 1.7% of its net assets. Transactions in such investments by the Funds for the six months ended July 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short-Term<br> Municipal Bond Fund** |  |  |  |  |  |  |  |  |
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $7603605 | $53060994 | $(59162278) | $— | $— | $1502321 | $129271 | 1502321 |

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[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Intermediate-Term<br> Municipal Bond Fund** |  |  |  |  |  |  |  |  |
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $27361166 | $125346939 | $(145876913) | $— | $— | $6831192 | $282132 | 6831192 |

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10 Fair Value Measurements

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

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

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term<br> Municipal Bond Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$130752041 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$130752041 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663857 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1502321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1502321 |
| **Total Investments** | &nbsp;&nbsp;**$1502321** | &nbsp;&nbsp;&nbsp;&nbsp;**$131415898** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$132918219** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate-Term<br> Municipal Bond Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$382433837 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$382433837 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480086 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;6831192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6831192 |
| **Total Investments** | &nbsp;&nbsp;**$6831192** | &nbsp;&nbsp;&nbsp;&nbsp;**$382913923** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$389745115** |

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[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

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_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

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_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond 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 and administrative agreements between each of Parametric TABS Intermediate-Term Municipal Bond Fund and Parametric TABS Short-Term Municipal Bond Fund (together, the "Funds") and Eaton Vance Management (the "Adviser") and the sub-advisory agreements between the Adviser and Parametric Portfolio Associates, LLC (the "Sub-adviser"), an affiliate of the Adviser, with respect to each Fund, 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 and administrative agreement and the sub-advisory agreement for each Fund.

*Nature, Extent and Quality of Services*

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

The Board considered the Adviser's and the Sub-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. Regarding the Adviser, the Board considered the Adviser's responsibilities with respect to oversight of the Sub-adviser. With respect to the Sub-adviser, the Board considered the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreements and the abilities and experience of Sub-adviser's investment professionals in implementing the investment strategies of each Fund. In particular, the Board considered the abilities and experience of the Sub-adviser's investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds, Treasury securities and other securities backed by the U.S. government or its agencies. The Board also considered the Sub-adviser's tax-advantaged bond strategies group and the Adviser's and Sub-adviser's municipal research groups involved in managing the Funds and other funds and accounts that invest primarily in municipal bonds and employ a tax-advantaged bond strategy. 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, including the Sub-adviser. 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 and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreements and the sub-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. 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. In this regard, the Board noted that the performance of the Parametric TABS Intermediate-Term Municipal Bond Fund was higher than 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 and secondary performance benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory. The Board noted that the performance of the Parametric TABS Short-Term Municipal Bond Fund was lower than 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 and secondary performance benchmark indexes for the three-year period. On the basis of the foregoing, the performance of the Parametric TABS Short-Term Municipal Bond 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.

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[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

Parametric

TABS Municipal Bond Funds

July 31, 2025

Board of Trustees' Contract Approval — continued

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*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 certain Fund specific factors that had an impact on each 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 and the Sub-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, including the Sub-adviser, 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, including the Sub-adviser, are not excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Adviser or the Sub-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.

------

[**Table of Contents**](#JOB_EV_AR_d6018096-23e5-4e94-a4a6-a89b707136eb_TOC)

EITAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;7.31.25

------

![](g817124img5b27b7631.jpg)

------

## Parametric

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

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

------

![](g817124img1cd364932.gif)

------

**This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-260-0761 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Semi-Annual Financial Statements and Additional Information July 31, 2025
Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_ed6cd0d8-1c5e-4b4e-88ad-15ab98815ecb_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_19b57933-95f1-42b1-8dc4-b17e19be038c_1) | [Items 6 and 7 of Form N-CSR:](#xx_19b57933-95f1-42b1-8dc4-b17e19be038c_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_19b57933-95f1-42b1-8dc4-b17e19be038c_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_95d98875-012e-4231-9e74-887cec891ff5_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_95d98875-012e-4231-9e74-887cec891ff5_2) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_95d98875-012e-4231-9e74-887cec891ff5_3) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_6605385c-1057-4848-8bd2-3328eab8fb9c_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_6aade667-023d-47af-acf0-b246ef5fc299_1) | 16 |
| [Item 11 of Form N-CSR:](#xx_15f08ff0-9c9b-4fd9-8c46-f8d5f2651aa9_1) | [Item 11 of Form N-CSR:](#xx_15f08ff0-9c9b-4fd9-8c46-f8d5f2651aa9_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_15f08ff0-9c9b-4fd9-8c46-f8d5f2651aa9_1) | 21 |

---

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_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 96.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.6% | Bond Bank — 0.6% | Bond Bank — 0.6% |
| Michigan Finance Authority, (Trinity Health Credit Group), 3.00%, 10/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1365538 |
| New Hampshire Municipal Bond Bank, 3.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1691609 |
| New Jersey Infrastructure Bank, Green Bonds, 5.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 1100773 |
| Vermont Bond Bank, (Vermont State Colleges System), 3.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 23050 |
|  |  | &nbsp;&nbsp;**$4180970** |
| Education — 5.3% | Education — 5.3% | Education — 5.3% |
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 3.342%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;$2743787 |
| California Educational Facilities Authority, (Stanford University), 5.00% to 3/1/35 (Put Date), 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1238284 |
| California University: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/40<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580 | &nbsp;&nbsp;&nbsp;&nbsp; 4956420 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/41<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4410 | &nbsp;&nbsp;&nbsp;&nbsp; 4712352 |
| Duneland School Building Corp., IN, 4.00%, 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp; 1957434 |
| Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 511114 |
| Massachusetts Development Finance Agency, (Amherst College), 5.00% to 11/1/35 (Put Date), 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2267425 |
| Massachusetts Development Finance Agency, (Harvard University), 5.00% to 11/15/35 (Put Date), 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5629389 |
| Ohio State University, Green Bonds, 4.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 747972 |
| Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 4.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp; 1159310 |
| Poway Unified School District, CA, (Election of 2008), 0.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 690431 |
| University of California, 5.00%, 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3861119 |
| University of Mississippi Educational Building Corp., 4.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp; 1513470 |
| Virginia College Building Authority, 4.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 872158 |
| Virginia Public School Authority, Prince William County, 3.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1472923 |
| West Lafayette School Building Corp., IN, 5.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2870580 |
|  |  | &nbsp;&nbsp;**$37204168** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities — 3.4% | Electric Utilities — 3.4% | Electric Utilities — 3.4% |
| American Municipal Power, Inc., OH, (Prairie State Energy Campus): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690 | &nbsp;&nbsp;$5721247 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 999103 |
| Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001573 |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.00% to 11/1/35 (Put Date), 3/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3185971 |
| Clark County Public Utility District No. 1, WA, Electric System Revenue, 5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 542310 |
| Florida Municipal Power Agency, 3.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp; 1617725 |
| Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 252218 |
| Marquette Board of Light and Power, MI, 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 748934 |
| Metropolitan Government of Nashville and Davidson County, TN, Electric Revenue, 4.00%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1313232 |
| New York Energy Finance Development Corp., 5.00% to 12/1/33 (Put Date), 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5215301 |
| North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 510696 |
| Public Finance Authority, WI, (Duke Energy Progress, LLC), 3.70% to 10/1/30 (Put Date), 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620 | &nbsp;&nbsp;&nbsp;&nbsp; 2647188 |
|  |  | &nbsp;&nbsp;**$23755498** |
| Escrowed/Prerefunded — 0.0%<sup>†</sup> | Escrowed/Prerefunded — 0.0%<sup>†</sup> | Escrowed/Prerefunded — 0.0%<sup>†</sup> |
| Grand Forks County, ND, Prerefunded to 10/1/30, 4.00%, 10/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;$365320 |
|  |  | &nbsp;&nbsp;**$365320** |
| General Obligations — 39.9% | General Obligations — 39.9% | General Obligations — 39.9% |
| Aldine Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$300498 |
| Amarillo Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp;&nbsp;&nbsp; 2698399 |
| Anoka-Hennepin Independent School District No. 11, MN, 3.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 778340 |
| Athens, AL, 5.00%, 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 223932 |
| Auburn School District No. 408, WA, 4.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 775645 |
| Bainbridge Island School District No. 303, WA, 4.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 400816 |
| Belding Area Schools, MI, 5.00%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 228712 |
| Bergen County, NJ, 2.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp;&nbsp; 1565334 |
| Beverly Hills Unified School District, CA, (Election of 2018), 4.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 277808 |
| Bexar County, TX, 3.00%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 | &nbsp;&nbsp;&nbsp;&nbsp; 5941115 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Boerne Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$990238 |
| Brookline, MA, 3.10%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1422534 |
| Burbank Unified School District, CA, (Election of 2013), 4.45%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 911627 |
| Burlington, VT, 5.00%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49317 |
| California: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4255 | &nbsp;&nbsp;&nbsp;&nbsp; 3925592 |
| &nbsp;&nbsp;&nbsp;4.55%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035285 |
| Celina Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1136876 |
| Celina, TX, 1.625%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp;&nbsp;&nbsp; 1993448 |
| Centennial School District No. 28Jt, OR, 5.00%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp; 897996 |
| Chaffey Joint Union High School District, CA, (Election of 2012): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 340917 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 376206 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 415392 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 117804 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 111190 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 164615 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 182290 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 192580 |
| Chambers County Improvement District No. 1, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1109943 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004943 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001071 |
| Chandler, AZ, 2.85%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 576285 |
| Channelview Independent School District, TX, (PSF Guaranteed), 2.375%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 424939 |
| Chisholm Independent School District No. 695, MN, 0.00%, 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp; 470196 |
| Clark County, NV: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 931817 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp; 1822045 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 174983 |
| Coconino County Unified School District No. 1, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 773844 |
| &nbsp;&nbsp;&nbsp;1.75%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp; 1438362 |
| College Station Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 322116 |
| College Station, TX: |  |  |
| &nbsp;&nbsp;&nbsp;3.35%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1421527 |
| &nbsp;&nbsp;&nbsp;3.45%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 822570 |
| Colonial School District, PA, 5.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50044 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Comal County, TX, 4.00%, 2/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580 | &nbsp;&nbsp;$5590982 |
| Connecticut: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3077424 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3051196 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp; 1637677 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 850608 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1150204 |
| Conroe, TX, 4.125%, 3/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp; 1857750 |
| Cook County School District No. 25, IL, (Arlington Heights), 5.00%, 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp; 648477 |
| Cupertino Union School District, CA, (Election of 2012), 5.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 568973 |
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp; 2438794 |
| Dallas Center-Grimes Community School District, IA: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 980051 |
| &nbsp;&nbsp;&nbsp;3.00%, 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 813236 |
| David Douglas School District No. 40, OR: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 428477 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1026396 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 835602 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1063341 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 591181 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 415208 |
| Dedham, MA, 3.30%, 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 731590 |
| Del Valle Independent School District, TX, (PSF Guaranteed), 4.00%, 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 742318 |
| Delaware, 5.00%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp; 1518051 |
| El Paso Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500463 |
| Euless, TX, 5.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 136795 |
| Fairfax County, VA, 4.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4680 | &nbsp;&nbsp;&nbsp;&nbsp; 4372688 |
| Falls City Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;Prerefunded to 8/15/25, 4.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 430216 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 8/15/25, 4.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 570286 |
| Florida, (Department of Transportation): |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp; 1282486 |
| &nbsp;&nbsp;&nbsp;3.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5195 | &nbsp;&nbsp;&nbsp;&nbsp; 4899999 |
| Fort Bend Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 360490 |
| &nbsp;&nbsp;&nbsp;3.00%, 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 441529 |
| Frenship Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp; 1619158 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Glen Rose Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;$620624 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 1019642 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1104085 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 354624 |
| Grayson County Junior College District, TX, 5.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 938379 |
| Grosse Pointe Public School System, MI, 3.00%, 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1405013 |
| Guilford County, NC, 3.00%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp; 853169 |
| Harlandale Independent School District, TX, 5.00%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp; 875747 |
| Harrisburg School District No. 41-2, SD: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp; 1957994 |
| &nbsp;&nbsp;&nbsp;2.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1112080 |
| Hays Consolidated Independent School District, TX, (PSF Guaranteed), 3.25%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445 | &nbsp;&nbsp;&nbsp;&nbsp; 3435482 |
| Hays County, TX, 3.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 984827 |
| Hempstead, NY: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5935 | &nbsp;&nbsp;&nbsp;&nbsp; 5116854 |
| &nbsp;&nbsp;&nbsp;2.00%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6145 | &nbsp;&nbsp;&nbsp;&nbsp; 5140947 |
| Hennepin County, MN, 5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028488 |
| Henrico County, VA, 3.35%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4670 | &nbsp;&nbsp;&nbsp;&nbsp; 4400746 |
| Homewood, AL, 5.00%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1355582 |
| Honolulu City and County, HI, 3.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 29650 |
| Houston, TX, 4.00%, 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp; 1693739 |
| Independence School District, MO, 3.25%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp; 2358064 |
| Iowa City Community School District, IA, 2.75%, 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp; 2719280 |
| Kansas City, MO, 3.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 265288 |
| Kennebunk, ME, 2.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 474463 |
| Knox County, TN, 3.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp; 2686711 |
| Knoxville, TN, 3.00%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3365 | &nbsp;&nbsp;&nbsp;&nbsp; 2853385 |
| Krum Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 715017 |
| Lake Oswego, OR, 2.50%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp;&nbsp; 1154721 |
| Lake Washington School District No. 414, WA, 4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005411 |
| Lane County School District No. 40, OR, 0.00%, 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 492540 |
| Lexington, MA, 3.20%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp; 1123853 |
| Lone Star College System, TX, 3.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1237448 |
| Longview, TX, 4.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1078377 |
| Loudoun County, VA, 3.25%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 851729 |
| Malakoff Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 36835 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Maryland, 5.00%, 6/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$5372419 |
| Massachusetts, 4.00%, 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025 | &nbsp;&nbsp;&nbsp;&nbsp; 5042448 |
| McKinney, TX, 2.50%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp; 1796751 |
| Medina Valley Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 333165 |
| Merriam, KS, 4.50%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2970157 |
| Mildred Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 391984 |
| Millbrae School District, CA, 2.50%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 241017 |
| Monrovia Unified School District, CA, (Election of 2006), 0.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 | &nbsp;&nbsp;&nbsp;&nbsp; 2581991 |
| Montgomery County Municipal Utility District No. 46, TX, 4.00%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp; 1295663 |
| Morgan County School District, UT, 4.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp; 1189709 |
| Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 166111 |
| Nebo School District, UT, 2.125%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465 | &nbsp;&nbsp;&nbsp;&nbsp; 3765737 |
| Nevada, 2.125%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1339974 |
| New York, 5.00%, 3/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp; 6253261 |
| New York, NY, 4.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1830696 |
| Newport-Mesa Unified School District, CA, (Election of 2005): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp; 2404893 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6580 | &nbsp;&nbsp;&nbsp;&nbsp; 4128458 |
| North Carolina, 3.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp; 3616473 |
| Orange County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 | &nbsp;&nbsp;&nbsp;&nbsp; 2413807 |
| &nbsp;&nbsp;&nbsp;3.30%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270 | &nbsp;&nbsp;&nbsp;&nbsp; 2102355 |
| Oregon: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2333113 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875 | &nbsp;&nbsp;&nbsp;&nbsp; 2960866 |
| Pasadena Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840 | &nbsp;&nbsp;&nbsp;&nbsp; 4748531 |
| Pearland Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 252318 |
| Pecos Barstow Toyah Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1583903 |
| Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 747045 |
| Pennsylvania, 4.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16966382 |
| Plano, TX, 3.28%, 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1604881 |
| Portland, ME, 2.50%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1448505 |
| Portland, OR, (Transportation Project), 2.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp; 1909510 |
| Quincy School District No. 144-101, WA, 4.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 800444 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Racine County, WI: |  |  |
| &nbsp;&nbsp;&nbsp;0.25%, 3/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;$147090 |
| &nbsp;&nbsp;&nbsp;0.50%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 197305 |
| Rhode Island, 2.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 731048 |
| Richardson Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 600017 |
| Richmond, VA: |  |  |
| &nbsp;&nbsp;&nbsp;2.60%, 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7845 | &nbsp;&nbsp;&nbsp;&nbsp; 6398210 |
| &nbsp;&nbsp;&nbsp;2.65%, 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980 | &nbsp;&nbsp;&nbsp;&nbsp; 6366295 |
| River Falls School District, WI, 3.20%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 918309 |
| Romeo Community Schools, MI, 5.00%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 711549 |
| Romulus, MI: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250716 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100223 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250306 |
| Roseville Joint Union High School District, CA, (Election of 2007): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 62565 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 59221 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 102084 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 114540 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 115195 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 103127 |
| Round Rock, TX, 4.00%, 8/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 703619 |
| San Antonio Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 501585 |
| San Jacinto Community College District, TX, 4.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1481189 |
| School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 451369 |
| Somerville, MA, 1.75%, 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp; 3330851 |
| Southside Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 496504 |
| Spokane, WA, 4.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 2982941 |
| St. Charles School District, MO, 3.00%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 562457 |
| Stamford, CT, 2.00%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp; 681822 |
| Sugar Land, TX, 4.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001824 |
| Travis County, TX: |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;&nbsp; 1400737 |
| &nbsp;&nbsp;&nbsp;3.375%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 541499 |
| Tukwila, WA, 4.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 502389 |
| Tuloso-Midway Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 310150 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 8/15/25, 4.00%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 235113 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Tyler Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2044059 |
| Umatilla School District No. 6R, Umatilla County, OR, 0.00%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 93667 |
| Union County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 854392 |
| &nbsp;&nbsp;&nbsp;3.00%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 896580 |
| United Independent School District, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 353181 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 538476 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 581183 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 599201 |
| Upper St. Clair Township, PA, 4.00%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 802107 |
| Vestavia Hills, AL, 4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 804746 |
| Village of Dobbs Ferry, NY: |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, 10/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 417249 |
| &nbsp;&nbsp;&nbsp;3.00%, 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 302763 |
| Waldwick School District, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp; 1004575 |
| &nbsp;&nbsp;&nbsp;2.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp; 990932 |
| &nbsp;&nbsp;&nbsp;2.00%, 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 981908 |
| Washington: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1245351 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925 | &nbsp;&nbsp;&nbsp;&nbsp; 4039102 |
| West St. Paul-Mendota Heights-Eagan Independent School District No. 197, MN, 3.55%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7615 | &nbsp;&nbsp;&nbsp;&nbsp; 7465061 |
| Westchester County, NY, 2.00%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 553823 |
| Wichita Falls Independent School District, TX, (PSF Guaranteed), 3.00%, 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 | &nbsp;&nbsp;&nbsp;&nbsp; 1882454 |
| Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 361781 |
| Williamson County, TX, 3.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 381750 |
| Willis Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 330210 |
| Worthington City School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 195870 |
| &nbsp;&nbsp;&nbsp;0.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 214811 |
| Yosemite Community College District, CA, (Election of 2004), 0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 101237 |
| Ysleta Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 406312 |
|  |  | &nbsp;&nbsp;**$282358828** |
| Hospital — 3.8% | Hospital — 3.8% | Hospital — 3.8% |
| California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;$90041 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;$456693 |
| Center City, MN, (Hazelden Betty Ford Foundation): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 342311 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 354409 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 294265 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 381039 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 398927 |
| Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 340947 |
| Cobb County Kennestone Hospital Authority, GA, (WellStar Health System, Inc.), 4.00%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 99062 |
| Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 359563 |
| Idaho Health Facilities Authority, ID, (St. Lukes's Health System), 5.00% to 3/1/35 (Put Date), 3/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 4029723 |
| Illinois Finance Authority, (Rush University Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000458 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000281 |
| Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036478 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1523712 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027443 |
| Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 875627 |
| Minneapolis, MN, (Allina Health System), 4.00%, 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp; 1939614 |
| Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 441800 |
| Missouri Health and Educational Facilities Authority, (Saint Luke's Health System), 5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011734 |
| New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 611544 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 279719 |
| New York Dormitory Authority, (Maimonides Medical Center), 4.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153383 |
| South Carolina Jobs-Economic Development Authority, (Novant Health Obligated Group), 5.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp; 3549212 |
| Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 149996 |
| University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp; 1507760 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;$286738 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66004 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 303886 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70783 |
| Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 407155 |
| Wisconsin Health and Educational Facilities Authority, (Gundersen Health System), 4.00%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 429798 |
|  |  | &nbsp;&nbsp;**$26820105** |
| Housing — 12.6% | Housing — 12.6% | Housing — 12.6% |
| Colorado Housing and Finance Authority, Social Bonds, (GNMA), 5.75%, 11/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220 | &nbsp;&nbsp;$4519792 |
| Connecticut Housing Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 6.00%, 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 883614 |
| Connecticut Housing Finance Authority, (Housing Mortgage Finance), 1.45%, 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1085606 |
| Illinois Housing Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045 | &nbsp;&nbsp;&nbsp;&nbsp; 3375152 |
| Indiana Housing and Community Development Authority, SFMR, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 | &nbsp;&nbsp;&nbsp;&nbsp; 3054442 |
| Iowa Finance Authority, SFMR, Social Bonds, (FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 2.34%, 7/1/49<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| Maricopa County and Phoenix Industrial Development Authorities, AZ, (GNMA), 5.75%, 3/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6591345 |
| Michigan Housing Development Authority, Social Bonds, 6.00%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7755 | &nbsp;&nbsp;&nbsp;&nbsp; 8422156 |
| Minnesota Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;2019 Series A, 4.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 301124 |
| &nbsp;&nbsp;&nbsp;2019 Series A, 4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 446027 |
| &nbsp;&nbsp;&nbsp;2019 Series C, 4.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 244982 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 2.55%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1042584 |
| New Mexico Mortgage Finance Authority, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820 | &nbsp;&nbsp;&nbsp;&nbsp; 3032090 |
| New York City Housing Development Corp., NY, Sustainability Bonds, 2.85%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 19881 |
| New York Mortgage Agency, 3.65%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95021 |
| North Dakota Housing Finance Agency, Social Bonds, 6.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4820 | &nbsp;&nbsp;&nbsp;&nbsp; 5228773 |
| Ohio Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp; 2389536 |
| Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 6.25%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575 | &nbsp;&nbsp;&nbsp;&nbsp; 6064603 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Seattle Housing Authority, WA, (Northgate Plaza), 1.00%, 6/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7675 | &nbsp;&nbsp;$7503895 |
| South Dakota Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 6.25%, 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420 | &nbsp;&nbsp;&nbsp;&nbsp; 4829073 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), GNMA), 6.25%, 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4980 | &nbsp;&nbsp;&nbsp;&nbsp; 5540311 |
| Tennessee Housing Development Agency, (Residential Finance Program), Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp; 2694342 |
| Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 6.00%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 | &nbsp;&nbsp;&nbsp;&nbsp; 5252598 |
| Utah Housing Corp., (FHLMC), (FNMA), (GNMA), 6.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895 | &nbsp;&nbsp;&nbsp;&nbsp; 5384591 |
| Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp; 995748 |
| Virginia Housing Development Authority, 2.55%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 89280 |
| Wisconsin Housing and Economic Development Authority, Home Ownership Revenue, Social Bonds, (FHLMC), (FNMA), (GNMA), 6.00%, 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp; 6272735 |
|  |  | &nbsp;&nbsp;**$89359301** |
| Insured - Bond Bank — 1.5% | Insured - Bond Bank — 1.5% | Insured - Bond Bank — 1.5% |
| Indianapolis Local Public Improvement Bond Bank, IN, (AG), 4.00%, 6/1/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10855 | &nbsp;&nbsp;$10915064 |
|  |  | &nbsp;&nbsp;**$10915064** |
| Insured - Education — 0.2% | Insured - Education — 0.2% | Insured - Education — 0.2% |
| New Jersey Institute of Technology, (BAM), 5.00%, 7/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;$1320692 |
|  |  | &nbsp;&nbsp;**$1320692** |
| Insured - Electric Utilities — 0.5% | Insured - Electric Utilities — 0.5% | Insured - Electric Utilities — 0.5% |
| Municipal Electric Authority of Georgia, (Plant Vogtle Units 3 & 4 Project M): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 4.00%, 1/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;$465910 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 131747 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 249142 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 518084 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 366281 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 401761 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 282842 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 537539 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 415721 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 427825 |
|  |  | &nbsp;&nbsp;**$3796852** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations — 0.5% | Insured - General Obligations — 0.5% | Insured - General Obligations — 0.5% |
| Fort Bend County Municipal Utility District No. 58, TX, (BAM), 3.00%, 4/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$9996 |
| Mauston School District, WI, (AG), 1.60%, 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255 | &nbsp;&nbsp;&nbsp;&nbsp; 1751225 |
| Rialto Unified School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 230974 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 285444 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 316694 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 446304 |
| &nbsp;&nbsp;&nbsp;(BAM), 0.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 251656 |
|  |  | &nbsp;&nbsp;**$3292293** |
| Insured - Lease Revenue/Certificates of Participation — 0.6% | Insured - Lease Revenue/Certificates of Participation — 0.6% | Insured - Lease Revenue/Certificates of Participation — 0.6% |
| Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$100643 |
| Fairfield, CA, Certificates of Participation: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 726234 |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3071612 |
| Highlands County School Board, FL, (BAM), 5.00%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75140 |
| Tahoe-Truckee Unified School District, CA, Certificates of Participation, (BAM), 5.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91824 |
|  |  | &nbsp;&nbsp;**$4065453** |
| Insured - Special Tax Revenue — 1.4% | Insured - Special Tax Revenue — 1.4% | Insured - Special Tax Revenue — 1.4% |
| Downtown Revitalization Public Infrastructure District, UT: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1092241 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1704089 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1442502 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2320249 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054659 |
| Mobile County Board of School Commissioners, AL, (BAM), 4.00%, 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp; 1390553 |
| North Houston Development Corp., TX, Tax Increment Contract Revenue, (AG), 3.00%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 770338 |
|  |  | &nbsp;&nbsp;**$9774631** |
| Insured - Transportation — 0.7% | Insured - Transportation — 0.7% | Insured - Transportation — 0.7% |
| Alameda Corridor Transportation Authority, CA, (AG), 0.00%, 10/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;$3882800 |
| New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175339 |
| New Orleans Aviation Board, LA, (AG), 5.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030163 |
|  |  | &nbsp;&nbsp;**$5088302** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Water and Sewer — 0.0%<sup>†</sup> | Insured - Water and Sewer — 0.0%<sup>†</sup> | Insured - Water and Sewer — 0.0%<sup>†</sup> |
| Gulf Coast Waste Disposal Authority, TX, (AG), 5.00%, 10/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$250888 |
| Hamburg Municipal Authority, PA, Sewer Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 2.00%, 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 40404 |
| &nbsp;&nbsp;&nbsp;(AG), 2.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 23956 |
|  |  | &nbsp;&nbsp;**$315248** |
| Lease Revenue/Certificates of Participation — 1.8% | Lease Revenue/Certificates of Participation — 1.8% | Lease Revenue/Certificates of Participation — 1.8% |
| Colorado Department of Transportation: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;$355920 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 315082 |
| Greene County, MO, Certificates of Participation, 4.00%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1721132 |
| Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp; 1527119 |
| Los Angeles Unified School District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 1072968 |
| &nbsp;&nbsp;&nbsp;Green Bonds, Prerefunded to 10/1/33, 5.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1658730 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.25%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5552447 |
| Noblesville Multi-School Building Corp., IN, 3.00%, 7/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 240513 |
| Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 505447 |
|  |  | &nbsp;&nbsp;**$12949358** |
| Other Revenue — 7.2% | Other Revenue — 7.2% | Other Revenue — 7.2% |
| California Community Choice Financing Authority, Clean Energy Project Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00% to 8/1/31 (Put Date), 2/1/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;$2008446 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00% to 8/1/28 (Put Date), 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp; 5325901 |
| Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 2/1/28 (Put Date), 2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5023254 |
| Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 505976 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 279459 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00% to 12/1/29 (Put Date), 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23115 | &nbsp;&nbsp;&nbsp;&nbsp; 23151822 |
| &nbsp;&nbsp;&nbsp;5.00% to 3/1/30 (Put Date), 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2639637 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/31 (Put Date), 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3154423 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/32 (Put Date), 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5252058 |
| Philadelphia Energy Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 949634 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Philadelphia Energy Authority: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 11/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;$900427 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 769198 |
| Tennergy Corp., TN, Gas Supply Revenue, 4.00% to 9/1/28 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1156400 |
|  |  | &nbsp;&nbsp;**$51116635** |
| Senior Living/Life Care — 2.4% | Senior Living/Life Care — 2.4% | Senior Living/Life Care — 2.4% |
| Baltimore County, MD, (Riderwood Village, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;$1486873 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 353889 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 603318 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp; 685458 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 608899 |
| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50180 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 912919 |
| California Municipal Finance Authority, (PRS California Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 225641 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 339297 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 527910 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 446301 |
| California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100397 |
| Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp; 1037552 |
| East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 310457 |
| Lancaster Municipal Authority, PA, (Garden Spot Village): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 218868 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 326303 |
| Missouri Health and Educational Facilities Authority, (Lutheran Senior Services): |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 965552 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1224631 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 845387 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 542655 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 577221 |
| North Carolina Medical Care Commission, (United Methodist Retirement Homes): |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016A, 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10157 |
| &nbsp;&nbsp;&nbsp;Series 2016A, 5.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 304319 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| Virginia Small Business Financing Authority, (Lifespire of Virginia), 5.00%, 12/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3055675 |
| Washington Housing Finance Commission, WA, (Emerald Heights), 5.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1608646 |
|  |  | &nbsp;&nbsp;**$17368505** |
| Special Tax Revenue — 4.1% | Special Tax Revenue — 4.1% | Special Tax Revenue — 4.1% |
| Allentown Neighborhood Improvement Zone Development Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;$329263 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 290832 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 170907 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 489688 |
| Connecticut, Special Tax Obligation Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114089 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3204999 |
| Miami-Dade County, FL, Special Obligation Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 965723 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 908737 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 746428 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp; 1947422 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 297532 |
| New York Dormitory Authority, Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950 | &nbsp;&nbsp;&nbsp;&nbsp; 6883758 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 1944621 |
| New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1804380 |
| New York State Urban Development Corp., Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885 | &nbsp;&nbsp;&nbsp;&nbsp; 2896789 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 2764853 |
| Triborough Bridge and Tunnel Authority, NY, Green Bonds, 5.25%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082347 |
| Tri-County Metropolitan Transportation District of Oregon, OR, Green Bonds, 3.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 957008 |
|  |  | &nbsp;&nbsp;**$28799376** |
| Transportation — 4.9% | Transportation — 4.9% | Transportation — 4.9% |
| Alameda Corridor Transportation Authority, CA: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 10/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;$737872 |
| &nbsp;&nbsp;&nbsp;0.00%, 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 2759713 |
| Central Texas Regional Mobility Authority, 4.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71297 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Chicago, IL, (O'Hare International Airport), 5.25%, 1/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;$2633449 |
| Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp;&nbsp; 1285039 |
| Illinois Toll Highway Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 176437 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 352227 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 237921 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4020 | &nbsp;&nbsp;&nbsp;&nbsp; 4425362 |
| Maryland Department of Transportation, 3.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730 | &nbsp;&nbsp;&nbsp;&nbsp; 4687423 |
| Metropolitan Transportation Authority, NY, 3.351%, (67% of SOFR + 0.43%), 11/1/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp; 885087 |
| Nevada Highway Improvement Revenue, 2.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 695080 |
| New Orleans Aviation Board, LA, 5.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154316 |
| North Texas Tollway Authority, 4.125%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5942576 |
| Port Authority of New York and New Jersey, 4.00%, 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185 | &nbsp;&nbsp;&nbsp;&nbsp; 3128814 |
| Salt Lake City, UT, (Salt Lake City International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 315888 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 690567 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 624473 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 466664 |
| Virgin Islands Transportation and Infrastructure Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp; 1618408 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1464535 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1231541 |
|  |  | &nbsp;&nbsp;**$34584689** |
| Water and Sewer — 5.0% | Water and Sewer — 5.0% | Water and Sewer — 5.0% |
| Collier County Water-Sewer District, FL, 3.00%, 7/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$845604 |
| Dallas, TX, Waterworks and Sewer System Revenue, 4.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 783950 |
| Indiana Finance Authority, (CWA Authority, Inc.), Green Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1466614 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp; 1558795 |
| Jefferson County, AL, Sewer Revenue, 5.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5177421 |
| Lincoln, NE, Sanitary Sewer Revenue, 3.00%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 556527 |
| Louisville and Jefferson County Metropolitan Sewer District, KY, Green Bonds, 4.00%, 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 222137 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;$578508 |
| Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1706566 |
| Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106991 |
| Metropolitan Utilities District of Omaha, NE, Water System Revenue, 3.25%, 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp; 1702778 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 3.00%, 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 905962 |
| New York State Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 4.00%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 156011 |
| Portland, OR, Sewer System Revenue, 3.00%, 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 634734 |
| Rapid City, SD, Water Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 601659 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 671429 |
| San Francisco City and County Public Utilities Commission, CA, Wastewater Revenue, 4.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 187640 |
| San Francisco, CA, Public Utilities Commission Water Revenue, 5.00%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2548321 |
| Santa Maria, CA, Water & Wastewater Revenue, 3.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp; 1911275 |
| Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp; 2934192 |
| Southeast Energy Authority, AL, (Project No. 6), (Liq: Royal Bank of Canada), 5.00% to 6/1/30 (Put Date), 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1583784 |
| Texas Water Development Board: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp; 4170056 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 494573 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 701192 |
| Washington Suburban Sanitary District, MD, 2.00%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1708229 |
| Winston-Salem, NC, Water & Sewer System Revenue, 2.375%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp; 1646785 |
|  |  | &nbsp;&nbsp;**$35561733** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $682,456,346) |  | &nbsp;&nbsp;**$682993021** |

---

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

Short-Term Investments — 3.8%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.22%<sup>(4)</sup> | 26512228 | &nbsp;&nbsp;$26512228 |
| Total Short-Term Investments<br> (identified cost $26,512,228) |  | &nbsp;&nbsp;**$26512228** |
| Total Investments — 100.2%<br> (identified cost $708,968,574) |  | &nbsp;&nbsp;**$709505249** |
| Other Assets, Less Liabilities — (0.2)% |  | &nbsp;&nbsp;**$(1092935)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$708412314** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Floating rate security. The stated interest rate represents the rate in effect at 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 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>(4)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of 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;Texas | 13.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California | 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 72.3% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2025, 5.4% 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 0.7% to 4.8% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**July 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $682,456,346) | &nbsp;&nbsp;$682993021 |
| Affiliated investments, at value (identified cost $26,512,228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26512228 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7174454 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68598 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435393 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815317 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61783 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40378 |
| **Total assets** | &nbsp;&nbsp;**$720101172** |
| Liabilities |  |
| Payable for when-issued securities | &nbsp;&nbsp;$9688616 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227006 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312746 |
| 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;189109 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15902 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40378 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211754 |
| **Total liabilities** | &nbsp;&nbsp;**$11688858** |
| **Net Assets** | &nbsp;&nbsp;**$708412314** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$781713480 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73301166) |
| **Net Assets** | &nbsp;&nbsp;**$708412314** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$47081718 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3928096 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.99 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$12.39 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$6437367 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537361 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.98 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$654893229 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54681647 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.98 |

---

---

| | |
|:---|:---|
| 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_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**July 31, 2025** |
| Investment Income |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$368975 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13376809 |
| **Total investment income** | &nbsp;&nbsp;**$13745784** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$1134512 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62033 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35894 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22834 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89031 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113059 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68793 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8732 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31936 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51234 |
| **Total expenses** | &nbsp;&nbsp;**$1618058** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$114566 |
| **Total expense reductions** | &nbsp;&nbsp;**$114566** |
| **Net expenses** | &nbsp;&nbsp;**$1503492** |
| **Net investment income** | &nbsp;&nbsp;**$12242292** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(2697344) |
| **Net realized loss** | &nbsp;&nbsp;**$(2697344)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(8178705) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(8178705)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(10876049)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$1366243** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$12242292 | &nbsp;&nbsp;$24401468 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2697344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236502 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8178705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8966259) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$1366243** | &nbsp;&nbsp;**$15671711** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(745123) | &nbsp;&nbsp;$(1596477) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235747) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10616558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20900769) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(11442525)** | &nbsp;&nbsp;**$(22732993)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(5215104) | &nbsp;&nbsp;$(2179070) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1248848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5770459) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11000357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42213141 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(17464309)** | &nbsp;&nbsp;**$34263612** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(27540591)** | &nbsp;&nbsp;**$27202330** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$735952905 | &nbsp;&nbsp;$708750575 |
| **At end of period** | &nbsp;&nbsp;**$708412314** | &nbsp;&nbsp;**$735952905** |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond 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;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$12.15 | &nbsp;&nbsp;$12.26 | &nbsp;&nbsp;$12.21 | &nbsp;&nbsp;$12.70 | &nbsp;&nbsp;$13.24 | &nbsp;&nbsp;$12.90 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.02** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$0.38** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$0.55** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.21) |
| **Total distributions** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.21)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$11.99** | &nbsp;&nbsp;**$12.15** | &nbsp;&nbsp;**$12.26** | &nbsp;&nbsp;**$12.21** | &nbsp;&nbsp;**$12.70** | &nbsp;&nbsp;**$13.24** |
| **Total Return<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.16%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.88)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.73)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.34%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$47082 | &nbsp;&nbsp;$53009 | &nbsp;&nbsp;$55676 | &nbsp;&nbsp;$62567 | &nbsp;&nbsp;$81892 | &nbsp;&nbsp;$88983 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% |
| Portfolio Turnover of the Portfolio<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% |
| Portfolio Turnover of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect<br> the effect of sales charges. |
| <sup>(2)</sup> | Not annualized. |
| <sup>(3)</sup> | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| <sup>(4)</sup> | Includes the Fund's share of the Portfolio's allocated expenses for the period while the Fund was investing in the Portfolio. |
| <sup>(5)</sup> | Annualized. |
| <sup>(6)</sup> | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's and Portfolio's investment in the Liquidity Fund (equal to less than 0.005%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the six months ended July 31, 2025 and the years ended January 31, 2025, 2024 and 2023, respectively). |
| <sup>(7)</sup> | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
| <sup>(8)</sup> | For the period from May 20, 2023 through January 31, 2024 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. | References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond 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;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$12.14 | &nbsp;&nbsp;$12.26 | &nbsp;&nbsp;$12.20 | &nbsp;&nbsp;$12.69 | &nbsp;&nbsp;$13.23 | &nbsp;&nbsp;$12.89 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;$0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.03)** | &nbsp;&nbsp;**$0.14** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$0.46** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$(0.12) |
| **Total distributions** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.08)** | &nbsp;&nbsp;**$(0.12)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$11.98** | &nbsp;&nbsp;**$12.14** | &nbsp;&nbsp;**$12.26** | &nbsp;&nbsp;**$12.20** | &nbsp;&nbsp;**$12.69** | &nbsp;&nbsp;**$13.23** |
| **Total Return<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.21)%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.54%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.47)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.56%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$6437 | &nbsp;&nbsp;$7793 | &nbsp;&nbsp;$13691 | &nbsp;&nbsp;$20513 | &nbsp;&nbsp;$30795 | &nbsp;&nbsp;$37239 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| Portfolio Turnover of the Portfolio<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% |
| Portfolio Turnover of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect<br> the effect of sales charges. |
| <sup>(2)</sup> | Not annualized. |
| <sup>(3)</sup> | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| <sup>(4)</sup> | Includes the Fund's share of the Portfolio's allocated expenses for the period while the Fund was investing in the Portfolio. |
| <sup>(5)</sup> | Annualized. |
| <sup>(6)</sup> | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's and Portfolio's investment in the Liquidity Fund (equal to less than 0.005%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the six months ended July 31, 2025 and the years ended January 31, 2025, 2024 and 2023, respectively). |
| <sup>(7)</sup> | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
| <sup>(8)</sup> | For the period from May 20, 2023 through January 31, 2024 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. | References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond 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;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$12.14 | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;$12.20 | &nbsp;&nbsp;$12.69 | &nbsp;&nbsp;$13.23 | &nbsp;&nbsp;$12.89 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$0.59** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.38) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.25) |
| **Total distributions** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.25)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$11.98** | &nbsp;&nbsp;**$12.14** | &nbsp;&nbsp;**$12.25** | &nbsp;&nbsp;**$12.20** | &nbsp;&nbsp;**$12.69** | &nbsp;&nbsp;**$13.23** |
| **Total Return<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.28%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.27%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.64)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.49)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.60%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$654893 | &nbsp;&nbsp;$675151 | &nbsp;&nbsp;$639383 | &nbsp;&nbsp;$547295 | &nbsp;&nbsp;$825332 | &nbsp;&nbsp;$776298 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% |
| Portfolio Turnover of the Portfolio<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% |
| Portfolio Turnover of the Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| <sup>(2)</sup> | Not annualized. |
| <sup>(3)</sup> | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| <sup>(4)</sup> | Includes the Fund's share of the Portfolio's allocated expenses for the period while the Fund was investing in the Portfolio. |
| <sup>(5)</sup> | Annualized. |
| <sup>(6)</sup> | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's and Portfolio's investment in the Liquidity Fund (equal to less than 0.005%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the six months ended July 31, 2025 and the years ended January 31, 2025, 2024 and 2023, respectively). |
| <sup>(7)</sup> | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
| <sup>(8)</sup> | For the period from May 20, 2023 through January 31, 2024 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. | References to Portfolio herein are to 5-to-15 Year Laddered Municipal Bond Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 19, 2023 and which had the same investment objectives and policies as the Fund during such period. |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Notes to Financial Statements (Unaudited)

------

1 Significant Accounting Policies

Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust II (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is to seek current income exempt from regular federal income tax. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

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

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

C Federal 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 municipal obligations, 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.

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

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

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

I Segment Reporting—FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), 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 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.

J Interim Financial Statements—The interim financial statements relating to July 31, 2025 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

The net investment income of 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.

At January 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $61,253,176 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2025, $30,956,830 are short-term and $30,296,346 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;**$719193575** |
| Gross unrealized appreciation | &nbsp;&nbsp;$10010575 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19698901) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(9688326)** |

---

------

[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

------

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

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

---

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

---

For the six months ended July 31, 2025, the investment adviser and administration fee amounted to $1,134,512 or 0.32% (annualized) of the Fund's average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser and administration fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fee paid by the Fund due to its investment in the Liquidity Fund. For the six months ended July 31, 2025, the investment adviser and administration fee paid was reduced by $12,575 relating to the Fund's investment in the Liquidity Fund.

EVM and Parametric have agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.65%, 1.40% and 0.40% of the Fund's average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after June 1, 2026. Pursuant to this agreement, EVM and Parametric waived and/or reimbursed $101,991 in total of the Fund's operating expenses for the six months 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 six months ended July 31, 2025, EVM earned $5,748 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 $1,555 as its portion of the sales charge on sales of Class A shares for the six months 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 six months ended July 31, 2025 in the amount of $325. 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 six months ended July 31, 2025 amounted to $62,033 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 six months ended July 31, 2025, the Fund paid or accrued to EVD $26,921 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 six months ended July 31, 2025 amounted to $8,973 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_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Notes to Financial Statements (Unaudited) — 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 six months ended July 31, 2025, the Fund was informed that EVD received $2,260 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $149,361,513 and $163,439,036, respectively, for the six months ended July 31, 2025.

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;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 308436 | &nbsp;&nbsp;&nbsp;&nbsp;$3701578 | &nbsp;&nbsp;&nbsp;&nbsp; 930491 | &nbsp;&nbsp;&nbsp;&nbsp;$11325040 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 46134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554721 | &nbsp;&nbsp;&nbsp;&nbsp; 98111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1192906 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (789711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9471403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1205792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14697016) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(435141)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5215104)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(177190)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2179070)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 16846 | &nbsp;&nbsp;&nbsp;&nbsp;$202990 | &nbsp;&nbsp;&nbsp;&nbsp; 82943 | &nbsp;&nbsp;&nbsp;&nbsp;$1005900 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 4566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54868 | &nbsp;&nbsp;&nbsp;&nbsp; 14620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177569 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1506706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (572872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6953928) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(104401)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1248848)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(475309)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5770459)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;7215003 | &nbsp;&nbsp;&nbsp;&nbsp;$86341674 | &nbsp;&nbsp;&nbsp;&nbsp;16124171 | &nbsp;&nbsp;&nbsp;&nbsp;$196206336 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 748241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8988673 | &nbsp;&nbsp;&nbsp;&nbsp; 1489811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18101099 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(8898413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106330704) | &nbsp;&nbsp;&nbsp;&nbsp;(14180889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172094294) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(935169)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11000357)** | &nbsp;&nbsp;&nbsp;&nbsp; **3433093** | &nbsp;&nbsp;&nbsp;&nbsp;**$42213141** |

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[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

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8 Line of Credit

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

9 Affiliated Investments

At July 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $26,512,228, which represents 3.8% of the Fund's net assets. Transactions in such investments by the Fund for the six months ended July 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $45641594 | $142558987 | $(161688353) | $— | $— | $26512228 | $368975 | 26512228 |

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10 Fair Value Measurements

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$682993021 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$682993021 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;26512228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26512228 |
| **Total Investments** | &nbsp;&nbsp;**$26512228** | &nbsp;&nbsp;&nbsp;&nbsp;**$682993021** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$709505249** |

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[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond 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>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_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond 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_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond 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 Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (the "Fund") and Eaton Vance Management (the "Adviser") and the sub-advisory agreement between the Adviser and Parametric Portfolio Associates, LLC (the "Sub-adviser"), an affiliate of the Adviser, with respect to the Fund, 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 and administrative agreement and the sub-advisory agreement for the Fund (together, the "investment advisory agreements").

*Nature, Extent and Quality of Services*

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

The Board considered the Adviser's and the Sub-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. Regarding the Adviser, the Board considered the Adviser's responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund. The Board also considered the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreement and the abilities and experience of the Sub-adviser's investment professionals in implementing the investment strategies of the Fund. In particular, the Board considered the abilities and experience of the Sub-adviser's investment professionals in the Sub-adviser's tax-advantaged bond strategies group and the investment professionals in the Adviser's and Sub-adviser's municipal research groups involved in managing the Fund and other funds and accounts that invest primarily in municipal bonds and employ tax-advantaged bond and laddered strategies. 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, including the Sub-adviser. 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 and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory 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 appropriate benchmark indices. 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 higher than 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 and secondary performance benchmark indexes 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 factors that had an impact on the 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 and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

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[**Table of Contents**](#JOB_EV_AR_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

Parametric

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2025

Board of Trustees' Contract Approval — continued

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*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, 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.

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, including the Sub-adviser, are not excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-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_6663bda0-9279-45b1-9c43-3307daaf3623_TOC)

EALTX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;7.31.25

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![](g817124img66d6e0d41.jpg)

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## Parametric

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

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

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![](g817124imgbd7347d92.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 1-800-260-0761 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

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#### Semi-Annual Financial Statements and Additional Information July 31, 2025
Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

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| | |
|:---|:---|
| **[**Table of Contents**](#xx_37e92b2f-7884-4615-8780-79b7542f90a4_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_6f5308a5-0762-4d76-9402-632ac86c8d1d_1) | [Items 6 and 7 of Form N-CSR:](#xx_6f5308a5-0762-4d76-9402-632ac86c8d1d_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_6f5308a5-0762-4d76-9402-632ac86c8d1d_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_ca6fa82e-225d-4af4-bf12-1c03f9a913cb_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_ca6fa82e-225d-4af4-bf12-1c03f9a913cb_2) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_ca6fa82e-225d-4af4-bf12-1c03f9a913cb_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_5cf9e6fa-36ab-4de0-9634-503131d7b308_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_97097503-a42f-40cc-a130-d05100d82fc6_1) | 10 |
| [Item 11 of Form N-CSR:](#xx_14a41551-24e5-4895-8ef5-841f9ee543fa_1) | [Item 11 of Form N-CSR:](#xx_14a41551-24e5-4895-8ef5-841f9ee543fa_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_14a41551-24e5-4895-8ef5-841f9ee543fa_1) | 15 |

---

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_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 94.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 10.2% | Education — 10.2% | Education — 10.2% |
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 3.342%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$997741 |
| Bethlehem Area School District Authority, PA, 3.271%, (67% of SOFR + 0.35%), 1/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2294651 |
| Connecticut Health and Educational Facilities Authority, (Yale University), 2.95% to 7/1/27 (Put Date), 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1250983 |
| Massachusetts Development Finance Agency, (Amherst College), 5.00% to 11/1/35 (Put Date), 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 566856 |
| Massachusetts Development Finance Agency, (Harvard University), 5.00% to 5/13/32 (Put Date), 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119114 |
| New Jersey Educational Facilities Authority, (Princeton University), 5.00% to 7/1/31 (Put Date), 7/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106788 |
|  |  | &nbsp;&nbsp;**$7336133** |
| Electric Utilities — 7.9% | Electric Utilities — 7.9% | Electric Utilities — 7.9% |
| Burke County Development Authority, GA, (Oglethorpe Power Corp.), 3.60% to 2/1/30 (Put Date), 11/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;$1139454 |
| Foley Utilities Board, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 715462 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 989339 |
| Fremont, NE, Combined Utilities Revenue, 1.75%, 7/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1281834 |
| New York Energy Finance Development Corp., 5.00% to 12/1/33 (Put Date), 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043060 |
| Seattle, WA, Municipal Light and Power Revenue, 2.98%, (SIFMA + 0.25%), 5/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 494888 |
|  |  | &nbsp;&nbsp;**$5664037** |
| General Obligations — 30.4% | General Obligations — 30.4% | General Obligations — 30.4% |
| Amherst, NY, 3.00%, 11/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$480885 |
| Bexar County, TX, 3.00%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2296565 |
| Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 78376 |
| Columbia School District, MO, 2.10%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 493377 |
| Connecticut, 5.00%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 555845 |
| David Douglas School District No. 40, OR: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 511239 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 127566 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 82418 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 132112 |
| Eugene School District No. 4J, OR, Lane County, 3.00%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 887645 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Forest Lake, MN, 2.15%, 2/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$295558 |
| Frisco, TX, 2.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 56754 |
| Hays Consolidated Independent School District, TX, (PSF Guaranteed), 3.25%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 997237 |
| Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 470090 |
| Lewisville, TX, 2.75%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 639916 |
| Lockhart Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 155226 |
| Loudoun County, VA, 1.625%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 782927 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031787 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009060 |
| North Carolina: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1198019 |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2477036 |
| Oregon, 5.00%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1612997 |
| Pennsylvania, 4.00%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 518470 |
| Roseville Joint Union High School District, CA, (Election of 2007), 0.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 75640 |
| Rutherford County, TN, 1.50%, 4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1212506 |
| Sheldon Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 197456 |
| Somerville, MA, 1.75%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2485027 |
| Spring-Ford Area School District, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 291500 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 148394 |
| St. Cloud Independent School District No. 742, MN, 0.00%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 191533 |
| Umatilla School District No. 6R, OR: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 19494 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 141844 |
| Washington County School District No. 13 Banks, OR, 0.00%, 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 136536 |
|  |  | &nbsp;&nbsp;**$21791035** |
| Hospital — 4.4% | Hospital — 4.4% | Hospital — 4.4% |
| Center City, MN, (Hazelden Betty Ford Foundation): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$270085 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 227844 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 298811 |
| Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health), 5.00% to 7/1/29 (Put Date), 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 535832 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Harris County Cultural Education Facilities Finance Corp., TX, (Texas Children's Hospital), (LOC: TD Bank, N.A.), 2.45%, 10/1/45<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;$700000 |
| Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (Vanderbilt University Medical Center), 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061520 |
| Northampton County General Purpose Authority, PA, (St. Luke's University Health Network), 5.00%, 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30023 |
| San Diego County, CA, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35203 |
|  |  | &nbsp;&nbsp;**$3159318** |
| Housing — 9.6% | Housing — 9.6% | Housing — 9.6% |
| Connecticut Housing Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 11/15/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;$441214 |
| Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 5.50%, 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp; 851348 |
| Ohio Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 5.75%, 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 640567 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 6.25%, 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 1042012 |
| Pennsylvania Housing Finance Agency, SFMR, 2.10%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 112409 |
| South Dakota Housing Development Authority, (FHLMC), (FNMA), (GNMA), 6.25%, 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp; 1070699 |
| Tennessee Housing Development Agency, Social Bonds, 5.50%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp; 877990 |
| Texas Department of Housing and Community Affairs, Social Bonds, (GNMA), 5.75%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp; 1851109 |
|  |  | &nbsp;&nbsp;**$6887348** |
| Industrial Development Revenue — 1.1% | Industrial Development Revenue — 1.1% | Industrial Development Revenue — 1.1% |
| Parish of St. John the Baptist, LA, (Marathon Oil Corp.), 3.30% to 7/3/28 (Put Date), 6/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$804617 |
|  |  | &nbsp;&nbsp;**$804617** |
| Insured - General Obligations — 2.3% | Insured - General Obligations — 2.3% | Insured - General Obligations — 2.3% |
| Clifton, NJ, (BAM), 2.00%, 8/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$625960 |
| Rancho Santiago Community College District, CA, (Election of 2002), (AG), 0.00%, 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1021081 |
|  |  | &nbsp;&nbsp;**$1647041** |
| Insured - Lease Revenue/Certificates of Participation — 0.3% | Insured - Lease Revenue/Certificates of Participation — 0.3% | Insured - Lease Revenue/Certificates of Participation — 0.3% |
| Highlands County School Board, FL, (BAM), 5.00%, 3/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;$180310 |
|  |  | &nbsp;&nbsp;**$180310** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue — 1.5% | Insured - Special Tax Revenue — 1.5% | Insured - Special Tax Revenue — 1.5% |
| Downtown Revitalization Public Infrastructure District, UT, (AG), 5.00%, 6/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1102069 |
|  |  | &nbsp;&nbsp;**$1102069** |
| Lease Revenue/Certificates of Participation — 0.3% | Lease Revenue/Certificates of Participation — 0.3% | Lease Revenue/Certificates of Participation — 0.3% |
| St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$250038 |
|  |  | &nbsp;&nbsp;**$250038** |
| Other Revenue — 8.7% | Other Revenue — 8.7% | Other Revenue — 8.7% |
| Black Belt Energy Gas District, AL, 5.25% to 9/1/32 (Put Date), 5/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$791895 |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 4.00% to 8/1/31 (Put Date), 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 835195 |
| California Infrastructure and Economic Development Bank, (California Academy of Sciences), Sustainability Bonds, 3.25%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 399292 |
| Fort Myers, FL, Capital Improvement Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 156215 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 272062 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 604341 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 3/1/30 (Put Date), 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2111710 |
| New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue, 5.00% to 11/1/30 (Put Date), 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061717 |
|  |  | &nbsp;&nbsp;**$6232427** |
| Senior Living/Life Care — 7.1% | Senior Living/Life Care — 7.1% | Senior Living/Life Care — 7.1% |
| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$60164 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 832903 |
| California Municipal Finance Authority, (PRS California Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 455038 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 375259 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 213713 |
| Lancaster Municipal Authority, PA, (Garden Spot Village), 5.00%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 212822 |
| Missouri Health and Educational Facilities Authority, (Lutheran Senior Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 776297 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 982755 |
| Virginia Small Business Financing Authority, (Lifespire of Virginia), 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055489 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;$124920 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 29942 |
|  |  | &nbsp;&nbsp;**$5119302** |
| Special Tax Revenue — 1.7% | Special Tax Revenue — 1.7% | Special Tax Revenue — 1.7% |
| Battery Park City Authority, NY, (SPA: TD Bank, N.A.), 2.75%, 11/1/38<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;$1215000 |
|  |  | &nbsp;&nbsp;**$1215000** |
| Transportation — 5.1% | Transportation — 5.1% | Transportation — 5.1% |
| Hawaii, Highway Revenue, 5.00%, 1/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2552199 |
| Maryland Department of Transportation, 3.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 554959 |
| Virgin Islands Transportation and Infrastructure Corp., 5.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 546478 |
|  |  | &nbsp;&nbsp;**$3653636** |
| Water and Sewer — 3.5% | Water and Sewer — 3.5% | Water and Sewer — 3.5% |
| Southeast Energy Authority, AL, (Project No. 2), 4.00% to 12/1/31 (Put Date), 12/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2486604 |
|  |  | &nbsp;&nbsp;**$2486604** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $66,925,178) |  | &nbsp;&nbsp;**$67528915** |

---

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

Short-Term Investments — 5.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.22%<sup>(4)</sup> | 3632048 | &nbsp;&nbsp;$3632048 |
| Total Short-Term Investments<br> (identified cost $3,632,048) |  | &nbsp;&nbsp;**$3632048** |
| Total Investments — 99.1%<br> (identified cost $70,557,226) |  | &nbsp;&nbsp;**$71160963** |
| Other Assets, Less Liabilities — 0.9% |  | &nbsp;&nbsp;**$615623** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$71776586** |

---

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

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Floating rate security. The stated interest rate 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 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> | 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> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of July 31, 2025. |
| At July 31, 2025, the concentration of the Fund's investments in the various states, 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, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 83.7% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At July 31, 2025, 4.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.1% to 3.0% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| LOC | – Letter of Credit |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2025

Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**July 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $66,925,178) | &nbsp;&nbsp;$67528915 |
| Affiliated investments, at value (identified cost $3,632,048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3632048 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614909 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15312 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95072 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12751 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16998 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21903 |
| **Total assets** | &nbsp;&nbsp;**$71940467** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$72341 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 |
| 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;18765 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16998 |
| Payable for custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10996 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33713 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7869 |
| **Total liabilities** | &nbsp;&nbsp;**$163881** |
| **Net Assets** | &nbsp;&nbsp;**$71776586** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$73918287 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2141701) |
| **Net Assets** | &nbsp;&nbsp;**$71776586** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$6747988 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655415 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.30 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$10.65 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$888423 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86297 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.29 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$64140175 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6222926 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.31 |

---

---

| | |
|:---|:---|
| 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_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2025

Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**July 31, 2025** |
| Investment Income |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$63858 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;1225325 |
| **Total investment income** | &nbsp;&nbsp;**$1289183** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$109323 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7887 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5112 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13692 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12796 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28269 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26084 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11904 |
| **Total expenses** | &nbsp;&nbsp;**$217894** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$70464 |
| **Total expense reductions** | &nbsp;&nbsp;**$70464** |
| **Net expenses** | &nbsp;&nbsp;**$147430** |
| **Net investment income** | &nbsp;&nbsp;**$1141753** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(74562) |
| **Net realized loss** | &nbsp;&nbsp;**$(74562)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$201176 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$201176** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$126614** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$1268367** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$1141753 | &nbsp;&nbsp;$2371603 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64842) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345176) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$1268367** | &nbsp;&nbsp;**$1961585** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(90043) | &nbsp;&nbsp;$(181264) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43308) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(946505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1980117) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(1047258)** | &nbsp;&nbsp;**$(2204689)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$505269 | &nbsp;&nbsp;$(1103403) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(472984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1259420) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1632746) |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$1837006** | &nbsp;&nbsp;**$(3995569)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$2058115** | &nbsp;&nbsp;**$(4238673)** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$69718471 | &nbsp;&nbsp;$73957144 |
| **At end of period** | &nbsp;&nbsp;**$71776586** | &nbsp;&nbsp;**$69718471** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond 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;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.26 | &nbsp;&nbsp;$10.30 | &nbsp;&nbsp;$10.37 | &nbsp;&nbsp;$10.59 | &nbsp;&nbsp;$10.91 | &nbsp;&nbsp;$10.60 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;$0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.18** | &nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;**$0.22** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$0.44** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;$(0.13) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.13)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$10.30** | &nbsp;&nbsp;**$10.26** | &nbsp;&nbsp;**$10.30** | &nbsp;&nbsp;**$10.37** | &nbsp;&nbsp;**$10.59** | &nbsp;&nbsp;**$10.91** |
| **Total Return<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.82%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.37)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.87)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.19%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$6748 | &nbsp;&nbsp;$6222 | &nbsp;&nbsp;$7362 | &nbsp;&nbsp;$9006 | &nbsp;&nbsp;$14526 | &nbsp;&nbsp;$22853 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% |

---

<sup>(1)</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>(2)</sup> Not annualized.

<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> Annualized.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, 0.01% and 0.01% of average daily net assets for the six months ended July 31, 2025 and the years ended January 31, 2025, 2024 and 2023, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond 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;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.26 | &nbsp;&nbsp;$10.30 | &nbsp;&nbsp;$10.37 | &nbsp;&nbsp;$10.59 | &nbsp;&nbsp;$10.91 | &nbsp;&nbsp;$10.59 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;$0.02 | &nbsp;&nbsp;$0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.14** | &nbsp;&nbsp;**$0.18** | &nbsp;&nbsp;**$0.14** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$0.37** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.05) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$(0.05)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$10.29** | &nbsp;&nbsp;**$10.26** | &nbsp;&nbsp;**$10.30** | &nbsp;&nbsp;**$10.37** | &nbsp;&nbsp;**$10.59** | &nbsp;&nbsp;**$10.91** |
| **Total Return<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.34%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.39%** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.12)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.60)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.52%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$888 | &nbsp;&nbsp;$1359 | &nbsp;&nbsp;$2628 | &nbsp;&nbsp;$3198 | &nbsp;&nbsp;$3591 | &nbsp;&nbsp;$3994 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% |

---

<sup>(1)</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>(2)</sup> Not annualized.

<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> Annualized.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, 0.01% and 0.01% of average daily net assets for the six months ended July 31, 2025 and the years ended January 31, 2025, 2024 and 2023, respectively).

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond 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;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** | &nbsp;&nbsp;&nbsp;**Year Ended January 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.28 | &nbsp;&nbsp;$10.31 | &nbsp;&nbsp;$10.38 | &nbsp;&nbsp;$10.60 | &nbsp;&nbsp;$10.92 | &nbsp;&nbsp;$10.61 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.19** | &nbsp;&nbsp;**$0.29** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$0.47** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.16) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.16)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$10.31** | &nbsp;&nbsp;**$10.28** | &nbsp;&nbsp;**$10.31** | &nbsp;&nbsp;**$10.38** | &nbsp;&nbsp;**$10.60** | &nbsp;&nbsp;**$10.92** |
| **Total Return<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.84%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.85%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.12)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.45%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$64140 | &nbsp;&nbsp;$62137 | &nbsp;&nbsp;$63967 | &nbsp;&nbsp;$61275 | &nbsp;&nbsp;$75548 | &nbsp;&nbsp;$66298 |
| 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;0.60%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% |

---

<sup>(1)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(2)</sup> Not annualized.

<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> Annualized.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, 0.01% and 0.01% of average daily net assets for the six months ended July 31, 2025 and the years ended January 31, 2025, 2024 and 2023, respectively).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2025

Notes to Financial Statements (Unaudited)

------

1 Significant Accounting Policies

Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust II (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is to provide current income exempt from regular federal income tax. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

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

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

C Federal 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 municipal obligations, 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.

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2025

Notes to Financial Statements (Unaudited) — 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 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 Segment Reporting—FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), 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 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.

I Interim Financial Statements—The interim financial statements relating to July 31, 2025 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

The net investment income of 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.

At January 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $3,069,180 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2025, $1,566,043 are short-term and $1,503,137 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;**$70175190** |
| Gross unrealized appreciation | &nbsp;&nbsp;$1085627 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99854) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$985773** |

---

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

------

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

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

---

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

---

For the six months ended July 31, 2025, the investment adviser and administration fee amounted to $109,323 or 0.32% (annualized) of the Fund's average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser and administration fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fee paid by the Fund due to its investment in the Liquidity Fund. For the six months ended July 31, 2025, the investment adviser and administration fee paid was reduced by $2,183 relating to the Fund's investment in the Liquidity Fund.

EVM and Parametric have agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.65%, 1.40% and 0.40% of the Fund's average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after June 1, 2026. Pursuant to this agreement, EVM and Parametric waived and/or reimbursed $68,281 in total of the Fund's operating expenses for the six months 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 six months ended July 31, 2025, EVM earned $1,086 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received less than $100 as its portion of the sales charge on sales of Class A shares for the six months ended July 31, 2025. EVD also received distribution and service fees from Class A and Class C shares (see Note 4).

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

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended July 31, 2025 amounted to $7,887 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 six months ended July 31, 2025, the Fund paid or accrued to EVD $3,834 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 six months ended July 31, 2025 amounted to $1,278 for Class C shares.

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

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

------

5 Contingent Deferred Sales Charges

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

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $18,597,893 and $18,492,827, respectively, for the six months ended July 31, 2025.

7 Shares of Beneficial Interest

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> July 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> January 31, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 85760 | &nbsp;&nbsp;&nbsp;&nbsp;$879646 | &nbsp;&nbsp;&nbsp;&nbsp; 222496 | &nbsp;&nbsp;&nbsp;&nbsp;$2297113 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 8742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89557 | &nbsp;&nbsp;&nbsp;&nbsp; 17589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180279 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (463934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (348617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3580795) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **49230** | &nbsp;&nbsp;&nbsp;&nbsp;**$505269** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(108532)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1103403)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp; 4908 | &nbsp;&nbsp;&nbsp;&nbsp;$50204 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10691 | &nbsp;&nbsp;&nbsp;&nbsp; 4217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43218 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (483675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1352842) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(46136)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(472984)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(122691)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1259420)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1094274 | &nbsp;&nbsp;&nbsp;&nbsp;$11182226 | &nbsp;&nbsp;&nbsp;&nbsp;1664140 | &nbsp;&nbsp;&nbsp;&nbsp;$17100536 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 92082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944205 | &nbsp;&nbsp;&nbsp;&nbsp; 192609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1976666 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1010551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10321710) | &nbsp;&nbsp;&nbsp;&nbsp;(2013324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20709948) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **175805** | &nbsp;&nbsp;&nbsp;&nbsp;**$1804721** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(156575)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1632746)** |

---

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2025

Notes to Financial Statements (Unaudited) — continued

------

8 Line of Credit

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

9 Affiliated Investments

At July 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $3,632,048, which represents 5.0% of the Fund's net assets. Transactions in such investments by the Fund for the six months ended July 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $4718294 | $20427898 | $(21514144) | $— | $— | $3632048 | $63858 | 3632048 |

---

10 Fair Value Measurements

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$67528915 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$67528915 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3632048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3632048 |
| **Total Investments** | &nbsp;&nbsp;**$3632048** | &nbsp;&nbsp;&nbsp;&nbsp;**$67528915** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$71160963** |

---

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

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."

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

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.

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

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 and administrative agreement between Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (the "Fund") and Eaton Vance Management (the "Adviser") and the sub-advisory agreement between the Adviser and Parametric Portfolio Associates, LLC (the "Sub-adviser"), an affiliate of the Adviser, with respect to the Fund, 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 and administrative agreement and the sub-advisory agreement for the Fund.

*Nature, Extent and Quality of Services*

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

The Board considered the Adviser's and the Sub-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. Regarding the Adviser, the Board considered the Adviser's responsibilities with respect to oversight of the Sub-adviser. With respect to the Sub-adviser, the Board considered the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreement and the abilities and experience of Sub-adviser's investment professionals in implementing the investment strategies of the Fund. In particular, the Board considered the abilities and experience of the Sub-adviser's investment professionals in the Sub-adviser's tax-advantaged bond strategies group and the investment professionals in the Adviser's and Sub-adviser's municipal research groups in managing the Fund and other funds and accounts that invest primarily in municipal bonds and employ tax-advantaged bond and laddered strategies. 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, including the Sub-adviser. 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 and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement and the sub-advisory 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- and five-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was lower than 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 the Fund's primary performance benchmark index for the three-year period. 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.

*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 factors identified by management in response to requests from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds.

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

Parametric

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2025

Board of Trustees' Contract Approval — continued

------

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-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, including the Sub-adviser, 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.

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, including the Sub-adviser, are not excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-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.

------

[**Table of Contents**](#JOB_EV_AR_2e576a69-97a2-45d5-a54b-e39c6f2c56b5_TOC)

EALBX-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.](d817124dex99cert.htm#A) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d817124dex99cert.htm#B) |
| (b) | [Combined Section 906 certification.](d817124dex99906cert.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 II</u> | <u>Eaton Vance Municipals Trust II</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 II** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

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

I, James F. Kirchner, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 24, 2025 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**Eaton Vance Municipals Trust II** 

**FORM N-CSR** 

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

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

I, Kenneth A. Topping, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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| | |
|:---|:---|
| Date: September 24, 2025 | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

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## Exhibit 99.906

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

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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

(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 II

Date: September 24, 2025

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| |
|:---|
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |

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Date: September 24, 2025

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| |
|:---|
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |

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