485BPOS 1 mtpartc.htm EATON VANCE MUNICIPALS TRUST PEA NOS. 124-126 DTD 8-1-10 mtpartc.htm - Generated by SEC Publisher for SEC Filing

As filed with the Securities and Exchange Commission on July 29, 2010

                                                                                                  1933 Act File No. 33-572

                                                                                              1940 Act File No. 811-4409

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT of 1933 ¨
POST-EFFECTIVE AMENDMENT NO. 124 x
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940 ¨
AMENDMENT NO. 126 x

EATON VANCE MUNICIPALS TRUST
(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)

(617) 482-8260
(Registrant’s Telephone Number)

MAUREEN A. GEMMA
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Service)

It is proposed that this filing will become effective pursuant to Rule 485 (check appropriate box):

 

¨ immediately upon filing pursuant to paragraph (b) ¨ on (date) pursuant to paragraph (a)(1)
x on August 1, 2010 pursuant to paragraph (b) ¨ 75 days after filing pursuant to paragraph (a)(2)
¨ 60 days after filing pursuant to paragraph (a)(1) ¨ on (date) pursuant to paragraph (a)(2)
If appropriate, check the following box:  

 

¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 


Explanatory Note

The Prospectus (Part A) and Statement of Additional Information (Part B) for Eaton Vance Arizona Municipal Income Fund, Eaton Vance Michigan Municipal Income Fund and Eaton Vance Minnesota Municipal Income Fund dated December 1, 2009, as previously filed electronically with the Securities and Exchange Commission (the “Commission”) on November 30, 2009 (Accession No. 0000940394-09-000940); for Eaton Vance Arkansas Municipal Income Fund, Eaton Vance Kentucky Municipal Income Fund, Eaton Vance Missouri Municipal Income Fund, Eaton Vance Oregon Municipal Income Fund and Eaton Vance Tennessee Municipal Income Fund dated January 1, 2010, as previously filed electronically with the Commission on December 24, 2009 (Accession No. 0000940394-09-001018); and for Eaton Vance Ohio Municipal Income Fund and Eaton Vance Rhode Island Municipal Income Fund dated February 1, 2010, as previously filed electronically with the Commission on January 28, 2010 (Accession No. 0000940394-10-000076) are incorporated by reference into Parts A and B of this Post-Effective Amendment No. 124 to the Registration Statement of Eaton Vance Municipals Trust (the “Amendment”), and each Part A is hereby supplemented as indicated in the Amendment. This Amendment is being filed to supplement each Prospectus to add Class I shares of the Funds, each a series of the Registrant.


EATON VANCE ARIZONA MUNICIPAL INCOME FUND
EATON VANCE MICHIGAN MUNICIPAL INCOME FUND
EATON VANCE MINNESOTA MUNICIPAL INCOME FUND
Supplement to Prospectus dated December 1, 2009

1. As of the date of this Supplement the Funds now offer Class I shares.

2. The following is added to the first paragraph in "Performance" under each Fund’s Fund Summary:

No performance is shown for Class I shares because the Class had not yet commenced operations.

3. The following is added to the Shareholder Fees, Annual Fund Operating Expenses and Example tables that appear in "Fees and Expenses of the Fund" under "Fund Summaries - Arizona Municipal Income Fund":

Shareholder Fees (fees paid directly from your investment)   Class I
Maximum Sales Charge (Load) (as a percentage of offering price)   None
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)   None
 
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)   Class I
Management Fees   0.38%
Distribution and Service (12b-1) Fees   n/a
Interest Expense(1) 0.06%  
Expenses other than Interest Expense 0.22%  
Other Expenses (estimated for Class I)   0.28%
Total Annual Fund Operating Expenses   0.66%

 

(1)      Interest expense relates to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions and, as a result, net asset value and performance have not been affected by this expense. If Interest Expense was not included, Total Annual Fund Operating Expenses would have been 0.60% for Class I. See “Investment Objectives & Principal Policies and Risks" in this prospectus for a description of residual interest bond transactions.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

  Expenses with Redemption Expenses without Redemption
  1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
Class I shares $67 $211 $368 $822 $67 $211 $368 $822

 


4. The following is added to the Shareholder Fees, Annual Fund Operating Expenses and Example tables that appear in "Fees and Expenses of the Fund" under "Fund Summaries - Michigan Municipal Income Fund":

Shareholder Fees (fees paid directly from your investment)   Class I
Maximum Sales Charge (Load) (as a percentage of offering price)   None
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)   None
 
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)   Class I
Management Fees   0.31%
Distribution and Service (12b-1) Fees   n/a
Interest Expense(1) 0.16%  
Expenses other than Interest Expense 0.29%  
Other Expenses (estimated for Class I)   0.45%
Total Annual Fund Operating Expenses   0.76%

 

(1)      Interest expense relates to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions and, as a result, net asset value and performance have not been affected by this expense. If Interest Expense was not included, Total Annual Fund Operating Expenses would have been 0.60% for Class I. See “Investment Objectives & Principal Policies and Risks" in this prospectus for a description of residual interest bond transactions.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

  Expenses with Redemption Expenses without Redemption
  1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
Class I shares $78 $243 $422 $942 $78 $243 $422 $942

 

5. The following is added to the Shareholder Fees, Annual Fund Operating Expenses and Example tables that appear in "Fees and Expenses of the Fund" under "Fund Summaries - Minnesota Municipal Income Fund":

Shareholder Fees (fees paid directly from your investment) Class I
Maximum Sales Charge (Load) (as a percentage of offering price) None
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) None
 
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) Class I
Management Fees 0.35%
Distribution and Service (12b-1) Fees n/a
Other Expenses (estimated for Class I) 0.24%
Total Annual Fund Operating Expenses 0.59%

 

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

  Expenses with Redemption Expenses without Redemption
  1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
Class I shares $60 $189 $329 $738 $60 $189 $329 $738

 

2


6. The following replaces the paragraph under "Financial Highlights" and is added to each Fund’s Financial Highlights table:

The financial highlights are intended to help you understand a Fund’s financial performance for the period(s) indicated. Certain information in the tables reflects the financial results for a single Fund share. The total returns in the tables represent the rate an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all distributions at net asset value). This information (except for the six months ended January 31, 2010) has been audited by Deloitte & Touche LLP, an independent registered public accounting firm. The report of Deloitte & Touche LLP and each Fund’s annual financial statements and unaudited semiannual financial statements for the six months ended January 31, 2010 are incorporated herein by reference and included in the Fund’s annual and/or semiannual report, which is available on request. Financial Highlights information is not provided for Class I shares of the Arizona Fund, Michigan Fund and Minnesota Fund because the Class had not yet commenced operations for those Funds as of January 31, 2010.

  Arizona Fund Michigan Fund Minnesota Fund
  Six Months Ended January 31, 2010 Six Months Ended January 31, 2010 Six Months Ended January 31, 2010
  (Unaudited) (Unaudited) (Unaudited)
  Class A Class B Class C Class A Class C Class A Class B Class C
Net asset value - Beginning of period $8.960 $9.960 $9.970 $ 8.410 $8.420 $8.900 $9.580 $ 9.570
Income (Loss) From Operations              
Net investment income(1) $0.202 $0.185 $0.185 $ 0.200 $0.166 $0.187 $0.165 $ 0.164
Net realized and unrealized gain 0.345 0.386 0.386 0.409 0.411 0.269 0.288 0.299
Total income from operations $0.547 $0.571 $0.571 $ 0.609 $0.577 $0.456 $0.453 $ 0.463
Less Distributions              
From net investment income $ (0.197) $ (0.181) $ (0.181) $ (0.199) $(0.167) $ (0.176) $(0.153) $ (0.153)
Total distributions $ (0.197) $ (0.181) $ (0.181) $ (0.199) $(0.167) $ (0.176) $(0.153) $ (0.153)
Net asset value - End of period $9.310 $10.350 $10.360 $ 8.820 $8.830 $9.180 $9.880 $ 9.880
Total Return(2) 6.12%(3) 5.75%(3) 5.75%(3) 7.27%(3) 6.87%(3) 5.14%(3) 4.74%(3) 4.85%(3)
Ratios/Supplemental Data              
Net assets, end of period (000’s omitted) $84,956 $3,953 $9,140 $47,822 $4,051 $84,401 $4,825 $14,226
Ratios (as a percentage of average daily net assets):              
Expenses excluding interest and fees 0.72%(4) 1.48%(4) 1.47%(4) 0.71%(4) 1.46%(4) 0.73%(4) 1.48%(4) 1.47%(4)
Interest and fee expense(5) 0.02%(4) 0.02%(4) 0.02%(4) 0.02%(4) 0.02%(4)
Total expenses before custodian fee reduction 0.74%(4) 1.50%(4) 1.49%(4) 0.73%(4) 1.48%(4) 0.73%(4) 1.48%(4) 1.47%(4)
Expenses after custodian fee reduction excluding interest              
and fees 0.72%(4) 1.48%(4) 1.47%(4) 0.71%(4) 1.46%(4) 0.73%(4) 1.48%(4) 1.47%(4)
Net investment income 4.31%(4) 3.56%(4) 3.55%(4) 4.51%(4) 3.74%(4) 4.05%(4) 3.31%(4) 3.29%(4)
Portfolio Turnover of the Fund 1%(3) 1%(3) 1%(3) 6%(3) 6%(3) 0%(3)(6) 0%(3)(6) 0%(3)(6)

 

(1)      Computed using average shares outstanding.
(2)      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.
(3)      Not annualized.
(4)      Annualized.
(5)      Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I to the Fund’s unaudited financial statements).
(6)      Amount is less than 0.5%.

August 1, 2010

C12/1ABPS1

3


EATON VANCE ARKANSAS MUNICIPAL INCOME FUND
EATON VANCE KENTUCKY MUNICIPAL INCOME FUND
EATON VANCE MISSOURI MUNICIPAL INCOME FUND
EATON VANCE OREGON MUNICIPAL INCOME FUND
EATON VANCE TENNESSEE MUNICIPAL INCOME FUND
Supplement to Prospectus dated January 1, 2010

1. As of the date of this Supplement the Funds now offer Class I shares.

2. The following is added to the first paragraph in "Performance" under each Fund’s Fund Summary:

No performance is shown for Class I shares because the Class had not yet commenced operations.

3. The following is added to the Shareholder Fees, Annual Fund Operating Expenses and Example tables that appear in "Fees and Expenses of the Fund" under "Fund Summaries - Arkansas Municipal Income Fund":

The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a reduced sales charge if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance Funds. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginnning on page 57 of the Fund’s prospectus and page 21 of the Fund’s statement of additional information.

Shareholder Fees (fees paid directly from your investment)   Class I
Maximum Sales Charge (Load) (as a percentage of offering price)   None
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)   None
 
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)   Class I
Management Fees   0.31%
Distribution and Service (12b-1) Fees   n/a
Interest Expense(1) 0.05%  
Expenses other than Interest Expense 0.27%  
Other Expenses (estimated for Class I)   0.32%
Total Annual Fund Operating Expenses   0.63%

 

(1)      Interest expense relates to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions and, as a result, net asset value and performance have not been affected by this expense. If Interest Expense was not included, Total Annual Fund Operating Expenses would have been 0.58% for Class I. See “Investment Objectives & Principal Policies and Risks" in this prospectus for a description of residual interest bond transactions.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

  Expenses with Redemption Expenses without Redemption
  1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
Class I shares $64 $202 $351 $786 $64 $202 $351 $786

 


4. The following is added to the Shareholder Fees, Annual Fund Operating Expenses and Example tables that appear in "Fees and Expenses of the Fund" under "Fund Summaries - Kentucky Municipal Income Fund":

Shareholder Fees (fees paid directly from your investment) Class I
Maximum Sales Charge (Load) (as a percentage of offering price) None
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) None
 
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) Class I
Management Fees 0.29%
Distribution and Service (12b-1) Fees n/a
Other Expenses (estimated for Class I) 0.29%
Total Annual Fund Operating Expenses 0.58%

 

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

  Expenses with Redemption Expenses without Redemption
  1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
Class I shares $59 $186 $324 $726 $59 $186 $324 $726

 

5. The following is added to the Shareholder Fees, Annual Fund Operating Expenses and Example tables that appear in "Fees and Expenses of the Fund" under "Fund Summaries - Missouri Municipal Income Fund":

Shareholder Fees (fees paid directly from your investment)   Class I
Maximum Sales Charge (Load) (as a percentage of offering price)   None
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)   None
 
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)   Class I
Management Fees   0.37%
Distribution and Service (12b-1) Fees   n/a
Interest Expense(1) 0.04%  
Expenses other than Interest Expense 0.23%  
Other Expenses (estimated for Class I)   0.27%
Total Annual Fund Operating Expenses   0.64%

 

(1)      Interest expense relates to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions and, as a result, net asset value and performance have not been affected by this expense. If Interest Expense was not included, Total Annual Fund Operating Expenses would have been 0.60% for Class I. See “Investment Objectives & Principal Policies and Risks" in this prospectus for a description of residual interest bond transactions.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

  Expenses with Redemption Expenses without Redemption
  1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
Class I shares $65 $205 $357 $798 $65 $205 $357 $798

 

2


6. The following is added to the Shareholder Fees, Annual Fund Operating Expenses and Example tables that appear in "Fees and Expenses of the Fund" under "Fund Summaries - Oregon Municipal Income Fund":

Shareholder Fees (fees paid directly from your investment)   Class I
Maximum Sales Charge (Load) (as a percentage of offering price)   None
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)   None
 
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)   Class I
Management Fees   0.41%
Distribution and Service (12b-1) Fees   n/a
Interest Expense(1) 0.12%  
Expenses other than Interest Expense 0.21%  
Other Expenses (estimated for Class I)   0.33%
Total Annual Fund Operating Expenses   0.74%

 

(1)      Interest expense relates to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions and, as a result, net asset value and performance have not been affected by this expense. If Interest Expense was not included, Total Annual Fund Operating Expenses would have been 0.62% for Class I. See “Investment Objectives & Principal Policies and Risks" in this prospectus for a description of residual interest bond transactions.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

  Expenses with Redemption Expenses without Redemption
  1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
Class I shares $76 $237 $411 $918 $76 $237 $411 $918

 

7. The following is added to the Shareholder Fees, Annual Fund Operating Expenses and Example tables that appear in "Fees and Expenses of the Fund" under "Fund Summaries - Tennessee Municipal Income Fund":

Shareholder Fees (fees paid directly from your investment)   Class I
Maximum Sales Charge (Load) (as a percentage of offering price)   None
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)   None
 
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)   Class I
Management Fees   0.30%
Distribution and Service (12b-1) Fees   n/a
Interest Expense(1) 0.03%  
Expenses other than Interest Expense 0.29%  
Other Expenses (estimated for Class I)   0.32%
Total Annual Fund Operating Expenses   0.62%

 

(1)      Interest expense relates to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions and, as a result, net asset value and performance have not been affected by this expense. If Interest Expense was not included, Total Annual Fund Operating Expenses would have been 0.59% for Class I. See “Investment Objectives & Principal Policies and Risks" in this prospectus for a description of residual interest bond transactions.

3


Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

  Expenses with Redemption Expenses without Redemption
  1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
Class I shares $63 $199 $346 $774 $63 $199 $346 $774

 

8. The following replaces the paragraph under "Financial Highlights" and is added to each Fund’s Financial Highlights table:

The financial highlights are intended to help you understand a Fund’s financial performance for the period(s) indicated. Certain information in the tables reflects the financial results for a single Fund share. The total returns in the tables represent the rate an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all distributions at net asset value). This information (except for the six months ended February 28, 2010) has been audited by Deloitte & Touche LLP, an independent registered public accounting firm. The report of Deloitte & Touche LLP and each Fund’s annual financial statements and unaudited semiannual financial statements for the six months ended February 28, 2010 are incorporated herein by reference and included in the Fund’s annual and/or semiannual report, which is available on request. Financial Highlights information is not provided for Class I shares of the Arkansas Fund, Kentucky Fund, Missouri Fund, Oregon Fund and Tennessee Fund because the Class had not yet commenced operations for those Funds as of February 28, 2010.

  Arkansas Fund Kentucky Fund   Missouri Fund  
  Six Months Ended February 28, 2010 Six Months Ended February 28, 2010 Six Months Ended February 28, 2010
    (Unaudited)     (Unaudited)     (Unaudited)  
  Class A Class B Class C Class A Class B Class C Class A Class B Class C
Net asset value - Beginning of period $8.870 $9.530 $9.530 $8.410 $ 9.080 $9.090 $ 9.080 $10.040 $10.030
Income (Loss) From Operations                  
Net investment income(1) $0.189 $0.167 $0.165 $0.191 $ 0.171 $0.171 $ 0.193 $ 0.175 $0.175
Net realized and unrealized gain 0.286 0.308 0.310 0.344 0.376 0.366 0.276 0.296 0.296
Total income from operations $0.475 $0.475 $0.475 $0.535 $ 0.547 $0.537 $ 0.469 $ 0.471 $0.471
Less Distributions                  
From net investment income $ (0.185) $(0.165) $(0.165) $ (0.185) $(0.167) $(0.167) $ (0.179) $ (0.161) $ (0.161)
Total distributions $ (0.185) $(0.165) $(0.165) $ (0.185) $(0.167) $(0.167) $ (0.179) $ (0.161) $ (0.161)
Net asset value - End of period $9.160 $9.840 $9.840 $8.760 $ 9.460 $9.460 $ 9.370 $10.350 $10.340
Total Return(2) 5.39%(3) 5.00%(3) 5.00%(3) 6.41%(3) 6.06%(3) 5.94%(3) 5.19%(3) 4.71%(3) 4.72%(3)
Ratios/Supplemental Data                  
Net assets, end of period (000’s omitted) $63,386 $3,614 $5,186 $48,966 $ 3,876 $2,381 $90,988 $ 5,419 $5,629
Ratios (as a percentage of average daily net assets):                  
Expenses excluding interest and fees 0.73%(4) 1.48%(4) 1.48%(4) 0.72%(4) 1.47%(4) 1.47%(4) 0.74%(4) 1.49%(4) 1.49%(4)
Interest and fee expense(5) 0.01%(4) 0.01%(4) 0.01%(4) 0.02%(4) 0.02%(4) 0.02%(4)
Total expenses before custodian fee reduction 0.74%(4) 1.49%(4) 1.49%(4) 0.72%(4) 1.47%(4) 1.47%(4) 0.76%(4) 1.51%(4) 1.51%(4)
Expenses after custodian fee reduction excluding interest and fees 0.73%(4) 1.48%(4) 1.48%(4) 0.72%(4) 1.47%(4) 1.47%(4) 0.74%(4) 1.49%(4) 1.49%(4)
Net investment income 4.18%(4) 3.43%(4) 3.40%(4) 4.44%(4) 3.69%(4) 3.69%(4) 4.18%(4) 3.42%(4) 3.42%(4)
Portfolio Turnover 5%(3) 5%(3) 5%(3) 1%(3) 1%(3) 1%(3) 4%(3) 4%(3) 4%(3)

 

4

 

    Oregon Fund     Tennessee Fund  
  Six Months Ended February 28, 2010 Six Months Ended February 28, 2010
    (Unaudited)     (Unaudited)  
  Class A Class B Class C Class A Class B Class C
Net asset value - Beginning of period $8.510 $9.310 $ 9.320 $8.670 $9.450 $9.440
Income (Loss) From Operations            
Net investment income(1) $0.205 $0.189 $ 0.189 $0.192 $0.173 $0.173
Net realized and unrealized gain 0.224 0.244 0.244 0.270 0.291 0.291
Total income from operations $0.429 $0.433 $ 0.433 $0.462 $0.464 $0.464
Less Distributions            
From net investment income $ (0.189) $ (0.173) $ (0.173) $ (0.182) $(0.164) $(0.164)
Total distributions $ (0.189) $ (0.173) $ (0.173) $ (0.182) $(0.164) $(0.164)
Net asset value - End of period $8.750 $9.570 $ 9.580 $8.950 $9.750 $9.740
Total Return(2) 5.07%(3) 4.67%(3) 4.67%(3) 5.37%(3) 4.94%(3) 4.94%(3)
Ratios/Supplemental Data            
Net assets, end of period (000’s omitted) $121,559 $11,260 $20,397 $48,613 $3,615 $7,315
Ratios (as a percentage of average daily net assets):            
Expenses excluding interest and fees 0.77%(4) 1.52%(4) 1.52%(4) 0.72%(4) 1.47%(4) 1.46%(4)
Interest and fee expense(5) 0.04%(4) 0.04%(4) 0.04%(4) 0.01%(4) 0.01%(4) 0.01%(4)
Total expenses before custodian fee reduction 0.81%(4) 1.56%(4) 1.56%(4) 0.73%(4) 1.48%(4) 1.47%(4)
Expenses after custodian fee reduction excluding interest and fees 0.77%(4) 1.52%(4) 1.52%(4) 0.72%(4) 1.47%(4) 1.46%(4)
Net investment income 4.75%(4) 4.00%(4) 4.00%(4) 4.36%(4) 3.61%(4) 3.60%(4)
Portfolio Turnover 13%(3) 13%(3) 13%(3) 8%(3) 8%(3) 8%(3)

 

(1)      Computed using average shares outstanding.
(2)      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.
(3)      Not annualized.
(4)      Annualized.
(5)      Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I to the Fund’s unaudited financial statements).

August 1, 2010

12MUNI1/1PS1

5


EATON VANCE OHIO MUNICIPAL INCOME FUND
EATON VANCE RHODE ISLAND MUNICIPAL INCOME FUND
Supplement to Prospectus dated February 1, 2010

1. As of the date of this Supplement the Funds now offer Class I shares.

2. The following is added to the first paragraph in "Performance" under each Fund’s Fund Summary:

No performance is shown for Class I shares because the Class had not yet commenced operations.

3. The following is added to the Shareholder Fees, Annual Fund Operating Expenses and Example tables that appear in "Fees and Expenses of the Fund" under "Fund Summaries - Ohio Municipal Income Fund":

Shareholder Fees (fees paid directly from your investment)   Class I
Maximum Sales Charge (Load) (as a percentage of offering price)   None
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)   None
 
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)   Class I
Management Fees   0.45%
Distribution and Service (12b-1) Fees   n/a
Interest Expense(1) 0.08%  
Expenses other than Interest Expense 0.15%  
Other Expenses (estimated for Class I)   0.23%
Total Annual Fund Operating Expenses   0.68%

 

(1)      Interest expense relates to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions and, as a result, net asset value and performance have not been affected by this expense. If Interest Expense was not included, Total Annual Fund Operating Expenses would have been 0.60% for Class I. See “Investment Objectives & Principal Policies and Risks" in this prospectus for a description of residual interest bond transactions.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

  Expenses with Redemption Expenses without Redemption
  1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
Class I shares $69 $218 $379 $847 $69 $218 $379 $847

 


4. The following is added to the Shareholder Fees, Annual Fund Operating Expenses and Example tables that appear in "Fees and Expenses of the Fund" under "Fund Summaries - Rhode Island Municipal Income Fund":

Shareholder Fees (fees paid directly from your investment)   Class I
Maximum Sales Charge (Load) (as a percentage of offering price)   None
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)   None
 
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)   Class I
Management Fees   0.27%
Distribution and Service (12b-1) Fees   n/a
Interest Expense(1) 0.08%  
Expenses other than Interest Expense 0.32%  
Other Expenses (estimated for Class I)   0.40%
Total Annual Fund Operating Expenses   0.67%

 

(1)      Interest expense relates to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions and, as a result, net asset value and performance have not been affected by this expense. If Interest Expense was not included, Total Annual Fund Operating Expenses would have been 0.59% for Class I. See “Investment Objectives & Principal Policies and Risks" in this prospectus for a description of residual interest bond transactions.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

  Expenses with Redemption Expenses without Redemption
  1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
Class I shares $68 $214 $373 $835 $68 $214 $373 $835

 

5. The following replaces the paragraph under "Financial Highlights" and is added to each Fund’s Financial Highlights table:

The financial highlights are intended to help you understand a Fund’s financial performance for the period(s) indicated. Certain information in the tables reflects the financial results for a single Fund share. The total returns in the tables represent the rate an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all distributions at net asset value). This information (except for the six months ended March 31, 2010) has been audited by Deloitte & Touche LLP, an independent registered public accounting firm. The report of Deloitte & Touche LLP and each Fund’s annual financial statements and unaudited semiannual financial statements for the six months ended March 31, 2010 are incorporated herein by reference and included in the Fund’s annual and/or semiannual report, which is available on request. Financial Highlights information is not provided for Class I shares of the Ohio Fund and the Rhode Island Fund because the Class had not yet commenced operations for either Fund as of March 31, 2010.

2

 

  Ohio Fund   Rhode Island Fund  
  Six Months Ended March 31, 2010 Six Months Ended March 31, 2010
  (Unaudited)   (Unaudited)  
  Class A Class C Class A Class B Class C
Net asset value - Beginning of period $9.150 $ 9.150 $ 9.000 $9.210 $9.220
Income (Loss) From Operations          
Net investment income(1) $0.190 $ 0.156 $ 0.194 $0.165 $0.165
Net realized and unrealized gain (loss) (0.252) (0.249) (0.183) (0.191) (0.191)
Total income (loss) from operations $ (0.062) $ (0.093) $ 0.011 $(0.026) $(0.026)
Less Distributions          
From net investment income $ (0.188) $ (0.157) $ (0.191) $(0.164) $(0.164)
Total distributions $ (0.188) $ (0.157) $ (0.191) $(0.164) $(0.164)
Net asset value - End of period $8.900 $ 8.900 $ 8.820 $9.020 $9.030
Total Return(2) (0.65)%(3) (1.00)%(3) 0.15%(3) (0.26)%(3) (0.26)%(3)
Ratios/Supplemental Data          
Net assets, end of period (000’s omitted) $257,511 $29,500 $38,715 $6,532 $4,080
Ratios (as a percentage of average daily net assets):          
Expenses excluding interest and fees 0.74%(4) 1.49%(4) 0.74%(4) 1.49%(4) 1.49%(4)
Interest and fee expense(5) 0.01%(4) 0.01%(4) 0.02%(4) 0.02%(4) 0.02%(4)
Total expenses before custodian fee reduction 0.75%(4) 1.50%(4) 0.76%(4) 1.51%(4) 1.51%(4)
Expenses after custodian fee reduction excluding interest and fees 0.74%(4) 1.49%(4) 0.74%(4) 1.49%(4) 1.49%(4)
Net investment income 4.27%(4) 3.51%(4) 4.42%(4) 3.67%(4) 3.67%(4)
Portfolio Turnover 5%(3) 5%(3) 8%(3) 8%(3) 8%(3)

 

(1)      Computed using average shares outstanding.
(2)      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.
(3)      Not annualized.
(4)      Annualized.
(5)      Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I to the Fund’s unaudited financial statements).

August 1, 2010

TFC2/1PS2

3


PART C - OTHER INFORMATION
Item 28. Exhibits (with inapplicable items omitted)
(a) (1) Amended and Restated Declaration of Trust of Eaton Vance Municipals Trust dated January 11,
    1993, filed as Exhibit (1)(a) to Post-Effective Amendment No. 55 filed September 15, 1995 and
    incorporated herein by reference.
  (2) Amendment dated June 23, 1997 to the Declaration of Trust filed as Exhibit (1)(b) to Post-Effective
Amendment No. 67 filed July 3, 1997 and incorporated herein by reference.
  (3) Amendment dated August 11, 2008 to the Declaration of Trust filed as Exhibit (a)(3) to Post-
    Effective Amendment No. 115 filed November 24, 2008 (Accession No. 0000940394-08-
    001475) and incorporated herein by reference.
  (4) Amended and Restated Establishment and Designation of Series of Shares of Beneficial Interest,
    Without Par Value as amended and restated effective April 26, 2010 filed herewith.
(b) (1) By-Laws as amended October 21, 1987 filed as Exhibit (2)(a) to Post-Effective Amendment No. 55
    filed September 15, 1995 and incorporated herein by reference.
  (2) Amendment to By-Laws of Eaton Vance Municipals Trust dated December 13, 1993 filed as Exhibit
    (2)(b) to Post-Effective Amendment No. 55 filed September 15, 1995 and incorporated herein by
    reference.
  (3) Amendment to By-Laws of Eaton Vance Municipals Trust dated June 18, 2002 filed as Exhibit
    (b)(3) to Post-Effective Amendment No. 89 filed November 26, 2002 and incorporated herein by
    reference.
  (4) Amendment to By-Laws of Eaton Vance Municipals Trust dated February 7, 2005 filed as Exhibit
    (b)(4) to Post-Effective Amendment No. 99 filed March 2, 2005 and incorporated herein by
    reference.
  (5) Amendment to By-Laws of Eaton Vance Municipals Trust dated December 11, 2006 filed as Exhibit
    (b)(5) to Post-Effective Amendment No. 107 filed January 3, 2007 and incorporated herein by
    reference.
  (6) Amendment to By-Laws of Eaton Vance Municipals Trust dated August 11, 2008 filed as Exhibit
    (b)(6) to Post-Effective Amendment No. 115 filed November 24, 2008 (Accession No.
    0000940394-08-001475) and incorporated herein by reference.
(c)   Reference is made to Item 28(a) and 28(b) above.
(d) (1) Form of Investment Advisory Agreement with Boston Management and Research for Eaton Vance
    Alabama Municipals Fund, Eaton Vance Arizona Municipals Fund, Eaton Vance Arkansas
    Municipals Fund, Eaton Vance Colorado Municipals Fund, Eaton Vance Connecticut Municipals
    Fund, Eaton Vance Florida Municipals Fund, Eaton Vance Georgia Municipals Fund, Eaton Vance
    Kentucky Municipals Fund, Eaton Vance Louisiana Municipals Fund, Eaton Vance Maryland
    Municipals Fund, Eaton Vance Massachusetts Municipals Fund, Eaton Vance Michigan Municipals
    Fund, Eaton Vance Minnesota Municipals Fund, Eaton Vance Mississippi Municipals Fund, Eaton
    Vance Missouri Municipals Fund, Eaton Vance New Jersey Municipals Fund, Eaton Vance New York
    Municipals Fund, Eaton Vance North Carolina Municipals Fund, Eaton Vance Ohio Municipals
    Fund, Eaton Vance Oregon Municipals Fund, Eaton Vance Pennsylvania Municipals Fund, Eaton
    Vance Rhode Island Municipals Fund, Eaton Vance South Carolina Municipals Fund, Eaton Vance
    Tennessee Municipals Fund, Eaton Vance Virginia Municipals Fund and Eaton Vance West Virginia
    Municipals Fund filed as Exhibit (d)(1) to Post-Effective Amendment No. 96 filed November 24,
    2004 and incorporated herein by reference.
  (2) Form of Investment Advisory Agreement with Boston Management and Research for Eaton Vance
    California Municipals Fund and Eaton Vance National Municipals Fund filed as Exhibit (d)(2) to
    Post-Effective Amendment No. 96 filed November 24, 2004 and incorporated herein by reference.

 

C-1


(e) (1) (a) Distribution Agreement between Eaton Vance Municipals Trust and Eaton Vance Distributors, Inc.
      effective June 23, 1997 with attached Schedule A effective June 23, 1997 filed as Exhibit
      (6)(a)(7) to Post-Effective Amendment No. 67 filed July 29, 1997 and incorporated herein by
      reference.
    (b) Amended Schedule A to Distribution Agreement dated August 6, 2007 filed as Exhibit (e)(1)(b) to
      Post-Effective Amendment No. 111 filed on October 4, 2007 (Accession No. 0000940394-07-
      001184) and incorporated herein by reference.
  (2)   Selling Group Agreement between Eaton Vance Distributors, Inc. and Authorized Dealers filed as
      Exhibit (e)(2) to the Post-Effective Amendment No. 85 of Eaton Vance Special Investment Trust (File
      Nos. 2-27962, 811-1545) filed April 26, 2007 (Accession No. 0000940394-07-000430) and
      incorporated herein by reference.
(f)     The Securities and Exchange Commission has granted the Registrant an exemptive order that
      permits the Registrant to enter into deferred compensation arrangements with its independent
      Trustees. See in the Matter of Capital Exchange Fund, Inc., Release No. IC-20671 (November 1,
      1994).
(g) (1)   Custodian Agreement with Investors Bank & Trust Company dated October 15, 1992 filed as
      Exhibit (8) to Post-Effective Amendment No. 55 filed September 15, 1995 and incorporated herein
      by reference.
  (2)   Amendment to Custodian Agreement with Investors Bank & Trust Company dated October 23,
      1995 filed as Exhibit (8)(b) to Post-Effective Amendment No. 57 filed November 15, 1995 and
      incorporated herein by reference.
  (3)   Amendment to Master Custodian Agreement with Investors Bank & Trust Company dated December
      21, 1998 filed as Exhibit (g)(3) to Post-Effective Amendment No. 78 filed January 25, 1999 and
      incorporated herein by reference.
  (4)   Extension Agreement dated August 31, 2005 to Master Custodian Agreement with Investors Bank
      & Trust Company filed as Exhibit (j)(2) to the Eaton Vance Tax-Managed Global Buy-Write
      Opportunities Fund N-2, Pre-Effective Amendment No. 2 (File Nos. 333-123961, 811-21745)
      filed September 26, 2005 (Accession No. 0000950135-05-005528) filed September 26, 2005
      and incorporated herein by reference.
  (5)   Delegation Agreement dated December 11, 2000 with Investors Bank & Trust Company filed as
      Exhibit (j)(e) to the Eaton Vance Prime Rate Reserves N-2, Amendment No. 5 (File Nos. 333-
      32276, 811-05808) filed April 3, 2001 (Accession No. 0000940394-01-500125) and
      incorporated herein by reference.
(h) (1) (a) Amended Administrative Services Agreement between Eaton Vance Municipals Trust (on behalf of
      each of its series) and Eaton Vance Management with attached schedules (including Amended
      Schedule A dated September 29, 1995) filed as Exhibit (9)(a) to Post-Effective Amendment No. 55
      filed September 15, 1995 and incorporated herein by reference.
    (b) Amendment to Schedule A dated June 23, 1997 to the Amended Administrative Services
      Agreement dated June 19, 1995 filed as Exhibit (9)(a)(2) to Post-Effective Amendment No. 67 filed
      July 3, 1997 and incorporated herein by reference.
  (2) (a) Transfer Agency Agreement dated as of August 1, 2008 between PNC Global Investment Servicing
      Inc. and Eaton Vance Management filed as Exhibit (h)(1) to Post-Effective Amendment No. 70 of
      Eaton Vance Series Trust II (File Nos. 02-42722, 811-02258) (Accession No. 0000940394-05-
      001324) filed October 27, 2008 and incorporated herein by reference.
    (b) Red Flag Services Amendment effective May 1, 2009 to the Transfer Agency Agreement dated
      August 1, 2008 filed as Exhibit (h)(2)(b) to Post-Effective Amendment No. 31 of Eaton Vance
      Municipals Trust II (File Nos. 33-71320,811-8134) (Accession No. 0000940394-09-000411)
      filed May 28, 2009 and incorporated herein by reference.

 

C-2


  (3)   Sub-Transfer Agency Service Agreement effective August 1, 2005 between PFPC Inc. and Eaton
      Vance Management filed as Exhibit (h)(4) to Post-Effective Amendment No. 109 of Eaton Mutual
      Funds Trust (File Nos. 02-90946, 811-04015) (Accession No. 0000940394-05-000983) filed
      August 25, 2005 and incorporated herein by reference.
(i)     Opinion of Internal Counsel dated July 28, 2010 filed herewith.
(j)     Consent of Independent Registered Public Accounting Firm for Eaton Vance Arizona Municipal
      Income Fund, Eaton Vance Arkansas Municipal Income Fund, Eaton Vance Kentucky Municipal
      Income Fund, Eaton Vance Michigan Municipal Income Fund, Eaton Vance Minnesota Municipal
      Income Fund, Eaton Vance Missouri Municipal Income Fund, Eaton Vance Ohio Municipal Income
      Fund, Eaton Vance Oregon Municipal Income Fund Eaton Vance Rhode Island Municipal Income
      Fund and Eaton Vance Tennessee Municipal Income Fund dated July 28, 2010 filed herewith.
(m) (1)   Eaton Vance Municipals Trust Class A Distribution Plan adopted June 23, 1997 and amended April
      24, 2006 with attached Schedule A filed as Exhibit (m)(1) to Post-Effective Amendment No. 106
      filed November 28, 2006 and incorporated herein by reference.
  (2)   Eaton Vance Municipals Trust Class B Distribution Plan adopted June 23, 1997 with attached
      Schedule A effective June 23, 1997 filed as Exhibit (15)(b) to Post-Effective Amendment No. 69
      filed September 29, 1997 and incorporated herein by reference.
  (3) (a) Eaton Vance Municipals Trust Class C Distribution Plan adopted June 23, 1997 with attached
      Schedule A effective June 23, 1997 filed as Exhibit (15)(c) to Post-Effective Amendment No. 69
      filed September 29, 1997 and incorporated herein by reference.
    (b) Amended Schedule A to Class C Distribution Plan dated August 6, 2007 filed as Exhibit (m)(3)(b)
      to Post-Effective Amendment No. 111 filed October 4, 2007 (Accession No. 0000940394-07-
      001185) and incorporated herein by reference.
(n) (1)   Amended and Restated Multiple Class Plan for Eaton Vance Funds dated August 6, 2007 filed as
      Exhibit (n) to Post-Effective Amendment No. 128 of Eaton Vance Mutual Funds Trust (File Nos. 02-
      90946, 811-4015) (Accession No. 0000940394-07-000956) filed August 10, 2007 and
      incorporated herein by reference.
  (2)   Schedule A effective April 1, 2010 to Amended and Restated Multiple Class Plan filed as Exhibit
      (n)(2) to Post-Effective Amendment No. 102 of Eaton Vance Special Investment Trust (File Nos. 2-
      27962 and 811-1545) filed March 29, 2010 (Accession No. 0000940394-10-000325) and
      incorporated herein by reference.
  (3)   Schedule B effective June 1, 2010 to Amended and Restated Multiple Class Plan filed as Exhibit
      (n)(3) to Post-Effective Amendment No. 56 of Eaton Vance Investment Trust (File Nos. 33-1121
      and 811-4443) filed May 26, 2010 (Accession No. 0000940394-10-000520) and incorporated
      herein by reference.
  (4)   Schedule C effective June 1, 2010 to Amended and Restated Multiple Class Plan filed as Exhibit
      (n)(4) to Post-Effective Amendment No. 56 of Eaton Vance Investment Trust (File Nos. 33-1121
      and 811-4443) filed May 26, 2010 (Accession No. 0000940394-10-000520) and incorporated
      herein by reference.
(p)     Code of Ethics adopted by Eaton Vance Corp., Eaton Vance Management, Boston Management and
      Research, Eaton Vance Distributors, Inc. and the Eaton Vance Funds effective September 1, 2000,
      as revised May 15, 2010 filed as Exhibit (r)(1) to Pre-Effective Amendment No. 2 of Eaton Vance
      Tax-Advantaged Bond and Option Strategies Fund N-2 (File Nos. 333-164369, 811-22380) filed
      May 24, 2010 (Accession No. 0001193125-10-126745) and incorporated herein by reference.
(q) (1)   Powers of Attorney for Eaton Vance Municipals Trust dated November 1, 2005 filed as Exhibit (q) to
      Post-Effective Amendment No. 102 filed November 29, 2005 and incorporated herein by reference.
  (2)   Power of Attorney for the Treasurer and Principal Financial and Accounting Officer of Eaton Vance
      Municipals Trust dated January 25, 2006 filed as Exhibit (q) to Post-Effective Amendment No. 104
      and incorporated herein by reference.

 

C-3


(3) Powers of Attorney for Eaton Vance Municipals Trust dated April 23, 2007 filed as Exhibit (q)(3) to
  Post-Effective Amendment No. 111 filed October 4, 2007 (Accession No. 0000940394-07-
  001184) and incorporated herein by reference.
(4) Power of Attorney for Eaton Vance Municipals Trust dated January 1, 2008 filed as Exhibit (q)(4) to
  Post-Effective Amendment No. 113 filed January 25, 2008 (Accession No. 0000940394-08-
  000065) and incorporated herein by reference.
(5) Power of Attorney for Eaton Vance Municipals Trust dated November 17, 2008 filed as Exhibit
(q)(5) to Post-Effective Amendment No. 116 filed December 24, 2008 (Accession No.
  0000940394-08-001623) and incorporated herein by reference.

 

Item 29. Persons Controlled by or Under Common Control

  Not applicable

Item 30. Indemnification

     Article IV of the Registrant’s Declaration of Trust permits Trustee and officer indemnification by By-Law, contract and vote. Article XI of the By-Laws contains indemnification provisions. Registrant’s Trustees and officers are insured under a standard mutual fund errors and omissions insurance policy covering loss incurred by reason of negligent errors and omissions committed in their capacities as such.

     The distribution agreement of the Registrant also provides for reciprocal indemnity of the principal underwriter, on the one hand, and the Trustees and officers, on the other.

Item 31. Business and other Connections of Investment Adviser

     Reference is made to: (i) the information set forth under the caption “Management and Organization” in the Statement of Additional Information; (ii) the Eaton Vance Corp. Form 10-K filed under the Securities Exchange Act of 1934 (File No. 1-8100); and (iii) the Form ADV of Eaton Vance Management (File No. 801-15930) Eaton Vance Management (File No. 801-15930) and Boston Management and Research (File No. 801-43127) filed with the Commission, all of which are incorporated herein by reference.

Item 32. Principal Underwriters

(a) Registrant’s principal underwriter, Eaton Vance Distributors, Inc., a wholly-owned subsidiary of Eaton Vance
  Corp., is the principal underwriter for each of the registered investment companies named below:
  Eaton Vance Growth Trust Eaton Vance Mutual Funds Trust
  Eaton Vance Investment Trust Eaton Vance Series Trust II
  Eaton Vance Managed Income Term Trust Eaton Vance Special Investment Trust
  Eaton Vance Municipals Trust Eaton Vance Variable Trust
  Eaton Vance Municipals Trust II  

 

(b)    
(1) (2) (3)
Name and Principal Positions and Offices Positions and Offices
Business Address* with Principal Underwriter with Registrant
 
Julie Andrade Vice President None
Michelle Baran Vice President None
Ira Baron Vice President None
Jeffrey P. Beale Vice President None
Matthew Bennett Vice President None
Brian Blair Vice President None
Stephanie H. Brady Vice President None
Timothy Breer Vice President None
Mark Burkhard Vice President None
Peter Campagna Vice President None
Eric Caplinger Vice President None

 

C-4

 

Daniel C. Cataldo Vice President and Treasurer None
Tiffany Cayarga Vice President None
Randy Clark Vice President None
Adam Cole Vice President None
Michael Collins Vice President None
Eric Cooper Vice President None
Patrick Cosgrove Vice President None
Peter Crowley Vice President None
Rob Curtis Vice President None
Russell E. Curtis Vice President and Chief Operations Officer None
Kevin Darrow Vice President None
Drew Devereaux Vice President None
Derek Devine Vice President None
Todd Dickinson Vice President None
John Dolan Vice President None
Brian Dunkley Vice President None
James Durocher Senior Vice President None
Margaret Egan Vice President None
Robert Ellerbeck Vice President None
Daniel Ethier Vice President None
Troy Evans Vice President None
Lawrence L. Fahey Vice President None
Thomas E. Faust Jr. Director Trustee
Daniel Flynn Vice President None
James Foley Vice President None
J. Timothy Ford Vice President None
Kathleen Fryer Vice President None
Jonathan Futterman Vice President None
Anne Marie Gallagher Vice President None
William M. Gillen Senior Vice President None
Hugh S. Gilmartin Vice President None
David Gordon Vice President None
Linda Grasso Vice President None
John Greenway Vice President None
Jorge Gutierrez Vice President None
Peter Hartman Vice President None
Richard Hein Vice President None
Joseph Hernandez Vice President None
Perry D. Hooker Vice President None
Christian Howe Vice President None
Thomas Hughes Vice President None
Jonathan Isaac Vice President None
Elizabeth Johnson Vice President None
Paul F. Jones Vice President None
Steve Jones Vice President None
Sean Kelly Senior Vice President None
William Kennedy Vice President None
Jason Klemanski Assistant Vice President None
Kathleen Krivelow Vice President None
Russell Kubie Vice President None
David Lefcourt Vice President None
Paul Leonardo Vice President None

 

C-5


Lauren Loehning Vice President None
John Loy Vice President None
Coleen Lynch Vice President None
John Macejka Vice President None
Michael Maguire Vice President None
Christopher Marek Vice President None
Frederick S. Marius Vice President, Secretary, Clerk and Chief Legal Officer None
Geoff Marshall Vice President None
Christopher Mason Vice President None
Judy Snow May Vice President None
Dan McCarthy Vice President None
Daniel J. McCarthy Vice President None
Don McCaughey Vice President None
Andy McClelland Vice President None
Dave McDonald Vice President None
Tim McEwen Vice President None
Jac McLean Senior Vice President None
David Michaud Vice President None
Mark Milan Vice President None
Don Murphy Vice President None
James A. Naughton Vice President None
Matthew Navins Vice President None
Mark D. Nelson Vice President None
Scott Nelson Vice President None
Linda D. Newkirk Vice President None
Paul Nicely Vice President None
Paul Nobile Senior Vice President and Chief Marketing Officer None
Andrew Ogren Vice President None
Stephen O’Loughlin Vice President None
Philip Pace Vice President None
Shannon McHugh Price Vice President None
James Putman Vice President None
James Queen Vice President None
Christopher Remington Vice President None
David Richman Vice President None
Kevin Rookey Vice President None
Stuart Shaw Vice President None
Michael Shea Vice President None
Alan Simeon Vice President None
Randy Skarda Vice President None
Kerry Smith Vice President None
Jamie Smoller Vice President None
Bill Squadroni Vice President None
David Stokkink Vice President None
Mike Sullivan Vice President None
Frank Sweeney Vice President None
Gigi Szekely Vice President and Chief Compliance Officer None
Brian Taranto Vice President and Chief Administrative Officer None
Wayne Taylor Vice President None
Stefan Thielen Vice President None
John M. Trotsky Vice President None
Randolph Verzillo Vice President None

 

C-6


Greg Walsh Vice President None
Stan Weiland Vice President None
Robert J. Whelan Vice President and Director None
Greg Whitehead Vice President None
Steve Widder Vice President None
Matthew J. Witkos President, Chief Executive Officer and Director None
Joseph Yasinski Vice President None
Trey Young Vice President None
Gregor Yuska Vice President None

 

* Address is Two International Place, Boston, MA 02110

  (c)   Not applicable

Item 33. Location of Accounts and Records

     All applicable accounts, books and documents required to be maintained by the Registrant by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder are in the possession and custody of the Registrant’s custodian, State Street Bank and Trust Company, 200 Clarendon Street, 16th Floor, Mail Code ADM27, Boston, MA 02116, and its transfer agent, PNC Global Investment Servicing (U.S.) Inc., 4400 Computer Drive, Westborough, MA 01581-5120, with the exception of certain corporate documents and portfolio trading documents which are in the possession and custody of the administrator and investment adviser or sub-adviser. Registrant is informed that all applicable accounts, books and documents required to be maintained by registered investment advisers are in the custody and possession of Eaton Vance Management and Boston Management and Research.

Item 34. Management Services

  Not applicable

Item 35. Undertakings

  None.

C-7

 

SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Boston, and the Commonwealth of Massachusetts, on July 29, 2010.

              EATON VANCE MUNICIPALS TRUST

By: /s/ Thomas M. Metzold
                Thomas M. Metzold, President

     Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated on July 29, 2010.

Signature Title
 
 
/s/ Thomas M. Metzold President (Chief Executive Officer)
Thomas M. Metzold  
/s/ Barbara E. Campbell Treasurer (Principal Financial and Accounting Officer)
Barbara E. Campbell  
Benjamin C. Esty* Trustee
Benjamin C. Esty  
Thomas E. Faust Jr.* Trustee
Thomas E. Faust Jr.  
Allen R. Freedman* Trustee
Allen R. Freedman  
William H. Park* Trustee
William H. Park  
Ronald A. Pearlman* Trustee
Ronald A. Pearlman  
Helen Frame Peters* Trustee
Helen Frame Peters  
Heidi L. Steiger* Trustee
Heidi L. Steiger  
Lynn A. Stout* Trustee
Lynn A. Stout  
Ralph F. Verni* Trustee
Ralph F. Verni  
 
 
*By: /s/ Maureen A. Gemma  
     Maureen A. Gemma (As attorney-in-fact)  

 

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EXHIBIT INDEX
The following exhibits are filed as part of this amendment to the Registration Statement pursuant to Rule 483 of
Regulation C.  
 
Exhibit No. Description
 
 
(a) (4) Amended and Restated Establishment and Designation of Series of Shares of Beneficial Interest,
  Without Par Value, effective April 26, 2010
(i) Opinion of Internal Counsel dated July 29, 2010
(j) Consent of Independent Registered Public Accounting Firm for Eaton Vance Arizona Municipal
  Income Fund, Eaton Vance Arkansas Municipal Income Fund, Eaton Vance Kentucky Municipal
  Income Fund, Eaton Vance Michigan Municipal Income Fund, Eaton Vance Minnesota Municipal
  Income Fund, Eaton Vance Missouri Municipal Income Fund, Eaton Vance Ohio Municipal Income
  Fund, Eaton Vance Oregon Municipal Income Fund Eaton Vance Rhode Island Municipal Income
  Fund and Eaton Vance Tennessee Municipal Income Fund dated July 28, 2010

 

C-9